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

[gluestickgirl]

They didn't give us that! I wish they had, it really annoyed me to pay so much to send a check when a regular stamp would likely have gotten it there within a day or two anyway.

we were told to send it overnight and just did flat rate priority. there was no way i was paying that much. our contract can’t close till late may, so i wasn’t going to worry about an extra day or two getting the deposit in.

 

[LynzyLady2019]

we were told to send it overnight and just did flat rate priority. there was no way i was paying that much. our contract can’t close till late may, so i wasn’t going to worry about an extra day or two getting the deposit in.

We will do it differently next time for sure if that is an option!

 

[gluestickgirl]

We will do it differently next time for sure if that is an option!

well we didn’t ask ... but they didn’t say anything when they emailed to confirm it had arrived!

 

[DisneyOutsider]

Surely if that was the case brokers would be telling buyers that Disney have up to 40 days to decide because lately they’ve been closer to 40 days than 30 on a huge majority of their decisions.

It absolutely is the case... Disney does not feel that they are currently bound to a hard time limit in exercising ROFR and you will be out of your own pocket if you wish to challenge them on the issue.

 

[RamblinWreck]

Surely if that was the case brokers would be telling buyers that Disney have up to 40 days to decide because lately they’ve been closer to 40 days than 30 on a huge majority of their decisions.

Right?

When my contract was first sent out, the email from Fidelity said in bold letters "Please be assured that we will advise you as soon as we receive the Right of First Refusal decision. Disney can take up to 30 days to deliver the notification, so please be patient during this process."

If it's really up to 45 days, why wouldn't they say that?

At any rate, I don't see how this is a "battle" at all, let alone one that I could lose. Disney's own terms state that you only have to give them 30 days heads up before your closing date, and those same terms also state that if Disney doesn't render a decision before your closing date arrives, then that is considered the same as waiving their right of first refusal.

With that in mind, why would I ever grant them more than the 30 days that they require of me?

 

[Iestyn5150]

It absolutely is the case... Disney does not feel that they are currently bound to a hard time limit in exercising ROFR and you will be out of your own pocket if you wish to challenge them on the issue.

I wasn’t suggesting challenging them, I simply think brokers need to be more open and honest with the timeframe they set out for ROFR. 30 days clearly isn’t correct anymore.

 

[RamblinWreck]

I wasn’t suggesting challenging them, I simply think brokers need to be more open and honest with the timeframe they set out for ROFR. 30 days clearly isn’t correct anymore.

Why not challenge them? It sounds fun to me. Why not play their game by the rules, but keep it as much in your favor as possible? I don't see any good reason to willingly stack the deck against yourself.

 

[Iestyn5150]

Why not challenge them? It sounds fun to me. Why not play their game by the rules, but keep it as much in your favor as possible? I don't see any good reason to willingly stack the deck against yourself.

Oh I’m always up for a challenge, I just fear being this side of the Atlantic might make it a bit of a stretch!

 

[MB_01]

I think the brokers have traditionally set closing dates 60 days from beginning ROFR to play nice with Disney haven’t they? If Disney sees them as enemy combatants anyway I don’t see any downside for them if they move it up to 30-35 days. Id assume from a sellers standpoint Disney taking a contract is probably a win. If I knew Disney hated a reseller so much that they punished them by taking a majority of their contracts that’s who I’d list with!

 

[RamblinWreck]

I think the brokers have traditionally set closing dates 60 days from beginning ROFR to play nice with Disney haven’t they? If Disney sees them as enemy combatants anyway I don’t see any downside for them if they move it up to 30-35 days. Id assume from a sellers standpoint Disney taking a contract is probably a win. If I knew Disney hated a reseller so much that they punished them by taking a majority of their contracts that’s who I’d list with!

Who knows what downside there may be for the broker.

But should it really even be up to the broker? Isn't the broker's responsibility to the seller and to the buyer? Wouldn't both the seller and the buyer want the process to go as quickly as possible? Couldn't it be argued that the broker isn't doing right by them by putting terms on the contract that he knows may slow that process down unnecessarily?

I don't see how it could possibly be argued that the 60 day terms on the contract are in the best interests of either the buyer or the seller.

 

[DisneyOutsider]

Right?

When my contract was first sent out, the email from Fidelity said in bold letters "Please be assured that we will advise you as soon as we receive the Right of First Refusal decision. Disney can take up to 30 days to deliver the notification, so please be patient during this process."

If it's really up to 45 days, why wouldn't they say that?

At any rate, I don't see how this is a "battle" at all, let alone one that I could lose. Disney's own terms state that you only have to give them 30 days heads up before your closing date, and those same terms also state that if Disney doesn't render a decision before your closing date arrives, then that is considered the same as waiving their right of first refusal.

With that in mind, why would I ever grant them more than the 30 days that they require of me?

