ROFR Thread April to June 2018 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[disneyeveryyear]

Still trying to figure this out.
If 30 days is ‘the minimum time you have to give them’, what does that mean ...... ‘to give them’?

What recourse does the buyer have if Disney has not decided in 30 days ..... can the buyer withdraw the offer?

If not, then what does the 30 days really mean?? Sounds like it means absolutely nothing.

Thanks; I find this very confusing ....thanks for the enlightenment.

The closing date must be at least 30 days from the day it is submitted for ROFR. Technically DVC has up until the day of (or day before) closing to make their decision.

Apparently ScubaCat and I were answering at the same time.

 

[Mumof4mice]

Cut and paste from official DVC Standard Information:

While you are not prohibited from selling your Ownership Interest, you are only permitted to sell your entire Ownership Interest in a single transaction. In addition, you must first provide DVD the right (for a 30 day period) to purchase your Ownership Interest on the same terms and conditions as those which are offered to you by a prospective third-party purchaser in the event you receive an offer which you find acceptable. This right of first refusal in favor of DVD is set forth in the Declaration for your Home Resort and in your Purchase Agreement. In addition, depending upon your Home Resort, there may be additional requirements that you must satisfy before selling your Ownership Interest. Please refer to the governing documents for your Home Resort for more details. If you have elected to finance the purchase of your Ownership Interest with DVD, the sale, transfer or further encumbrance of your Ownership Interest will be subject to the “due on sale or encumbrance” provisions of your mortgage or deed of trust with DVD. This means that, upon a sale or the transfer of all of your Ownership Interest or upon any attempt by you to subject your Ownership Interest to a lien or mortgage other than the purchase money mortgage or deed of trust in favor of DVD, the entire loan amount which you owe to DVD and which is the subject of your mortgage or deed of trust with DVD, at DVD’s option, shall become due and payable in full. As stated above, since DVD will continue to sell Ownership Interests at each DVC Resort for its own account, DVD will also be in competition with you if you elect to resell your Ownership Interest. Neither DVD nor any of The TWDC Companies is under any obligation to assist you in connection with the sale of your Ownership Interest or with financing in the event of such sale.

This reads to me like after 30 days seller is free to proceed with closing. Any lawyers/real estate professionals on the board care to comment?

https://disneyvacationclub.disney.g..._Information_form_for_timeshare_contracts.pdf

 

[ScubaCat]

This reads to me like after 30 days seller is free to proceed with closing. Any lawyers/real estate professionals on the board care to comment?

Here's the actual text (I added the blue ):


"... Owners or Cotenants desiring to sell their Unit or Ownership Interest must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of their intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. On receipt of such written notice, DVD may determine prior to the proposed closing date whether to exercise its right of first refusal set forth in this Article 13. If DVD elects to exercise its right of first refusal, DVD must notify the Owner or Cotenant in writing of such election, and the purchase by DVD must be closed on or before the proposed closing date. 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."

 

[Mumof4mice]

The closing date must be at least 30 days from the day it is submitted for ROFR. Technically DVC has up until the day of (or day before) closing to make their decision.

Apparently ScubaCat and I were answering at the same time.

So we should be on the phone with the broker right on Day 30 to close immediately?

 

[ScubaCat]

So we should be on the phone with the broker right on Day 30 to close immediately?

If that's the closing date on the contract you signed, yes.

 

[KAT4DISNEY]

So we should be on the phone with the broker right on Day 30 to close immediately?

The contracts all have closing dates in them and I'd be very surprised if you ever got a broker to put in closing just 30 days out.

 

[ScubaCat]

The contracts all have closing dates in them and I'd be very surprised if you ever got a broker to put in closing just 30 days out.

Right because half the time there are all sorts of delays with people not returning paperwork, final points verification, etc.

 

[Mumof4mice]

On a separate note... I'm freaking out a little after signing on the dotted line on my second contract.

