ROFR Thread April to June 2025 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[AstroBlasters]

Just got a call from Andy at www.dvcresalemarket.com and the contract has been cancelled. They are underwater on their loan and the contract won't cover it. I thought this info was discussed/disclosed before listing, but apparently they weren't up front about their situation and somehow it just got discovered. I haven't told my husband yet, I think he was glad we'd finally found something and were moving forward.
I'm disappointed, but the only way I can look at it is that we weren't supposed to have that contract and something else will come along. I'm tired of looking though, so very tired.

I had this happen to me on a double loaded AUL contract that had already passed ROFR and was almost to the closing date (Fidelity was broker). This was also after the contract had an initial error in the paperwork that required it to go through ROFR a 2nd time. The whole process took MONTHS before the seller came back that the my could not get a family member to help them by paying their loan down to what it needed to be and they canceled the sale.

Super frustrating!

 

[jolynne28]

I had this happen to me on a double loaded AUL contract that had already passed ROFR and was almost to the closing date (Fidelity was broker). This was also after the contract had an initial error in the paperwork that required it to go through ROFR a 2nd time. The whole process took MONTHS before the seller came back that the my could not get a family member to help them by paying their loan down to what it needed to be and they canceled the sale.

Super frustrating!

Yes I am grateful it happened sooner rather than later, I already feel like I've wasted time, but in reality it's minor compared to what it could have been. It did leave a bit of a bad taste in my mouth for the board sponsor, even if it is beyond their control. I will be really disappointed if I see that contract pop back up at a higher price per point.

 

[Brian Noble]

I will be really disappointed if I see that contract pop back up at a higher price per point.

Why? Presumably, the sellers want (or possibly need) to sell it.

 

[marmentrout85]

Just got a call from Andy at www.dvcresalemarket.com and the contract has been cancelled. They are underwater on their loan and the contract won't cover it. I thought this info was discussed/disclosed before listing, but apparently they weren't up front about their situation and somehow it just got discovered. I haven't told my husband yet, I think he was glad we'd finally found something and were moving forward.
I'm disappointed, but the only way I can look at it is that we weren't supposed to have that contract and something else will come along. I'm tired of looking though, so very tired.

Sorry to hear this! You'll find another one I'm sure

And excuse my ignorance on this (as I'm sure there are certain property law/title reasons) but why couldn't the sellers still continue to make payments on their loan after the sale? I'm guessing the loan has to be paid off (since technically the lending agency would theoretically "own" the property/contract as collateral) before title can be transferred is that right?

 

[Brian Noble]

Disney will not transfer a deed that has a loan. (And neither will any other timeshare developer.)

 

[Girlstar30]

Disney will not transfer a deed that has a loan. (And neither will any other timeshare developer.)

So what do people do when they can't pay the loan anymore.but let's say paid already half of it?

 

[Brian Noble]

If they can't pay off the loan with the proceeds of a sale, default and foreclosure. (Note that @jolynne28 said "under water"---they owed more than it was worth on the resale market. That is not too hard to do with RIV, and another reason one should think hard about taking a loan to buy a timeshare.)

 

[jolynne28]

Why? Presumably, the sellers want (or possibly need) to sell it.

Well, for starters, this listing was a "red hot deal", so the price was preset, I wasn't able to negotiate anything. So at listing they knew exactly how much money they were going to receive from the sale. People can be dishonest, I get it, but it's still disappointing that this occurred.

I'm going to give Andy the benefit of the doubt and assume that they cut ties with the seller for not being honest in their disclosure. B/c otherwise I feel like he should have given me the option to increase our offer if they were planning to relist. I'm sure we're talking more than a few dollars a point here, so I doubt we would have considered it.

 

[Brian Noble]

People can be dishonest

Or bad at math. Or there was a miscommunication between seller and broker. "Never ascribe to malice what can be explained by incompetence."

If you would go a little higher, tell the broker that. Maybe you can still reach a deal.

 

[hhisc16]

hhisc16 (Seller)---$75-$4300-50-HH-Dec-50/24, 50/25, 50/26- sent 3/19, passed 4/10

 

[Matty B13]

Well, for starters, this listing was a "red hot deal", so the price was preset, I wasn't able to negotiate anything. So at listing they knew exactly how much money they were going to receive from the sale. People can be dishonest, I get it, but it's still disappointing that this occurred.

I'm going to give Andy the benefit of the doubt and assume that they cut ties with the seller for not being honest in their disclosure. B/c otherwise I feel like he should have given me the option to increase our offer if they were planning to relist. I'm sure we're talking more than a few dollars a point here, so I doubt we would have considered it.

