ROFR Thread Jan to March 2023 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[RuntheMouse]

ROFR lady on holiday today or has anyone heard anything? Officially on DAY 22 waiting impatiently!

The waiting is brutal! I’m on day 18 in ROFR on one and waiting to close on another!

 

[Cfabar1]

ROFR notices go out every day but Sunday.

Thanks! Gives me hope…. Part of it is seeing how many are sailing by in 2 weeks or so… I’d be shocked if mine didn’t pass, but I am waiting to officially get the word!

 

[TinkAgainU]

ROFR lady on holiday today or has anyone heard anything? Officially on DAY 22 waiting impatiently!

Not sure, but it is possible the regular DVD offices are closed since it's a holiday. I got an email from Mason Title today, so I know Mason Title is working.

 

[tom1944]

I was told they had 30 days so I have not been giving it much thought.

I am still looking for decent contracts for potential offers. It seems like prices may have stabilized somewhat.

 

[Cfabar1]

I was told they had 30 days so I have not been giving it much thought.

I am still looking for decent contracts for potential offers. It seems like prices may have stabilized somewhat.

It certainly feels like Fidelity and the Board sponsor are in closer to alignment, and there are fewer of the outliers in new contracts. It also feels like new postings are slowing down - so sellers might just be deciding not to sell right now.

 

[MrWonderful]

I was told they had 30 days so I have not been giving it much thought.

I am still looking for decent contracts for potential offers. It seems like prices may have stabilized somewhat.

Dunno about that. Here's a August BLT 150 point asking $130.... with almost double 23' points... If I were still buying I'd be all over that

https://www.fidelityrealestate.com/...s-bay-lake-tower-at-the-contemporary/6031946/

 

[Herding_Cats]

It certainly feels like Fidelity and the Board sponsor are in closer to alignment, and there are fewer of the outliers in new contracts. It also feels like new postings are slowing down - so sellers might just be deciding not to sell right now.

As someone who has started looking to see if the right contract might come along, it definitely looks like it has slowed down.

I'm still trying to figure out these months-old listings that are $30+ over what's passing ROFR recently, and if I should bother "low-balling" them.

 

[Cfabar1]

As someone who has started looking to see if the right contract might come along, it definitely looks like it has slowed down.

I'm still trying to figure out these months-old listings that are $30+ over what's passing ROFR recently, and if I should bother "low-balling" them.

In my experience they are Not serious sellers, and when you lowball the broker won’t push very hard for you. Yet they are still listing, so who knows… it’s not too hard to send in an offer and see what they do.

 

[RuntheMouse]

As someone who has started looking to see if the right contract might come along, it definitely looks like it has slowed down.

I'm still trying to figure out these months-old listings that are $30+ over what's passing ROFR recently, and if I should bother "low-balling" them.

I agree it’s slowing down.

Our best deal we got was on a 6 day old contract. Seller didn’t even counter, which surprised me as well as the listing agent. I tried lowballing older listings to no avail.

 

[tidefan]

It certainly feels like Fidelity and the Board sponsor are in closer to alignment, and there are fewer of the outliers in new contracts. It also feels like new postings are slowing down - so sellers might just be deciding not to sell right now.

This is us. We had toyed around with selling our 100 VGF1 points (not because we have to, just because we are not happy with the way they handled that), but we've decided we can always use them at Aulani or VB or HHI for another year or so, so might as well just hold onto them, and who knows, maybe in a year or so the AP comes back and we'd actually have a reason to hold on to the number of points we have.

 

[DonMacGregor]

In my experience they are Not serious sellers, and when you lowball the broker won’t push very hard for you. Yet they are still listing, so who knows… it’s not too hard to send in an offer and see what they do.

At this time of year, seeing contracts listed for 30, 45, or even 60 days makes absolutely no sense. The owner just rolled over and paid their 2023 dues and even if they do decide to sell, they'll need to get that money back when they never needed to shell it out in the first place..

Listing a contract, just to dip your toe in the water, is a waste of time and energy. Leaving it listed, even more so. There is too much data out there regarding comp sales and the current "guesstimate" on the ROFR threshold. Listing a contract with the intention to sell, then allowing it to drag across into a new calendar year with another dues payment coming out of your pocket makes no sense either.

There's nothing to be gained with "Well, we'll list it for what we think it's worth, and if it doesn't sell we'll rent the points or just use them ourselves". You know pretty quickly if the contract is going to move or not. If you're underwater, the depressing market is moving further away rather than closer, so there's even less sense in leaving it listed.

