Won Ebay - HGVC Hilton Las Vegas on Karen - Lastest on ROFR currently?

Hello All Tuggers,

First Time posting!!!

Well, I finally took the plunge, after reading and researching for hours on end each night like crazy here for the last 3 months. Thanks to TUG, I learnt about the resale market.

I always wonder why anybody would buy a timeshare, with the escalating MF Fees, until I finally try to book for our 10 years anniversary for Hawaii, and see how much hotels are going for. Yikes... Luckily, I found two owners willing to rent me their weeks, one at Marriott Ko Olina, and other at Hilton Hawaii Village. In fact, I got the Marriott Ko Olina thru DeniseM, who is moderator here on TUG, so thanks very much Denise!!!!! That make renting so much more comfortable. Anyways, enough of my stories...

I have learned so much, from all the Stickies, Posts, and Overview articles, so, thanks again.

Now I am wondering if anybody have current ROFR data, especially for 7000 pts 2 bed platinum package at HGVC Las Vegas Hilton on Karen?

Ebay Item: $8149 for HGVC Las Vegas Hilton on Karen plus $595 closing costs and $399 resort transfer fee.

http://www.ebay.com/itm/151386622193?ssPageName=STRK:MEWNX:IT&_trksid=p3984.m1497.l2649

I am super excited, but seeing that Seth and Judy have most 7000pts package at >$10K makes me wonder if it will pass. I know, I know, just get the paperwork submitted and see what happens...

But in any case, good or bad results, I just wanted to say thanks to all here, without which, I would never been able to make an fully informed decision, and feel comfortable about it

Thanks,
Great3

congrats and good luck on passing ROFR!!

Congrats and they use a real escrow company. Good luck on roof.

Ian

Lots of units in vegas

My money says bet on black and would also say you are 2:1 on passing ROFR as there is a over saturation of avalible units in vegas with 5 propertys in vegas.

So see you in vegas and miami and hawaii and mexico and SoCal and orlando and any where elso and DVC and....

Took my over 3 years for my 7000 in orlando and looking for a vegas and expect to pay less when all is said and done but I am very paitent to get more points.

Once you get notice of passing wait 3-6 weeks and you can call HGVC and get member number and start planing to go to vegas and miami and hawaii and mexico and SoCal and orlando and any where elso and DVC and....:whoopie:

Congratulations and Welcome to TUG

I'm happy to hear that you took 3 months to review the previous threads, stickies and overviews before rushing in.
I don't know the ROFR answer but I agree that with all of the selling going on at the other Las Vegas properties the odds are in your favor for passing ROFR at Karen.

Good Luck

I think you have a good chance of passing - let us know how it goes and congrats on the purchase!

Best,

Greg

I never owned HGVC but traded into a number of them in years past. Karan Avenue was one of my favorites. Good luck.

George

PassionForTravel said:

Congrats and they use a real escrow company. Good luck on roof.

Ian

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Thanks for the warm welcome everybody. I only brought from Ebay because the seller was using a reputable / legit closing company (Chicago Title), who are willing to offer title insurance, so you can bet they will do a title search at a minimum, because I plan on buying that title insurance.

I wouldn't have used ebay otherwise, if it wasn't for this fact of closing with a legit title company. I certainly don't think it's worth the risk with Ebay sellers for something close to $10K, I would have definitely buy from Seth or Judi instead, knowing that I will get good clean title, and good customer service. But this should work out. Here's to hoping...

Thanks,
Great3

HGVC Resale purchase

The price is boarderline. I give it a 50/50 shot of passing ROFR. We list prices that will almost definitely pass right of first refusal (over $10,000), but can sell for closer to $9,000 if the buyer is aware of right of first refusal. Make sure you check the estoppel, because Chicago Title guarantees the title, however they do not guarantee the point availability. If you need me to review it for you, you can email it to me to review before sending your final funds. Closing costs seem a bit high at $845 with Title Insurance + $399 transfer fee.

Estoppel Questions - Does it come with ROFR Waiver?

Seth Nock said:

The price is boarderline. I give it a 50/50 shot of passing ROFR. We list prices that will almost definitely pass right of first refusal (over $10,000), but can sell for closer to $9,000 if the buyer is aware of right of first refusal. Make sure you check the estoppel, because Chicago Title guarantees the title, however they do not guarantee the point availability. If you need me to review it for you, you can email it to me to review before sending your final funds. Closing costs seem a bit high at $845 with Title Insurance + $399 transfer fee.

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Thanks for helping Seth. I will most definitely check the estoppel to make sure the points are correct, 7000 pts - 2 bed platinum, annual usage, so that I get what I think I am getting. I will email to you for review too if you don't mind.

Yes, closing costs is a bit high, but I did take that into account with my max bid on ebay. I figure I am overpaying about $410 for closing fees.

