What Is ROFR and How Long Does Disney Take to Respond?

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If you're considering purchasing a Disney Vacation Club (DVC) contract on the resale market, you may have encountered the term ROFR. This article will explain what ROFR is and how long you can expect Disney to respond during the process.

Understanding ROFR

ROFR stands for Right of First Refusal. This is a contractual right that allows Disney to review and potentially purchase the DVC contract before it is sold to another buyer. When a DVC contract is listed for resale, Disney has the option to buy it back at the agreed-upon price. If Disney exercises this right, the sale to the original buyer does not go through. If Disney declines, the sale can proceed.

How ROFR Works

Resale Listing: When a DVC owner decides to sell their contract, they will list it with a broker. The listing price is set based on the owner's expectations and current market conditions.
Offer Submission: Once a buyer agrees to purchase the contract, they submit an offer through their chosen broker.
Notification to Disney: The broker then sends the offer to Disney for review, along with details about the contract.
Disney's Review Period: Disney has 30 days from the date they receive the offer to decide whether to exercise their ROFR.

Timeline of Disney's Response

Understanding the timeline for ROFR can help set your expectations as a potential buyer:

Day 1: The DVC contract is listed for resale.
Day 2-3: The buyer makes an offer through a broker.
Day 4: The broker submits the offer to Disney.
Days 5-30: Disney reviews the offer. This period can take the full 30 days, but Disney often responds sooner.
By Day 30: Disney will either exercise their ROFR, allowing them to buy the contract, or they will decline, allowing the sale to proceed.

What Happens After Disney's Response?

Once Disney has made their decision, the process will proceed as follows:

If Disney exercises their ROFR, the buyer will be notified that the sale will not go through, and they may need to look for another contract.
If Disney declines their ROFR, the buyer and seller can finalize the sale. The next steps will typically include:

Signing the necessary paperwork.
Paying closing costs.
Transferring the DVC membership into the new owner's name.

Why Does ROFR Matter?

ROFR is important for several reasons:

Market Control: It allows Disney to maintain control over their membership program and pricing, ensuring that contracts are not undervalued in the resale market.
Value Preservation: By having the option to buy back contracts, Disney helps to preserve the value of existing memberships.

Tips for Navigating the ROFR Process

Here are some practical tips for navigating the ROFR process effectively:

Work with a Reputable Broker: Choose a trusted DVC resale broker to help you find the best deals and guide you through the ROFR process. For finding a trusted DVC resale broker, visit Best DVC Broker.
Be Patient: The ROFR process can take time, and it’s important to be patient while waiting for Disney’s response.
Consider Financing Options: If you need financing to purchase your DVC contract, explore your options through various lenders. Check out Vacation Club Loans for financing options tailored to DVC buyers.
Stay Informed: Keep up with DVC news and market trends. This knowledge can help you make informed decisions about your purchase.

Conclusion

The ROFR process is a critical aspect of buying a DVC contract on the resale market. Understanding how it works and what to expect can help you navigate your purchase with confidence. Remember to choose a reputable broker, be patient during the review period, and consider financing options to make your DVC ownership dreams a reality.

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What Is ROFR and How Long Does Disney Take to Respond?