# Poipu Point Vacation Owners Association Foreclosures



## thheath (Aug 16, 2009)

FYI

I was just reading the local Kauai newspaper and there is a legal foreclosure advertisement by the Poipu Vacation Owners Association that is 3 pages long with over 300 weeks.  I do not own at the Point but thought it might be of interest to those that do.


----------



## nazclk (Aug 17, 2009)

*Poipu Point*

To many problems and the M/F are to high and are probably going to go much higher now because of the foreclosures.


----------



## thheath (Aug 17, 2009)

nazclk said:


> To many problems and the M/F are to high and are probably going to go much higher now because of the foreclosures.



I guess on the other hand once the 300 weeks are sold to new owners they will be paying the M/F no less needed $ from the actual sale should help the bottomline.

This might be an opportunity for people who own at the point to pick up additional weeks at a bargin price???


----------



## lv_maui (Aug 17, 2009)

thheath said:


> I guess on the other hand once the 300 weeks are sold to new owners they will be paying the M/F no less needed $ from the actual sale should help the bottomline.
> 
> This might be an opportunity for people who own at the point to pick up additional weeks at a bargin price???




Can anyone help me with these questions:

1.  Most likely, who else will be bidding at the auction>  Diamond??
2.  What happens to unpaid maintenance fees and other late fees?  How can I tell what they are?  I assume that they are added on

3.  If you close with Old Republic, are your insurred/
4.  Can  Diamond charge you a large set up fee or transfer fee to become an owner in their system??


----------



## thheath (Aug 17, 2009)

You can read the legal notices of the sale at:

http://www.kauaiworld.com/classifieds/legals/legals/?start=51 

They are pdf files, 714794, 714795, 714793

The point of contact on legal notices is as follows:

"For further particulars, contact Danette Aiwohl or Tammi Broad at Preferred Contract Management, Inc. P.O. Box, Hilo, HI. 96721, Phone 800-935-6608"


----------



## nazclk (Aug 19, 2009)

*Foreclosures*

I bet you can still buy a week cheaper on ebay :whoopie:


----------



## post-it (Aug 19, 2009)

Just curious as to what the MF are at the Point.  Anyone know?


----------



## drivable (Aug 19, 2009)

post-it said:


> Just curious as to what the MF are at the Point.  Anyone know?






> The Point at Poipu 1613 Pe’e Road | Koloa, Kauai, Hawaii 96756 | 808.742.1888
> Accommodation Max/Private Occupancy  High Season Peak Season
> 2 Bedroom - Garden View 6/4 - - 8,500 11,000
> 2 Bedroom - Partial Ocean View 6/4 - - 10,000 14,000
> ...


A float week owner could probably tell you but you can get an idea by multiplying points required by 10.4cents/point which is the current TRUST maintenance fee


----------



## drivable (Aug 19, 2009)

lv_maui said:


> Can anyone help me with these questions:
> 
> 1.  Most likely, who else will be bidding at the auction>  Diamond??
> 2.  What happens to unpaid maintenance fees and other late fees?  How can I tell what they are?  I assume that they are added on
> ...


In the past it would definitely have been the developer, but who knows how deep their pockets are in today's environment.

Diamond charges a significant fee to join their CLUB but to use the weeks as originally deeded should not entail much.


----------



## thheath (Aug 19, 2009)

Of all the weeks listed on the legal notice only about 3-4 were fixed weeks and the remainer were floating.  All were 2 bedroom with the exception of the fixed weeks which were 1 bedroom.

The sale has the typical wording of sale at court house steps etc. on September 16, 2009 at 1:00PM.


----------



## T_R_Oglodyte (Aug 19, 2009)

thheath said:


> Of all the weeks listed on the legal notice only about 3-4 were fixed weeks and the remainer were floating.  All were 2 bedroom with the exception of the fixed weeks which were 1 bedroom.
> 
> The sale has the typical wording of sale at court house steps etc. on September 16, 2009 at 1:00PM.