I once had a bid on a contract accepted, and then found out it was not the UY that was stated on the website...... and the broker got mad at me for not signing the contract for her error.

 

[AstroBlasters]

Why? Presumably, the sellers want (or possibly need) to sell it.

I would assume they have a financial need to realist at a higher price.

Normally DVCRM requires statements upfront of points, point activity, dues, and any loan balance.

The seller also may have though they could come up with the money to pay down the loan and can no longer do so after the last couple of weeks.

 

[MsChristy12]

HakunaMatata511---$120-$17345-130-BLT-Sep- 0/23, 130/24, 130/25, 130/26- sent 3/22, passed 4/10

Woohoo! First time buyers and have both contracts approved. It escalated quickly from "hmmmm..." to "well, might as well get two contracts"

Congrats neighbor! Great price w/ all the points from 2024!

 

[disneylandtour]

I once had a bid on a contract accepted, and then found out it was not the UY that was stated on the website...... and the broker got mad at me for not signing the contract for her error.

I can't tell you how many "January" use years I've seen on various sites over the years.

 

[jolynne28]

Or bad at math. Or there was a miscommunication between seller and broker. "Never ascribe to malice what can be explained by incompetence."

If you would go a little higher, tell the broker that. Maybe you can still reach a deal.

I would assume they have a financial need to realist at a higher price.

Normally DVCRM requires statements upfront of points, point activity, dues, and any loan balance.

The seller also may have though they could come up with the money to pay down the loan and can no longer do so after the last couple of weeks.

Apparently they would have had to list at $185/pt to cover the loan so it looks like they will have to foreclose. I said it before, I feel bad for people who get into tough financial situations, and I hope it works out for them. But from what I've been told it seems there was some deception involved on the sellers' part, so my sympathy only goes so far.

 

[disneylandtour]

Just got a call from Andy at www.dvcresalemarket.com and the contract has been cancelled. They are underwater on their loan and the contract won't cover it. I thought this info was discussed/disclosed before listing, but apparently they weren't up front about their situation and somehow it just got discovered. I haven't told my husband yet, I think he was glad we'd finally found something and were moving forward.
I'm disappointed, but the only way I can look at it is that we weren't supposed to have that contract and something else will come along. I'm tired of looking though, so very tired.

The timing on this makes me wonder if the seller (or a relative) was planing to use an investment to pay down the loan. But after the markets tanked 10 days ago, maybe that was no longer an option? I'm just saying that the timing here might be somewhat relevant.

 

[VGCgroupie]

The timing on this makes me wonder if the seller (or a relative) was planing to use an investment to pay down the loan. But after the markets tanked 10 days ago, maybe that was no longer an option? I'm just saying that the timing here might be somewhat relevant.

I guess I am the not so nice person on the boards. It's not fair to do this to buyers. Buyers time and emotions matter too. If this is the case then they should have taken their investment and paid down the loan and then listed the contract for sale, the math isn't hard if your sale and fees wont cover your loan you don't list it for sale. Period. If I buyer backs out they lose their deposit, sellers back out no loss to them.

 

[Brian Noble]

Having just finalized a divorce, I'm willing to err on the side of charitable explanations.

 

[Blerghityblergh]

I guess I am the not so nice person on the boards. It's not fair to do this to buyers. Buyers time and emotions matter too. If this is the case then they should have taken their investment and paid down the loan and then listed the contract for sale, the math isn't hard if your sale and fees wont cover your loan you don't list it for sale. Period. If I buyer backs out they lose their deposit, sellers back out no loss to them.

In a bad financial situation I doubt that would be wise. Then it may not sell and you still foreclose but you’re out all that cash in maybe an already bad situation. But of course none of us know the details.

I hope these people’s financial situation works out and also hope jolynne28 finds the perfect contract soon. Sorry about all that wasted time!

 

[VGCgroupie]

In a bad financial situation I doubt that would be wise. Then it may not sell and you still foreclose but you’re out all that cash in maybe an already bad situation. But of course none of us know the details.

I hope these people’s financial situation works out and also hope jolynne28 finds the perfect contract soon. Sorry about all that wasted time!

They could hold the funds in the bank until it was needed to pay the loan. Basically the extra funds to pay off the loan should have been secured prior to listing. People don't pull this in real estate because there are consequences, I can guarantee if there were financial consequences to them they would not have listed until they were ready and able to sell.