Just got Marriott repurchase agreement email

Marriott just offered to buy our Surf Club God Oceanside unit for $9,000 minus a $500 admin fee. So net of $8,500. We bought he unit resale in 2007/8 for $15,500 and I am tempted with the rising maintenance fees. What do you guys think? Thanks.

gores95 said:

Marriott just offered to buy our Surf Club God Oceanside unit for $9,000 minus a $500 admin fee. So net of $8,500. We bought he unit resale in 2007/8 for $15,500 and I am tempted with the rising maintenance fees. What do you guys think? Thanks.

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While I'm not going to give advice on this specific transaction (I don't have enough figures to hand to reach a meaningful conclusion) I will suggest checking recent eBay auction results to see what units have sold for. That should give you an indication of what prices that market is putting on MSC units and give you some good information on which to base your decision. Good luck.

gores95 said:

Marriott just offered to buy our Surf Club God Oceanside unit for $9,000 minus a $500 admin fee. So net of $8,500. We bought he unit resale in 2007/8 for $15,500 and I am tempted with the rising maintenance fees. What do you guys think? Thanks.

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You must have put it up for sale for them to extend an offer, so I don't understand the hesitation now.:annoyed:

gores95 said:

Marriott just offered to buy our Surf Club God Oceanside unit for $9,000 minus a $500 admin fee. So net of $8,500. We bought he unit resale in 2007/8 for $15,500 and I am tempted with the rising maintenance fees. What do you guys think? Thanks.

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I think if you want to sell it, this is the best way to go. Although the Marriott Resale prices have come down a lot in the past couple of years, they are still generally higher than what you can get on your own. Plus, there is no ROFR, no negotiations, no need to look for a buyer, and closing is simple and done for you just like a developer purchase. If I were trying to sell, I would jump at the chance to sell it back to Marriott (even if the price were a little lower than what you could get elsewhere--which is probably not the case). They bought back a Sabal Palms week from me a year or so ago for a good price, and the experience was easy, quick and free of stress.

FractionalTraveler said:

You must have put it up for sale for them to extend an offer, so I don't understand the hesitation now.:annoyed:

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Honestly we have never put it up for sale.

gores95 said:

Honestly we have never put it up for sale.

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That is interesting. How did they solicit you? I know in many states they are prohibited from soliciting without an initial contact/inquiry from a potential customer.

FractionalTraveler said:

That is interesting. How did they solicit you? I know in many states they are prohibited from soliciting without an initial contact/inquiry from a potential customer.

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How can Marriott offering to outright buy a timeshare be considered an unethical or illegal timeshare transfer/repurchase solicitation? Is it a technicality? It doesn't seem like its in the same ball park.

gores95 said:

Marriott just offered to buy our Surf Club God Oceanside unit for $9,000 minus a $500 admin fee. So net of $8,500. We bought he unit resale in 2007/8 for $15,500 and I am tempted with the rising maintenance fees. What do you guys think? Thanks.

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At this point, I wouldn't sell either of our Marriott's for that low of an amount. We get to much usage out of them.

I have a couple of resort weeks in Branson that I'd let go for much less if the developer made any sort of reasonable offer but, I'd hang onto our Marriott weeks.

I guess it just depends on if you feel your getting $8,500 worth of value out of this week and don't mind paying the high Marriott MF's. If the MF's are troublesome and the Marriott brand or name isn't that important to you or, if being a Marriott owner for unit placement isn't that important, there's a LOT of resale weeks you can pick up for $8,500 with lower MF's. The savings over time could be significant if you're not totally in love with being a Marriott owner.

gores95 said:

Marriott just offered to buy our Surf Club God Oceanside unit for $9,000 minus a $500 admin fee. So net of $8,500. We bought he unit resale in 2007/8 for $15,500 and I am tempted with the rising maintenance fees. What do you guys think? Thanks.

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I was reading another post just last week concerning MVCI Resale Operations and noted that the OP said he/she was on a waiting list before receiving notification. A link was provided to MVCI Resale Operations. I emailed the link provided and had good back and forth communication with them concerning my interest in selling my Aruba Surf Club OS units. Same as the offer received by this OP for his unit. So I find this thread very interesting considering the response I received. I had expected to be on the waiting list (I registered) for two or mor years...but maybe not.

"Thank you for contacting Resale Operations at Marriott Vacation Club regarding your desire to sell your ownership at Marriott’s Aruba Surf Club. We are pleased to provide you with a team of real estate professionals to assist and educate owners on their viable selling options. Your desired timeframe for sale will often determine which option will work best for you.

Sell through Marriott Vacation Club:

Brokerage Listing Program: Marriott Vacation Club will assist with procuring a purchaser and then broker the transaction. At this time a listing program for Aruba Surf Club is under evaluation and has not yet launched. Inventory is sold at the current list price. At closing, commission, marketing and administrative costs are deducted and you will receive 60%* of the sale price.


· Repurchase Program: Periodically; Marriott Vacation Club will offer a direct purchase of inventory from an Owner. The pricing and terms will be established at the initial offering and are subject to change."


bob

Saintsfanfl said:

How can Marriott offering to outright buy a timeshare be considered an unethical or illegal timeshare transfer/repurchase solicitation? Is it a technicality? It doesn't seem like its in the same ball park.

