WHat is ROFR...and how long does it take once you send your paperwork back?

[twinx4]

I've seen ROFR on some postings, and since I'm new to DVC I was wondering what does that stand for?

I've recently signed all my paperwork for DVC (I'm financing through DVC) how long does it take on average to hear a response. Like other new members I'm anxiously awaiting like a kid on Christmas EVE
I THINK I NEED A HUG....the anticipation can really get to you

 

[Caskbill]

ROFR means Right of First Refusal, and applies only to resale contracts. It does not apply to your purchase direct from Disney.

Basically it means it someone sells their contract (usually through a resale broker), Disney DVC has the right to purchase the contract back themselves under the exact same purchase conditions.

Member #1 sells a contract to Person 'A' for $70/point. Disney exercises ROFR and purchases it themselves for the $70/point. Person 'A' does not get the contract.

Member #2 sells a contract to Person 'B' for $90/point. Disney does not exercise ROFR and Person 'B' gets the contract.

 

[DebbieB]

If you bought through DVC, there is no ROFR. ROFR applies to resales. What happens is before points can be sold, the sales contract has to be submitted to DVC for review and Right of First Refusal (ROFR). DVC can chose to exercise their right of first refusal and take the contract back for the same terms agreed upon by the contract. The seller would get the same as if they had sold it to the buyer. The buyer would be left out in the cold. DVC does this when they feel the contract is selling too low and they can make money by taking it and reselling.

 

[twinx4]

thank you for clearing that up for me