ROFR Discussion Thread

[Brian Noble]

they did what was right for their business and the optics that I would have GLADLY spread on these and other boards...oh you bet I let them know that!

This is where you and I part ways. I would not blame either Fidelity nor the Title company for not doing a thing that the contract doesn't say they have to do. The fault is 100% the sellers for refusing to hold to the terms of the contract they signed. Why should the broker have to pay for the seller's dishonesty?

Like I said: I know this is an unpopular take, because most people here (including me!) are in the buyer's frame of reference. None of us would be happy about losing the value of those points. But, being unhappy about something does not mean that a non-responsible party suddenly becomes responsible.

 

[AstroBlasters]

Alright…. sending a smallish loaded VGF to ROFR where the seller agreed to split the CAF fee…. it’s probably ROFR bait… but we’ll see….

 

[IsDVCForMe?]

Alright…. sending a smallish loaded VGF to ROFR where the seller agreed to split the CAF fee…. it’s probably ROFR bait… but we’ll see….

Split the CAF? That’s a fair way to do it. I like that!

 

[AstroBlasters]

Split the CAF? That’s a fair way to do it. I like that!

I had one seller come back and say they would split the CAF and closing costs only if I split the commission and estoppel.

I did the math and actually didn’t have a problem with it because it was still less than paying all of closing and CAF… but it ended up not working out as the seller kept changing their mind on what they would accept.

That’s not a contract I need to be involved in…. I can’t imagine getting paperwork back would go smoothly.

 

[VGCgroupie]

I had one seller come back and say they would split the CAF and closing costs only if I split the commission and estoppel.

I did the math and actually didn’t have a problem with it because it was still less than paying all of closing and CAF… but it ended up not working out as the seller kept changing their mind on what they would accept.

That’s not a contract I need to be involved in…. I can’t imagine getting paperwork back would go smoothly.

The commission part is is crazy.

I agree. If they are wishy washy in the beginning best to not even go down that road.

 

[PolyRob]

Alright…. sending a smallish loaded VGF to ROFR where the seller agreed to split the CAF fee…. it’s probably ROFR bait… but we’ll see….

 

[disneylandtour]

And again: These transactions almost always go exactly as advertised. In the few situtations they do not, the seller generally makes good on the missing points, because usually they are missing due to some honest mistake.

With the ROFR timeline now shortened up, I sorta think that I wouldn't be the worst idea in the world for escrow to hold back the cost of one year's worth of points (i.e. 150 points x $20 - 3,000) from the seller's payout until the buyer can confirm that all points, as advertised, showed up.

 

[gvel]

This is going to be a very unpopular take around here, but: Fidelity was not responsible for paying you for those missing points. It was a nice gesture that they did, but it was the seller's responsibility. Had they not paid you, I would not hold it against them.

True... but a broker's reputation in worth more than a few grand. It was a smart/calculate business decision on their part.

 

[TheDailyMoo]

This is where you and I part ways. I would not blame either Fidelity nor the Title company for not doing a thing that the contract doesn't say they have to do. The fault is 100% the sellers for refusing to hold to the terms of the contract they signed. Why should the broker have to pay for the seller's dishonesty?

Yes we'll agree to disagree because I for one expect to get what I paid for through a broker...not some random Craigslist listing. I, and I think many others, would do what it took to get what they paid for especially when we're talking thousands of dollars. Since it doesn't happen too often the brokers should be more than willing to do what it takes to make it right otherwise their whole business structure begins to crumble once enough people start to realize there are zero protections. They take in hefty fees on these transactions and if buyers could get stiffed left and right with nary any recourse then why even have a broker, just have a wild west style private "for sale by owner" message board like many time share rentals do at your own risk.