I believe there are only one or two 1-bedroom units at the Point, so all of those were sold fixed week.  In addition, there are two 3-bedroom units. but one of those is used as a salesroom.  The other 3-bedroom unit, of course, is also fixed week.  Thus all but two or three units at the Point are 2-bedroom units.

A few of the 2-bedroom units were sold with some fixed weeks - IIRC these are the 2-bedroom units on the corners of building 6, i.e., the units directly below the 3-bedroom units.


----------



## dougp26364 (Aug 19, 2009)

drivable said:


> A float week owner could probably tell you but you can get an idea by multiplying points required by 10.4cents/point which is the current TRUST maintenance fee



10.4 cents per point PLUS $205 trust management fee PLUS $255 THE Club management fee (if you choose to join THE Club) PLUS a $2,995 one time joiner fee unless you buy direct from the developer.

It's that $460 in PURE management fee's on top of the maintenance fee's that can be a deal breaker.


----------



## T_R_Oglodyte (Aug 19, 2009)

I don't see how these foreclosed weeks would be anything other than non-Trust weeks.  If they were weeks that were owned by the Trust, that would mean that the Trust had stopped paying maintenance fees on selected weeks that were held by the Trust.  I can't see at all where that would be the case.

******

I don't immediately recall the exact number for maintenance fee on a deeded 2-bedroom unit, but it's currently somewhere around $1100.  It's the same for all view categories.


----------



## taffy19 (Aug 19, 2009)

dougp26364 said:


> 10.4 cents per point PLUS $205 trust management fee PLUS $255 THE Club management fee (if you choose to join THE Club) PLUS a $2,995 one time joiner fee unless you buy direct from the developer.
> 
> It's that $460 in PURE management fee's on top of the maintenance fee's that can be a deal breaker.


It is getting more obvious to me every day that all these so called floating point systems, "Clubs" or "Trusts" only have one thing in common and that is to keep milking the cow for as long as they can.

One of these days, the whole timeshare industry will collapse under it's own weight because it will become cheaper and more flexible to just rent a condo where and when you want to go on vacation and not having to worry about how much more it is going to cost you or how difficult it will be to get what you are looking for when you want go again.  JMHO.

Give me the old fashioned fixed week/unit without all the extra fees and complications or buy and own at a small independent resort in a prime location in this country.  Don't even think about abroad because our laws do not protect you there as their laws are completely different.


----------



## T_R_Oglodyte (Aug 19, 2009)

dougp26364 said:


> 10.4 cents per point PLUS $205 trust management fee PLUS $255 THE Club management fee (if you choose to join THE Club) PLUS a $2,995 one time joiner fee unless you buy direct from the developer.
> 
> It's that $460 in PURE management fee's on top of the maintenance fee's that can be a deal breaker.


And not a single one of those figures would apply to a week purchased out of foreclosure.  The only applicable fee would be the annual maintenance fee charged by the resort for a 2-bedroom unit.


----------



## Kauai Kid (Aug 19, 2009)

T_R_Oglodyte said:


> I don't see how these foreclosed weeks would be anything other than non-Trust weeks.  If they were weeks that were owned by the Trust, that would mean that the Trust had stopped paying maintenance fees on selected weeks that were held by the Trust.  I can't see at all where that would be the case.
> 
> ******
> 
> I don't immediately recall the exact number for maintenance fee on a deeded 2-bedroom unit, but it's currently somewhere around $1100.  It's the same for all view categories.



For 2009 we paid $1413/wk which included property tax.   That is for a deeded two bedroom two bath oceanfront unit.  I wonder what the 2010 gouge will be??

Sterling


----------



## post-it (Aug 19, 2009)

Kauai Kid said:


> For 2009 we paid $1413/wk which included property tax.   That is for a deeded two bedroom two bath oceanfront unit.  I wonder what the 2010 gouge will be??
> 
> Sterling



Did this include the Club Dues or is this just MF?


