Please post any ROFR.........

[Tom and Jen]

Hey all...... i don't want to bring up any sad news but I was wondering if any has had any recent ROFR excercised on their resale purchases in the last month or soand if they could post their specifics......?

I have done a search, but most discussions have been from Jan to mid April. I really hate to ask members to post their misfortune, but I guess I am being a little selfish and trying to ease my pain........ I am still waiting to hear form Disney.

Thank you again and I hope it's 1not too much

T.

 

[Nette]

Hey... you've been PMing w/ my hubby I hear, so You probably already heard about our ROFR experience.

200 pts BWV
August UY
112 banked points for 2002

$68/pt.

Disney say 'no can do'

 

[WDWorld2003]

We are also waiting to hear on a resale.....

BWV - 270 pts.
Feb. use year
All 2002 pts and 2003 pts
we pay closing and 1/2 2003 main.
$72 pt.

The salesperson told me that it should go through at that price but last week a VWL was bought back at $72 pp. We're crossing our fingers and will for you, too! The waiting is awful!

 

[Tom and Jen]

Yes, I have pm your husband.....again, sorry to hear they opted to bb.

Feb use year! wow.... hopefully you'll hear b4 1/2 your year is gone!

I have found out who the sellers are, do you feel it is unethical for me to contact them and express an interest to counter offer if Disney opts to bb? I know if Disney exercises their ROFR, the seller can actually turn them down if they wanted.

That was another ?, but please if you have details on your offers and ROFR, it may help out others.

Thank you
T.

 

[mjstaceyuofm]

OK - I feel really out of it... What does ROFR stand for?

Thanks.

 

[Poorman]

I would call your agent and tell them if Disney does do ROFR then you would like to counter offer. If the seller is in no hurry they may do it. I think $72.00 pp will go through. Good luck. Rich

 

[wisconsin-wdwfan]

We learned last week that Disney exercised ROFR on our offer to purchase

OKW/March/150 points - we offered 68$ and Disney said no

waiting for another OKW March to show up in our price range.....

 

[WDWfantasy]

WISCONSIN-WDWFAN,

Don't know what your price range is but there is a new listing that fits your description at DVC By Resale. dvcbyresale.com
And no, it's not mine . Just thought I'd pass it along.

 

[Granny]

Originally posted by mjstaceyuofm
OK - I feel really out of it... What does ROFR stand for?

Thanks.

Matt....ROFR = Right of First Refusal.

This refers to Disney's right to purchase a contract being offered by a seller for resale.

In Nette's example, Disney opted to purchase the contract with the terms stated.

In reality, it's not a case of Disney disallowing a sale. It's Disney jumping in and saying "We'll buy it at that price!".

 

[mjstaceyuofm]

I don't post often, but I do read often. The DVC forum here has the best DVC talk/discussion going on the net.

 

[Disney1fan2002]

Thanks for posting this Tom and Jen, it will give me an idea of what to expect myself. We just signed a OKW 300 point resale for $72 /point. Faxed it yesterday, waiting for the funds to be deposited into my account and I will mail the deposit hopefully by the end of the week.

What price is your contract for? The realtor told me I should be safe at $72/point. We shall see!

 

[Nette]

Originally posted by Poorman
I would call your agent and tell them if Disney does do ROFR then you would like to counter offer. If the seller is in no hurry they may do it. I think $72.00 pp will go through. Good luck. Rich

I wish we had known that a counter offer was possible... I would have paid another 400-600 bucks for that contract. GRRRRR.

 

[DebbieB]

DVC does not have to allow a counter offer. They way the contract is written, they can just take it and close, they don't have to allow a counter offer. They usually will as a courtesy if requested but they don't have to. I had typed up the section from the contract when this was discussed before, but since search is down it would be hard to find.

 

[Tom and Jen]

I don't believe they "allow" counter offers, but the seller does not have to accept and sell to Disney, so I am told. "If" disney offers to buy, the seller can simply decline to sell (change mind?!). You can then make another offer the seller, if they are willing to do this. The thing is, you have to let the seller know this before they accept Disney's offer.

This is, again, how i have been told it could work if it was to happen. I would hope the seller would be agreeable to this rather than know that Disney was buying back only to make MORE money on it from buyers.

We are currently awaiting on a 150pt $72.00 BWV.......

Any other ROFR's out there, I know it may be tough to post, but could help others out.......

Thanks
T.

 

[reneesam]

My 50 point OKW just went through at $72.00/pt. I bet yours will too, especially at that price and with BWV inventory already available.
Good luck!
Renee

 

[DebbieB]

Originally posted by Tom and Jen
I don't believe they "allow" counter offers, but the seller does not have to accept and sell to Disney, so I am told. "If" disney offers to buy, the seller can simply decline to sell (change mind?!). You can then make another offer the seller, if they are willing to do this. The thing is, you have to let the seller know this before they accept Disney's offer.

I have never bought a resale, so I'm not familiar with the process, but the contract reads:

>>If DVD elects to exercise its right of first refusal, DVD shall notify purchaser in writing of such election and the purchase shall be closed on or before the proposed closing date. <<

For those who have sold and had DVD exercise ROFR, do they come back and give you an offer to accept or just notify you that they are exercising ROFR?

So at what point can a seller backout? Say they get an offer from John Doe for $70 a point, sign the contracts, and then Jane Smith comes along and offers $72 a point before closing. Can the seller backout and sell then it to Jane Smith? Or just backout and not sell it at all? When does the contract to sell become binding?

 

[Dean]

It used to be common for DVC to give you the open invitation to raise your offer. Now they do not do it actively but I'm told they will accept the info if offered. They are not obligated to do so.

 

[Poorman]

I did a counter offer and it went through. Ask Pat Spell of TTSS.
She originally worked for DVC and was one of the originals. If she doesn't know it about DVC nobody does. Disney cost me a extra $1000.00 on a 500 point BWV contract.

Regards, Rich

 

[TroyWDW]

Below is an updated table, through the end of May, that shows the historical number of Orlando Area contracts bought and sold by DVD Inc.

In May, DVD Inc. exercised ROFR on 23 contracts. This is an above average buying pattern. The majority of the purchases were on OKW property.

Troy

DVD Transactions by Year (Properties at Orlando: OKW, BWV, WLV, BCV)		

          Year 2002	 Year 2003
	Sell	Buy	Sell	Buy
	
Jan	663	8	701	7
Feb	734	6	866	14
Mar	424	3	797	50
Apr	137	17	810	11
May	143	7	1049	23
Jun	4967	5
Jul	1267	8
Aug	842	5		
Sep	621	12
Oct	859	3
Nov	563	20
Dec	749	5
	
Total	11969	99	4223	105

Sell = DVD sold a new DVC contract
Buy  = DVD exercised the ROFR to purchase a contract
Values in the table represent the total number of contracts

 

[rrobalew]

VWL 170 pts, Oct. use year, 91 points banked.
Offered $72/pt. Disney said thanks, we'll take it.
This was last week.

As this was exactly the use year and exactly the # points I wanted, my reaction was: !@#$%#%^%^#$%#$@^&$!!!! Pardon my foul language, but I'm really upset.