ROFR Thread April to June 2024 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[JoshF]

Bad news about this contract I'm afraid. Turns out the seller misrepresented their point allocation with the broker, and it wasn't caught until the start of closing. The real allocation is 0/23, 160/24, 0/25, which might explain why Disney passed on it.

I'm re-posting the string with the updated allocation, so that it's accurately captured in the data set.

rjim87---$159-$13953-80-PVB-Aug-0/23, 160/24, 0/25- sent 4/24, passed 5/10

Do you get any kind of recourse for this or credit?

 

[typeamom72]

TypeAMom72---$100-$17192-150-AKV-Mar-0/23, 187/24, 150/25, 150/26- sent 5/22

 

[FrancisK7]

Bad news about this contract I'm afraid. Turns out the seller misrepresented their point allocation with the broker, and it wasn't caught until the start of closing. The real allocation is 0/23, 160/24, 0/25, which might explain why Disney passed on it.

I'm re-posting the string with the updated allocation, so that it's accurately captured in the data set.

rjim87---$159-$13953-80-PVB-Aug-0/23, 160/24, 0/25- sent 4/24, passed 5/10

I've seen verbiage in my contracts concerning a compensation of $20 per point missing if discovered after the fact, so in your case they caught it before closing, were you able to adjust the offering price to compensate for the missing 80 points?

 

[CastAStone]

Bad news about this contract I'm afraid. Turns out the seller misrepresented their point allocation with the broker, and it wasn't caught until the start of closing. The real allocation is 0/23, 160/24, 0/25, which might explain why Disney passed on it.

I'm re-posting the string with the updated allocation, so that it's accurately captured in the data set.

rjim87---$159-$13953-80-PVB-Aug-0/23, 160/24, 0/25- sent 4/24, passed 5/10

You should get a refund that’s hot garbage.

 

[CastAStone]

As interest rates start to lower again we will be going back up to 2022 rates for most long term contracts.

Maybe. I don’t think if you mapped DVC resale prices going back 20 years to cheap money you’d see a lot of correlation though. When money was negative in 2008-2010, prices just fell and fell.

Interestingly, Monera and Palm Financial, who between them finance substantively all financed DVC purchases, both have not changed their interest rates over the past 3 years.

 

[rjim87]

Do you get any kind of recourse for this or credit?

I've seen verbiage in my contracts concerning a compensation of $20 per point missing if discovered after the fact, so in your case they caught it before closing, were you able to adjust the offering price to compensate for the missing 80 points?

You should get a refund that’s BS.

My purchase agreement does have a clause for a penalty payment for any missing points, and normally I'd factor that into the final price, but the seller has ghosted both the broker and title company for the past one and a half weeks... pretty much since the point allocation was confirmed and the penalty clause was explained. They were officially supposed to close yesterday, and were again no shows.

Not sure if anyone here has gone through this sort of situation in the past, but still being relatively new to DVC resale, I'm kind of at a loss as to how to proceed. Really turns me off of resale moving forward.

 

[snowy82]

My purchase agreement does have a clause for a penalty payment for any missing points, and normally I'd factor that into the final price, but the seller has ghosted both the broker and title company for the past one and a half weeks... pretty much since the point allocation was confirmed and the penalty clause was explained. They were officially supposed to close yesterday, and were again no shows.

Not sure if anyone here has gone through this sort of situation in the past, but still being relatively new to DVC resale, I'm kind of at a loss as to how to proceed. Really turns me off of resale moving forward.

oh man that really stinks! this was after you passed ROFR, right? whens the latest point when you can back out?

 

[Sprinkles&Sprints]

My purchase agreement does have a clause for a penalty payment for any missing points, and normally I'd factor that into the final price, but the seller has ghosted both the broker and title company for the past one and a half weeks... pretty much since the point allocation was confirmed and the penalty clause was explained. They were officially supposed to close yesterday, and were again no shows.

Not sure if anyone here has gone through this sort of situation in the past, but still being relatively new to DVC resale, I'm kind of at a loss as to how to proceed. Really turns me off of resale moving forward.

That's really awful, I'm sorry. Curious what the broker is advising?

 

[MIDisFan]

Bad news about this contract I'm afraid. Turns out the seller misrepresented their point allocation with the broker, and it wasn't caught until the start of closing. The real allocation is 0/23, 160/24, 0/25, which might explain why Disney passed on it.

I'm re-posting the string with the updated allocation, so that it's accurately captured in the data set.

rjim87---$159-$13953-80-PVB-Aug-0/23, 160/24, 0/25- sent 4/24, passed 5/10

How are the AUG 25 points missing if you were supposed to start closing? Wouldn't they have to have a reservation after Aug 24 in order to borrow the 25 points?

 

[kboo]

My purchase agreement does have a clause for a penalty payment for any missing points, and normally I'd factor that into the final price, but the seller has ghosted both the broker and title company for the past one and a half weeks... pretty much since the point allocation was confirmed and the penalty clause was explained. They were officially supposed to close yesterday, and were again no shows.

Not sure if anyone here has gone through this sort of situation in the past, but still being relatively new to DVC resale, I'm kind of at a loss as to how to proceed. Really turns me off of resale moving forward.

I'm sorry that happened. Also makes me wonder if the seller was underwater and would have had to come up with cash (that they didn't have) to close.