$595 closing fee + $250 Title Insurance + $399 transfer fee + $250 Activation fee = $1494

From what I read from you and others posting about closing costs, it seems closing costs typically runs as follows:

$400 closing fee + $399 Resort Transfer fee + $35 Estoppel fee + $250 Activation fee = $1084 total.

I don't know if the $1084 includes title insurance or not? If it does, than I am overpaying about $410 which if added to the $8149 purchase price isn't too bad at $8559.

Seth Nock said:

I think you need to buy title insurance for them to do a search. I do not think Chicago Title does a search if you do not pay for the insurance. If you have a choice, ask for Char as your closing agent. Make sure you give ALL of your money directly to Chicago Title and not to the seller. You should make sure to charge your credit card for the deposit. This gives you added protection.

If you find out what company is brokering the unit, can you let me know. They do not mention the name of the brokerage company in the auction. I thought licensing law requires it.

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Thanks again Seth for the reminders. I most definitely sent the money to Chicago Title directly, and not the seller. As for the brokerage company, I will send you a PM, as I don't know which brokerage company I am dealing with, if any, because it wasn't noted anywhere on the contract. I am working with Beth at Chicago Title in Escondido San Diego Area office as my escrow officer. I am definitely buying the title insurance so that they do the title search.

I do have a question though about the estoppel, do you get that at first, or does it comes when ROFR Waiver is signed by Hilton?

In talking with Beth a couple days ago, she said she is still waiting for a copy of the deed from the seller, before she can order the ROFR Waiver documents. When I asked about the estoppel, she said that will come when Hilton signs the Waiver, which I find is odd. I would have thought I can get the estoppel letter at first to verify everything is correct before proceeding further?

Thanks,
Great3

Great3 said:

I do have a question though about the estoppel, do you get that at first, or does it comes when ROFR Waiver is signed by Hilton?

In talking with Beth a couple days ago, she said she is still waiting for a copy of the deed from the seller, before she can order the ROFR Waiver documents. When I asked about the estoppel, she said that will come when Hilton signs the Waiver, which I find is odd. I would have thought I can get the estoppel letter at first to verify everything is correct before proceeding further?

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I recently sold a contract and the estoppel came to me after Hilton had already waived ROFR and filled it out. It was towards the end of the closing process. I also thought it was odd, but to tell you the truth, it's more accurate that way. Imagine if it was filled out in the beginning and the owner started using up points during the closing process.

Hilton sends Estoppels at the same time as the waiver of right of first refusal. Marriott on the other hand send them independently from each other. The closing companies that we use for Marriott and For Disney request an updated closing 2-3 days before closing.

The closing costs are not that high. The price they have quoted includes title insurance. Most of the closing companies we use do a title search and only do title insurance if there is something questionable. I do not think Chicago Title will do a title search without insurance. It is either no protection or full protection.

Thanks Presley and Seth about the information on the estoppels. I guess once Hilton decides to waiver, it makes sense also to get the estoppel than also to verify everything is right before proceeding to make final $$$ deposits.

Chicago Title did send me a copy of the previous deed, and it does show that the seller purchase this unit at an auction due to a foreclosure on previous owner.

So, it looks like there is a higher chance that title may not be clean, versus just one prior owner from the developer, so I am definitely going to ask Chicago Title company to do a title search and purchase the title insurance they are offering for my peace of mind.

And of course, now that ROFR Waiver request has been submitted, we play the waiting game ...........

Thanks,
Great3

Actually, if you have a special warranty deed to the seller, it should be clean. I expect it to pass right of first refusal. but let us know.

Will do Seth!!!

I will keep everybody updated when I find out more information. Wish me luck, everybody. Thanks to you all, I feel very comfortable and know what to expect each step of the way.

Thanks,
Great3

WooHoo !!!!!!!!!!!!!! I got it ....

I just got email with a copy of Hilton Waiver that was not just signed, but notarized as well (surprised to me that they even do that).

So, I will be proceeding with closing later, but do have some questions about the contract closing docs that I was sent from Chicago Title. I will open a new thread later when I have the chance in the main Buying/Selling forum as it covers general timeshare contract and title insurance questions and nothing specific to HGVC.

Great3

Great3 said:

I just got email with a copy of Hilton Waiver that was not just signed, but notarized as well (surprised to me that they even do that).

So, I will be proceeding with closing later, but do have some questions about the contract closing docs that I was sent from Chicago Title. I will open a new thread later when I have the chance in the main Buying/Selling forum as it covers general timeshare contract and title insurance questions and nothing specific to HGVC.

Great3

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Great!
Congratulations and welcome to the HGVC Family.

Now your next step is to join TUG.

Thanks!!! Most Definitely I will be joining TUG later when my ownership transfer completes.

I find it strange that I received the Waiver for ROFR, but haven't yet got the estoppel letter. I am still waiting on that before signing any further paperwork.