 

[TinkAgainU]

Thanks! Gives me hope…. Part of it is seeing how many are sailing by in 2 weeks or so… I’d be shocked if mine didn’t pass, but I am waiting to officially get the word!

If you mean the VGF, I saw you and I put thru very similar contracts at the same time, mine Passed late Thursday afternoon. You should hear soon (I've noticed a 2-3 business day difference a lot, probably sitting on a different person's desktop). I'm guessing it's more about getting paperwork checked, than ROFR issues, until DVD restarts the ROFR activity.

Dues were not "delinquent" until 2/14, so maybe they are looking to see if they get any Freebies (as in Foreclosures) before buying more? It's my understanding they do get a few each year - wish those people knew to resell instead

 

[dis_hrnichs]

I asked concierge about ROFR status on Friday since we are almost 3 weeks out and a few people had posted about passing that were only a day or so ahead of our submission.... they said they hadn't received anything Friday but were expecting a large number of waivers early this week - I had my hopes up for today but looking like maybe tomorrow..

 

[Herding_Cats]

In my experience they are Not serious sellers, and when you lowball the broker won’t push very hard for you. Yet they are still listing, so who knows… it’s not too hard to send in an offer and see what they do.

One broker gave me a very gentle and polite scolding, telling me that sellers aren't in such a market where they are forced into accepting offers $20+ per point less than asking (it's massively over-priced.) And was my offer a typing error? Obviously sellers can ask whatever they want, and no one can force them to accept an offer.

 

[vdangelo239]

Just got word I passed ROFR! This is contract #4....will it be my last? Probably not - but for now I'm saying I"M DONE

vdangelo239---$103-$5150-50-SSR-Aug-100/22, 50/23, 50/24- sent 1/30 - PASSED 2/20

 

[DonMacGregor]

One broker gave me a very gentle and polite scolding, telling me that sellers aren't in such a market where they are forced into accepting offers $20+ per point less than asking (it's massively over-priced.) Obviously sellers can ask whatever they want, and no one can force them to accept an offer.

Responses like that are just dripping with hubris and self-importance. The whole, "No low ball offers, I know what I've got" idea ignores the reality of "but everyone else actually knows what it's really worth". With that logic, if I post an SSR contract at $250 PP, I'm not an idiot, but existing in a market that only I am able to fully comprehend.

 

[Chili327]

As someone who has started looking to see if the right contract might come along, it definitely looks like it has slowed down.

I'm still trying to figure out these months-old listings that are $30+ over what's passing ROFR recently, and if I should bother "low-balling" them.

One broker gave me a very gentle and polite scolding, telling me that sellers aren't in such a market where they are forced into accepting offers $20+ per point less than asking (it's massively over-priced.) And was my offer a typing error? Obviously sellers can ask whatever they want, and no one can force them to accept an offer.

I made 3 offers recently, all reasonable offers (compared to what's been selling/listed here, not so reasonable to their asking), none were accepted, but one was countered at $3 less than asking. lol
On one hand I wouldn't be able to pass up a great deal on a dream location, but at the same time, maybe waiting for VDH & poly will change things, as well as my mind on "the perfect location/contract".

 

[Cfabar1]

One broker gave me a very gentle and polite scolding, telling me that sellers aren't in such a market where they are forced into accepting offers $20+ per point less than asking (it's massively over-priced.) And was my offer a typing error? Obviously sellers can ask whatever they want, and no one can force them to accept an offer.

And those people and the entire situation make me want to just buy direct to be honest with you. I will buy resale when it is a SIGNIFICANT savings given the restrictions, longer time period, limitations, etc. It has to be at least 20%, and honestly closer to 30% for me to find the difference to be worth while at VGF. For RIV, given the restrictions, it would have to be closer to 50%…

 

[Sandisw]

I was told they had 30 days so I have not been giving it much thought.

I am still looking for decent contracts for potential offers. It seems like prices may have stabilized somewhat.

They have to be given at least 30 days before you schedule the closing but can take up to that date to give you an answer.

Most do come within that 30 days or close to it..but they can legally take longer.

 

[tom1944]

Dunno about that. Here's a August BLT 150 point asking $130.... with almost double 23' points... If I were still buying I'd be all over that

https://www.fidelityrealestate.com/...s-bay-lake-tower-at-the-contemporary/6031946/

That’s a great contract