ROFR Thread July to Sept 2021 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Lee Matthews]

We closed a week and a half ago. We were told that they're still transferring contracts in the normal timeframes (~2 weeks) for ones they received before shutting down. The shutdown was to stop more contracts from being sent in while they get caught up. I'm not sure how this helps long term since they'll just be backed up again once they reopen. Unless they're also going to use the time to train more people so that when they open back up, they can get through the new backlog quicker.

If anything, if they are still working through what was submitted before the closure, they should get through those pretty quickly.

mine closed on the 2nd and was on the OC register on the 6th. Now sure if it got there in time for the closure

 

[kilik64]

We are waiting right now to close on a BRV contract through them! I hope they are legit cause we just got word that we passed ROFR on June 22nd and have been waiting to close…

that’s the title company not the broker. Title company does all the real work, honestly I’m not even sure what a broker does to earn their 8.9 or whatever…

 

[masupo]

Makes me wonder about the distribution timeline for money when a sale is completed… How long does the seller have to wait for the check in the mail. Is this important to legally add specifics to protect the seller to receive their money in a timely manner ?
I am thinking about selling but worry about the final process and how anybody is legally protected.Does the resale agency or the title company receive the funds from buyer ?
Thanks for advice from anybody that has sold with or without delays.

The funds are handled by the title company. As someone else mentioned the title companies do most of the work

 

[Paul Stupin]

I put in an offer a month ago for a BRV and never heard back. Then I noticed just how many of the listings have 2018/2019 points listed. I’m guessing they just have gone under during the shutdown because I’ve heard of several people who used them in the past.

Hmmm. If anything, resale DVC brokers were some of the few companies that thrived during the shutdown.

 

[Paul Stupin]

We are waiting right now to close on a BRV contract through them! I hope they are legit cause we just got word that we passed ROFR on June 22nd and have been waiting to close…

So at least someone is working there.

 

[Paul Stupin]

The funds are handled by the title company. As someone else mentioned the title companies do most of the work

Yeah. I’d say pretty much all of the work! I wonder how much of a percentage of the commission they receive. Does anyone know?

 

[natty650]

natty650---$115-$22394-175-AUL-Feb-0/20, 164/21, 175/22- sent 6/18, passed 7/11

 

[havertown]

havertown---$120-$28768-218-OKW(E)-Dec-0/19, 0/20, 118/21, 218/22-Seller pays 2021 MF- close after 05/11/2022 - sent 7/8

 

[DL1WDW2]

that’s the title company not the broker. Title company does all the real work, honestly I’m not even sure what a broker does to earn their 8.9 or whatever…

That’s what I have been wondering…

so the title company distributes the funds to the seller but I am wondering if I should add a specific time frame before I finalize paperwork after Disney passed on ROFR. I really am worried about that timeframe more than anything else since it isn’t really addressed in the paperwork.
Thanks for all the helpful replies!

Currently everything is done online, etc seems to add to the confusion. Hurry and sign and then wait …

 

[MICKIMINI]

That’s what I have been wondering…

so the title company distributes the funds to the seller but I am wondering if I should add a specific time frame before I finalize paperwork after Disney passed on ROFR. I really am worried about that timeframe more than anything else since it isn’t really addressed in the paperwork.
Thanks for all the helpful replies!

At this point I use the same title company and always ask that I be notified when the title company has received the sellers final documents. At that point, the title company sends me an email, I either pay by credit card or get a bank check or both and send overnight. This way you are not tying up your funds until you know it is a done deal! Good luck!

Oh, and DVC is becoming ridiculously slow at loading contracts and points as I am waiting on a June 10 signed deed. Calls to MS, emails and chats have yielded nothing so far...slowest contract I've ever dealt with. You just never know what is slowing things down...patience required LOL!

 

[Red Dog Run]

If anything, if they are still working through what was submitted before the closure, they should get through those pretty quickly.

mine closed on the 2nd and was on the OC register on the 6th. Now sure if it got there in time for the closure

I closed on June 28, so do you think I will get points without waiting till after the 21? I reached my 11 month mark at BLT and was hoping to book my honeymoon. No points yet.

 

[Lee Matthews]

Couldn’t tell you TBH, you would like to think so though

 

[HIRyeDVC]

I closed on June 28, so do you think I will get points without waiting till after the 21? I reached my 11 month mark at BLT and was hoping to book my honeymoon. No points yet.