 

[kboo]

Interestingly, Monera and Palm Financial, who between them finance substantively all financed DVC purchases, both have not changed their interest rates over the past 3 years.

I'm getting a little off topic, maybe, but I wonder if it's that they can pretty easily foreclose and resell? And the interest rates were fairly high to begin with? One of my cheap cheap VGF contracts ended up having Monera as the seller.

 

[JoshF]

My purchase agreement does have a clause for a penalty payment for any missing points, and normally I'd factor that into the final price, but the seller has ghosted both the broker and title company for the past one and a half weeks... pretty much since the point allocation was confirmed and the penalty clause was explained. They were officially supposed to close yesterday, and were again no shows.

Not sure if anyone here has gone through this sort of situation in the past, but still being relatively new to DVC resale, I'm kind of at a loss as to how to proceed. Really turns me off of resale moving forward.

Last time I put up a contract for sale, the broker made me send copies of all detailed activities of the contract. I wonder if the selling broker did not do their due diligence properly or if the seller omitted information.

 

[Arr2-D2]

Bad news about this contract I'm afraid. Turns out the seller misrepresented their point allocation with the broker, and it wasn't caught until the start of closing. The real allocation is 0/23, 160/24, 0/25, which might explain why Disney passed on it.

I'm re-posting the string with the updated allocation, so that it's accurately captured in the data set.

rjim87---$159-$13953-80-PVB-Aug-0/23, 160/24, 0/25- sent 4/24, passed 5/10

What you were contracted for: \\\\\---$159-$13953-80-PVB-Aug-0/23, 160/24, 80/25- sent 4/24, passed 5/1/////

I would bet the contract was listed incorrectly with 80/25 points borrowed into 2024 before even listed. Making it 160/24 0/25.

Meaning a failure by both the seller and broker.
Seller could have given wrong numbers sure, so failure of broker to not verify.
Broker could have listed incorrectly sure, so failure of broker and seller for not catching.

I’m so sorry for this. The fact that they are unresponsive is not helping the situation. If they go beyond the contracted closing date I believe I’ve read you can then get your deposit back.

 

[CastAStone]

I'm getting a little off topic, maybe, but I wonder if it's that they can pretty easily foreclose and resell? And the interest rates were fairly high to begin with? One of my cheap cheap VGF contracts ended up having Monera as the seller.

Yes I think that is likely a major driver. Although if prices crash they could still end up underwater; I’m sure Monera is losing money on most of the 2021-early 2022 contracts they’re foreclosing on and reselling.

Same company also owns DVC Rental Store though so at least they can strip and rent the points.

 

[snowy82]

who else is frantically checking their inboxes for a ROFR response???? i keep tossing out junk mail because the (3) is giving me false hope!!!!

 

[JoshF]

JoshF---$87-$18127-190-AUL-Jun-0/23, 115/24, 190/25, 190/26-Split Closing Costs- sent 5/4, passed 5/22

Weeeeeeeeeeee!

 

[JackosinDIS]

Yes, same. I guess they aren't working ahead and having those prepped while waiting on ROFR.

Is that the e-notary issue people have posted about? I'm not sure how ours will work for these BWV contracts, but hoping it goes quickly after we get our docs.

I’ve had an email today saying expect closing docs in the next 2 weeks!!! Ugh.

Yea, partly the e-notify issue (10 day wait) and partly just slowness between signing and closing. But to be fair I don’t have detailed knowledge of what steps need to taken after seller signs and whether it could be done any quicker.

 

[jolynne28]

I’ve had an email today saying expect closing docs in the next 2 weeks!!! Ugh.

Yea, partly the e-notify issue (10 day wait) and partly just slowness between signing and closing. But to be fair I don’t have detailed knowledge of what steps need to taken after seller signs and whether it could be done any quicker.

Two weeks is ridiculous IMO, but I'm guessing I'll get that email tomorrow. I just checked on our contract from March and our ROFR email stated that we'd get our closing docs in 2-3 business days, but they came that afternoon. I hope there isn't a weeks long delay after docs are submitted, or we won't make our 11 month window.

 

[snowy82]

Two weeks is ridiculous IMO, but I'm guessing I'll get that email tomorrow. I just checked on our contract from March and our ROFR email stated that we'd get our closing docs in 2-3 business days, but they came that afternoon. I hope there isn't a weeks long delay after docs are submitted, or we won't make our 11 month window.

my first contract was april 2022 when disney was buying back everything so i'm thinking dvc resale wasn't as busy and our closing docs came within a few days of passing ROFR.

Our SECOND contract was april 2023 when disney bought back nothing - so we passed ROFR very quickly (like 12 days or something) but it took two weeks for our closing docs to come through. dvc resale said they were just inundated with so many contracts in progress and passing.

when i look at the closing time thread in disboards, it looks like 2 weeks for closing docs is still kinda the norm so i'm preparing myself mentally.

 

[VGCgroupie]

Two weeks is ridiculous IMO, but I'm guessing I'll get that email tomorrow. I just checked on our contract from March and our ROFR email stated that we'd get our closing docs in 2-3 business days, but they came that afternoon. I hope there isn't a weeks long delay after docs are submitted, or we won't make our 11 month window.

My ROFR passing email says this "You will be receiving your closing paperwork from the title company via email once they receive the seller’s account information from DVC, complete the title search and create the final documents. Generally, this is about 1 week prior to the closing date." closing date is 06/24