WooHoo! Received Buyer Escrow - ROFR goodbye!

[WDWorld2003]

I can't believe it - we're finally through Disney's ROFR - it's been a long road!

Originally back in early May, we had started the process of purchasing from Disney for 210 BCV points. We backed out before the 10 day period as we saw a great resale contract on BWV. We felt bad backing out but felt it was in our best interest. Well, the contract was too good to be true and Disney exercised it's ROFR on June 18th.

The same day we received word of the ROFR another BWV contract with banked and borrowed points came up for sale with the bonus of a small attached 60 point contract.

The particulars are as follows:

271 points at BWV (a 211 pt. contract and 60 pt. contract)
March use year
$73 pt.
240 banked 2002 points
271 banked 2003 points
We pay closing fees & all 2003 main. fees

We used The Timeshare Store - Jerry was great!

We may have to sell the banked 2002 points as no trip is planned as yet - but who knows!!! We'll decide after everything is said and done.

We're very excited to take our first trip home to escape winter here!!!! We've never even seen the Boardwalk!

Thanks to everyone on this board for your help and reassurance!!!

 

[Maistre Gracey]

<font face="comic sans ms">CONGRATULATIONS & WELCOME HOME! </font face>

 

[Credit Man]

Congratulations and Welcome Home!!!

 

[tinksmom]

Congratulations!

What, if you don't mind my asking, were the particulars on the contract that didn't make it through ROFR? We're waiting one out right now for VWL.

 

[WDWorld2003]

Our 1st contract was for:
270 BWV pts. - all 2002 and 2003 pts. intact
Feb use year
$72 pt.
We would pay closing and 1/2 2003 maintenance

Others passed ROFR with very similar offers - not sure why ours didn't make it. The Timeshare Store thought it might be because we offered only 1/2 maintenance and at the time they were buying several back. It seems there is no rhyme or reason.

The second time we offered more $1 per pt. and all main. fees plus there are not as many banked points - it worked!!!! We also like this contract better with the separate 60 pts. - can sell off part if needed.

Good luck on your resale!!!

 

[tinksmom]

Thanks for getting back so quickly!

 

[JohnathanS]

Wonderful news!!! CONGRATULATIONS!!!

I remember reading your original post when Disney exercised ROFR. I'm so happy for you that your patience paid off and you got a good contract in the end!!

 

[Johnnie Fedora]

Originally posted by WDWorld2003
Others passed ROFR with very similar offers - not sure why ours didn't make it. The Timeshare Store thought it might be because we offered only 1/2 maintenance and at the time they were buying several back. It seems there is no rhyme or reason.

Why would Disney care about who pays the maintenance fees on a resale contract?? They get there money whether the seller or the buyer pays the dues.

any ideas?

 

[First Wave]

When Disney looks at the "contract" they look at purchase price, closing costs and who pays annual dues. When they "buy back" a contract, they must buy it back exactly the way the new buyer is buying it. So...if the new buyer is reimbursing the seller for the annual dues they've paid so far this year, DVC has to reimburse them too. It makes a big different (ex: $4.10/pt for BWV). In order for them to buy it back and then, in turn, resell it to a buyer for $84/pt,) they have to get it at a reasonable price because they not only pay the contractual price, they also have to pay their salesperson commission, which is fairly hefty.