ROFR going quicker lately? And possible seller concerns...

[beezerdave]

We have just submitted our paperwork for an OKW package, but are still waiting on the seller to get their work through. Is it a concern that they have not sent in their paperwork yet? We sent in last Wednesday and the broker says they spoke to the seller and they are getting the paperwork in tomorrow.

Also, I have read of many people getting through ROFR in 2 weeks or so, but the company we're going through says it's been their experience that Disney will take the full 30 days. Any thoughts on that discrepency?

I guess I am wondering if there might be a concern that the seller will back out or the broker might not have that much experience with DVC lately. (Wish we had received the TSS offer two days earlier. Grrr.) Anyone have negative experiences along these lines or do you think we're just being Nervous Nellies?

 

[1000th happy haunt]

There have been a few instances lately of getting past ROFR in a week. The reason the company is telling you 30 days is worst case scenario. Imagine if they told you it only takes two weeks, and two weeks go by and you haven't heard back from Disney yet. It makes you even more nervous, and makes them look bad.

From the date we made our offer, it took about 1-1/2 months to finally get into Disney's system as owners. I was just as nervous as you.

 

[JimMIA]

Also, I have read of many people getting through ROFR in 2 weeks or so, but the company we're going through says it's been their experience that Disney will take the full 30 days. Any thoughts on that discrepency?

Plan on 4 weeks, hope for two. I think three weeks is probably average, although things seem to have accelerated recently.

I guess I am wondering if there might be a concern that the seller will back out or the broker might not have that much experience with DVC lately. (Wish we had received the TSS offer two days earlier. Grrr.) Anyone have negative experiences along these lines or do you think we're just being Nervous Nellies?

I think you're being Nervous Nellies...but with good reason. The seller has the option of not agreeing to your offer. In addition, under Florida law, both you and the seller have the right to rescind the contract within 10 days of signing. Plus, as a practical matter, if the seller does agree to your offer and you pass ROFR, they could still refuse to close and there would be nothing you could do about it. That rarely happens...but it does happen.

If you are not happy - and especially if you are not comfortable with your contract/seller/broker - you are well within your legal rights to rescind your offer. There is no contract at this point, and even if the seller signs the paperwork, you have the right of recision.

If another broker had a contract you liked better, it wouldn't hurt to double-check with them and see if it's still available. You have an absolute right to do so.

 

[dis-happy]

I wouldn't worry---especially if your seller does indeed get the paperwork back tomorrow. This is a busy season for lots of people, with end of summer travel and school starting, etc.

Others explained rofr---Disney says 30 days and some people here in the past few months had to wait the full time. I passed twice in only 1 week, but closing still took 6-7 weeks total. Crazy, annoying, but it's just the way it is. When it's all said and done, however, you'll be so happy!!!!

 

[vascubaguy]

Usually the initial paperwork can be submitted electronically, but if the seller does not have the means to fax or email signed contracts, then they could just be sending by regular mail. That step is typically out of the control of the agent. Hopefully it will come thru today and get sent to DVC pretty quickly for ROFR waiver.

The agents are going to tell you the max time that it normally takes so that you are prepared for the potential wait. You could pass ROFR in a week, or it could take 4 weeks. However, as I have discovered, passing ROFR doesn't always speed up the process, it just gets you over that initial hurdle of whether or not your deal is too good to be true. I'm still waiting to close and I passed ROFR 4 weeks ago!

 

[LisaS]

I would be somewhat concerned that your seller is dragging their feet and I would definitely stay on top of things with your broker. You would think that once someone decides to sell and has a committed buyer, they would want their money ASAP and would be doing whatever is necessary to move things along.

Just in case you decide to bail and go back to the folks at TTS, I'll relate my experience in purchasing through them:

I purchased through TTS and things couldn't have gone better. I made the offer late in the evening on July 13th and I just found out today that we closed on Aug 10th -- less than one month start to finish! Timeshare Closing Services handled the closing. I opted to pay the extra $45 fee to expedite things. Everything we needed to sign was emailed to us and we overnighted everything back. I believe our seller did the same because their signed docs arrived back at TTS and TCS around the same time ours did. ROFR took 10 days. I think that's about as good as it gets!

I really hope things work out for you and your seller gets motivated to do his/her/their part in the process. If not, get back in touch with TTS. I am one happy customer!

 

[JimMIA]

I would be somewhat concerned that your seller is dragging their feet and I would definitely stay on top of things with your broker. You would think that once someone decides to sell and has a committed buyer, they would want their money ASAP and would be doing whatever is necessary to move things along.

