It wasn’t from one of the normal title agencies you see on DVC contracts. So I don’t think it went through one of the normal brokers, although I can’t know for sure. Another one of the cheap ones was from timeshare closing services, which is tied to one of the sketchy sites I was referring to the other day.
So then you have to wonder if that contract was ever reviewed by Disney for ROFR, or did the buyer and seller just ignore that requirement?
My assumption is that Disney simply wouldn’t transfer the contract if the contract didn’t go through ROFR. I don’t know for sure.
ROFR happens when the request to transfer the name is made to Disney. You can’t by pass it, even with a gratuitous transfer (as in the case of it passing to someone on the death of an owner).
My question then is why Disney would pass up the opportunity to grab a contract that they can sell for double the money at some point when sales return to normal. It isn't like it's millions of dollars, and you would think that they wouldn't want something going for quite that low. The contracts in the $90's I can understand, but not one for $75. Or maybe they are just happy to still have an owner paying dues on that contract, so let it go anyway.
They haven’t been taking anything at all. Possibly those CMs are on furlough still. Or brought back to help with Member Services.
I would guess for the same reason that they've never ROFR'd single Aulani contract, ever. They don't need the extra points right now. And they'll probably be getting plenty of points dirt cheap via foreclosure auctions over the next 2 years.
Could very possibly be, so I guess we all need to offer ridiculously lowball offers on contacts, and see if the seller is really motivated.
Well, if people can unload their contracts, then Disney won't really see too many foreclosures. Anyone who hasn't financed their purchase (which they shouldn't, but a lot do), owns it outright, and if all they want is out from paying the dues, then they'll take any lowball offer, since they are still getting money for it. If they have it financed, then they would want at least as much as they owe on it, just to break even.
I know someone who offered $15 per point than was asked, and got the contract. So that kind of differential would help explain the difference between listed asking prices and the prices recorded in the OC register.
Not bad, but I was more thinking that someone should offer $50/point less, and see what happens.
There's a few Grand Floridian contracts up from delusional sellers where $50 less would be fair market value.
So it appears that they were not doing the ROFR simply because they had probably furloughed all the cast members that look into those. And now that they are back at work, they are starting up again. If you listen to the naysayers, no one is looking to buy direct now, so there would be no need to buyback points, as they aren't needed. Or if you use common sense, since they are offering discounts on the "sold out" properties, and people are interested in buying now, DVC needs the points to resell them.
Virtually all the CMs at whichever party of DVC that deal with not only ROFR but also the processing of sales were furloughed, yes. There were no direct sales happening either, not even by the sales team working from home. There are reports of it taking over 4 weeks, even over 6 weeks to get points added to accounts for people buying resale. That whole side of DVC was pretty much shut down.
I'm still planning to get a deal. They won't take every well priced contract, just as many as they feel they can sell. I probably won't get Beach Club at $65 but I can hope for $130, just need to be patient and repeatedly find motivated sellers until I get one through. I still think prices will fall in spite of ROFR.
These are resale contracts, not direct from Disney. Technically on resale you buy a contract for a fixed dollar amount, like $10,400, plus usually $400-$500 in closing costs and the settlement of outstanding dues, if any. But people prefer to think of DVC contracts in price per point because it’s easier to compare contracts of different sizes, so I have put a column in the chart just to show the relative value. But like that first contract, they paid $12,000 for 160 points, so $12000/160=$75 per point.
That would be An outrageously good deal for most of them. The prices of the resorts vary greatly, due to differences in location, popularity, relative difficulty of booking for non-owners, annual dues, and number of years remaining.
