ROFR Thread January to March 2019 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Iestyn5150]

From what I understand the whole 30 days thing is a nonsense. The contract actually states the seller has to give Disney at least 30 days from when the contract can close. Disney then have up ‘til 14 days prior to the closing date to make a decision. So, if you pick a contract now with a closing date of June 30th that effectively gives Disney 75 days to make a decision. The whole 30 day ROFR is a myth that I feel needs putting out there to make buyers aware of the actual time frame you could be potentially looking at.

 

[chehan]

Is it just me or does anyone else stalk this board for posts as if other people's news will somehow fill the void of your own empty inbox? Can't believe all you guys stuck in the 30s. Hoping for all of you that this week is the end of this insane wait.

 

[RamblinWreck]

From what I understand the whole 30 days thing is a nonsense. The contract actually states the seller has to give Disney at least 30 days from when the contract can close. Disney then have up ‘til 14 days prior to the closing date to make a decision. So, if you pick a contract now with a closing date of June 30th that effectively gives Disney 75 days to make a decision. The whole 30 day ROFR is a myth that I feel needs putting out there to make buyers aware of the actual time frame you could be potentially looking at.

So the cutoff is 14 days to closing? Like if my contract originally said the closing date is April 18th, today is the day that we could just say "Sorry, Disney, you missed your chance" and move forward with it?

 

[bebec22]

From what I understand the whole 30 days thing is a nonsense. The contract actually states the seller has to give Disney at least 30 days from when the contract can close. Disney then have up ‘til 14 days prior to the closing date to make a decision. So, if you pick a contract now with a closing date of June 30th that effectively gives Disney 75 days to make a decision. The whole 30 day ROFR is a myth that I feel needs putting out there to make buyers aware of the actual time frame you could be potentially looking at.

The closing date on my contract is April 22, so 18 days away. So, what you're saying is they need to give me an answer within the next 4 days?

 

[RamblinWreck]

Is it just me or does anyone else stalk this board for posts as if other people's news will somehow fill the void of your own empty inbox? Can't believe all you guys stuck in the 30s. Hoping for all of you that this week is the end of this insane wait.

I felt like I was prepared for a long wait. But I had convinced myself that this week had to be the week. If it's not, I'm officially in the 40+ day wait club. Now that it's Thursday, I'm starting to feel like 40+ days seems pretty likely....

 

[Iestyn5150]

So the cutoff is 14 days to closing? Like if my contract originally said the closing date is April 18th, today is the day that we could just say "Sorry, Disney, you missed your chance" and move forward with it?

I believe so yes.

 

[bebec22]

Is it just me or does anyone else stalk this board for posts as if other people's news will somehow fill the void of your own empty inbox? Can't believe all you guys stuck in the 30s. Hoping for all of you that this week is the end of this insane wait.

This is me 100%. I stalk this board. I've been stalking it for almost 2 years before I had my own contract in ROFR.

 

[RamblinWreck]

I believe so yes.

Do you know where I might be able to find some supporting evidence for this?

 

[Iestyn5150]

The closing date on my contract is April 22, so 18 days away. So, what you're saying is they need to give me an answer within the next 4 days?

Yes, I believe so. They’ve got to give you enough time to close if they decide not to buy back.

 

[bebec22]

My contract states, "This contract shall be closed on or before 4/22/2019 or within 45 days from when the estoppel information is provided by Disney to the closing company, unless extended by other provisions of the contract."

I'm not good with legal jargon so maybe someone else can chime in on exactly what this means.

 

[Iestyn5150]

Do you know where I might be able to find some supporting evidence for this?

I can’t remember where I read it but in the terms and conditions of the contract the only mention of 30 days is the 30 day minimum you have to give Disney from the closing date. I think someone posted those terms and conditions somewhere on the boards a few days ago. They are not contractually bound to give you an answer within 30 days, my broker confirmed this when I went over 30 days more than a week ago.

 

[chehan]

I felt like I was prepared for a long wait. But I had convinced myself that this week had to be the week. If it's not, I'm officially in the 40+ day wait club. Now that it's Thursday, I'm starting to feel like 40+ days seems pretty likely....

