Stuck in ROFR

[etemplet]

Sent to ROFR on Jan 12 for BoardWalk. We haven't heard anything from Disney. I don't like annoying anyone and make it a point not to call as things happen in their own sweet time. I trust everyone to do their job but...After 35 days I decided to call our agent. Apparently, this happens and Disney gets back to you when they get back to you. You don't even get a firm date for the "I'll get back to you." Oh well, we are definitely in no rush for the property but at least.... lie to me.

We were assured that this does not mean Disney is looking at the property for ROFR but that if fell between the cracks and is on someone's desk. All the agent can do is send an email to Disney which has been done twice already.

Any thoughts ??

Mardi Gras in New Orleans...I'm workin on my car today.

Touchdowns everyone !!

 

[etemplet]

Wow, Rachel is on the ball for sure. My wife called this morning and Rachel said she would contact Disney "Again". She called back and said we passed ROFR. I'm waiting for my celebration email with the confetti and stuff. Rachael said the seller was calling about the delay as well.

We'll be owners at BWV very soon. I was thinking, if this contract doesn't go through, I'm gonna get more points on the next one. LOL

 

[sissy1]

YAY! Can't wait to be official owners at Boardwalk! It's one of my favorite resorts.

 

[Missyrose]

Wow, Rachel is on the ball for sure. My wife called this morning and Rachel said she would contact Disney "Again". She called back and said we passed ROFR. I'm waiting for my celebration email with the confetti and stuff. Rachael said the seller was calling about the delay as well.

We'll be owners at BWV very soon. I was thinking, if this contract doesn't go through, I'm gonna get more points on the next one. LOL

Just as an FYI, I passed ROFR two weeks ago and I finally got the email today that the title company is just now beginning to work on my closing documents. I used Sharon at Fidelity. I just wanted to give you a heads up that you may stuck playing the waiting game again.

 

[wdrl]

Congratulations on passing ROFR! Hopefully, the closing will go off without a hitch and you'll be able to start using your new points soon!

Occasionally, others have reported that its taken more than 30 days to hear whether their transaction has passed ROFR. I'm of the opinion that buyers do have some recourse if DVD takes more than 30 days to respond. All DVD Resort Master Declarations, including BWV, have a clause about DVD's Right of First Refusal. The clause spells out DVD's rights, but it also offers some protection to the buyer and seller. Here is the clause from BLT's Master Declaration:

13.1 ALIEN ABILITY OF UNITS OR OWNERSHIP INTERESTS.

". . . However, if an Owner or Cotenant desires to sell, transfer, assign, or hypothecate that Owner's Unit or Ownership Interest, DVD has the right of first refusal to purchase the Unit or Ownership Interest in the Unit under the same terms and conditions as are offered to or by a bona fide third party, including financing. Accordingly, Owners or Cotenants desiring to sell their Unit or Ownership Interest must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of their intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. On receipt of such written notice, DVD may determine prior to the proposed closing date whether to exercise its right of first refusal set forth in this Article 13. If DVD elects to exercise its right of first refusal, DVD must notify the owner or Cotenant in writing of such election, and the purchase by DVD must be closed on or before the proposed closing date. If DVD fails to notify the Owner or Cotenant of its election to exercise its right of first refusal prior to the proposed closing date, then the Owner or Cotenant may proceed to close on the transaction with such bona fide third party. . . ."
(emphasis added)​

The part that I put in bold suggests that as long as DVD has been given at least 30 days, buyers and sellers can close on a transaction without further delay. This protects buyers and sellers from DVD sitting on a transaction for weeks or months without taking action.

 

[etemplet]

Yes, I was thinking the same thing. As buyers, we are really not in a rush but we need to know if our contract passes so we can pursue other options. As a seller, I would think one has the right to call Disney and say, "Hey....you're holding up my cash. My buyer may walk."

My wife and I had a discussion about this last week. Disney has 30 days, not 40 or 50. LOL To me, an agent should have the authority to move ahead with the sale at some point.

You have some excellent information, thanks for posting it !!

 

[etemplet]

Just as an FYI, I passed ROFR two weeks ago and I finally got the email today that the title company is just now beginning to work on my closing documents. I used Sharon at Fidelity. I just wanted to give you a heads up that you may stuck playing the waiting game again.

Waiting, we can do. Thanks for the heads up.

 

[wvhokie]

Our offer was sent to ROFR and we just hit the 30 day mark today. I contacted the agent and he said that 10 contracts were sent all on the same day and they are still waiting to hear back. It is a little discouraging because it makes me feel like that Disney doesn't value me as much because I am purchasing a resale and they are making me wait on their terms. I'm sure that if I had purchased directly through DVC we would have already made our first reservations by now. Sometimes it makes me wonder if I made the right decision to purchase into DVC.

 

[com_op_2000]

Let me be the first to say:
HOME and much

 

[etemplet]

Our offer was sent to ROFR and we just hit the 30 day mark today. I contacted the agent and he said that 10 contracts were sent all on the same day and they are still waiting to hear back. It is a little discouraging because it makes me feel like that Disney doesn't value me as much because I am purchasing a resale and they are making me wait on their terms. I'm sure that if I had purchased directly through DVC we would have already made our first reservations by now. Sometimes it makes me wonder if I made the right decision to purchase into DVC.

I got kind of cynical when we passed 30 days. Stay on the bright side. Disney is obviously having some problems, I'm sure they will work though it and get back on track.

 

[Caren]

We're at 36 days now. Our broker contacted Disney on Monday but we haven't heard back yet.

 

[zeferjen]

I think the bright side is that they cannot exercise their ROFR after 30 days. The really annoying side is that you are still waiting. I wonder if this recent delay is an indication that they are spending more time evaluating contracts and that the number of contracts for which they execute ROFR will pick up soon?

 

[Caren]

I think the bright side is that they cannot exercise their ROFR after 30 days. The really annoying side is that you are still waiting. I wonder if this recent delay is an indication that they are spending more time evaluating contracts and that the number of contracts for which they execute ROFR will pick up soon?

Or it could mean they downsized and don't have the manpower anymore. Or someone's disorganized and losing contracts on their desk. Or they've decided that making resale contracts more inconvenient will make direct sales more appealing. Or....

 

[Caren90]

Or it could mean they downsized and don't have the manpower anymore. Or someone's disorganized and losing contracts on their desk. Or they've decided that making resale contracts more inconvenient will make direct sales more appealing. Or....

You are aware that ROFR is exercised (or not) by an angry monkey? Oh yeah, this little furry guy sits in a room and throws everyones contracts on the floor and haphazardly stamps which ones pass and which ones do not!! So trying to figure out the rationale to how this system works is futile.

You need to keep calling your broker, 36 days is too long.
Stephen

 

[wvhokie]

I just got an email saying that Disney waived their ROFR. We have passed the first hurdle so now I am hoping that the closing goes smoothly.