# Any experience with BidorBuy?



## chazpbg (May 11, 2012)

Thinking of selling at least one of my timeshares on it (or trying to)? How quickly do they go? What kind of price? How easy is it (or not) to get paid and to get the money out of the country? I've got a 2BR Umlhanga Cabanas unit in September -- trying to hold off paying levy and hoping for a quick sale so the new owner would have to pay it.


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## martyap (May 15, 2012)

I sold a Durban Sands last year on BOB. First, check with your resort and find out what they require in forms, fees, new owner info. You have to register on BOB and if I remember correctly there was a R100 fee to register. They are very helpful on where/what category to best place your ad/auction on the site. They will also answer questions.
Make sure you indicate it is for SALE and not rent. Also, I indicated that the levy is a fee the new owner is responsible for yearly because they get to use that week yearly. I also mentioned they could join timeshare companies like RCI and trade their week

I started the auction low, R1000. I was very clear in my property description what each party was responsible for. The buyer would be responsible for the next/outstanding levy payment.....I, the seller was willing to pick up the resort transfer fee and the fee of sending a MoneyGram. That was what I accepted as payment. Most SA banks handle MoneyGrams and my payment came to my local CVS drugstore.

You have to be patient.......my first two buyers bailed on me after they had won their auctions.....they simply changed their minds. Took about six months from the time I listed because of those delays. I had an advantage because there already was a listing for a Durban Sands week from a SA resident and it was posted at a much higher price.

Durban Sands now requires sale only to SA residents so it worked out for me.


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## chazpbg (May 18, 2012)

*Just curious...*

What did you end up selling the resort for?

If I'm not going to clear more than $100 or $200 (after all the fees), it might not be worth it, especially since I believe the resort will take back the week. And I was hoping to sell it in a couple of weeks... since I don't want to pay another yearly levy.


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## Carolinian (May 21, 2012)

I used BidorBuy once to buy a week, and that went well, but have not used it to sell.

As a courtesy to other owners, I would not give back a week to the HOA if I could sell it on to a new owner instead.  Although most of the resorts I have owned at have been willing to accept deedbacks, I have never even considered going that route when I am ready to change ownership.  I sell them to a new owner, or with a recent relinquishment of an SA week, I gave it away to a good home that would appreciate it (trading through DAE rather than RCI).


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## martyap (May 21, 2012)

*Durban Sands Sales*

I know they are all crooks but I really wanted to get rid of my two weeks.

I sold one week back to Club Leisure. Don't remember what the price was in rands or the exchange rate but my net was $420. Took quite a while and I had to submit proof of ownership and who payment was originally made to. South Africa has strict rules about funds leaving the country. I set up a separate Bank America account to receive the funds so I remember the $420 figure because it's still there......I had been up to date in my levies at the time of sale.

I started the bid or buy auction at r1000 and ended up selling for r3300 which if I remember correctly was about $650. I advertised that the seller would pay the $100 resort transfer fee and the $50 MoneyGram fee so my net was $500. I also made it very clear that the buyer would be responsible for the levy that was soon due and that their use would start immediately.
There is a current DS auction by a SA resident on BOB for r6500 and it has been on for over a year.....he has had offers but has no idea the low value of the property. If you put it on at a reasonable price it should sell.


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## Gophesjo (May 21, 2012)

I would have no problem giving a week back to an HOA if I know they can and will re-sell it for a couple of thousand Rand, simply because it is not really worth my time to shepherd that sale through from this distance for that money - especially if the week was given to me in the first place.  Some are inclined to not leave one dime on the table (NOT pointing a finger towards Eastern Europe with that comment), but I have no problem doing so in this type of situation.



Carolinian said:


> I used BidorBuy once to buy a week, and that went well, but have not used it to sell.
> 
> As a courtesy to other owners, I would not give back a week to the HOA if I could sell it on to a new owner instead.  Although most of the resorts I have owned at have been willing to accept deedbacks, I have never even considered going that route when I am ready to change ownership.  I sell them to a new owner, or with a recent relinquishment of an SA week, I gave it away to a good home that would appreciate it (trading through DAE rather than RCI).


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## Carolinian (May 22, 2012)

Gophesjo said:


> I would have no problem giving a week back to an HOA if I know they can and will re-sell it for a couple of thousand Rand, simply because it is not really worth my time to shepherd that sale through from this distance for that money - especially if the week was given to me in the first place.  Some are inclined to not leave one dime on the table (NOT pointing a finger towards Eastern Europe with that comment), but I have no problem doing so in this type of situation.



The problem is that Bullfrog Lamont's operations are not your everyday HOA situation.

Most HOA's do not have sales staff, and it is a burden for the HOA to take back and resell weeks.  I guess I am more aware of that than most here, as I had the HOA resale portfolio on my HOA board for several years.  Then, it may well go past at least one m/f cycle before being resold, so that puts a financial burden on other owners.

While I have a general feeling against doing a deedback to any HOA, I particular do not like the idea of putting a week in the hands of Bullfrog Lamont.


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## martyap (May 22, 2012)

Carolinian said:


> The problem is that Bullfrog Lamont's operations are not your everyday HOA situation.
> 
> Most HOA's do not have sales staff, and it is a burden for the HOA to take back and resell weeks.  I guess I am more aware of that than most here, as I had the HOA resale portfolio on my HOA board for several years.  Then, it may well go past at least one m/f cycle before being resold, so that puts a financial burden on other owners.
> 
> While I have a general feeling against doing a deedback to any HOA, I particular do not like the idea of putting a week in the hands of Bullfrog Lamont.



We all know that ten years ago our levies were low, the exchange rate was favorable and the SA trading power was great. Nothing stays the same forever. Once you let your levies fall in arrears that bill would have to be satisfied before any sale is finalized. I originally had four Durban Sands weeks and I always paid my fees on time.....a few years ago I unloaded two weeks to Arrowwood International SA......last year one sold on Bid or Buy and the last week went back to the resort. The only "owners" burdening others are those who stopped paying levies and not those protecting their own interests by selling to any available buyer.


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## Carolinian (May 22, 2012)

martyap said:


> We all know that ten years ago our levies were low, the exchange rate was favorable and the SA trading power was great. Nothing stays the same forever. Once you let your levies fall in arrears that bill would have to be satisfied before any sale is finalized. I originally had four Durban Sands weeks and I always paid my fees on time.....a few years ago I unloaded two weeks to Arrowwood International SA......last year one sold on Bid or Buy and the last week went back to the resort. The only "owners" burdening others are those who stopped paying levies and not those protecting their own interests by selling to any available buyer.



That is until you realize who pays when you give it back to the resort.  ''The resort'' is actually the sum total of other members.

Of course, when The Bullfrog is involved, another issue enters the picture, and that is putting more voting power in his hands.


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## Tony2012 (May 24, 2012)

I am very fond of BOB - I spend many hours a day on their website to see what interesting auctions will come up. Never have had a bad experience with them


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