ROFR Thread July- Sept 2017 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Cyberc1978]

Just checked in with the title company looking to see if they heard back from Disney and it turns out they sent it to Disney on 9/25 rather than the 9/11 I first reported....frustrating! I guess I will wait a bit longer!

Mine was sent 9/18 and still waiting. Thinking it is a bad sign if most are turning around in 10 days.

I spoke to the title company yesterday which is handling my contract and they told me that technically my contract was sent to disney for ROFR on the 9/22 BUT disney didn't accept the contract until 9/27 hereafter the contract was forwarded to the correct department by disney to make the ROFR decision. So the 30 days which they sometimes take didnt start until the 9/27

If that is just completely BS or not I have no way of knowing - but that was what they told me.

 

[Bing Showei]

Mine was sent 9/18 and still waiting. Thinking it is a bad sign if most are turning around in 10 days.

A quick scan of the ROFRs on page one suggest that's not necessarily true. I saw a few contracts take 3 plus weeks to pass, and some taking 7 and 9 days to get taken. The tea leaves are hard to read by design I suspect.

I spoke to the title company yesterday which is handling my contract and they told me that technically my contract was sent to disney for ROFR on the 9/22 BUT disney didn't accept the contract until 9/27 hereafter the contract was forwarded to the correct department by disney to make the ROFR decision. So the 30 days which they sometimes take didnt start until the 9/27

If that is just completely BS or not I have no way of knowing - but that was what they told me.

Is your title company Magic Vacation Title (***)? I suspect they're just buying themselves some time and blaming Disney.

I get the sense the title companies are a large reason why resale is as painful as it is with wait times. I just had a contract move from offer to close in in 23 days.

ROFR turned around in 10 days and estoppel immediately requested.
Estoppel was turned around and closing docs issued in 4 days.
Deed was filed with Comptroller's office the day after closing documents were sent back.
Disney notified the day after Deed was recorded.

On top of this, we bought from a foreign seller. The title company I used was communicative and amazing... and SMALL. They don't handle the volume *** does.

As a buyer, I recommend people exercise their right to use their own title company and stop accepting as gospel that a resale contract will often need to take 3 months to turn around.

 

[Cyberc1978]

A quick scan of the ROFRs on page one suggest that's not necessarily true. I saw a few contracts take 3 plus weeks to pass, and some taking 7 and 9 days to get taken. The tea leaves are hard to read by design I suspect.



Is your title company Magic Vacation Title (***)? I suspect they're just buying themselves some time and blaming Disney.

I get the sense the title companies are a large reason why resale is as painful as it is with wait times. I just had a contract move from offer to close in in 23 days.

ROFR turned around in 10 days and estoppel immediately requested.
Estoppel was turned around and closing docs issued in 4 days.
Deed was filed with Comptroller's office the day after closing documents were sent back.
Disney notified the day after Deed was recorded.

On top of this, we bought from a foreign seller. The title company I used was communicative and amazing... and SMALL. They don't handle the volume *** does.

As a buyer, I recommend people exercise their right to use their own title company and stop accepting as gospel that a resale contract will often need to take 3 months to turn around.

No I’m not using ***, but you could be right maybe they are just buying themselves time.

Thing is that not all brokers allow (even though legally they should) you to use other closing companies. If you wish to use another company then they claim” my seller won’t sell the contract to you any way” so by standing on your right you might not gain anything.

 

[Matty B13]

Also, these contracts are very small compared to closing on houses, so they have less incentive to move these contracts as quickly as possible.

 

[Bing Showei]

Here's another post in the "Closing time" thread.

Have two contracts about to close. Both were great experiences overall but my BLT contract moved SUPER fast:

BWV
DVC Resale Market
Magic Vacation Title
8/21 Offer accepted
8/23 Sent to ROFR
9/5 Passed ROFR
10/3 Closing docs received
10/4 Closing docs returned
... Closing docs returned by seller
... CLOSED!
... Deed recorded on OCC site
... Contract showed up in existing account
... Points loaded into account

BLT
Resales DVC
JCS, Attorney at Law
9/10 Offer accepted
9/14 Sent to ROFR
9/28 Passed ROFR
10/4 Closing docs received
10/4 Closing docs returned
... Closing docs returned by seller
... CLOSED!
... Deed recorded on OCC site
... Contract showed up in existing account
... Points loaded into account

Just got to wait for the sellers to return their docs. SO CLOSE!!!

I'm telling you Magic Vacation Title sits on estoppel. If you look at wikk3d's post, his other contract, by a smaller title company was cleared MUCH more quickly.

 

[Somnia]

I hope First American moves fast on my estoppel/closing paperwork now that I've passed ROFR

 

[Moore144]

Here's another post in the "Closing time" thread.



I'm telling you Magic Vacation Title sits on estoppel. If you look at wikk3d's post, his other contract, by a smaller title company was cleared MUCH more quickly.

I think you're right. A month went by between ROFR and closing docs for me.

 

[prouddaddycdn]

Ours was month as well via *** between passing ROFR and receiving closing documents.

 

[Moore144]

Ours was month as well via *** between passing ROFR and receiving closing documents.

Yep, *** for me too.

 

[TexasChick123]

When I used *** in 2016, it was one month from passing ROFR to receiving docs, and then another 1.5-2 months to close. First Reliable Transfers was less than a week from passing ROFR to receiving closing docs for my contracts I added on this year. Definitely seems to be the title company. I bought one contract from an international seller who had to make an appointment with the embassy in Japan for notary services, and it STILL took less time than my closing with ***. Just saying...

 

[Lindsay's4littles]

When I used *** in 2016, it was one month from passing ROFR to receiving docs, and then another 1.5-2 months to close. First Reliable Transfers was less than a week for my contracts I added on this year. Definitely seems to be the title company. I bought one contract from an international seller who had to make an appointment with the embassy in Japan for notary services, and it STILL took less time than my closing with ***. Just saying...

Ugh this is so frustrating

 

[Somnia]

Anyone know how First American does on closing docs after passing ROFR? Are they a month + like ***?

 

[Amanda&Mike]

Anyone know how First American does on closing docs after passing ROFR? Are they a month + like ***?

It was around 13 days for us

 

[3cuteboys]

We passed ROFR on 9/14 and received our closing docs on 9/29. This is through First American as well. According to Fidelity they approved the closing docs on 9/20 then it took First American 9 days to send them to us by email.

 

[mernin]

Anyone know how First American does on closing docs after passing ROFR? Are they a month + like ***?

We passed 09/14 and we're told to expect closing docs between 10/04-10/14 from First American. Nothing yet...

 

[m8r]

m8r---$55-$16089-270-HH-Dec-0/15, 0/16, 13/17, 270/18- sent 9/20, taken 10/4

 

[Lindsay's4littles]

*** is taking their seeet time with me too. Passed ROFR on September 5 and received closing documents September 27!

Sent documents back 8 days ago and still no word on closing

 

[Lindsay's4littles]

*** is taking their seeet time with me too. Passed ROFR on September 5 and received closing documents September 27!

Sent documents back 8 days ago and still no word on closing

 

[Nurse4kids]

Nurse4kids---$80-$8640-100-SSR-Apr-0/16, 0/17, 0/18, 100/19-Seller pays MF 18- sent 9/18, passed 10/6.

Just got the email it passed!

 

[Somnia]

Nurse4kids---$80-$8640-100-SSR-Apr-0/16, 0/17, 0/18, 100/19-Seller pays MF 18- sent 9/18, passed 10/6.

Just got the email it passed!

Congrats!