ROFR greater than 30-days

[GT75]

Does anyone know what happens if HGVC (or the developer in my case) doesn't respond to the ROFR request within the 30-days timeframe? I thought that they have 30-days to decide. So, if HGVC (or the developer) is still thinking, can the closing company move forward?

btw, currently only at the 20-day mark, so just a hypocritical question at this point.

 

[Nowaker]

Are you sure the ROFR was actually sent? Every time I was involved in the transfer via LT Transfers, it was a matter of a couple business days.

Whereas when I went through a broker (which I later canceled), it somehow took a long 21 days. I don't know what exactly Selling Timeshares did that it took them 15 biz days for estoppel. Probably not doing what they should be doing, e.g. delaying submission of paperwork.

 

[dioxide45]

I know of no situations with any timeshare brand where ROFR period actually expired. In all the cases where it took a long time, it was usually the closing agent or broker didn't send it when they said they did.

 

[ljmiii]

I know of no situations with any timeshare brand where ROFR period actually expired. In all the cases where it took a long time, it was usually the closing agent or broker didn't send it when they said they did.

For a time during COVID, DVC was routinely taking 30-45 days to make a ROFR decision after the paperwork had been filed. Since the docs say that DVC (really DVD) had 30 days to exercise their right of first refusal the closing company *could* have just filed the paperwork to transfer title....but to my knowledge none would do so.

 

[dioxide45]

For a time during COVID, DVC was routinely taking 30-45 days to make a ROFR decision after the paperwork had been filed. Since the docs say that DVC (really DVD) had 30 days to exercise their right of first refusal the closing company *could* have just filed the paperwork to transfer title....but to my knowledge none would do so.

Good to know, but this is certainly extenuating circumstance that probably no longer applies.

 

[dayooper]

Good to know, but this is certainly extenuating circumstance that probably no longer applies.

When I purchased my first resale back in 2018 (HGVC Flamingo) it took over 20 days to report back and that was just to create the estoppel as The Flamingo has no ROFR. We bought through Redweek so it could have been their company that took a long time to get the process started. It seems like back then, ROFR was taking that long with everybody, but I could be remembering wrong. During Covid we bought another deed (2021), used LT Transfers and the decision was back in 2 days (LT Transfers updated us on each step) and it seems many transfer and title companies were taking that short of time then.

If the company holding ROFR is not HGV (some properties were developed by a 3rd party and HGVC only manages and sells the deed), I'm not sure what the timeframe and efficiency is for those developers not HGV are.

 

[GT75]

For a time during COVID, DVC was routinely taking 30-45 days to make a ROFR decision after the paperwork had been filed. Since the docs say that DVC (really DVD) had 30 days to exercise their right of first refusal the closing company *could* have just filed the paperwork to transfer title....but to my knowledge none would do so.

This is exactly what happened in my particular case. HGVC/Developer actually took about 40 days to finally waive ROFR (return the paperwork). The broker waited for the signed waiver before proceeding.

 

[Mcduck]

I just gave a week away and it only took a couple of days to get the waiver back.

 

[SmithOp]

This is exactly what happened in my particular case. HGVC/Developer actually took about 40 days to finally waive ROFR (return the paperwork). The broker waited for the signed waiver before proceeding.

I thought they had 45 days to provide estoppel / rofr?

 

[curlydoc]

My most recent purchase only took 48 hours. I didn’t even get to get home from my vacation before I got the news.

 

[GT75]

I am currently over the 40-day mark, awaiting a decision on ROFR for an Ocean Oak decision.

 

[dioxide45]

I am currently over the 40-day mark, awaiting a decision on ROFR for an Ocean Oak decision.

With Ocean Oak, ROFR belongs to Strand, not HGVC. Is it possible that the outfit that submitted ROFR actually sent it to the right place for reveiw?

 

[GT75]

Is it possible that the outfit that submitted ROFR actually sent it to the right place for reveiw?

I know that the broker knows where to send the paperwork. This isn't their or my first rodeo.

 

[mountainboy]

hypocritical

*hypothetical....

 

[bizaro86]

I am currently over the 40-day mark, awaiting a decision on ROFR for an Ocean Oak decision.

If they sent it in promptly and the ROFR deadline wasn't met, I'd insist they proceed with closing.

You reasonably have damages as the buyer if the closing company refuses to do so.

 

[sponger76]

*hypothetical....

I was thinking the same thing...

 

[Zenichiro]

Perhaps impatience rendered him hypocritical… briefly?