As bebec22 pointed out, it's been super quiet. I've got all my fingers and toes crossed that by tomorrow you'll hear something. <3

This is me 100%. I stalk this board. I've been stalking it for almost 2 years before I had my own contract in ROFR.

In the past two years (wow!), have you seen anywhere near this wait time?

 

[RamblinWreck]

My contract states, "This contract shall be closed on or before 4/22/2019 or within 45 days from when the estoppel information is provided by Disney to the closing company, unless extended by other provisions of the contract."

I'm not good with legal jargon so maybe someone else can chime in on exactly what this means.

Mine says it will close on the 26th. So, if both of us continue to get the cold shoulder from Disney for 8 more days, I'm more than willing to be the guinea pigs on standing up to them. It sounds like a lot more fun than sitting around waiting for an answer!

 

[chehan]

My contract states, "This contract shall be closed on or before 4/22/2019 or within 45 days from when the estoppel information is provided by Disney to the closing company, unless extended by other provisions of the contract."

I'm not good with legal jargon so maybe someone else can chime in on exactly what this means.

I'm not good with legal jargon either, but I'd have to think "This contract shall be closed on or before 4/22/2019 or within 45 days from when the estoppel information is provided by Disney to the closing company..." Since estoppel is issued post-ROFR, closing commences within 45 days after estoppel. Nothing states just how long Disney has to submit it, and thus how long they have to ROFR. Hope I'm making sense.

Perhaps the above language is to ensure a timely closing on both the buyer and seller's part.

 

[RamblinWreck]

I can’t remember where I read it but in the terms and conditions of the contract the only mention of 30 days is the 30 day minimum you have to give Disney from the closing date. I think someone posted those terms and conditions somewhere on the boards a few days ago. They are not contractually bound to give you an answer within 30 days, my broker confirmed this when I went over 30 days more than a week ago.

Yeah, that part (the part about 30 days being a requirement from our end, not from theirs) has been made very clear in many places around here.

I am very curious about the requirements for Disney though. They obviously can't just hold the contract in ROFR indefinitely.

 

[Iestyn5150]

Yeah, that part (the part about 30 days being a requirement from our end, not from theirs) has been made very clear in many places around here.

I am very curious about the requirements for Disney though. They obviously can't just hold the contract in ROFR indefinitely.

I was looking at past contracts and a lot of the ones that passed quickly were within 14 days of contract closing date. I have probably put two and two together and I might be completely wrong but it makes sense, in a process of senselessness, that quicker passes only happen when Disney have no choice.

 

[bebec22]

n the past two years (wow!), have you seen anywhere near this wait time?

Haha, I knew I wanted to buy in a while back but just recently had the cash to make the purchase. I've been following prices mostly. Anyways, there have been plenty of long waits but I'm not sure if there have ever been this many at the same time. Usually it's one or two here and there and a lot of times there's a special circumstance or the contract was "lost."

 

[RamblinWreck]

This process would be a lot less infuriating if I didn't know for a fact I was being lied to.

"Disney says they are very backed up so it's taking a lot longer"

Meanwhile, on DisBoards.....

"My contract just passed in 8 days!"
"No way, mine too!"

 

[Iestyn5150]

This process would be a lot less infuriating if I didn't know for a fact I was being lied to.

"Disney says they are very backed up so it's taking a lot longer"

Meanwhile, on DisBoards.....

"My contract just passed in 8 days!"
"No way, mine too!"

Tell me about it! I can’t believe I’m heading into a 6th weekend since submission.

 

[SimbaAndSparkles]

I was looking at past contracts and a lot of the ones that passed quickly were within 14 days of contract closing date. I have probably put two and two together and I might be completely wrong but it makes sense, in a process of senselessness, that quicker passes only happen when Disney have no choice.

I hate to poke holes in a very reasonable theory, but my most recent contract for BRV passed in only 15 days and the closing can't happen until end of June, after sellers complete their early June trip. So they certainly weren't forced into a quick pass in my case. But I also haven't found evidence of a taken BRV contract in several months, from multiple brokers who post ROFR reports...so maybe BRV is an outlier?