ROFR Thread Oct to Dec 2021 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Jimmy Geppetto]

I think a lot of people are and have been waiting for that price drop for BCV, myself included. The problem is, the resort is way too popular, even with the diminishing years left on the contract. I don't think the price drop will keep up with the rate of inflation so my thought is it will probably stay at the current price, probably all the way until maybe 5 years left. But by then, I can't see many people willing to sell or buy. I personally go back and forth on BCV. On the one hand, 20 years is way too short but on the other hand, 20 years is still a long time to enjoy a phenomenal resort. I'll probably go back and forth forever. sigh.

And in addition to that, its a small resort so there are so few rooms which makes the 11 month booking window a must. That alone is why the prices remain stable IMO. If you want to stay there, you have to own there. It's not the best economic decision, but we bought there because we want to stay there for a week each year. I look at it as pre-paying for vacations, and hopefully in 7 to 10 years when my girls are older they will want to stay elsewhere and I can unload it.

 

[PaulW08]

PaulW08---$160.75-$16075-100-PVB-Dec-0/20, 100/21, 100/22, 100/23-seller pays closing and '21 MF- sent 12/2

I’ve had to sign two addendums now for this contract. 1st one was on 12/7/2021 (broker got the percentage of ownership wrong) and the 2nd one was just now (broker forgot to include the expiration date) on 12/22/2021. Needless to say, I’m not particularly happy with the broker.

 

[swaysui]

What happens if I pass ROFR but seller doesnt return the documents. It's been two weeks and she hasn't returned them. The title company has reached out multiple times with no resolution.

 

[DonMacGregor]

What happens if I pass ROFR but seller doesnt return the documents. It's been two weeks and she hasn't returned them. The title company has reached out multiple times with no resolution.

I wasn’t aware they could submit a contract for ROFR without the sellers sig.

 

[LadybugsMum]

What happens if I pass ROFR but seller doesnt return the documents. It's been two weeks and she hasn't returned them. The title company has reached out multiple times with no resolution.

If the sellers don't return the documents by the closing date specified, then you can cancel the closing and get your money back.

 

[JETSDAD]

I wasn’t aware they could submit a contract for ROFR without the sellers sig.

That would be on the offer....after ROFR are the closing docs.

 

[swaysui]

If the sellers don't return the documents by the closing date specified, then you can cancel the closing and get your money back.

I honestly want the contract. I don't want to start all over.

 

[sjdrr1313]

I honestly want the contract. I don't want to start all over.

I don't blame you, it's bad enough waiting for ROFR, now you have to wait for a slow seller too.

 

[DonMacGregor]

That would be on the offer....after ROFR are the closing docs.

Right, but what “docs” would the seller need to return before the contract passes ROFR? The OP states “It's been two weeks and she hasn't returned them.”

 

[Sandisw]

What happens if I pass ROFR but seller doesnt return the documents. It's been two weeks and she hasn't returned them. The title company has reached out multiple times with no resolution.

If you are waiting on the seller to sign the offer so it can go to ROFR, then you can just rescind.

If you have already passed and the documents you are waiting on are the closing documents, then your only recourse is to cancel out after the official closing date. You would be entitled to your deposit.

Unfortunately, sometimes sellers have issues that delays them getting documents notarized and in. It could also mean they are away, something happened, or they need money to close and just don't have it yet, or working on getting it.

I had a seller do this to me this summer, after 3 weeks, I told the title company I would give one more week to get documents and close. If it didn't happen, I was rescinding the offer and losing my deposit since I would be canceling before the official closing date.

It seemed to do the trick because paperwork arrived the next day and the contract closed on the last date I gave them (it would have closed earlier but it was in July during the time MA was shut down for closing).

 

[Kona Kouple]

I’ve had to sign two addendums now for this contract. 1st one was on 12/7/2021 (broker got the percentage of ownership wrong) and the 2nd one was just now (broker forgot to include the expiration date) on 12/22/2021. Needless to say, I’m not particularly happy with the broker.

