Rofr

[eagle29]

Does anyone know if Disney chooses to excercise ROFR, does the potential buyer have an opportunity to then, in turn, make a higher offer?

 

[dianeschlicht]

I believe you do have that option.

 

[LoveMickey]

I'd like to know also. We have an offer in right now and we await ROFR.

Another ?? - how often does DVC take the offer of first refusal?

thanks

 

[JimMIA]

If Disney exercises ROFR, theoretically it is over and they buy the contract.

They do NOT allow increased bids, etc. EXCEPT, of course, when they do!

The facts are that they have gotten downright cranky with the resale brokers for even thinking such a thing, but then every once in a while they make an exception to their own rule. I believe it is an integral part of their Consistent Inconsistency Program (CIP).

If you are in the process of making an offer on a contract you want, I'd make sure I offered enough to clear ROFR. In the long term, the extra couple of hundred bucks to ensure you pass is no big deal.

 

[JimMIA]

Also, Beca has an excellent thread tracking ROFR decisions here: http://www.disboards.com/showthread.php?t=720134

Go to the last page of that thread and you should find a rather long listing with the latest information. If there's a lot of chatter on the thread, you may find the list on the next to last page.

Obviously, the listing is only the contracts Beca's been advised of, but it's the best guide we have other than the resale brokers themselves.

 

[tamu91]

I believe the potential buyer can do it but the seller might not want to deal with delays of another ROFR. Of course, the seller might reconsider if the price potential buyers offered is substantially higher.

 

[JimMIA]

Here's a quote from Tom Yeary, the owner of The Timeshare Store, which was posted recently on Beca's thread referenced above:

"Counter-offer?

-------------------------------------------------------------------------

I for one, would be VERY interested in how Disney let you make a counter offer within 10 days. You probably recall a post I made not too long ago, when we were told by Disney in no uncertain terms to "BACK-OFF" after a contract was ROFR'd.

If this were possible, do you folks have any idea how many HAPPY people could walk away from ROFR?

If you are unable to post the details on this board, would you please send a PM to me about it?

Thanks,
Tom"

It has to be very frustrating for reputable business people like Tom to try to represent buyers and sellers fairly in an environment where the rules can change on somebody's whim...and I think you can hear Tom's frustration coming through in the above post.

I've been watching the ROFR thread daily for the last six months, and I've only seen two situations where Disney allowed a counter-offer. And both of those were contracts being sold privately by the owners...not in the general resale market.

I repeat what I said earlier - If you are submitting an offer, make sure your offer is sufficient to pass ROFR. Don't take the unnecessary risk of hoping you will be the one person out of a thousand who benefits from someone's mood swing.

 

[dianeschlicht]

That is interesting, Jim. I know we have heard of several instances here on the boards where people were able to counter offer. I suspect the specific contract might have something to do with that.

 

[JimMIA]

That is interesting, Jim. I know we have heard of several instances here on the boards where people were able to counter offer. I suspect the specific contract might have something to do with that.

Well, you've been following it longer than I have, but I have only heard of two. I'm sure there have been others...which is not unusual for something which is not supposed to EVER happen.

In addition, I have heard of a number of people who submitted offers, took a look at Beca's ROFR thread, and then wanted to raise their offer before a ROFR decision was made. They received a resounding NO! from Disney.

 

[T.E. Yeary]

I sincerely wish I could give everyone here a yes we can, or a no we cant.

I had planned to use the information from the person who was allowed to re-submit, but she wouldn't give me the details until it closed, for fear it might cause a problem for her. I do wish I would hear from her.

The only advice I can give all of you is to make your BEST offer first. Disney does NOT want anybody playing games with these contracts, and quite frankly neither do I. But if they will let some make a counter-offer, then they should let everyone make a counter-offer. That is the issue at hand.

Thanks Jim, I appreciate your pulling up that quote.

Tom

 

[N&B'smom]

I was told back in January that it wasn't allowed anymore, making a higher offer that is. We were REALLY worried about ROFR but it came through for us!!

Shelby