Question (probably only DVC knows the answer)

[Debbru]

Does anyone have a guess on the timeframe from when DVD snags a contract thru ROFR until the time those points can be sold to someone on the direct waitlist? Do they have to wait for the whole closing process, deed recording, whatever or do they own those points immediately?

Thanks - impatiently waiting on the OKW waitlist

 

[wdrl]

The execution of its Right of First Refusal by DVD is only one of several steps in the resale transaction process. Until DVD actually closes on the resale transaction, it does not own the points. Like any other buyer in a real estate transaction involving DVC points, DVD is subject to the same delays that sometimes befall others: Sellers that are late in submitting their paperwork; snafus because the deed is tied up in an estate, divorce, or bankruptcy proceeding; or sellers that change their mind and back out of the deal at the last moment.

It usually only takes weeks for DVD to close on a transaction, but sometimes it can take much longer. I know someone who first submitted an offer back in September and is just now going to closing. Fortunately, that is a very rare situation.

Good luck!

 

[disneynutz]

The execution of its Right of First Refusal by DVD is only one of several steps in the resale transaction process. Until DVD actually closes on the resale transaction, it does not own the points. Like any other buyer in a real estate transaction involving DVC points, DVD is subject to the same delays that sometimes befall others: Sellers that are late in submitting their paperwork; snafus because the deed is tied up in an estate, divorce, or bankruptcy proceeding; or sellers that change their mind and back out of the deal at the last moment.

It usually only takes weeks for DVD to close on a transaction, but sometimes it can take much longer. I know someone who first submitted an offer back in September and is just now going to closing. Fortunately, that is a very rare situation.

Good luck!

I would think that DVD knows all of the issues with a contract before they snatch it up. They do their own closings so they don't have the delays that we would have plus they don't have the DVC delays that they deliberately cause resale buyers.

Bill

 

[wdrl]

I would think that DVD knows all of the issues with a contract before they snatch it up. They do their own closings so they don't have the delays that we would have plus they don't have the DVC delays that they deliberately cause resale buyers.

Bill

Granted, DVD may be in a wee bit better position than a buyer looking in on the outside to foresee some potential bottlenecks in the resale transaction business. For example, before deciding to ROFR, DVD may be able to check its database and discover whether the deed really has all the points alleged by the seller. But when DVD decides to ROFR a resale transaction, how would it know if the seller will submit its paperwork in a timely fashion? How would it know if the husband and wife, who jointly own the deed, are going through a messy divorce and neither is willing to help the other in selling the deed? Or how would it know that the seller won't change their mind before it gets to closing?

The vast majority of resale transactions are processed in a timely fashion, but even DVD can encounter delays in the resale process.