Right of first refusal

[legend605]

Question: Anyone have experience with this?
Selling 2BR OV in WKORV through Redweek. Bona Fide offer. Escrow through First American Title. SVO is exercising option to buy. Buyer REALLY wants to buy. He wants to increase offer price by $3000. Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?

 

[DeniseM]

Tugger, FredM, is the person to ask about this.

 

[Dave H]

Question: Anyone have experience with this?
Selling 2BR OV in WKORV through Redweek. Bona Fide offer. Escrow through First American Title. SVO is exercising option to buy. Buyer REALLY wants to buy. He wants to increase offer price by $3000. Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?

I have had experience in this, no you are not bound to sell. Submit a new contract with the higher price and start the ROFR process all over again.

Dave

 

[ada903]

Interesting that you can do that with Starwood. I tried doing that with Marriott and we were told there is no second chance offer, we had to sell to Marriott at that price. JRA Services called Marriott and we were told we cannot make a higher offer - second offer - to the sellers.

 

[VacationForever]

I have had ROFR exercised on a WMH purchase. There was not a second chance to make a higher offer...

 

[jarta]

"Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?"

IMO, the ultimate hammer is when the resort does not accept the 2nd offer as fraudulent evasion of the terms of the ROFR, refuses to change the resort records if a deed to the new owner is recorded and will not let the new owner make a reservation. ... eom

 

[timeos2]

"Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?"

IMO, the ultimate hammer is when the resort does not accept the 2nd offer as fraudulent evasion of the terms of the ROFR, refuses to change the resort records if a deed to the new owner is recorded and will not let the new owner make a reservation. ... eom

Usually the owner negative rofr process gives you only one chance
It is yet another impediment to an already tough sell of any timeshare. Having it on any oenership is a big negative & as a buyer you are well advised to avoid any resort that has ot. As an eventual seller it is a big problem you want to avoid

 

[Fredm]

I have had experience in this, no you are not bound to sell. Submit a new contract with the higher price and start the ROFR process all over again.

Dave

Dave, I agree with you.

See my posts 35 and 43 in this thread