ROFR Thread Oct to Dec 2019 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[sethschroeder]

Points from 2021 could have been borrowed as early as May 2019 if they were booking a trip after April 2020.

But if those are gone, then it has to have a delayed closing because those points must be in a reservation still.

Ya sorry that's what I meant but words hard jumble round hahaha

Meant can't use the borrowed points til April.

 

[leecrouse]

Shocked that there isn't any news out of the ROFR world yet today.

 

[poofyo101]

Does rofr take longer if an addendum is required?

 

[sethschroeder]

Does rofr take longer if an addendum is required?

I am a newbie to this but why did you need an addendum?

 

[poofyo101]

I am a newbie to this but why did you need an addendum?

Put the wrong use year on the sales contract.

 

[Sandisw]

Put the wrong use year on the sales contract.

I needed an addendum once and we still heard back in 2 weeks. So, I don’t think it affects it.

 

[Skicks35]

Points from 2021 could have been borrowed as early as May 2019 if they were booking a trip after April 2020.

But if those are gone, then it has to have a delayed closing because those points must be in a reservation still.

Hi All - yes, you are all correct. I'm assuming the owners have a trip in Spring 2020 as we can't close until June 2020. But this is actually perfect for us, since due to certain circumstances we wouldn't be able to make a trip until 2021 at the earliest anyway (borrowing from 2022). So we jumped at the reduced rate, given the circumstances. Still waiting on ROFR though

 

[wideboty2000]

Hi All - yes, you are all correct. I'm assuming the owners have a trip in Spring 2020 as we can't close until June 2020. But this is actually perfect for us, since due to certain circumstances we wouldn't be able to make a trip until 2021 at the earliest anyway (borrowing from 2022). So we jumped at the reduced rate, given the circumstances. Still waiting on ROFR though

I have a delayed closing on my BayLake contract (May 2020)
Hate it..... scared to death Seller will back out and all this time is wasted....would never buy a contract under same circumstances again.

 

[sethschroeder]

I have a delayed closing on my BayLake contract (May 2020)
Hate it..... scared to death Seller will back out and all this time is wasted....would never buy a contract under same circumstances again.

Would you do it again if you had financial benefit if they cancelled? Wondering if putting in a 10% cancellation fee or something would be an option?

 

[wideboty2000]

Would you do it again if you had financial benefit if they cancelled? Wondering if putting in a 10% cancellation fee or something would be an option?

Probly not.... im also worried that Disney could create even more restrictions in resale in meantime and since contract hasn't closed yet it wouldn't be grandfathered in...

 

[Sandisw]

Probly not.... im also worried that Disney could create even more restrictions in resale in meantime and since contract hasn't closed yet it wouldn't be grandfathered in...

Every restriction has come with grandfathering of contracts that were already in process. So, if it’s like anything else, you’d be okay.

I have bought and sold delayed closing contracts and things went smoothely, so while anything is possible, I think most that sell follow through as they owe money if they don’t.

 

[TexasChick123]

I am in the process of selling a contract with a delayed closing. While I am sad to let any points go, it’s the right move for us for a number of reasons. I want to keep the points because I have an addiction to DVC, but the buyers were nice enough to wait several months to close, so I can’t imagine doing that to them. I think most of us feel that way, but there are a few bad apples. I’ve already sent back the signed and notarized closing docs, so it’s a done deal as soon as it officially closes.

I’ve been on the other side of it as a buyer with a slightly delayed closing of about a month. Everything went fine then too. Don’t worry about it. Most contracts work out.

 

[pangyal]

Updated!

 

[Where'sPiglet?]

Weird question, but if you put in an offer at Fidelity, is it the price per point or total price?

 

[sethschroeder]

Weird question, but if you put in an offer at Fidelity, is it the price per point or total price?

I called them and said the price per point. Not sure about the website.

 

[mlittig]

Weird question, but if you put in an offer at Fidelity, is it the price per point or total price?

On the website your offer is what you are willing to pay per point. So if there are 100 points on the contract and you want to offer $103 per point, you would put $10,300 in the box that says "offer amount". Fidelity will then call you to confirm your offer and also to confirm who will pay the closing costs as well as any member dues that need to be paid. They will then tell you the total price of the contract with closing costs and dues

 

[Where'sPiglet?]

I called them and said the price per point. Not sure about the website.

On the website your offer is what you are willing to pay per point. So if there are 100 points on the contract and you want to offer $103 per point, you would put $10,300 in the box that says "offer amount". Fidelity will then call you to confirm your offer and also to confirm who will pay the closing costs as well as any member dues that need to be paid. They will then tell you the total price of the contract with closing costs and dues

Thanks. You'd think the box would specify or it would say somewhere. I guess I'm not the only one who has been confused about it. It should be obvious on their end based on if it's a 2- or 3-digit number versus a 4- or 5-digit number.

It's a little pesky that they are closed on the weekends.

 

[sethschroeder]

Also I would call them because when I offered they said they had other offers in hand but since I had called and was going to offer on both contracts by the seller they took mine instead and said what they needed.

 

[SG131]

Thanks. You'd think the box would specify or it would say somewhere. I guess I'm not the only one who has been confused about it. It should be obvious on their end based on if it's a 2- or 3-digit number versus a 4- or 5-digit number.

It's a little pesky that they are closed on the weekends.

I almost put in an offer with them but it was so confusing and then I found another contract I liked on another site so I went that route.

 

[BcIcemen]

I just closed on a contract with Fidelity and I thought they did a great job. 29 days from the day I made the offer until the deed was recoreded. Now just waiting for Disney to load the points