----------



## drivable (Aug 19, 2009)

T_R_Oglodyte said:


> I don't see how these foreclosed weeks would be anything other than non-Trust weeks.  If they were weeks that were owned by the Trust, that would mean that the Trust had stopped paying maintenance fees on selected weeks that were held by the Trust.  I can't see at all where that would be the case.
> 
> ******
> 
> I don't immediately recall the exact number for maintenance fee on a deeded 2-bedroom unit, but it's currently somewhere around $1100.  It's the same for all view categories.





T_R_Oglodyte said:


> And not a single one of those figures would apply to a week purchased out of foreclosure.  The only applicable fee would be the annual maintenance fee charged by the resort for a 2-bedroom unit.



No one said that they were TRUST weeks foreclosed, there's no way that would happen as the TRUST is all about cancelling the membership of the delinquent owner and the management takes over their share with absolutely no foreclosure process.  I didn't know what the maintenance fees were for straight weeks (which you do and would not come forward) so I threw out some food for thought which doug then jumped on.  Finally the kid came forward with the figures.  Go easy on a newbie, FCS!



Kauai Kid said:


> For 2009 we paid $1413/wk which included property tax.   That is for a deeded two bedroom two bath oceanfront unit.  I wonder what the 2010 gouge will be??
> 
> Sterling


----------



## PalmTrees (Aug 19, 2009)

*Poipu forclosure sale*

I spoke with the DRI sales office and the owners VIP office and the auction company. None of these has a proxy for owners to or any other person to have a chance to bid in absentia. The DRI sales office reminded me that Diamond has a ROFR on every week and any ultra low bid will be snapped up by them at their leisure. That leaves any bidder out there with full payment and DRI taking their time to evaluate any & all foreclosure offers and scoop them later. They could well get all or most of them for under $100 each based on apathy of knowledgeble bidders, they don't even need a person at the courthouse unless they can pull some for a $1 if no bidders show. Certainly all the OFs, OVs & F/Flts will be snapped up by them at anything but extraordinary prices. I noticed that the view rights were not identified in the ad (OF, OV POV, Float/Float) the auction company did not know anything nor did they care, they referred me to the DRI contract office who did not return my calls. I thought this could be a great deal but I think it could be a giant frustration. Of course, that discounts the extraordiary maintinance fees owners pay $200+ per day. Could do some good renting for that! Anybody know of a local who might be there to bid if some of these doubts were aliviated?


----------



## T_R_Oglodyte (Aug 19, 2009)

T_R_Oglodyte said:


> I don't see how these foreclosed weeks would be anything other than non-Trust weeks.  If they were weeks that were owned by the Trust, that would mean that the Trust had stopped paying maintenance fees on selected weeks that were held by the Trust.  I can't see at all where that would be the case.
> 
> ******
> 
> I don't immediately recall the exact number for maintenance fee on a deeded 2-bedroom unit, but it's currently somewhere around $1100.  It's the same for all view categories.





T_R_Oglodyte said:


> And not a single one of those figures would apply to a week purchased out of foreclosure.  The only applicable fee would be the annual maintenance fee charged by the resort for a 2-bedroom unit.





drivable said:


> No one said that they were TRUST weeks foreclosed, there's no way that would happen as the TRUST is all about cancelling the membership of the delinquent owner and the management takes over their share with absolutely no foreclosure process.  I didn't know what the maintenance fees were for straight weeks (which you do and would not come forward) so I threw out some food for thought which doug then jumped on.  Finally the kid came forward with the figures.  Go easy on a newbie, FCS!



Not jumping on you at all.  I was responding to doug's post quoting fees applicable Trust costs, and trying to point out that those were not applicable numbers to the foreclosures being discussed here.  I was actually trying to tell you not to use doug's numbers.   I'm sorry that wasn't clear.  

Since I happen to be in Hawai'i at the moment, I don't have info immediately available on my last deeded week payment. So I made a guess from memory.  It's an unpleasant amount, so I don't make a point of reinflicting pain by memorizing it.  I'm glad Sterling chirped in after me with more accurate data.

