ROFR Discussion Thread

[Sandisw]

I feel like 1-2 year ago there was a long saga here about a member who was battling with Fidelity to get proper reimbursement for lost points and it took him a while to get traction (and public shaming) but they did ultimately make things right.

This seems like the best solution but I guess relative leverage in the market has made most sellers/brokers feel they don’t need to do it.

I’ve only purchased 3 resale contracts and some title companies were MUCH faster than others…but also (allegedly) my DVCRM sellers just couldn’t be bothered to sign after clearing ROFR (I have some suspicions but can’t prove them so I’ll say nothing more).

Yes, I think it’s most important to remind people they do have a choice!

The title company that took the longest for me was Mason, outside of DVD when they took my contract via ROFR.

But the rest were similar. Of course, some had delayed closings so it didn’t really matter.

 

[TheDailyMoo]

Exactly, and DVC Resale Market won't guarantee it unless you use Magic.

@Cfabar1 if you want a 100 point resale contract that's loaded and you value the points at say $20, you'll be losing $6-8k (if the current UY has banked points) on that sale. Essentially making the resale contract useless IMO The seller has control of the points until DVC steps in to transfer the contract which happens after all the checks take place. Plus I wouldn't pay the same for a loaded and a stripped contract. I personally wouldn't buy a stripped contract at all.

Read this thread here for what happened to @TheDailyMoo with Fidelity and BCV points. It's good that recovery was in the contract. This really opened my eyes to the situation: https://www.disboards.com/threads/u...resale-buyers-fidelity-made-it-right.3935884/

I could be wrong, but I don’t believe Fidelity guarantees anything. Their contract does specify how much you’re entitled to from the seller if there are missing points but that does not obligate Fidelity to do anything. Now, they could step in as a gesture of good will - I don’t know if it’s them or other brokers, but there are stories of brokers other than DVCRM doing that. But, to my knowledge, only DVCRM advertises that guarantee (although have not seen the language they put in the actual contract).

I feel like 1-2 year ago there was a long saga here about a member who was battling with Fidelity to get proper reimbursement for lost points and it took him a while to get traction (and public shaming) but they did ultimately make things right.

Yes that was me. @PolyRob tagged me and the post a few pages back. Didn’t read through the whole thread (at BC now and was looking for some light reading before passing out!) but yes Fidelity made it right and paid me what the contract stipulated and I know they paid me out of their own pockets and it from the seller. I’m sure they went after the seller for the money they laid out but I definitely got paid out by Fidelity. And if you read through the thread it did take a little bit of extra nudging but they did change their tune quickly and made me whole. Never fun to pay for points that aren’t there after closing.

 

[HyperspaceMountainPilot]

Yes that was me. @PolyRob tagged me and the post a few pages back. Didn’t read through the whole thread (at BC now and was looking for some light reading before passing out!) but yes Fidelity made it right and paid me what the contract stipulated and I know they paid me out of their own pockets and it from the seller. I’m sure they went after the seller for the money they laid out but I definitely got paid out by Fidelity. And if you read through the thread it did take a little bit of extra nudging but they did change their tune quickly and made me whole. Never fun to pay for points that aren’t there after closing.

I was pretty sure it was you but not quite confident enough to tag you. Have an amazing stay at BC!

 

[PolyRob]

Yes that was me. @PolyRob tagged me and the post a few pages back. Didn’t read through the whole thread (at BC now and was looking for some light reading before passing out!) but yes Fidelity made it right and paid me what the contract stipulated and I know they paid me out of their own pockets and it from the seller. I’m sure they went after the seller for the money they laid out but I definitely got paid out by Fidelity. And if you read through the thread it did take a little bit of extra nudging but they did change their tune quickly and made me whole. Never fun to pay for points that aren’t there after closing.

Hope you're having a great time using those BCV points!