Ready to buy. Help with timeline?

[MinniesYooHoo]

We've decided to take the plunge and buy! We've been looking into DVC since going on our disneymoon back in 1996. (Yes I know we should've bought then!!!) I've done a pretty fair amount of research but of course there's always more to learn. We've found a resale BWV contract that's perfect for our needs and are going to try to put in an offer either tonight or tomorrow. Can someone break down each step of the process? (I just learned a few minutes ago what estoppel was. I'd never heard the term before.) Any advice for a first timer?

 

[jerseyduke]

You are going to make an offer, they are going to accept or counter, blah blah blah.

If they accept or counter in a day or 5, who knows.


ROFR takes about a month. (Disney seems to notify people on Tuesdays)

My sister's took two months, which seems to be about par for the course.

(of course she lost her first to ROFR, so it took 3 months really)

 

[CMNJ]

We've decided to take the plunge and buy! We've been looking into DVC since going on our disneymoon back in 1996. (Yes I know we should've bought then!!!) I've done a pretty fair amount of research but of course there's always more to learn. We've found a resale BWV contract that's perfect for our needs and are going to try to put in an offer either tonight or tomorrow. Can someone break down each step of the process? (I just learned a few minutes ago what estoppel was. I'd never heard the term before.) Any advice for a first timer?

Here is the general timeline our broker gives everyone....
Timeline for the purchase and sale:
Contracts emailed to buyer and seller
Contracts returned by buyer and seller, each will receive a copy
Contracts sent to Disney for ROFR (30 days)
Sale approved by Disney, closing docs prepared (10-14 days)
Closing documents emailed to buyer and seller
Sale closed, sent to Disney for transfer (10-14 days)
Seller's proceeds disbursed after transfer
Disney will mail membership # to new owners (7-10 days)
Buyer will receive the deed and title policy from the Title Company approximately 2 months after closing.

This obviously is the average timeline and occasionally things will vary based on how quickly Disney decides on ROFR and provides estoppel to the closing company as they will not proceed to closing without those.
We are currently in the process of buying and if all goes well and we close by the date on our contract it will be just under 60 days from initial offer to closing. However, as the PP said how long it takes to even get to the first step in this timeline depends on how quickly the seller responds to your offer and how much negotiating happens.

 

[MinniesYooHoo]

Thnak you so very much! This is exactly the info I was looking for.

 

[DisneyBrass]

We just purchased a resale at bay Lake Tower. Our offer was accepted next day, so there was not much waiting on that. It took about 3 months to get our membership numbers. We also had the holidays to deal with so offices we closed. I would give it 2 1/2 - 3 months to get your membership#.

 

[bellapecas]

ROFR takes about a month. (Disney seems to notify people on Tuesdays)

I disagree with this statement. I've recently been through the ROFR process three times and I received decisions on Monday, Thursday, and Wednesday. A TSS rep told me they usually receive decisions on Mondays and Fridays. Another broker told me they receive their decisions on another day.

I have also scrolled through months of ROFR notices on OCC's website and no one day stood out to be the "usual" notification day.

When I started the process, I had always heard "Tuesday is ROFR decision day", however after researching the ROFR transactions for months, this has proven to not be true.