So go a bit easier on jumping to conclusions.  

Now if doug wants to get on my case about jumping on him, well ... he and I often have a lot of that type of give and take between us.


----------



## thheath (Aug 19, 2009)

The legal notice lists the names of all the people that are being forclosed on so I don't think they are a part of any trust.


----------



## thheath (Aug 19, 2009)

Does the ICN information list for each week mean anything to anyone that is interested?

Examples:  03-305-11, 01-205-28, 06-401-17, 03-402-50 odd, 08-407-08 even, 04-102-08.

I didn’t see anything in the add about anyone having first rights of refusal.

I understand what someone said about there being no vehicle in place for bidders not present.  I wonder what a local real estate person would charge to act on your behalf?  

What are the weeks worth anyway?


----------



## Kauai Kid (Aug 19, 2009)

post-it said:


> Did this include the Club Dues or is this just MF?



The price DOES NOT include club dues.

Sterling


----------



## T_R_Oglodyte (Aug 19, 2009)

thheath said:


> Does the ICN information list for each week mean anything to anyone that is interested?
> 
> Examples:  03-305-11, 01-205-28, 06-401-17, 03-402-50 odd, 08-407-08 even, 04-102-08.
> 
> ...


I'm pretty sure that the first two digits are the building number, the next three digits are the room number within that building, and the last two digits are the week number.  An added "even" or "odd" would indicate an every other year usage, with usage rights in the year indicated.

That being said, you need to understand that the assignment of buildings, rooms, and weeks to a deed is for inventory control purposes only, and *the owner of a deed has no inherent right to the interval listed in the owners deed*. The only caveat to that are the few units that were sold as fixed weeks (3-bedroom deeds, 1-bedroom deeds, and the rare 2-bedroom unit that was sold as fixed time.) I would be extremely surprised if any of the 2-bedroom fixed weeks went to foreclosure as those are generally prime weeks in prime units and were sold at a significant premium to float weeks.

What you need to know about the 2-bedroom deeds is the following:

Is the deed a floating view category (dubbed a "float-float") or an assigned view category?  If it's a float-float the week assigned to the deed is meaningless; the owner can (theoretically) reserve any available week in the deeded week inventory at the resort.
If the week does have an assigned view category the view will be the same as the view category for the unit identified in the deed.  The TUG review page for Point at Poipu has a resort map that shows the view category for each unit at the resort.  The owner of the unit will then have reservation rights for any available unit in that view categeory.


----------



## timeos2 (Aug 19, 2009)

*But what if your fixed week isn't treated as such?*



iconnections said:


> Give me the old fashioned fixed week/unit without all the extra fees and complications or boy and own at a small independent resort in a prime location in this country.  Don't even think about abroad because our laws do not protect you there as their laws are completely different.



And how does owning a fixed week / fixed unit help when corrupt management (not DRI, but Wastegate for my example) refuse to honor your fixed week for trade or other proper, legal uses?  Nothing is easy in timeshare and the sleaze of the developers that hang around to collect big as management is no small part of the bad reputation the whole industry has from the original sale to the now more and more troublesome disposal (can't even be called a sale in many cases) is painted with.  Even long time happy owners are rightfully raising questions of value when low ball renting means some resorts are cheaper to rent than to pay the fee for. That is an unsustainable "model" and if allowed to continue will finally kill timeshare as a viable vacation option IMO.  There is no low to which this "industry" will not stoop it seems.


----------



## taffy19 (Aug 19, 2009)

timeos2 said:


> And how does owning a fixed week / fixed unit help when corrupt management (not DRI, but Wastegate for my example) refuse to honor your fixed week for trade or other proper, legal uses?  Nothing is easy in timeshare and the sleaze of the developers that hang around to collect big as management is no small part of the bad reputation the whole industry has from the original sale to the now more and more troublesome disposal (can't even be called a sale in many cases) is painted with.  Even long time happy owners are rightfully raising questions of value when low ball renting means some resorts are cheaper to rent than to pay the fee for. That is an unsustainable "model" and if allowed to continue will finally kill timeshare as a viable vacation option IMO.  There is no low to which this "industry" will not stoop it seems.


