Was my DVC Resale offer submitted?

Was My DVC Resale Offer Submitted? Confirming Your Offer Status

After deciding to make an offer on a DVC resale contract, buyers often wonder whether their offer has been successfully submitted to the seller. Understanding how to confirm offer submission helps you stay informed and follow up appropriately.

The Offer Submission Process

When you make an offer on a DVC resale contract, your broker takes several steps to submit it. They prepare offer documentation reflecting your terms, send the offer to the listing broker representing the seller, and then await the seller's response. This process typically happens within one to two business days.

Some brokers submit offers electronically while others use phone calls or other communication methods. The specific process varies by broker, but the goal is the same: presenting your offer to the seller for consideration.

Confirming Submission with Your Broker

The simplest way to confirm offer submission is to ask your broker directly. A quick email or phone call should get you confirmation that your offer has been sent to the listing broker. Most brokers provide this confirmation proactively, but asking ensures you have verification.

When confirming, ask for details about when the offer was submitted and to whom. This information helps you understand the timeline and who is handling the seller's side of the transaction.

Expected Broker Communication

Reputable brokers communicate regularly with buyers about offer status. You should expect notification when your offer is submitted, updates when the seller responds, and information about any counter offers or requests for clarification.

If your broker has not communicated about your offer's status, reach out to ask. Lack of communication does not necessarily indicate problems, but you deserve updates about your transaction's progress.

Timeline for Seller Response

After offer submission, sellers typically respond within one to three days, though response times vary. Sellers may be traveling, considering multiple offers, or consulting with family members before responding. Your broker should keep you informed about expected timelines.

While waiting for a response, avoid making offers on other contracts for the same funds unless you are certain your first offer has been rejected. Multiple simultaneous offers can create complications if more than one is accepted.

What Happens After Submission

Once submitted, your offer reaches the listing broker who presents it to the seller. The seller then evaluates your offer against their expectations and any other offers they may have received. They can accept, reject, or counter your offer.

Acceptance means both parties agree to terms and the transaction proceeds to contract execution. Rejection ends negotiations with you for that contract. Counter offers open negotiation dialogue where you can accept, reject, or counter back.

Tracking Multiple Offers

If you are considering offers on multiple contracts, maintain clear records of which offers have been submitted and their current status. Confusion about offer status can lead to problems, especially if you make multiple financial commitments accidentally.

Communicate clearly with your broker about all offers you are considering or have submitted. They can help you manage multiple opportunities without creating conflicts.

If Your Offer Seems Lost

Occasionally communication gaps create uncertainty about offer status. If you submitted an offer several days ago and have not heard anything, follow up with your broker. They can check with the listing broker to confirm receipt and status.

Technical issues, staff absences, or simple oversights can delay communications. Proactive follow-up resolves these situations and gets your transaction moving again.

Documenting Your Offer

Keep records of your offer details including the contract you targeted, price offered, terms specified, and date of submission. This documentation helps if questions arise about what you offered or when. Email confirmations from your broker serve as useful records.

Save all correspondence about your offer in a dedicated folder for easy reference. This organization helps you track your transaction progress and provides documentation if disputes arise.

Understanding the Right of First Refusal (ROFR)

After your offer is accepted, it typically undergoes a process known as the Right of First Refusal (ROFR). Disney has the option to purchase the contract under the same terms before it can be sold to you. This process typically takes about 30 days, and your broker should inform you about its progress.

If Disney exercises its ROFR, they purchase the contract instead, and you'll need to look for another opportunity. If they waive their right, your purchase moves forward to closing.

Moving Forward

Confirming offer submission is an important step in your DVC purchase journey. Once confirmed, you can focus on the next stage: awaiting the seller's response and preparing for potential negotiations or contract execution. Stay engaged with your broker and respond promptly to any communications to keep your transaction progressing smoothly.

Understanding these steps and maintaining clear communication with your broker ensures a smoother transaction process, bringing you closer to enjoying the benefits of Disney Vacation Club membership.