ROFR Thread April to June 2019 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Dan1]

I had a BWV pass at $107 a point last month, international seller, loaded contract!!!! I would say international seller is the way to go

Nice very nice get!

 

[Rush]

I had a BWV pass at $107 a point last month, international seller, loaded contract!!!! I would say international seller is the way to go

If you don’t mind me asking, what country were the sellers located? Recently a broker told me Canada and UK sellers aren’t a big deal for Disney, since they have similar notary processes. I’m skeptical, but your experience could help validate his claim.

 

[DaveNan]

What happens when Disney takes it?!
How does the process work?
BTW 48 days before Disney took it!
48 days!!!!

From the seller's perspective, Disney buys it at the exact terms of the agreement.
From the buyer's it can very based on the agency. The buyer will get the earnest monies returned. If you are trying to get another contract through the same agency, they may hold it while you shop and negotiate. Others return it within days. If the deposit was done by cc, most return all but a "service fee" that would have been communicated up front.

 

[ScubaCat]

OMGOMGOMGOMG!!! It passed! I literally squealed in the Walmart

Congrats! Now you can shop at the Target!

 

[Daisybell911]

Congrats!!!! I’m holding out hope I hear soon. My Poly contract was sent to Disney for ROFR review on 4/9/19. I’ve noticed that Poly contracts seem to get through ROFR in about 2-3 weeks. I hope that pattern holds up and I hear something good by next week!

I think they do too. Good luck! Hopefully we’ll be neighbors!

 

[Daisybell911]

Congrats! Now you can shop at the Target!

I just may have to. The check out folks didn’t know what to think of the smiling/crying woman!

 

[Madame]

If you don’t mind me asking, what country were the sellers located? Recently a broker told me Canada and UK sellers aren’t a big deal for Disney, since they have similar notary processes. I’m skeptical, but your experience could help validate his claim.

This is definitely true of Canadian sellers, & many of us have quick access to US notaries due to proximity to the US (if we sell it’s a 40 min drive over to Detroit).

I don’t think this is true of UK sellers. I believe that at the very least those in Scotland and Ireland have to make an appointment with the US embassy. Not 100% sure of England.

 

[Iestyn5150]

This is definitely true of Canadian sellers, & many of us have quick access to US notaries due to proximity to the US (if we sell it’s a 40 min drive over to Detroit).

I don’t think this is true of UK sellers. I believe that at the very least those in Scotland and Ireland have to make an appointment with the US embassy. Not 100% sure of England.

Make an appointment with the US Embassy for what exactly? I’m from Wales (the one part of the UK Americans always forget about!) and my broker hasn’t mentioned the need for an Embassy visit!

 

[Madame]

Make an appointment with the US Embassy for what exactly? I’m from Wales (the one part of the UK Americans always forget about!) and my broker hasn’t mentioned the need for an Embassy visit!

Sellers need to have the docs notarized. Are you the buyer?

 

[Iestyn5150]

Sellers need to have the docs notarized. Are you the buyer?

That’s correct yes.

 

[Madame]

That’s correct yes.

Then no worries unless you go to sell, then you’ll need to get the docs notarized.

 

[Iestyn5150]

Then no worries unless you go to sell, then you’ll need to get the docs notarized.

Right, I’m with you now. Thanks for that, I wasn’t aware of it. Not that I’m planning on selling in the foreseeable future but it’s always good to know.

 

[carli_h]

Make an appointment with the US Embassy for what exactly? I’m from Wales (the one part of the UK Americans always forget about!) and my broker hasn’t mentioned the need for an Embassy visit!

If you are buying from a non-US seller then you’ll to get an ITIN # (from the IRS) as an international buyer. If your seller resides in the US you don’t need to do anything else.

You will need to get an ITIN # if you ever sell the points or rent your points via a US company. Although I understand you can rent via a Canadian rental company without this.

I’m in the UK and looked into this and to get an ITIN # you first need to get your legal documents notarised by the US embassy who charge $50 then you need to send to these and application forms to the IRS. Otherwise it’s c£300 for a third party to fully manage it for you. I was advised it can take up to 12 weeks to get an ITIN #.

