Paperwork from Disney

[3disneylovers]

I had a contract I was selling ROFR'd by Disney about 10 days ago, and still have not received anything from Disney. I am trying to close on a house and need some sort of paperwork to show the mortgage company. Does anyone have any idea how long it takes to receive paperwork or who I might call?

 

[disneynutz]

Call MS Administration and ask them or contact your Broker who is now selling the contract to Disney.

Bill

 

[3disneylovers]

I called the broker who informed me they were out of it at this point and to call MS Administration which was next on my list. I then called MS Administration and could not get through to a person. I guess I will try to shoot an e-mail and see where we go from there. Thank you.

 

[disneynutz]

I'm confused on this one. My understanding is that when Disney exercises ROFR, they bump your buyer and your deal is now with them and your Broker still does the contract with Disney as the buyer. Does this mean that you don't have to pay a commission to the Broker?

Bill

 

[icydog]

If a contract is ROFR'd Disney is now buying the contract from the seller, you. However, the broker still gets paid unless you wrote it into your contract to the contrary. I would call your broker and tell him/her that if they are getting paid they should be helping you out.

 

[3disneylovers]

Well they are still getting paid, but the person I spoke to today said it was out of their hands. I guess I will have to call back tomorrow and push harder. Thank you for your input.

 

[3disneylovers]

Hi everyone,

Just an update. I received an e-mail in response to mine today. They gave me a contact number for a titling company, which I proceeded to call and she had no idea what I was talking about as they had no information. The person I spoke to was very helpful in that she called me back and let me know that they would probably be handling the closing, but had to contact the person I received the e-mail from which wouldn't be until Monday. Of course, when I asked if the original closing date (8/30) would still be doable since I am trying to buy a house here and my closing is supposed to be the same date...She responded with it could take up to 6 weeks and she would let me know Monday when she found out what was going on. Do they have the right to hold up the closing on the timeshare an extra 4 weeks?

 

[Cap]

Hi everyone,

Just an update. I received an e-mail in response to mine today. They gave me a contact number for a titling company, which I proceeded to call and she had no idea what I was talking about as they had no information. The person I spoke to was very helpful in that she called me back and let me know that they would probably be handling the closing, but had to contact the person I received the e-mail from which wouldn't be until Monday. Of course, when I asked if the original closing date (8/30) would still be doable since I am trying to buy a house here and my closing is supposed to be the same date...She responded with it could take up to 6 weeks and she would let me know Monday when she found out what was going on. Do they have the right to hold up the closing on the timeshare an extra 4 weeks?

Was the closing date of "by 8/30" in your contract that Disney ROFRd? When they ROFR my understanding it is to take the contract with Disney in place of the original buyer. Should be the same terms.

 

[3disneylovers]

It actually says that the closing is to be on or before 8/30 or within 30 days from when the estoppel information is provided by Disney to the closing company. I know I received a phone call on 8/1 from my broker telling me Disney had exercised their right of first refusal, but I don't know if that date really means anything.

 

[Cap]

Call your broker and tell them to work with Disney to be sure the contract terms are met. If the broker is getting a sales commission, they need to follow through, just as if the buyer is a person, not Disney.

 

[3disneylovers]

Just an update. I received all the paperwork for the closing from the Titling Company. Sent it all back via Fedex, along with a cashier's check (for the difference I owe) on August 26th. Now for the kicker the settlement isn't scheduled until October 18th. Therefore I still need to make my payments through October and I cannot close on my house until after the deed is filed because I might back out according to my mortgage company. It is my understanding I am waiting for Disney. As I am now well past my 30 days I guess I have no recourse but to hire an attorney. The question is do I need one that practices in Florida, California or New York.

 

[disneynutz]

What do you expect to do with an attorney, sue Disney or your Broker?

What does your agent say? Have you contacted the person who holds the license at the company that you are doing business with?

Bill

 

[3disneylovers]

I have no idea if I can even sue anybody even if I wanted to. I am hoping an attorney can just get some action. To my understanding if the contract with the original buyers had gone through, on or before August 30th they would have the money to pay off Disney a deed would have been filed and I would no longer have any interest in the sold points. Am I correct? The broker is saying basically nothing, once Disney has exercised ROFR it is out of their hands (and it is one of the big Disney brokers I might add). The person from the Titling agency is saying Disney is the one holding it up. Disney isn't returning phone calls or e-mails.

 

[disneynutz]

I have no idea if I can even sue anybody even if I wanted to. I am hoping an attorney can just get some action. To my understanding if the contract with the original buyers had gone through, on or before August 30th they would have the money to pay off Disney a deed would have been filed and I would no longer have any interest in the sold points. Am I correct? The broker is saying basically nothing, once Disney has exercised ROFR it is out of their hands (and it is one of the big Disney brokers I might add). The person from the Titling agency is saying Disney is the one holding it up. Disney isn't returning phone calls or e-mails.

IMO since the Broker is still getting their commission, I don't think that is is out of their hands. Before you spend money on a attorney, contact the owner of the Real Estate company if you can. I would also contact the DVC Member Satisfaction Team, then Karl Holz, then Bob Iger.

Good luck.

Bill