ROFR

[calypso*a*go-go]

We are still in the process of purchasing @ OKW through resale. DVC wanted to exercise ROFR on our first offer, we countered with a higher offer and are waiting patiently (not!). Has anyone passed ROFR over the last couple of weeks? If so, what's the scoop?

Thanks!
Calypso

 

[sunan]

You already know that ours went through for BWV at $70 a point. You didn't say what your counter-offer was, though I seem to recall a lot of seller concessions the first time around that took the price into the low 60's. Hopefully, if the new offer was more in line with other successful OKW contracts reported on in the past few weeks, you'll get through.

I've been watching for others who've been waiting to report back, but haven't seen anything lately.

Good luck!

 

[Bobump]

just got by 70 a point at Boarwalk. In last two weeks

 

[twocjsmom]

We passed a few weeks back on a 220 pt OKW contract, with a Dec use year, all 2003 pts still there and 220 coming for 2004. It was listed at 69/pt, but we paid the 2004 fees and reimbursed 1/2 of the 2003 fees, putting the end total with closing costs at about 70 1/2 per point.

Good luck with yours!

 

[tinkgrl]

Hi,

Wanted to wish you good luck!!!!

Allison an associate

 

[calypso*a*go-go]

tinkgrl:
Thanks -- we need all the help we can get!!!

Best Wishes,
Calypso

 

[bluecdr]

just got by 70 a point at VWL. In last two weeks

 

[KellyDVC]

Calypso,

What are the details of your initial offer?
#Points, use year, banked/borrowed, $/pt pffer, who pd closing, who paid maint, and anything else that may be relevant?

We passed rofr last May with $70, 300pts, plus 2003, 2002, and 2001 pts available. We paid closing and 2003 maint.

Look forward to your reply.

Brian.

 

[calypso*a*go-go]

kellyDVC:
Our initial offer was a resale @ OKW, 150 pts. (Feb. UY) @ $68/pt. with 86 of 2004 pts. borrowed. $10/pt discount for the borrowed points. Seller was also going to pay closing costs, transfer fee, and '04 maint. on the used points. I didn't think it would make it past ROFR but decided to try anyway as we weren't in a great hurry. Also, there was no broker involved, so no commission being paid by the seller. Nothing ventured, nothing gained!

Calypso

 

[DBBN]

On Feb 4, 2004 we closed on a 300 point December UY OKW resale. $66 per point, 147 banked points from 2002, all 300 points from 2003, points from 2004 were not borrowed. Seller pays transfer fee, seller pays dues on 2002 and 2003 points. I pay dues on 2004 points and closing costs. Disney passed ROFR 2 weeks or so after the contract was submitted to them.

We have another 300 Point December UY OKW resale presently under contract with very similar details. $65 per point (vs $66), 54 banked points from 2002 (vs 147), all 300 points from 2003, points from 2004 were not borrowed. Seller pays transfer fee, seller pays dues on 2002 and 2003 points. I pay dues on 2004 points and closing costs.

I'm on the December waitlist to buy direct from Disney. This fact doesn't appear to have factored into their decision to pass on ROFR on the first contract.

I'm unsure if the $65 per point price will somehow magically cross the invisible ROFR barrier. Although I consider the contract we closed on in early February as the best value when comparing both contracts because of the additional banked points I sense I have a lower probability of owning the second contract.

I'll report as soon as we're informed of Disney's decision.

 

[calypso*a*go-go]

Wow DBBN!

That was an excellent "score" on the first 300 pt. contract. That's what I don't understand about ROFR...even though the seller was paying for closing costs, etc. it still seems like you made it through with a deal that was one hundred times better because of all the banked points. Yet here we sit singin' the ROFR Blues!!!

 

[sunan]

If you read DBBN's post carefully, the seller did NOT pay the closing costs. They paid transfer fee and dues on previous year's points (they did in our deal, as well). I think those commonly make it through, as long as the per point price is reasonable and no additional seller concessions are in place.

 

[dianeschlicht]

I also think there is a significant difference when the contract is 300 points as opposed to 150.

 

[kingj]

bluecdr,

How long did it take for your offer to pass through ROFR? We have been waiting for 21 days for a VWL contract.

Thanks,

John

 

[DBBN]

sunan is correct I paid the closing costs on the first contract and will pay closing costs on the second contract as well. $560 in closing costs seemed reasonable when spread out over 300 points ($1.87 per point). We didn't want to complicate the deal by introducing odd or unusual language so we asked the broker to write up the sales agreement with the most common terms, eg. seller pays transfer fee, seller pays dues on bakned points, buyer pays closing costs, etc.

I agree with dianeschlicht. I believe 300 point contracts are treated quite differently than 150 point contracts. It appears the larger contracts pass ROFR at lower prices than smaller contracts regardless of banked points or other terms on the sales agreement. I concede that my opinion is based on anecdotal evidence gathered from ROFR posts on this board rather than from statistical analysis of historical sales data.

 

[sunan]

kingj -

Disney has had the paperwork that long?

 

[DBBN]

As promised here is the update on the progress of the OKW resale we made an offer on about 3 weeks ago.

On March 1, 2004, Disney waived their ROFR. I expect to close this deal within the next three weeks or so. We're very pleased to learn that we will own these points.

$65.00 per point, 300 points, OKW, December UY, 54 points banked from 2002 allocation, all 300 points from 2004 are intact. Seller pays dues for 2002 and 2003 points and the transfer fee. We pay dues for 2004 points and closing costs.

I'm currently on the waitlist for December OKW points direct from Disney. I've been on the list well over a year...so long in fact that I can't remember when I asked to be put on the list. It appears once again that this fact did not influence Disney to exercise their ROFR and to offer the points to me directly.

 

[calypso*a*go-go]

DBBN:
Looks like you just got yourself another great contract. We are still waiting for word on our counter-offer. The terms are very similar to yours but it seems the 150 pt. contracts don't slide through the way the larger ones do. If DVC exercises ROFR on the counter-offer as well, we'll start looking for something else. Did you ever post which reseller you have been using?

 

[jmatias]

DBBN:

Congratulations on your new contract! That's the type of contract that my DH may take a chance on.

 

[DBBN]

calypso*a*go-go...good luck with your resale.

We worked with Jerry Sydow (sp) at the Timeshare Store for both resales. Overall the process has been very pleasant. There is one issue that did surprise me though. On the first resale I had to call Jerry to find out Disney had waived their ROFR. The same thing happened on this resale. Timeshare Closing Services sent me documentation that they would be closing this deal for us. Odd thing is that this was the first indication that we would own these points. A subsequent call to the Timeshare Store confirmed it. For some reason Jerry did not follow through on keeping me updated.

We're looking for 300 more points and will likely make an offer after this deal closes. I look forward to working with the Timeshare Store again...but, I might ask for someone other than Jerry next time.