I am with you John.  The whole industry has changed so much and I don't know how it can continue like this?  Why would people continue to buy timeshares if renting will cost them less and is more flexible?  It doesn't make sense but I can still see it for the highly demanded weeks of the year but not if the costs keep on rising like they have lately at most brand name resorts.

Don't tell me that owners at Westgate can't rent their own fixed/week unit?  They should have that right as they paid extra for that type of ownership.  Some resorts give the best units to their owners and owners are not complaining but is it fair to the exchangers who may have deposited a prime week themselves?  On top of that some resorts charge extra fees to exchangers too while they have paid it already at their home resort.  This wasn't done in the beginning and I object to it.   

Everyone will have to make their own decision if timesharing is still worth it or not.  I only wish that they would read the pro and cons of timesharing before they buy.


----------



## PalmTrees (Aug 20, 2009)

*Poipu view category*

Thanks trog
I think you are accurate about the 1/2/3 bdrm stuff and about the view rights for any recent sale.
The issue I questioned is how can you tell what view rights any particular week has. Here is why I wonder. There was a time when we bought (96) (and you near that, I believe) that the week deeded had no bearing since all weeks had F/Float. Then around 97/98? they changed to view categories to manage inventory and maximize revenue by charging more for OF & OV. Depending on the last sale date  and maybe other factors one does not know just by the unit # what the view rights inherent in the deed actually are.  Do you have a hard & fast determination on this? The VIP desk said they would look up any week I might like to know about but they cannot list all 300 weeks. Do you have a concrete method that I have over looked?  It may all be moot anyway due to the ROFR. I probably am being a dolt looking at this too specifially since I won't be on Kauai until Nov 20 so that's too late to bid. I just wonder how many of us "dinosaurs" will be left after this and the next round of forclosures/walk-aways. I have been a long time  fan of the front corner view every Thankgiving since '97.  I do enjoy seeing your perspective on DRI and Poipu. I log on lots but do not post very often. Thanks all.


----------



## thheath (Aug 20, 2009)

The legal notice also has the R/S Document# (I guess the property recording#), the recording date and as I mentioned the previous owner's name.  I would think with these the view could be determined if one wanted to do some detective work.

http://www.kauaiworld.com/classified...gals/?start=51 

Legal notices are pdf files, 714794, 714795, 714793


----------



## T_R_Oglodyte (Aug 20, 2009)

PalmTrees said:


> Thanks trog
> I think you are accurate about the 1/2/3 bdrm stuff and about the view rights for any recent sale.
> The issue I questioned is how can you tell what view rights any particular week has. Here is why I wonder. There was a time when we bought (96) (and you near that, I believe) that the week deeded had no bearing since all weeks had F/Float. Then around 97/98? they changed to view categories to manage inventory and maximize revenue by charging more for OF & OV. Depending on the last sale date  and maybe other factors one does not know just by the unit # what the view rights inherent in the deed actually are.  Do you have a hard & fast determination on this? The VIP desk said they would look up any week I might like to know about but they cannot list all 300 weeks. Do you have a concrete method that I have over looked?  It may all be moot anyway due to the ROFR. I probably am being a dolt looking at this too specifially since I won't be on Kauai until Nov 20 so that's too late to bid. I just wonder how many of us "dinosaurs" will be left after this and the next round of forclosures/walk-aways. I have been a long time  fan of the front corner view every Thankgiving since '97.  I do enjoy seeing your perspective on DRI and Poipu. I log on lots but do not post very often. Thanks all.



