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

[Lorana]

Last contract E V E R LOL!

Suuuuuure it is! ;-)

 

[Chia1974]

The seller of my Bay Lake Tower contracts FINALLY signed today...34 days after the title company shared the closing documents!!!

I’m already super impatient after 15 days. The closing agent was away for a week. seller is international.

 

[Jen0718]

ROFR Day 36: Time goes by so slowly now. I checked my email, right? Did I check the junk mail? Maybe my decision is caught in the ether. I should check with my broker. I just checked with her yesterday, I don’t want her to hate me and withhold my decision out of spite. Would she do that? I don’t know, I really don’t know this person. I am sure she wouldn’t do that, she wouldn’t have any business. She’s nice, but is she? Tomorrow will be the day, or it won’t. We’re all a little mad here

 

[rubybutt]

I'd you're considering buying foreclosure contracts here are the 2 sites you'll want to familiarize yourself with:

https://www.myorangeclerk.realforeclose.com/index.cfm
https://or.occompt.com/recorder/eagleweb/docSearch.jsp
If you have any specific questions feel free to ask (maybe start a new post unless people on this one don't mind being hijacked lol).

How do you tell how many points these foreclosures have on them? I can see the foreclosure judgment and it talks about the % owned but not points. Do you have to manually figure that out?

 

[Dawg74]

Got some awesome news!!!! Dawg74---$160-$20671-120-PVB-Sep-0/19, 0/20, 173/21, 69/22- sent 6/25 passed 8/05 . I was pretty worried because it seemed to take a long time.

 

[Jen0718]

Got some awesome news!!!! Dawg74---$160-$20671-120-PVB-Sep-0/19, 0/20, 173/21, 69/22- sent 6/25 passed 8/05 . I was pretty worried because it seemed to take a long time.

Congrats to you!! I really hope that I don’t have to wait too much longer.

 

[gisele2]

That’s how I wound up with a second use year now!
I am a sucker for a good deal.

I feel you .

 

[edudansil]

ROFR Day 36: Time goes by so slowly now. I checked my email, right? Did I check the junk mail? Maybe my decision is caught in the ether. I should check with my broker. I just checked with her yesterday, I don’t want her to hate me and withhold my decision out of spite. Would she do that? I don’t know, I really don’t know this person. I am sure she wouldn’t do that, she wouldn’t have any business. She’s nice, but is she? Tomorrow will be the day, or it won’t. We’re all a little mad here

Oh my gosh-this has literally been me the past month! Every day is “the day” until it’s…not. I’m right there with you!

 

[JETSDAD]

I've been following the foreclosure sales off and on this year. I feel like the winning bid is usually a little too high IMO given the unknown of back dues. I mean you could be looking at 2-3x dues, which really adds up on the ppt. I guess if you're looking for a unicorn contract and find one in foreclosure, it might be worth the risk and potentially paying a premium. The biggest benefit is not having to deal with ROFR.

The three things working against us are that DVC bids up the contracts so you won't get a *great* deal. They also have all the information so you're going all in blind while they've seen all the cards. And the brokers, one in particular, has very high listings so it seems like they don't mind "overpaying" a little on the foreclosure and then just try to resell it higher. They also might be more willing to deal with renting the points to offset some of the cost at a minimal additional cost to them. One other thing (ok so more than just 3) is it's tough to try to turn a profit doing this. Brokers have the advantage of not having to pay themselves a comission on the resale. Their "commission" can come out of the profit.

Disney isn't actually bidding up foreclosures to keep people from getting deals. What Disney (DVD) does is place a max bid as the Plaintiff. They can credit bid up to that amount without having to bring any money to the table. If you see a judgment where the amount of the judgment is greater than the market value of the property then it will be bought by Disney so there really is no point bidding. They are not bidding above the judgment amount though. Once it gets above the judgment Disney is out of the way and it is just other competition bidding. If you see a judgment amount lower than FMV then it will be purchased by a 3rd Party bidder.