Oh no! Which company are you working with?

 

[PaulW08]

Oh no! Which company are you working with?

It’s Fidelity. I have purchased through them in the past and had no issues though. This time around, not so much.

 

[KVacc]

Our CCV contract was sent to ROFR 12/21, here’s hoping we both pass.

I’ll be watching to see what happens with yours! Fingers crossed.

 

[Gottier11]

Our DVC contract progressed to the ROFR stage on December 3rd. Should we expect any contracts to be processed this week? Or are they off due to the holiday and preparing annual dues? Sorry for the newbie questions! First submitted contract for us!! Thanks all! Already benefiting from this group.

 

[TinkAgainU]

It’s Fidelity. I have purchased through them in the past and had no issues though. This time around, not so much.

Just be careful you read your purchase contract carefully before you cancel (IF you cancel), I noticed in a recent Fidelity contract, unlike others I've seen, if the Buyer cancels they lose their deposit AND are liable for the entire commission Fidelity should have been paid by the Seller ? I guess because they have Your money, and no money of the Seller's. That was a deal breaker for me when I was looking at comparable purchases.

 

[Choch11]

The way they did the extension was to extend the land lease for the entire resort (they can't really just extend a portion because of how units are owned). They then said that people would either have to pay for the extension or sign a quit claim to those additional years giving those rights back to DVD. A lot of people just signed the quit claim and with any OKW resale contract the buyer must sign a quit claim. There are some people who didn't do either who feel that they have the right to those extra years because of the fact that the resort was extended and they never agreed to quit claim those additional years.

So legally the entire resort was extended and that can be seen in the Public Offering Statement which is why direct sales are all extended contracts. How that will play out in 2042 is debatable and could end up in court if someone really wants to spend the money. Now I would not assume that anyone will get those years without having paid but it's just really messy which is why I can't see them offering some sort of extension at other resorts, even on direct sales.

So

The way they did the extension was to extend the land lease for the entire resort (they can't really just extend a portion because of how units are owned). They then said that people would either have to pay for the extension or sign a quit claim to those additional years giving those rights back to DVD. A lot of people just signed the quit claim and with any OKW resale contract the buyer must sign a quit claim. There are some people who didn't do either who feel that they have the right to those extra years because of the fact that the resort was extended and they never agreed to quit claim those additional years.

So legally the entire resort was extended and that can be seen in the Public Offering Statement which is why direct sales are all extended contracts. How that will play out in 2042 is debatable and could end up in court if someone really wants to spend the money. Now I would not assume that anyone will get those years without having paid but it's just really messy which is why I can't see them offering some sort of extension at other resorts, even on direct sales.

So I am new at this, I am in the process of buying a small resale OKW contract that expires in 2042. Will I have the option to extend that contract?

 

[Jimmy Geppetto]

So

So I am new at this, I am in the process of buying a small resale OKW contract that expires in 2042. Will I have the option to extend that contract?

No. At closing you will be forced to sign a quit claim.

 

[JETSDAD]

So

So I am new at this, I am in the process of buying a small resale OKW contract that expires in 2042. Will I have the option to extend that contract?

At this point, no. As part of buying the contract Disney will have you sign a quit claim to the extra 15 years. It's also possible that a previous owner has already signed it.

 

[Sandisw]

So

So I am new at this, I am in the process of buying a small resale OKW contract that expires in 2042. Will I have the option to extend that contract?

The current owner, if they are the original owner, will have to sign a quit claim before closing, so the contract you are buying will expire. If the current owner bought it on the resale market, then the original owner signed the quit claim at that sale.

Nothing on resale that is 2042 can proceed without the quit claim so no option for any extension.

 

[KAT4DISNEY]

So

So I am new at this, I am in the process of buying a small resale OKW contract that expires in 2042. Will I have the option to extend that contract?

As mentioned the current owner likely has already signed the quit claim deed or else will have to prior to the sale completing. For several years after they offered the extension they were allowing resale buyers to extend the expiration date but they stopped allowing that several years ago.