ROFR, Transaction, Reserve Delay?

[Calcio]

I could use some advice from DVC members who have recently purchased BWV memberships.

I have just signed a contract to purchase BWV points through The Timeshare Store. Can anyone tell me what the likely delay is for the 3 steps in the transaction:

1. Disney either exercising their ROFR, or instead (and hopefully) allowing me to purchase the points.

2. Close, including executing the documents (and me having to come up with the remaining $).

3. Recording the deed, notifying DVC, and my reciept of the ownership package from DVC.

From the boards I understand as soon as I receive the ownership package I can contact member services and reserve a villa. I hope this all will be done at least 8 months before our first visit and attempt at reserving. Can you give your experiences trying to reserve a villa well after the 11 month home window opens, but still well before the 7 month period when non-home owners can reserve? Am I likely to have success, or instead and very unhappily, find the villas are all gone during my vacation time?

Thanks

 

[DebbieB]

When is your vacation time? October is popular at BWV due to the food & wine festival. Early December is also popular. If it's not available, you can waitlist.

 

[Cap]

My experience is that you don't necessarily have to wait to receive an ownership package. Once you close and the documents go to DVC, then they will likely have your SSN / name in the database well before you receive the ownership package. If you call member accounting and talk nicely with them, they may be able to give you your membership number, so you can make reservations. It worked for me.

A lot of the other timing is dependent on the expertise / "push" of your resale agent. Disney ROFR determination can take two - three weeks. Key is to get your agent to submit it to Disney, as the clock doesn't start ticking until Disney has the package in hand to evaluate.

Closing can be very fast if you expedite the documents to / from you and the seller, and turn them around in one day. Then it's up to the agent and the closing company to move things along.

Make sure your resale agent understands what you want, gives you the timing for them to do their thing, and that you both communicate frequently on status.

 

[Calcio]

After my membership is final (hopefully!) I am looking for a villa in mid December and early January (Marathon Weekend).

 

[Calcio]

Thanks Cap. I appreciate the good advice.

Can you tell me how to contact member accounting, so I can try your successfule technique?

 

[Dean]

Once you hear that the closing company has sent the papers to DVC and to Orange county, call DVC and see if you're in the computer. It usually takes a few working days, maybe 3-5 on average. Good luck.

 

[JeffPort]

1.) Disney appears to be deciding on most ROFR requests within 15 days of submission. Our broker submitted our purchase agreement to DVC the very day we faxed it in. (Disney is, by contract, entitled to take up to 30 days to respond to the ROFR submission and has been known to wait this long on occasion.)

2.) Your closing documents should arrive about 2 weeks after the ROFR response from Disney.

3.) Disney doesn't wait for the deed to be recorded before getting you into their system as a new owner. They will accept the completed closing documents. Therefore, the wait to get into the DVC system is about 5 days after the resale actually "closes" through the closing/escrow agent. If you and the seller return the closing documents immediately, the close will be very quick. Simply call the closing agent a few days after you return your documents to inquire about the final closing. Start calling DVC member services about 4 business days after that close date (once each day until they see you in the system). You do not need to wait until you receive something in the mail from DVC.

We closed on our resale in early January and were able to snag a 2 bedroom BWV for the first week of June -- only 4½ months out. Availability was very limited and we were told that we were booking the only available 2 bedroom for some of our nights. Your success will depend on the popularity of the nights you want (people here say mid-December is quite popular, but early January shouldn't be much of a problem). If you signed your contract last week, then you will most likely be able to make your first reservations around the first week of April. That's still well prior to the 7-month window for December. Just stay flexible on your choice of room and resort and you're likely to find something that meets your needs.

Good luck with the resale.

 

[Calcio]

Thanks everybody for the information and advice. Hopefully this thing will go through and we're on our way.

 

[Cap]

Call 407-566-3800, listen to the prompts, and choose accounting.