The level of competition with foreclosures has jumped quite a bit this year. The prices that investors were paying over the past couple of years and into the beginning of this year were very nice most of the time. Now it's harder to get a good deal. I just purchased one in April though which was a 125 point BLT for $108.80/PT. I had figured, based on when the judgment had been filed, that there would likely be 2020 and 2021 dues and hoped there wouldn't be 2019. There ended up being 2021 and partial 2020 dues so less than 2 years of dues. The nice thing is that I also got the 2020 and 2021 points so I only paid the dues (well slightly less) on points that I also received. It was a Dec UY so I was able to bank the 2020 points.

Non-judicial tended to have better pricing because those you have to be there in person to bid on. Now there is also increased competition there (that's where most of the LLC investors are buying). Judicial (online) really has had a couple of investors buying most of the contracts.

 

[GoHawksKF]

GoHawksKF---$150-$38358-250-PVB-Feb-0/20, 0/21, 236/22, 250/23- sent 8/5

First timer here… Let’s go!

 

[JETSDAD]

How do you tell how many points these foreclosures have on them? I can see the foreclosure judgment and it talks about the % owned but not points. Do you have to manually figure that out?

When you have the judgment you also have the owner's name. Run a search with that information to find the correct contract/deed (matching the unit and %). There you will find the points and UY.

 

[Jen0718]

GoHawksKF---$150-$38358-250-PVB-Feb-0/20, 0/21, 236/22, 250/23- sent 8/5

First timer here… Let’s go!

GoHawks, I am assuming Seahawks soooo, nice , this is my first resale also. It’s a tedious and grueling process that will eventually test your sanity. Tomorrow is day 37 for me, please see post above regarding day 36. Don’t give up though, don’t give into the madness.

 

[Rayspooh]

More bad news tonight. This is the 3rd one they’ve taken. I keep raising my offers, but obviously not high enough.

Rayspooh---$125-$21816-160-SSR-Jun-0/20, 160/21, 160/22- sent 7/15, taken 8/5

 

[softballmom3]

More bad news tonight. This is the 3rd one they’ve taken. I keep raising my offers, but obviously not high enough.

Rayspooh---$125-$21816-160-SSR-Jun-0/20, 160/21, 160/22- sent 7/15, taken 8/5

I'm not very confident with my $128 per point. It's the same as what I offered last time that was taken EXCEPT I am paying MF this time so I hope it squeaks through.


Good luck next time!

 

[Rayspooh]

I'm not very confident with my $128 per point. It's the same as what I offered last time that was taken EXCEPT I am paying MF this time so I hope it squeaks through.


Good luck next time!

Fingers crossed for you! I’ve already made another offer. I guess I’m a glutton for punishment.

 

[Lee Matthews]

Dont wanna start a new thread, but I just saw a VB contract that had subsidized dues, I knew they did that with Aulani but didnt know what was done with Vero as well. Aulani was due to some big screw up that got quite a few higher ups fired (forget the exact issue). Same thing happen with VB?

what use year was that? I guess it’s probably gone by now?

 

[Ginamarie]

Fingers crossed for you! I’ve already made another offer. I guess I’m a glutton for punishment.

That’s the way to do it though- right back on the horse!

 

[mainstreetcharlotte]

Can I just ask you wise resalers! I got my ROFR passed yesterday and today I am being asked to send the funds. Seems a bit fast, when do you usually send the funds to the Escrow company? First timer here.

 

[ABE4DISNEY]

We passed....FINALLY! Last contract E V E R LOL!

Suuuuuure it is! ;-)

I'm with Lorana here.

Do you really think you can resist scratching that itch??

 

[Sandisw]

Can I just ask you wise resalers! I got my ROFR passed yesterday and today I am being asked to send the funds. Seems a bit fast, when do you usually send the funds to the Escrow company? First timer here.

I used to send right away, but my most recent purchase, I did not send until the seller returned documents. I just told the title company to inform me. I did sign and send back all the documents the next day when I got closing papers.

I was glad I did because my seller took 1 month to get things signed.