ROFR used by Disney on BWV

[WDWorld2003]

Received the dreaded call that Disney used ROFR on the resale we were trying to buy

BWV
270 pts
$72 pp
Use Year February
All 2002 & 2003 Pts.
Seller paid 2002 and 1/2 2003 main.
We would pay closing and 1/2 2003 main.

We're trying to see if we can counter but the Timeshare Store thinks Disney has already contacted buyer and closing papers are in the works.

We actually offered more than the $70 pp the seller wanted and based our offer on what the Timeshare Store said would go through. We would have paid more but were too new at this to know. The Timeshare Store said maybe if we had paid all 2003 maintenance - we would have if they steered us in that direction. Oh well, not sure what we'll do now....

 

[Maistre Gracey]

Sorry to hear that . I am not an expert on resales, but I would have thought $72/pt would have been okay.

 

[jkovick]

I am sorry about your offer. I am afraid that the offer we just made might go the same way. Maybe another set of points will come up soon that fit your needs. Good Luck.

 

[InstImpres]

I think that since it has all 2002 & 2003 points that is why. How big was the contract?

It's interesting because I was on with Timeshare store this morning about possibly selling one of my contracts(it's a finance issue - and than rebuying from Disney directly) they told me sicne I have no 02 or 03 points it would be hard to sell. Sounds like yours is the opposite and to good a deal for Disney to pass up!

Sorry
Sandy

 

[reneesam]

So sorry to hear that! It all seems somewhat random...

What's your next move? You know you can get BWV direct from Disney now.

Good luck!
Renee

 

[WDWorld2003]

It was for 270 pts........

We've decided not to let it get us down and are now making an offer on another contract The Timeshare Store has been great.

We're in no hurry (at least I keep telling myself that!) and since we've already decided to purchase another couple of months will not hurt. Send pixie dust!

 

[Luckytobedvc]

Why not just buy the points, directly? If you use the magicial benefits (I think that is what it is called?), you only pay $74 a point with no closing costs. In addition, you can use their financial arrangements. When you factor in the closing costs plus the broker fees you save a couple of points, when you deal direct.
Dom

 

[CarolA]

Oh this has me worried. I have one pending at $73 with 100 points all last year's banked. I am paying 2003 maintenance. I actually did 73 just to try and get around ROFR. How long did you have to wait?

 

[mitcam]

I am so sorry!

I know a few people were awaiting ROFR while we were. Ours was very similiar to yours, I guess I should be thanking my lucky stars ours went through!

I am sorry! Keep looking

 

[WDWorld2003]

Lucky - As far as buying direct, we've decided we can do better buying resale if the contract has banked points. Again, time is on our side - no trips planned yet.

CarolA - I think the $73 contract will be fine if you are paying 2003 main. - at least that's what the Timeshare Store said.... Good luck!

 

[Richyams]

$74 + closing costs with all current points intact beats $74 per point minus one year's allotment. Add banked points and a resale is a no-brainer.

 

[Stevesky]

Sorry to hear your news. Disney exercised ROFR on my offer at Vero Beach last week. I had only offered $60 and I was paying dues and closing costs. It was accepted by the owners but purchased back by Disney.
Not wanting to go through the process again I purchased 200 February points at Vero for $74 starting out with my '03 points and I get 200 more next Feb. which works for me. Already made my reservation for next Easter oceanfront.
Steve

 

[TroyWDW]

$74 + closing costs with all current points intact beats $74 per point minus one year's allotment. Add banked points and a resale is a no-brainer.

I agree with you Rich!

$74 + closing costs for All Current Year PLUS Banked Points

-versus-

$74 + prorated Annual Dues for No Current Year and No Banked Points

Seems like an easy decision.

Troy

 

[klcason]

We to are waiting......our contract should be submitted to Disney today. We sent our papers on 6/9.

I am curious if anyone sees certain use years that have they exercise on. I guess it could depend on how many they have waiting in the wings for that resort and use year.

Unfortunately I did not find this board until after I had made my offer. I certainly would have done a few things differently!!

I asked this earlier and really did not get a response...when you calculate price per point do you include closing and maint or just what your offer price was?

Thanks,

Kayla

 

[TroyWDW]

when you calculate price per point do you include closing and maint or just what your offer price was?

Kayla,

My understanding is that any money that is going to the seller will have to be matched by DVD Inc., in totality.

Included in the closing costs are monies that are NOT paid to the seller, but would go to other entities, for example: the law firm handling the transaction, the county clerk, etc.

DVD Inc. probably has their own closing service which they pay internally. DVD Inc. may not purchase Title Insurance either, and may be self-insured (this is an optional expense). Hence, they probably are able to reduce the transaction costs.

So, I would exclude all closing costs from your calculation, but certainly reimbursement for maintenance fees would be included. That is money going directly to the seller. Whether you pay $70 per point and reimburse the seller for $4 in maintenance fees -OR- pay $74 per point and no maintenance fees reimbursement, it's all the same.

Broker fees do not enter into the "buyer" side of the equation. That is a side contract between the seller and the broker.

Hope that helps.

Troy

 

[WDWorld2003]

Kayla, my price per point offered does not include closing costs or main. fees.

I don't know if this is correct but it's what we used to help us determine to buy resale. If you add up the total cost (including all fees) of what you are paying and divide it by the number of points you are buying you will come out with the total cost per point. Banked points would be worth $8-10 pp in my calculation as that is what they could sell for if you could not use them. Hope this helps!

 

[ArnyVee]

Sheesh, I'm sorry to hear about your contract not going through. My waiting is going on week 2 now and I hope I get a better result.

I'm paying $75/point and paying closing costs and maintenance fees for 2003 points (seller paid for 2002 points that were fully banked) and this should keep the ROFR away...I hope!

I didn't mind paying a higher price per point than I was originally willing to because of the size of the contract (75 points) and the fact that I don't want to tempt the ROFR folks.

Good luck on your next one!