Rofr days ?

[laura-k]

My resale contract went to ROFR on Jan 24th -
Is the 30 day countdown business days or calendar days ?
I'm thinking I should know something a week from now ?? I Hope

 

[Havana]

I think it's calendar days. Our contract was submitted on Jan 18th, and we heard back yesterday.

 

[laura-k]

I think it's calendar days. Our contract was submitted on Jan 18th, and we heard back yesterday.

CONGRATULATIONS !
What did you buy ?
I am not very patient so waiting is starting to get to me -
Tick-Tock Tick-Tock

 

[Havana]

We got a 150 Point SSR contract.
I watched the calendar every day... I know how you are feeling.
Now it's the wait to close and get into the DVC system to bank some points and book a vacation!

You should be ok with ROFR Only a few more days!

 

[FindingFigment]

It seems like they're averaging about 27 days lately. I've seen several posts plus I have a friend who passed this week and it only took him about 27 days as well. I wonder if they're offering overtime so the CM's are cranking them out faster!

 

[mrsg00fy]

I don't understand why it takes so long for Disney to exercise ROFR. How hard can it be to see the offer and make a decision on it. All I can figure is that maybe they compare it to the waitlist and exercise ROFR when they need the points.

Really, it is pretty simple. The offer is what it is. Either they let it go or not. I'm just not getting why it takes up to 30 days. Even if they only have one person managing this, the decision should be pretty easy. Even with the volume, how hard is it to have a strike price and act on it?

 

[rock_doctor]

Just the shear volume of contracts coming through their door. Before they announced the change in membership benefits turn around time was about two weeks now nearly 4 weeks. I would imagine they periodically decide they need points in a specific resort to sell and will ROFR there for a while.

 

[mrsg00fy]

Sorry. Still don't get it. How hard can it be? The facts are the facts....ie, number of points, price etc. It should just about be an instantaneous decision. Even if there is only a single person making the decision, it isn't as if there are a lot of variables. Even if there are say 50 contracts per day, how is this decision something that can take up to 30 days.

It is what it is and we all know that Disney has the right to take its time.....but I still can't conceive of how it can possibly take that long.

JMHO.

 

[Dean]

My resale contract went to ROFR on Jan 24th -
Is the 30 day countdown business days or calendar days ?
I'm thinking I should know something a week from now ?? I Hope

This is a common misperception with DVC ROFR. While in function it may be 30 days, there's no requirement of 30 days and done. The requirement is to give them AT LEAST 30 days before closing. In theory they could step in after 30 days if they wanted. Also, there is no requirement to have or record the ROFR though it's prudent to do so.

 

[laura-k]

In theory they could step in after 30 days if they wanted. Also, there is no requirement to have or record the ROFR though it's prudent to do so.

So they could take 35 days if they wanted or whatever ??

 

[Dean]

So they could take 35 days if they wanted or whatever ??

While I'm not aware of them exercising their ROFR after 30 days and depending on the listed closing date, they could take 35 days and then take it if they wanted as I read the POS requirements. That's why I'd consider setting a closing date as close to 30 days as feasible, possibly with an automatic extension if needed (which they commonly do anyway).

 

[tinkertastic]

We're right with you Laura-K,

Our Realtor said he had sent the contract to ROFR on 1/23, that was a Sunday so I assume 1/24 would be the official date. I am ready to hear back and get the next part of the process under way! It should be any day now......

Fingers crossed for the both of us!

 

[letitsnow]

I have 8 more days of waiting!!!!

 

[rock_doctor]

I have 8 more days of waiting!!!!

Good luck, if we were that close we would be climbing the walls.

 

[wdrl]

This is a common misperception with DVC ROFR. While in function it may be 30 days, there's no requirement of 30 days and done. The requirement is to give them AT LEAST 30 days before closing. In theory they could step in after 30 days if they wanted. Also, there is no requirement to have or record the ROFR though it's prudent to do so.

In the Preamble to the BLT Declaration of Condominium, section 13.1 states that owners wishing to sell their ownership interest must notify DVD in writing no less than 30 days before the proposed closing date. However,

If DVD fails to notify the Owner or Cotenant of its election to exercise its right of first refusal prior to the proposed closing date, then the Owner or Cotenant may proceed to close on the transaction with such bona fide third party.​

Although this language is taken from the BLT Declaration, I am sure that it is present in the Declarations of all DVC resorts.

Technically you might be right, Dean, that DVD could step in 35 days after the deed is submitted. The language in Section 13.1 implies that DVD could step in at any time prior to the proposed closing date and buy back the deed. But at the same time, a buyer and seller could go to closing on the 31st day and preclude DVD from dragging out the ROFR period.

 

[DVC-Don]

We are selling an OKW contract that went to ROFR on 1/18. Have not heard anything yet.

 

[Dean]

In the Preamble to the BLT Declaration of Condominium, section 13.1 states that owners wishing to sell their ownership interest must notify DVD in writing no less than 30 days before the proposed closing date. However,

If DVD fails to notify the Owner or Cotenant of its election to exercise its right of first refusal prior to the proposed closing date, then the Owner or Cotenant may proceed to close on the transaction with such bona fide third party.​

Although this language is taken from the BLT Declaration, I am sure that it is present in the Declarations of all DVC resorts.

Technically you might be right, Dean, that DVD could step in 35 days after the deed is submitted. The language in Section 13.1 implies that DVD could step in at any time prior to the proposed closing date and buy back the deed. But at the same time, a buyer and seller could go to closing on the 31st day and preclude DVD from dragging out the ROFR period.

Exactly. The wording requires you give them at least 30 days and is vague after that.

 

[laura-k]

We're right with you Laura-K,

Our Realtor said he had sent the contract to ROFR on 1/23, that was a Sunday so I assume 1/24 would be the official date. I am ready to hear back and get the next part of the process under way! It should be any day now......

Fingers crossed for the both of us!

Fingers crossed XXX
What did you Buy ??

Quote:
Originally Posted by letitsnow
I have 8 more days of waiting!!!!

Hey Snow -
I think our contracts went in about the same time -We can countdown together

 

[tinkertastic]

Fingers crossed XXX
What did you Buy ??

We're adding-on at SSR 120 pts. You?

 

[firstcruise]

Could it be that Disney waits as long as possible to exercise ROFR in case they need the pts later. If someone wants to buy at AKL and they have a contract in ROFR they can exerise and then sell to the new buyer at a higher price. If they just reviewed, compared and signed off they would be at a disadvantage to turn them around quickly. AKL is just an example, it could be any of the resorts.