Thanks,
Great3

jonevans said:

My money says bet on black and would also say you are 2:1 on passing ROFR as there is a over saturation of avalible units in vegas with 5 propertys in vegas.

So see you in vegas and miami and hawaii and mexico and SoCal and orlando and any where elso and DVC and....

Took my over 3 years for my 7000 in orlando and looking for a vegas and expect to pay less when all is said and done but I am very paitent to get more points.

Once you get notice of passing wait 3-6 weeks and you can call HGVC and get member number and start planing to go to vegas and miami and hawaii and mexico and SoCal and orlando and any where elso and DVC and....:whoopie:

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Don't equate over saturation from an owners reservation perspective to over saturation from HGVC's potential to sell perspective. Remember, it's cheaper to buy back units via ROFR at $8,000 than to build those two remaining towers at the HGVC Strip location or, to buy out distressed projects such as they did with Elara (former Westgate Planet Hollywood Towers).

Sales in Vegas have always been strong. As evidence look at how many units have been built. The same can be said for Orlando. If they think they can use it in sales inventory they'll take it regardless of owners view of "over saturation." For that matter, if they feel they can economically build towers 3 and 4 at the LV Strip location AND if they feel they can sell that inventory they'll eventually build out those two additional towers regardless of the lack of need from an owners reservation perspective.

My opinion is you can flip a coin on ROFR on this one. Anything under $10,000 seems fair game if (and it's a big if) HGVC feels they can use the inventory to sell. After all, it's cheaper to re-purchase these weeks via he resale market than to build those 2 additional towers at the LV Strip location. Especially since all the failed construction around that project has left it in somewhat of a less desirable location. If they ever start to build again in Vegas, it wouldn't surprise me if they went ahead with additional construction at Elara.

Closing Done...

Well, I finally got closing completed with Chicago Title. They recorded the deed, and forwarded the change of ownership information to Hilton.

Now I just waiting for Hilton to aknowledge me as the new owner and set me up with an account to login so I can start making 2015 vacation plans.

Super excited to join with you all in the HGVC Club!!!!!!!

Great3

Very weird. There was another listing that just closed yesterday. And I thought it was the same one since there was the same misspelling in the title "HITON." And the price was $8150 on this one. Within a dollar. Until I looked at the date of the post, and then the listing again, I thought it was the same one

I bid on this one, but wasn't willing to go that high. Sounds like I would have needed to for a chance at passing ROFR

http://www.ebay.com/itm/151450529360?ssPageName=STRK:MEDWX:IT&_trksid=p3984.m1435.l2649

Cheers.

Yeah, that is a different auction by the same seller. I am sure he is just re-using the listing description.

When I won my ebay auction, the seller had the same exact listing a month earlier that went for about $8500, that I just assumed fell thru and he re-listed (probably not though). But since I closed on mine, I guess seller has inventory still at the same resort to sell another one.

I don't know where the sellers find or get all their inventory. I guess there is a lot of people looking to get out while we are looking to get in

Good luck on your purchase, but I see in you info you already own Hilton and DVC, and probably have looks of experience and know what you are looking for.

Great3

Where is the RCI button?

Hello Tuggers,

Well, I finally called HGVC to check on the status of my ownership transfer, and got my member number over the phone and was able to register and login.

I was just looking for the RCI option, and maybe I am just blind, but I don't see it at all. I know RCI isn't best use of HGVC points, and don't plan on doing exchanges often, but I just wanted to browse around and understand all my options. Can someone please tell me where this option, button, link, etc... is supposed to be on the HGVClub.com website?

Thanks,
Great3

I think it took me a couple of weeks before I saw/recognized the RCI option but I wasn't counting the days or weeks to be precise. Just note that it didn't/won't happen right a way, they have to set it up, but you don't need to call anybody.

Great3 said:

Hello Tuggers,

Well, I finally called HGVC to check on the status of my ownership transfer, and got my member number over the phone and was able to register and login.

I was just looking for the RCI option, and maybe I am just blind, but I don't see it at all. I know RCI isn't best use of HGVC points, and don't plan on doing exchanges often, but I just wanted to browse around and understand all my options. Can someone please tell me where this option, button, link, etc... is supposed to be on the HGVClub.com website?

Thanks,
Great3

Click to expand...

It's under:
My Club
RCI Affiliated Resorts
Reservations

Also, I would disagree that RCI is a poor use of HGVC -- IMO it's a better value than HGVC resorts. E.g. a 2bdrm KL2 in Platinum season is 7,000 HGVC points worth $1820 if booked directly with Hilton. Whereas you can book any RCI 2bdrm red week for 4,800 points (including King's Land if available) -- e.g. Premier Season DVC 2bdrm worth $10K+ if booked directly with Disney -- a much better value. I cringe every time I have to use my points on HGVC resorts knowing what I could be using them for