I closed on 6/22 and CM told me my paperwork to load points came in this morning. So I’m guessing your’s would be available on the 17th

 

[DL1WDW2]

At this point I use the same title company and always ask that I be notified when the title company has received the sellers final documents. At that point, the title company sends me an email, I either pay by credit card or get a bank check or both and send overnight. This way you are not tying up your funds until you know it is a done deal! Good luck!

Oh, and DVC is becoming ridiculously slow at loading contracts and points as I am waiting on a June 10 signed deed. Calls to MS, emails and chats have yielded nothing so far...slowest contract I've ever dealt with. You just never know what is slowing things down...patience required LOL!

I guess I am not making my ? Clear…. This info pertains to the buyer‘s timeline… I would Be the seller and this final payout to the seller is not technically addressed in the contract. I really think it should be legally and technically defined and a guarantee that the funds can‘t be held by the resale company or title company…

Anybody that sold their points and had this issue with funds received and then dispersed before the new buyer gets my membership?Can a date timeline specifically be added to the final documents? Can the Title Company finalize with the buyer and still hold funds from the seller and take their time with check in the mail?

 

[Paul Stupin]

I guess I am not making my ? Clear…. This info pertains to the buyer‘s timeline… I would Be the seller and this final payout to the seller is not technically addressed in the contract. I really think it should be legally and technically defined and a guarantee that the funds can‘t be held by the resale company or title company…

Anybody that sold their points and had this issue with funds received and then dispersed before the new buyer gets my membership?Can a date timeline specifically be added to the final documents? Can the Title Company finalize with the buyer and still hold funds from the seller and take their time with check in the mail?

I been asked twice by title companies to inform them when my newly purchased resale points show up in my account, for the specific reason that they won’t release the funds to the seller until they receive my notification.

This doesn’t happen often, but it does happen.

 

[Sandisw]

I guess I am not making my ? Clear…. This info pertains to the buyer‘s timeline… I would Be the seller and this final payout to the seller is not technically addressed in the contract. I really think it should be legally and technically defined and a guarantee that the funds can‘t be held by the resale company or title company…

Anybody that sold their points and had this issue with funds received and then dispersed before the new buyer gets my membership?Can a date timeline specifically be added to the final documents? Can the Title Company finalize with the buyer and still hold funds from the seller and take their time with check in the mail?

When I bought last year, the title company did indeed withhold funds from my seller until my account was loaded and the new points showed up. It was during the slow time, so I gave them permission to send the funds once the account was created (5 weeks after closing) but before points as I knew that could take at least another few weeks.

Not all companies do this though. I sold a contract around the same time, and as a seller, I got my check within 5 days of closing (and that included the weekend days).

 

[Chia1974]

At this point I use the same title company and always ask that I be notified when the title company has received the sellers final documents. At that point, the title company sends me an email, I either pay by credit card or get a bank check or both and send overnight. This way you are not tying up your funds until you know it is a done deal! Good luck!

Oh, and DVC is becoming ridiculously slow at loading contracts and points as I am waiting on a June 10 signed deed. Calls to MS, emails and chats have yielded nothing so far...slowest contract I've ever dealt with. You just never know what is slowing things down...patience required LOL!

I will say it again. They don’t promote resale and don’t care if you wait forever!

 

[MICKIMINI]

I guess I am not making my ? Clear…. This info pertains to the buyer‘s timeline… I would Be the seller and this final payout to the seller is not technically addressed in the contract. I really think it should be legally and technically defined and a guarantee that the funds can‘t be held by the resale company or title company…

Anybody that sold their points and had this issue with funds received and then dispersed before the new buyer gets my membership?Can a date timeline specifically be added to the final documents? Can the Title Company finalize with the buyer and still hold funds from the seller and take their time with check in the mail?

I read your post wrong - oops! Regarding receiving funds from a sale that depends on who the broker is. I've received checks shortly after closing and we waited a month with a different company.

 

[badeacon]

havertown---$120-$28782-218-OKW(E)-Dec-0/19, 0/20, 118/21, 218/22-Seller pays 2021 MF- sent 7/8

Good luck!!

 

[havertown]

Good luck!!

thanks! really really really want this one