However if your seller lives in the US it’s not an issue unless you plan to sell.

 

[Iestyn5150]

If you are buying from a non-US seller then you’ll to get an ITIN # (from the IRS) as an international buyer. If your seller resides in the US you don’t need to do anything else.

You will need to get an ITIN # if you ever sell the points or rent your points via a US company. Although I understand you can rent via a Canadian rental company without this.

I’m in the UK and looked into this and to get an ITIN # you first need to get your legal documents notarised by the US embassy who charge $50 then you need to send to these and application forms to the IRS. Otherwise it’s c£300 for a third party to fully manage it for you. I was advised it can take up to 12 weeks to get an ITIN #.

However if your seller lives in the US it’s not an issue unless you plan to sell.

Thanks Carli. So I won’t need to worry about any of that unless I rent or sell the points, which I’m not planning on for a good few years.

 

[carli_h]

Thanks Carli. So I won’t need to worry about any of that unless I rent or sell the points, which I’m not planning on for a good few years.

Nope and if renting I’d suggest you look at a non US company as I believe you do need to renew an ITIN #.

 

[Iestyn5150]

Nope and if renting I’d suggest you look at a non US company as I believe you do need to renew an ITIN #.

Thanks for the advice, it’s good to have someone else from the UK to bounce questions off as I assumed some of the legal intricacies would probably differ slightly for non US members. Have you rented out points in the past?

 

[carli_h]

Thanks for the advice, it’s good to have someone else from the UK to bounce questions off as I assumed some of the legal intricacies would probably differ slightly for non US members. Have you rented out points in the past?

Anytime.

In my second ROFR, we don’t have points yet. We had a contract taken in Feb. Likely to have this contract taken but it was too good a price to pass by. Just offered on another, but waiting to hear.

I’ve done a load of research after we lost the first contract looking at all opinions. So much so I totally confused myself on what we should actually do!

 

[Iestyn5150]

Anytime.

In my second ROFR, we don’t have points yet. We had a contract taken in Feb. Likely to have this contract taken but it was too good a price to pass by. Just offered on another, but waiting to hear.

I’ve done a load of research after we lost the first contract looking at all opinions. So much so I totally confused myself on what we should actually do!

Ah, we are both in the same boat then. I am also in my second ROFR after my first, which I now realise was a stupidly cheap, contract was taken. I’m at day 12, hoping for a quicker turn around this time too, almost 40 days on my first!

 

[Cyberc1978]

If you are buying from a non-US seller then you’ll to get an ITIN # (from the IRS) as an international buyer. If your seller resides in the US you don’t need to do anything else.

You will need to get an ITIN # if you ever sell the points or rent your points via a US company. Although I understand you can rent via a Canadian rental company without this.

I’m in the UK and looked into this and to get an ITIN # you first need to get your legal documents notarised by the US embassy who charge $50 then you need to send to these and application forms to the IRS. Otherwise it’s c£300 for a third party to fully manage it for you. I was advised it can take up to 12 weeks to get an ITIN #.

However if your seller lives in the US it’s not an issue unless you plan to sell.

I’m buying from a non US seller and I’m myself non US. The closing company will take of all payments to the IRS, I don’t need to worry about that part. Closing company is assuming all responsibility in that regard - or at least so they wrote to me in an email.

I don’t need to apply for anything as they will do all that is needed.

 

[carli_h]

I’m buying from a non US seller and I’m myself non US. The closing company will take of all payments to the IRS, I don’t need to worry about that part. Closing company is assuming all responsibility in that regard - or at least so they wrote to me in an email.

I don’t need to apply for anything as they will do all that is needed.

I could be wrong but I was advised by a reputable broker that if both buyer and seller were international both were required to have an ITIN number due to FIRPTA even though the seller should pay it. I guess this is because the buyer is liable if the seller fails to pay it.

I’d be interested to know if this is incorrect as we’ve held back from international sellers based on this.