Buying a Resale Contract During COVID-19: a Timeline

Somewhere between cancelling/rescheduling our DVC trips and dreaming of being “home” again, add-on-itis hit hard.  Timothy and I spotted that perfect small-point contract at the Villas at Disney’s Grand Floridian Resort & Spa, and decided that it was indeed the right time to add on.  This was our first resale contract, and we knew that the process would take longer than purchasing a direct contract.  However, with everything being somewhat abnormal during this pandemic, we didn’t know for sure just how long it would take.  For those looking into buying a DVC resale contract now, here’s the timeline of the process from contract offer to points appearing in our DVC account. 

May 4, 2020: Offer Made and Accepted

A 50-point Grand Floridian contract with a February Use Year caught our attention, and the price was reasonable.  After a bit of negotiating on the price per point, the seller accepted our offer that same day.  Once we submitted our paperwork and deposit, it was time for Right of First Refusal!

May 7, 2020: Contract Sent for Right of First Refusal

With resale contracts, Disney has the opportunity to purchase back the contract during a step called Right of First Refusal (ROFR).  This allows Disney to ensure that the price per point does not go too low, which helps maintain the value of DVC contracts.  Disney has at least 30 days or until the closing date to make a decision on a contract.  In our case, the contract closing date was July 21, 2020, so technically Disney could have taken up to 75 days to make a decision.

June 18, 2020: Contract Passed ROFR!

Our new home resort, the Villas at Disney’s Grand Floridian Resort & Spa!

After 42 days of waiting, we finally passed ROFR!  It was a bit nerve-racking to wait that long. Under normal circumstances, ROFR takes a few weeks.  However, due to the pandemic DVC is operating with fewer cast members. At the time that we went for ROFR, it was taking longer than normal, averaging around 40-45 days.  Luckily, it seems that ROFR has been moving more quickly since we passed. As I write this in early September, some contracts have passed ROFR shortly after the 30-day mark.

July 10, 2020: Contract Closed

After we passed ROFR, we filled out our closing documents and sent them along with the remaining payment to our title company.  Once the seller sent back their paperwork, we officially closed, and the deed was sent to Orange County to be recorded in our names.

July 13, 2020: Deed Recorded

Three days later, our deed was recorded. If you’re curious when your deed was recorded, you can always look it up through the Orange County Comptroller’s website. With the deed recorded, Disney could complete the contract transfer process.

September 5, 2020: Points Appear in Our Account

The points are finally here!

In the days after our deed had been recorded, I kept checking our DVC account to see if our new contract had been added. It wasn’t until August 18 that I saw a bit of progress; DVC Member Administration emailed to say that the resale transfer had been completed and that it would take about 7-10 business days for the points to appear in our account. Once we passed 10 business days without points, I started to wonder if perhaps that estimate was off, but the very next morning I saw our 50 points in our account!

All in all, buying a DVC resale contract took 124 days from offer to points added.  Despite the long wait, I have to say that buying a resale contract was very smooth and easy–maybe a little too easy for those contending with add-on-itis. We are so thrilled to now call the Grand Floridian our home!  If you’re looking for a resale contract, be sure to sign up for email notifications or text alerts from the DVC Store, the sponsor of DVC Fan, so you can find the perfect contract.

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