We are wondering if we should have waited longer for a contract of right size (200) to pop up. As it is we are paying the "small contract premium" that we don't need, and paying closing cost that would be similar to a larger contract. Trying to remind ourselves that paying full asking price still beats buying direct from Disney. It's a subsidised Aulani at $126pp.

 

[disneyeveryyear]

On a separate note... I'm freaking out a little after signing on the dotted line on my second contract.

We are wondering if we should have waited longer for a contract of right size (200) to pop up. As it is we are paying the "small contract premium" that we don't need, and paying closing cost that would be similar to a larger contract. Trying to remind ourselves that paying full asking price still beats buying direct from Disney. It's a subsidised Aulani at $126pp, June Use Year, 100/18, 100/19.

What is the current asking price of Aulani to buy it direct?

It is nice to get a subsidized Aulani contract. From what I understand they are difficult to find.

 

[Mumof4mice]

What is the current asking price of Aulani to buy it direct?

It is nice to get a subsidized Aulani contract. From what I understand they are difficult to find.

Not as rare as unicorns, but maybe like white rhinoceroses? Still kicking ourselves that we visited Disneyland A LOT in the past 3 years but never looked into DVC. Both direct and resale pricing have risen sharply in the last 12 months!

Aulani Direct is $182pp.

 

[disneyeveryyear]

Not as rare as unicorns, but maybe like white rhinoceroses? Still kicking ourselves that we visited Disneyland A LOT in the past 3 years but never looked into DVC. Both direct and resale pricing have risen sharply in the last 12 months!

Aulani Direct is $182pp.

$56/point savings is nothing to sneeze at.

 

[motherof5]

No surprise; but they sure made us wait long enough

Samucy---$83-$19333-210-SSR-Dec-7/17, 210/18, 210/19- sent 4/9, taken 5/21

So sorry to hear. They took their time telling you

 

[motherof5]

I have been looking at the prices all month. Any thoughts on why Saratoga is selling for more than it ever has? Doesn't seem like it is such a great deal anymore. Before agents used to say to buy Saratoga for the value if you didn't care what home resort you had.

 

[JV63]

I have been looking at the prices all month. Any thoughts on why Saratoga is selling for more than it ever has? Doesn't seem like it is such a great deal anymore. Before agents used to say to buy Saratoga for the value if you didn't care what home resort you had.

It seems everything is going up since the beginning of the year. DVC Resale Market put out this chart just from the sales that they made, and did pass ROFR, and it seems average prices are on the rise from say late last year. So get what you can as soon as you can I would say.

 

[JoEss]

Has anyone used Vacatia?

 

[TexasChick123]

Has anyone used Vacatia?

I used them last year for my BLT purchase. No issues to report. Everything loved along nicely.

 

[Bruin_mouse]

Has anyone used Vacatia?

Concur with @TexasChick123. I'm in closing with them right now. I don't think they're as big as some of the other brokers, but have always been very responsive. I'm not quite sure where they're based but I put in an offer at 8:30pm Pacific Time on their website. The agent (Laruen) wrote me back within 10 minutes to thank me and let me know she'd be in touch.

 

[JoEss]

I used them last year for my BLT purchase. No issues to report. Everything loved along nicely.

Concur with @TexasChick123[/USER

Thanks, good to know!

 

[Dan1]

Thanks to all who helped wrap my head around this whole 30 day ROFR thing. It helped a lot.

Much appreciated.

And, no, this 4/27 club member still had not heard anything about its AKL resale contract.

 

[TexasChick123]

Concur with @TexasChick123. I'm in closing with them right now. I don't think they're as big as some of the other brokers, but have always been very responsive. I'm not quite sure where they're based but I put in an offer at 8:30pm Pacific Time on their website. The agent (Laruen) wrote me back within 10 minutes to thank me and let me know she'd be in touch.

The ones that handle DVC are based out of Orlando even though Vacatia is based out of CA. I asked last year.