Question for sellers who have had Disney ROFR?

[tammymacb]

What happened when Disney ROFR'd your contract? Does Disney send the paperwork instead of being emailed from the closing company? Do you end up closing earlier than the sell date on your contract?

 

[hellerjw]

We had an AKV contract we were selling ROFR'd over the summer and once DVC decided they wanted it I believe the closing company is out of the picture. The paperwork we received was from DVC directly. We simply filled it out and sent it back and the sale finalized roughly 2 weeks later and no longer appeared in our account online.

 

[tammymacb]

With the closing company out, did Disney send you a check directly?

 

[hellerjw]

We sold a financed contract and actually owed a little at closing so we settled up with Member Accounting for that piece.

 

[tammymacb]

Thanks for the info.

 

[Judy WI]

With the closing company out, did Disney send you a check directly?

Yes they did, we closed on the date listed on the contract that was ROFR.

 

[silmarg]

I did not realize that the closing company gets shut out in an ROFR transaction.

So the seller gets what they want (a sale).

The broker gets what they want (10% commish).

But the buyer and the closing company get nothing.

 

[tammymacb]

Well, you got the right to gamble on a cheap contract. You just lost.

 

[gchiker]

Well, you got the right to gamble on a cheap contract. You just lost.

It cost the buyer nothing but time. The buyer gets his complete deposit refunded.

 

[silmarg]

It cost the buyer nothing but time. The buyer gets his complete deposit refunded.

true... but it seems like the closing company is the real loser in a ROFR transaction.

seller gets the price they were expecting,
real estate agents get their commission,
buyer should've known they were taking a chance w a low bid,
but the closing agent has to collect the escrow and presumably do some paperwork all foe possibly getting paid (do they submit the ROFR paperwork as well?)

I guess they get paid the float on the escrow deposits during the wait...