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I don't think anyone is questioning the credibility of the offer the OP received. The question that I asked was related to the manner in which the offer was extended.

I personally have not experienced or heard of Marriott purposefully or randomly reviewing an owner’s portfolio and extending an un-solicited “e-mail” offer. That is why I find it interesting.

It’s entirely possible that the OP inquired at one point regarding the re-sale process and/or the potential value of their asset and that may have turned into a codified offer for sale.

FractionalTraveler said:

I personally have not experienced or heard of Marriott purposefully or randomly reviewing an owner’s portfolio and extending an un-solicited “e-mail” offer. That is why I find it interesting.

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If I am Marriott and I have someone offering to buy a certain Week, I just look to see who owns it and make an offer that gives me a nice profit.

George

I think it is interesting that it is a resale. I remember I tried to get them to buy my Cypress Harbour unit when I bought Barony as part of the deal and they were all willing to do it until they fiugred out that it was a resale unit.

Rich

bogey21 said:

If I am Marriott and I have someone offering to buy a certain Week, I just look to see who owns it and make an offer that gives me a nice profit.

George

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I think Fractional is trying to say the practice is forbidden at Marriott.

RBERR1 said:

I think it is interesting that it is a resale. I remember I tried to get them to buy my Cypress Harbour unit when I bought Barony as part of the deal and they were all willing to do it until they fiugred out that it was a resale unit.

Rich

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If they are in it for a profit it shouldn't make a difference if it is resale or not. We all know they are not doing it as a customer service gesture. Perhaps it was a former policy which may have made more sense in the past. Rejecting resales these days would be bad business since almost all Marriotts right now are resales. They haven't added much new inventory in a good while. When they sell points, those points represent previously resold inventory.

RBERR1 said:

I think it is interesting that it is a resale. I remember I tried to get them to buy my Cypress Harbour unit when I bought Barony as part of the deal and they were all willing to do it until they fiugred out that it was a resale unit.

Rich

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Marriott's policy used to be that they would never provide Marriott Reward Points to private party resales, nor would they purchase back private party resale weeks.

All this was thrown out the door on June 20th, 2010 for those who owned private party resale weeks purchased prior to 6/20/2010.

Now, if they need these particular weeks, they will attempt to pursue them.......



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TheTimeTraveler said:

Marriott's policy used to be that they would never provide Marriott Reward Points to private party resales, nor would they purchase back private party resale weeks.

All this was thrown out the door on June 20th, 2010 for those who owned private party resale weeks purchased prior to 6/20/2010.

Now, if they need these particular weeks, they will attempt to pursue them.......



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My worry is that Marriott is trying to wipe out our private ownership of our units. We have a Deeded, non floating, unit and would prefer that Marriott NOT be the owner!

Monarch said:

My worry is that Marriott is trying to wipe out our private ownership of our units. We have a Deeded, non floating, unit and would prefer that Marriott NOT be the owner!

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Simple solution: DON'T sell it to Marriott.



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TheTimeTraveler said:

Marriott's policy used to be that they would never provide Marriott Reward Points to private party resales, nor would they purchase back private party resale weeks.

All this was thrown out the door on June 20th, 2010 for those who owned private party resale weeks purchased prior to 6/20/2010.

Now, if they need these particular weeks, they will attempt to pursue them.......

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Funny. Way back in 2002 or 2003 (don't remember which) I sold a Monarch Week that I had purchased resale to Marriott. They had a buyer for it and were happy to get it.

George

I just received, basically, the same offer for my Gold OV unit at the Ocean Club. I have been on the wait list to sell my unit through Marriott so that is likely why they contacted me. I probably still have a few years on the wait list, where I could net $16,000. Or I could take the current offer of a buy back from Marriott for $8300. Factoring in a few years of high maintenance fees and it's really a tough call.

From what I've seen, the buy back price is similar to the open market prices but without any hassles. My gut tells me that Marriott is buying a bunch of weeks back at these lower prices and then will resell them before selling the weeks for owners, thus increasing their profits. Not sure what I will do yet; I have a week to decide.

Just like Hilton and Starwood, Marriott spends a lot of money to buy back the units from owners.

Bob B said:

I just received, basically, the same offer for my Gold OV unit at the Ocean Club. I have been on the wait list to sell my unit through Marriott so that is likely why they contacted me. I probably still have a few years on the wait list, where I could net $16,000. Or I could take the current offer of a buy back from Marriott for $8300. Factoring in a few years of high maintenance fees and it's really a tough call.

From what I've seen, the buy back price is similar to the open market prices but without any hassles. My gut tells me that Marriott is buying a bunch of weeks back at these lower prices and then will resell them before selling the weeks for owners, thus increasing their profits. Not sure what I will do yet; I have a week to decide.

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Since Aruba is still selling weeks and the deeds are not being placed in the trust, I would have to agree that MVCI is going to be selling these before they sell them for owners. In fact the resale program is a completely separate department than the group that sells weeks by developer. The resale department lists weeks that owners are wanting to sell. Those weeks will NEVER be offered up for sale at a timeshare presentation. That inventory is sourced completely separately. Which appears to be via the buyback route.

has anyone heard of any other properties they are buying back?