The required Timeshare Program disclosure documents describes the reservation rights for the different Type 2 ownerships (2, 2A, 2B, 2C, and 2D). IIRC, the disclosure also includes the specific after which Type 2 ownerships were no longer sold, and sales of the view categories commenced.  So if you know the original sale date for the deed you should be able to know if it is float/float or deeded.  But just to be sure I would check with the resort to be sure how it shows in their records.

As you note, the sales would presumably be subject to ROFR.


----------



## lv_maui (Aug 20, 2009)

*Why ROFR*



T_R_Oglodyte said:


> As you note, the sales would presumably be subject to ROFR.



why would it be?  The ROFR is contractually in the contract between the developer and the owner?  This is the HOA foreclosing on an owner in accorance witht the bylaws of the HOA which does not have any language of a ROFR?  Wouldn't the developer be the most likely person to bid on these weeks and that in its self is the ROFR?


----------



## lv_maui (Aug 20, 2009)

*Was this a joke?*



nazclk said:


> I bet you can still buy a week cheaper on ebay :whoopie:



A court auction thereotically sets the FMV of the week just like an EBAY auction.  However the court auction has no mimimum expectation unlike Ebay is most cases.  Therefore, I cannot see what it is a facutal statement that you can get a week cheaper on Ebay.  Am I wrong?


----------



## Bill4728 (Aug 20, 2009)

PalmTrees said:


> The DRI sales office reminded me that Diamond has a ROFR on every week and any ultra low bid will be snapped up by them at their leisure.



I may be wrong but I don't think this is true.

DRI may not have ROFR on the old units.  They may have ROFR on units they are selling now and also ones which have been converted to the "trust"  but I didn't think that they had ROFR on the old units. 

Does someone know for sure??



			
				Lv Maui said:
			
		

> Why ROFR
> 
> 
> 
> ...


----------



## PalmTrees (Aug 20, 2009)

*ROFR in contract?*

I went to check my papers. I found only financial papers and title insurance. No actual deed, that surprised me, I have to check with my wife, might be in safety deposit box (We had a fire once so that makes sense). No mention of ROFR in the things I found. I specifically do remember having a conversation with the sales manager about ROFR at the time of purchase since they touted that as a benefit to us as a form of price protection when and if we were ever to sell. That was back in '96 long before DRI and Sunterra. It would be interesting if someone could prove there was no ROFR. I have checked with local resellers while on the island periodically and they all mentioned the ROFR process and the current price at which the resort was taking the deals from the buyers who closed too low. Anybody know anything concrete in their contract? I believe that ROFR does not have anything to do with who sells the unit, HOA included, it is a right the developer has retained that they can exercise prior to any legal closing.


----------



## thheath (Aug 20, 2009)

PalmTrees said:


> I believe that ROFR does not have anything to do with who sells the unit, HOA included, it is a right the developer has retained that they can exercise prior to any legal closing.



I would think that would have to be on the deed to carry forward to new owners.

PS:  I've asked before and not read the answer.  What is a week worth at the point?


----------



## T_R_Oglodyte (Aug 20, 2009)

*ROFR*

ROFR is written into the Timeshare Program documents for Poipu, and I believe it has been there since the time sales started.  The timeshare program documents are an encumbrance attached to the deed; when a deed is transferred to the new owner, the Timeshare Program documents transfer with the deed. 

I don't believe there is anything in the documents that excludes sales involving the VOA or the POA from being subject to the ROFR. Once the VOA or POA forecloses, that entity becomes the owner of the deed, and the timeshare program documents are still attached to the deed.  A subsequent sale by the HOA of a foreclosed unit is still a sale by one party to another party, and thus would be subject to ROFR.  

As a matter of policy DRI could certainly choose not to exercise ROFR (and there may be good political reasons not to do so), but I don't believe there is anything in the program documents carving out an exemption for sales by the HOA.