Okay, Good Luck

 

[RamblinWreck]

Okay, Good Luck

I'm really just asking a question. This won't come up unless I enter into a new contract.

I'm just trying to see what the possible downside could be. From what I've seen on here, someone has had a broker flat out refuse to do it because they didn't want to "upset Disney." That seems crazy to me. The broker doesn't have a responsibility to Disney, but he does to the seller and the buyer. I'm curious what would happen if someone pushed back on that.

 

[DisneyOutsider]

I'm really just asking a question. This won't come up unless I enter into a new contract.

I'm just trying to see what the possible downside could be. From what I've seen on here, someone has had a broker flat out refuse to do it because they didn't want to "upset Disney." That seems crazy to me. The broker doesn't have a responsibility to Disney, but he does to the seller and the buyer. I'm curious what would happen if someone pushed back on that.

Disney holds all of the cards. You don't have any bargaining power here, and neither does your broker. A broker wouldn't want to bite the hand that feeds them by playing hardball... and Disney is likely to just laugh off such a demand as it were.

The downside isn't much.. just your broker saying "No that's not happening." It is, however, the only outcome you're likely to see.

 

[RamblinWreck]

Disney holds all of the cards. You don't have any bargaining power here, and neither does your broker. A broker wouldn't want to bite the hand that feeds them by playing hardball... and Disney is likely to just laugh off such a demand as it were.

The downside isn't much.. just your broker saying "No that's not happening." It is, however, the only outcome you're likely to see.

I assume that Disney at least has to follow its own rules.

Yes, we all have to play within those rules. But those rules clearly state that we only have to send the contract to them for ROFR with at least 30 days until the closing date, and the rules also state that Disney can't hold your contract in ROFR beyond the stated closing date on the contract.

If they tried to "laugh this off," that would actually be super fun and easy to take them to small claims court over. They'd almost assuredly settle without even bothering to show up. But if they did show up, they'd lose.

 

[DisneyOutsider]

I assume that Disney at least has to follow its own rules.

Yes, we all have to play within those rules. But those rules clearly state that we only have to send the contract to them for ROFR with at least 30 days until the closing date, and the rules also state that Disney can't hold your contract in ROFR beyond the stated closing date on the contract.

If they tried to "laugh this off," that would actually be super fun and easy to take them to small claims court over. They'd almost assuredly settle without even bothering to show up. But if they did show up, they'd lose.

Like I said... Good Luck

 

[crvetter]

I assume that Disney at least has to follow its own rules.

Yes, we all have to play within those rules. But those rules clearly state that we only have to send the contract to them for ROFR with at least 30 days until the closing date, and the rules also state that Disney can't hold your contract in ROFR beyond the stated closing date on the contract.

If they tried to "laugh this off," that would actually be super fun and easy to take them to small claims court over. They'd almost assuredly settle without even bothering to show up. But if they did show up, they'd lose.

Correct, if they don't exercise the ROFR by your closing date, the seller is free to sell it under substantially similar concerns (within 4 months window). So them missing the dates just automatically grants the seller a waiver essentially.

So like you said if you offer to a broker with closing in 30 days, they are bound to present that offer to the seller since it fits the requirements. And Disney wouldn't have much to say about it. I wanted to do this with my broker when buying, they simply suggested I didn't but would have had no problem if I insisted on it, but they did tell me it would upset Disney.

 

[RamblinWreck]

If they don't exercise the ROFR by your closing date, the seller is free to sell it under substantially similar concerns (within 4 months window). So them missing the dates just automatically grants the seller a waiver essentially. No reason to go to small claims over.

So like you said if you offer to a broker with closing in 30 days, they are bound to present that offer to the seller since it fits the requirements. And Disney wouldn't have much to say about it. I wanted to do this with my broker when buying, they simply suggested I didn't but would have had no problem if I insisted on it.

Right. I guess I was picturing "laughing it off" as Disney trying to take a contract beyond that window, not simply failing to render a decision. Like you said, if they fail to render a decision by the time the closing date arrives, it just counts the same as waiving their right of first refusal.

 

[hoppedupondisney]

Hoppedupondisney---$95-$15850-150-OKW-Mar-0/18, 239/19, 150/20- sent 3/26, passed 4/5

So excited!!!!

 

[RamblinWreck]

Hoppedupondisney---$95-$15850-150-OKW-Mar-0/18, 239/19, 150/20- sent 3/26, passed 4/5

So excited!!!!

Awesome! Nice to see some good news around here!

 

[disneygirl281]

They didn't give us that! I wish they had, it really annoyed me to pay so much to send a check when a regular stamp would likely have gotten it there within a day or two anyway.

For ***, I asked if it had to be overnighted and they said no, just had to arrive by a certain date for the deposit. I sent a personal check via regular mail and it was fine. For our closing docs they included a prepaid overnight envelope to send docs back.