ROFR Thread April to June 2020 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Hopfather28]

Mine was a 60 day close too. Fingers crossed that happens considering we are 28 days in with no word on ROFR.

 

[holyrita]

First line of my contract says "This contract shall be closed within 90 days of the effective date."

..90 days

 

[jamier2]

90 days here as well. I’m only 3 weeks into waiting on ROFR but the contracts were passing in 10 days or so when we started making offers. We had our hopes up for a fast turnaround. Oh well. No more than 2 months to go....

 

[hlhlaw07]

First line of my contract says "This contract shall be closed within 90 days of the effective date."

..90 days

90 days here as well. I’m only 3 weeks into waiting on ROFR but the contracts were passing in 10 days or so when we started making offers. We had our hopes up for a fast turnaround. Oh well. No more than 2 months to go....

Can I ask you guys what broker you were using that put 90 days? The standard is usually 60 days. Not sure why a broker would give Disney more time. I think 60 is being generous. 90 days is just idiotic.

 

[jamier2]

Can I ask you guys what broker you were using that put 90 days? The standard is usually 60 days. Not sure why a broker would give Disney more time. I think 60 is being generous. 90 days is just idiotic.

Fidelity for me. I haven’t had any reason to complain but had I given it more thought I’d have requested to change that to 60 days. That’s more than enough time. And even with distancing / covid. Surely ROFR could easily be done from home. No reason for it to take this long.

 

[hlhlaw07]

Fidelity for me. I haven’t had any reason to complain but had I given it more thought I’d have requested to change that to 60 days. That’s more than enough time. And even with distancing / covid. Surely ROFR could easily be done from home. No reason for it to take this long.

That must be a recent change because all of my contracts with fidelity have always been 60 days. When the broker makes a change like that, it tells me they are more worried about staying on the good side of Disney rather than working for who their actual client is.

 

[spunkylouamanda]

That must be a recent change because all of my contracts with fidelity have always been 60 days. When the broker makes a change like that, it tells me they are more worried about staying on the good side of Disney rather than working for who their actual client is.

The companies are starting to account for Covid delays in the post-March 2020 contracts.

 

[Albee]

I called my broker today, day 43, he said their down to 2 people doing ROFR. They are doing it from home. . We have to be close gumbydom, on the boards here, sent to ROFR the same time as us and he heard last week. He got a really good deal, wish we would have tried going lower. My broker said everything passing as they have bigger things to deal with right now. So we all wait and see, but it seems to be correct.

 

[Brianstl]

The companies are starting to account for Covid delays in the post-March 2020 contracts.

They don’t have to do that though. By law Disney is only entitled to 30 days. It isn’t the broker’s job to accommodate Disney. Disney isn’t a party they are supposed to working for in these transactions.

 

[limace]

They don’t have to do that though. By law Disney is only entitled to 30 days. It isn’t the broker’s job to accommodate Disney. Disney isn’t a party they are supposed to working for in these transactions.

Common misconception on these boards but not accurate.

 

[Brianstl]

Common misconception on these boards but not accurate.

What is the misconception? Disney is entitled to only 30 days. Anything more they get is the result of the contract having a closing date more than 30 days after being presented to Disney.

 

[Albee]

I just took this screenshot, they have at least 30 days. Generally it takes 3 weeks under normal circumstances. I hope this clears this conversation up some. back to Waiting!! Lol

 

[FinallyFL]

Well my contract has the following clause: "This contract shall be closed on or before AUGUST 24, 2020 or within thirty days of the title company’s receipt of estoppel if later than the on or before close date". It hasn't been sent for ROFR yet .

 

[njcoach24]

My contract also gave 60 days closing. After reviewing a lot of what people have written the closing companies are reluctant to close after the contract closing date if they haven’t heard back from Disney. I asked this before, if deadlines aren’t met why can’t a buyer cancel? How does the buyer have 0 rights after the first 10 days? I’m only 23 days in so this question doesn’t apply to me yet but if I haven’t heard by the closing date I would want to move on. I rather invest my deposit in stocks lol.

 

[FinallyFL]

Let the waiting begin.
FinallyFl---$97-$32141-300-BWV-Jun-0/19, 300/20, 300/21, 300/22- sent 6/9

 

[Cyberc1978]

My contract with fidelity says: This contract shall be closed within 90 days of the effective date*, unless extended by other provisions on the contract.

im unsure what the last part means?

 

[holyrita]

Fidelity for me. I haven’t had any reason to complain but had I given it more thought I’d have requested to change that to 60 days. That’s more than enough time. And even with distancing / covid. Surely ROFR could easily be done from home. No reason for it to take this long.

Fidelity for me as well. I also would have asked to change to 60 days had I known that was the standard. Will chock it up as a first-time-dvc-buyer mistake. I do understand this is very unique circumstances though.

I think I'll stop waiting for the ROFR email (which may never come at this point) and just wait for the closing date. If it comes before that, great. I really would only like the points to make an 11-month reservation for December 2021, anything earlier than that would be a treat.

 

[Albee]

I am not a lawyer but would think the original contract between original owner would take precedence. Disney built them & on their property so I think they pretty much control our fate.

Well my contract has the following clause: "This contract shall be closed on or before AUGUST 24, 2020 or within thirty days of the title company’s receipt of estoppel if later than the on or before close date". It hasn't been sent for ROFR yet .

They must not have all the paperwork yet? That's weird both contracts of ours have gone as soon as they have all the paperwork from buyer & seller. Our first one took maybe 3 weeks & closed pretty fast. We had the points I want to say within 2 weeks, but I think sooner. We have a delayed closing this time so I think that is a contributing factor, also. Both the broker & title company say no though.

 

[Albee]

Here is a question, what do you think determines the closing company used? Is it the resort? We had a different closing company before & are buying from same brokerage business.

 

[Jaguar Skills]

Our first ever contract, having done the DVC tour last November. To say we are excited is an understatement. We are hoping this is a good price!

JaguarSkills---$87-$17141-180-SSR-Feb-41/19, 122/20, 180/21- sent 6/8