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

[sgricewich]

If I were making a bet, id put down hard money that all those month+ listings are actually owned by them or subsidiary LLC companies they control...

I’m interested in this. We noticed on our contract that the seller is an LLC. And our offer was accepted in literally 2 minutes. We thought that was odd.

 

[JETSDAD]

I’m interested in this. We noticed on our contract that the seller is an LLC. And our offer was accepted in literally 2 minutes. We thought that was odd.

It could be one of the LLC's owned by someone who works there or just another investor LLC with some guidelines given as to what they will accept.

 

[kilik64]

I’m interested in this. We noticed on our contract that the seller is an LLC. And our offer was accepted in literally 2 minutes. We thought that was odd.

Go to the oc comptroller website and search the LLC name to see how many that LLC has bought/sold.

 

[kilik64]

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?

 

[JETSDAD]

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?

VB was supposed to be much larger. When they decided to not build it out completely and instead sell the additional land people who had already purchased were given subsidized dues as they weren't going to have access to everything they had been promised.

ETA, I believe the planned number of units would have also offset dues to help keep them lower....when they weren't built that would mean higher future dues than anticipated.

 

[MICKIMINI]

I totally believe this is true. A broker I spoke with this week (unrelated to DVC) told me he had a buyer for any DVC contract I would like to sell at any time - in escrow in 24 hours...interesting.

 

[kilik64]

I totally believe this is true. A broker I spoke with this week (unrelated to DVC) told me he had a buyer for any DVC contract I would like to sell at any time - in escrow in 24 hours...interesting.

Most of these dvcrm contracts are bought by them through foreclosure from the little digging ive done. (by most I mean all of the contracts I looked at from one LLC controlled by them were all foreclosure buys, there was 50+ from just this one LLC (just between march to may!), i didnt look at every one though)

Maybe they finally got too much inventory and demand has slowed so they are dropping prices. Interesting to see changes there over the next few weeks in pricing.

 

[Ginamarie]

Most of these dvcrm contracts are bought by them through foreclosure from the little digging ive done. (by most I mean all of the contracts I looked at from one LLC controlled by them were all foreclosure buys, there was 50+ from just this one LLC (just between march to may!), i didnt look at every one though)

Maybe they finally got too much inventory and demand has slowed so they are dropping prices. Interesting to see changes there over the next few weeks in pricing.

That also explains the number of totally stripped contracts they have with no points until 2023. They have a whole business that rents out points and confirmed reservations...
I think they overestimated the value of a contract that has no points until 2023 though. Most people don't want to buy contracts they cant use for two years.. one year sure, but totally stripped is a much tougher sell, especially with the high prices on top of that!

 

[Theta]

Most of these dvcrm contracts are bought by them through foreclosure from the little digging ive done. (by most I mean all of the contracts I looked at from one LLC controlled by them were all foreclosure buys, there was 50+ from just this one LLC (just between march to may!), i didnt look at every one though)

Maybe they finally got too much inventory and demand has slowed so they are dropping prices. Interesting to see changes there over the next few weeks in pricing.

How does one find out about foreclosure contracts?

 

[Chia1974]

How does one find out about foreclosure contracts?

We need more contact please. They still have to go through ROFR?

 

[JETSDAD]

We need more contact please. They still have to go through ROFR?

Foreclosures don't go through ROFR.

 

[JETSDAD]

How does one find out about foreclosure contracts?

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).

 

[Ginamarie]

We need more contact please. They still have to go through ROFR?

No ROFR but you can get stuck with back dues payments (the submissions aren’t always clear on how much is owed and how much will need to be paid to restore the contract to active status.

 

[kilik64]

That also explains the number of totally stripped contracts they have with no points until 2023. They have a whole business that rents out points and confirmed reservations...
I think they overestimated the value of a contract that has no points until 2023 though. Most people don't want to buy contracts they cant use for two years.. one year sure, but totally stripped is a much tougher sell, especially with the high prices on top of that!

Maybe over estimated the covid effect? (Banking on people wanting to get in on DVC before prices keep going up, but no plans to go soon until everything gets back to "normal"? No points until 23 also means no dues until then either)

 

[Michiel]

Foreclosures don't go through ROFR.

However once an LLC has bought a contract at foreclosure and then sells it to ‘us’ (the end user) through a resale site, it then still had to go through ROFR to be able to be sold and transferred to the new owner.

 

[ABE4DISNEY]

MICKIMINI---$135-$7279-50-SSR-Oct-0/20, 100/21, 50/22-SELLER PAYS '21 MF'S- sent 6/21

We passed....FINALLY! Last contract E V E R LOL! Good luck to everyone waiting!

You better go buy that lottery ticket!! You got L.U.C.K. all over you--getting both of those small contracts to pass!!

 

[princesscinderella]

I have a new contract I’m itching to post but it’s taking 48 hours to get the contract written up right now with www.dvcresalemarket.com. It’s a great little April 100 pt OKWe. I don’t see why it should take so long to write up the simple DVC resale contract.

 

[achinforsomebacon]

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).

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.

 

[benedib99]

As a buyer, you can withdraw from the deal if it does not close by the closing date on the contract.

Sellers can take as long as they need to get things notarized and returned as long as it can close on time.

My seller took a month.

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

 

[AlldayIdreamaboutDisney]

AlldayidreamofDisney---$154-$16520-100-CCV@WL-Sep-0/20, 64/21, 100/22, 100/23- sent 7/31