I think I would be more "aware" than concerned, mostly because OP doesn't tell us how long they've been waiting or what the response has been. If it goes on very long, it could be a sign of a problem, but as noted above, the people may just be out of town for the weekend or otherwise busy. Hopefully that's not the case.

Sellers sometimes are not as highly motivated as we might expect. We're frantic to get the process moving, but it often seems like the seller's attitude is "Okay...it's sold, that's good. We'll get to it."

I also think selling is a bittersweet process for most DVC owners, and that may slow some of them down.

All that said, the OP does have the right of recision if they need it.

 

[beezerdave]

I think I would be more "aware" than concerned, mostly because OP doesn't tell us how long they've been waiting or what the response has been. If it goes on very long, it could be a sign of a problem, but as noted above, the people may just be out of town for the weekend or otherwise busy. Hopefully that's not the case.

We received our paperwork by fax last Tuesday, signed it and faxed it back on Wednesday (Had some issues getting it faxed, had to try three different fax numbers. Something about the phone service being down. I believe the company is moving offices the end of this week) I emailed the broker on Sunday to find out when they paperwork was sent in and found out they seller hadn't faxed back their info, so he said he spoke to them today (Monday) and said they should be getting their paperwork in tomorrow (Tuesday) and it would then be sent in to Disney.

I will keep ontop of things to make sure it gets sent out in a timely manner. Thanks for the input.

 

[JimMIA]

Just for info, when we used TTS, they handled the submission of the offers, getting them back, etc. Once they had our deposit and all the paperwork intact, they sent the package to the closing company they use - Timeshare Closing Services.

The closing company was the one who sent the documents to Disney for ROFR approval. Once that approval came, we were notified of passing ROFR by the closing company.

The next step, I believe, is the closing company has to wait for the estoppel letter from Disney. Nobody but Disney can control how long that takes. Once they get that, they can finish the process and proceed with closing. They prepare the documents, send them to the seller and buyer, collect them back, collect your cash to close, and when everything is in place, they do the closing

The point of all this is, from the time the initial set of offer/acceptance documents are in place, the closing company is really the company handling things. Your broker can certainly follow up with them, but the ball is in the closing company's court.

Your broker could do things differently, but if they follow this pattern, even if you are not totally thrilled with your broker, once the paperwork is submitted you won't have to worry about them. Two points where an experienced broker really earns their money are in guiding the pricing of the contract so it will pass ROFR, and dealing with any issues that come up with the seller.

Hopefully, your closing company is more experienced than the broker you are using and will handle everything in an expeditious manner.

Good luck!

 

[beezerdave]

Sellers papers being Fedex tomorrow. Should be sent to Disney by Friday. Keep your fingers crossed.

 

[LisaS]

Sellers papers being Fedex tomorrow. Should be sent to Disney by Friday. Keep your fingers crossed.

Was your contract sent to Disney on Friday? You might consider posting your contract details on Beca's thread. She can add your contract to the section "waiting to get through ROFR": http://www.disboards.com/showthread.php?t=720134

Let us know when you get through ROFR!

 

[beezerdave]

Was your contract sent to Disney on Friday? You might consider posting your contract details on Beca's thread. She can add your contract to the section "waiting to get through ROFR": http://www.disboards.com/showthread.php?t=720134

Let us know when you get through ROFR!

Thanks, once I find out positively when they were sent in I will. Still no word from the broker.

 

[dianeschlicht]

Your experience is making me think resales aren't so easy to do. It would worry me that there is a reluctant seller out there.

 

[vascubaguy]

I think for the most part, the DVC resales go thru pretty good. But I imagine their are cases where sellers have second thoughts (just as buyers do). I'm guessing there are probably cases where the seller lists with multiple resale agents (maybe even uses ebay too) and then lets it go to the highest offer (even if it means backing out of another deal).

Hopefully that isn't the case for beezerdave.... please keep us posted on how that goes!!!

 

[maxsdaddy]

First time posting here and new to DVC as of July, so we just did this.

ROFD'd first time for VB. 3 week response from Disney

Passed 2nd time for VB. Response from Disney in 10 days.

Closing company said no reason for length of time for a return, just maybe how busy they are at Disney.

 

[beezerdave]

Well, the paperwork is definately in to Disney as of 8/19. The deal is for OKW 60 pts, Sept. UY @ $70.00 a point. All points available Sept. 2005. I'll post that info in the other thread as well. Wish me luck!

 

[LisaS]

That's great news. I'm really glad the seller came through in the end and that everything has already been sent to Disney! Good luck!