*******

DRI could certainly bid on the units, like anyone else.  But if I were the person at DRI in charge of deciding how much of the foreclosed inventory to acquire, here's what I would do:

 Get my budget set for how much I can spend acquiring units so I know how much I have to work with
Let the auction proceed, entering nominal bids ($1) for all units in case some units don't receive any bids at all
Review the results of the auction, including the bids for each deeded week for which bids exceeded my $1 bid.
Determine the value for each of those deeded weeks if I exercised ROFR and added the acquired week to the resort sales program.
Determine the combination of deeds for which I should exercise ROFR to attain the optimum return for money spent exercising ROFR.


----------



## timeos2 (Aug 20, 2009)

*Forget the bogus ROFR nonsense when dealimng with real property rights*



T_R_Oglodyte said:


> As you note, the sales would presumably be subject to ROFR.



No way. Tax & foreclosure sales are final and trump any other claims (and certainly the already questionable ROFR).  If you won for $1 the sale is yours and no ROFR or any other claim such as past due fees which are also automatically wiped out by the foreclosure/tax sale can take it away. Same on a sale for delinquent taxes if that was the reason.  Those types of claims / sales are superior to anything else.


----------



## T_R_Oglodyte (Aug 20, 2009)

timeos2 said:


> No way. Tax & foreclosure sales are final and trump any other claims (and certainly the already questionable ROFR).  If you won for $1 the sale is yours and no ROFR or any other claim such as past due fees which are also automatically wiped out by the foreclosure/tax sale can take it away. Same on a sale for delinquent taxes if that was the reason.  Those types of claims / sales are superior to anything else.


Ok - thinking about this some more, perhaps we are thinking about this differently - *and I think you are correct*. I was assuming that the resort VOA had completed foreclosure on the weeks and now owns the deeds.  In that scenario I saw the auction as the VOA *selling* deeds it owned to new owners.

The other situation is that the VOA is a lienholder forcing an auction to collect on a secured debt. As I think about it, since there was a public notice of auction in a newspaper this most likely is a lienholder auction to collect on a debt.  If that is the case I concur with you - there should be no ROFR.

 I made my initial assumption that the VOA had actually acquired title to deeds because in my past contacts with resorts about acquiring foreclosed inventory that has always been the case.  The deed was owned by the HOA and the transaction would have been a sale.

Accordingly I suggest that interested bidders verify that this actually a lienholder auction and not a situation in which the VOA is selling inventory to which it has acquired title.


----------



## pgnewarkboy (Aug 21, 2009)

lv_maui said:


> Can anyone help me with these questions:
> 
> 1.  Most likely, who else will be bidding at the auction>  Diamond??
> 2.  What happens to unpaid maintenance fees and other late fees?  How can I tell what they are?  I assume that they are added on
> ...




You are not insured.  All you have is insurance against defective title.


----------



## Dollie (Aug 21, 2009)

*ROFR Expiration*

In my legal documentation for the Point, the ROFR expires in 2015, ten years after we purchased the timeshare.  There may be no ROFR on some of these units if the expiration day is passed.

*Document:*  Poipu Point Vacation Ownership Program Deed and Special Power of Attorney with Encumbrances
*Paragraph 10:*  Rights Reserved by the Grantor
*Subparagraph q:* Right of First Refusal

_ .... This is more fully set forth in paragraph 16 below and shall be in effect to and until December 31, 2015._​*Paragraph 16:* Right of First Refusal
_To and until December 31, 2015, if you desire to sell, convey or otherwise transfer ownership......_​


----------



## lv_maui (Aug 21, 2009)

*It is def a foreclosure*



T_R_Oglodyte said:


> Accordingly I suggest that interested bidders verify that this actually a lienholder auction and not a situation in which the VOA is selling inventory to which it has acquired title.



No, it clearly is a foreclosure action.  The legal notice was a requirement to post in the paper.

And for the record, I decided to NOT buy another Poipu week.  I am very concerned about future maintenance fees.  Poipu was not set up to be a hotel/timeshare resort but more of a condo resort.  Consequentially, it has many cost inefficiencies with the way the resort is laid out.


----------

