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WKORV-N Foreclosure Info - 2/16/11

Ken555

Ken555

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Location
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Resorts Owned
Westin Kierland
Sheraton Desert Oasis
While walking thru the lobby yesterday evening I noticed the bulletin board had a document "Notice of Association's Foreclosure Under Power of Sale of Interval Ownership". I've attached a (poor) copy here. If anyone will be in the area on Feb 16th and interested in another unit, this might be a good opportunity (though you'd have to know the ins and outs of auctions and escrow/title details, I suspect). Even if you are here on the 16th, note that the auction will be held in Wailuku, which is near Kahului.

It's good to see progress on this important issue. I hope we find similar actions at the other properties.


WKORV-N-1.jpg


WKORV-N-2.jpg
 
Interesting. I wonder if Starwood gets to exercise ROFR on foreclosed units.

The notice doesn't list the views!
 
spoke with group who is hosting the auction

You must be present to bid on the units and if there is no bid, they will revert back to the developer for resale.
I was also told that Starwood would also be at the event to bid for units they feel are under priced and will bid the price up to what they think they are worth.

I find that a little odd and also a conflict of interest but what do I know.
It appears Starwood will pick up alot of inventory soon,
 
This was also advertised in the Maui news a couple of weeks ago, around the same time it was posted on that board.
 
the villa numbers and their associated views are listed in the WKORV-N CCRs (Owners Manual)
 
MommaBear said:
I wonder if you could use a buyer's agent to bid for you...
Click to expand...

Syed is a Tugger who works for Advantage Vacations and lives in Maui - you could contact him about being a buyer agent. I will be great if someone could go to the auction and report. It would be interesting to see what the bid ranges were.
 
There is no conflict in anyone bidding on a unit in a public sale. In fact, it is a common practice for a bank to bid on the property that they are foreclosing upon. I recognize that Starwood is not the foreclosing creditor, the Association is so the analogy is not completely appropriate. The proceeds from the sale will go to the association, not to Starwood. So it is in the Association's best interests that the highest bid wins, even if the highest bidder is Starwood.

And the association themselves will bid the amount that they are owed on the units and could end up with some of the units being owned by the Association, not Starwood.

elaine
 
Yup, week 52 is an island view.

From a previous thread, here are the view designations for WKORV-N.

Building 5

Island View
5119/17, 5120/18, 5121/23, 5122/24,
5219/17, 5220/18, 5221/23, 5222/24,
5319/17, 5320/18, 5321/23, 5322/24,
5419/17, 5420/18, 5421/23, 5422/24,
5519/17, 5520/18, 5521/23, 5522/24,
5619/17, 5620/18, 5621/23, 5622/24.

Ocean Front
5101/02, 5103/04, 5106/05, 5108/07, 5110/09, 5111/12, 5114/13, 5115/16,
5201/02, 5203/04, 5406/05, 5208/07, 5210/09, 5211/12, 5214/13, 5215/16,
5301/02, 5303/04, 5306/05, 5308/07, 5310/09, 5311/12, 5314/13, 5315/16,
5401/02, 5403/04, 5406/05, 5408/07, 5410/09, 5411/12, 5414/13, 5416/16,
5501/02, 5503/04, 5506/05, 5508/07, 5510/09, 5511/12, 5514/13, 5515/16,
5601/02, 5603/04, 5606/05, 5608/07, 5610/09, 5611/12, 5614/13, 5615/16.

Building 6
Island View (all)
6127/25, 6128/26, 6129/31, 6130/32, 6133/35, 6136/34, 6154/53, 6156/66, 6157/58, 6227/25, 6228/26, 6229/31, 6230/32, 6233/35, 6236/34, 6240/38, 6242/44, 6254/53, 6256/55, 6257/58,
6327/25, 6328/26, 6329/31, 6330/32, 6333/35, 6336/34, 6340/38, 6342/44, 6354/53, 6356/55, 6357/58
6427/25, 6428/26, 6429/31, 6430/32, 6433/35, 6436/34, 6440/38, 6442/44, 6446/45, 6447/48, 6450/49, 6451/52, 6454/53, 6456/55, 6457/58
6527/25, 6528/26, 6529/31, 6530/32, 6533/35, 6536/34, 6540/38, 6542/44, 6546/45, 6547/48, 6550/49, 6551/52, 6554/53, 6556/55, 6557/58,
6627/25, 6628/26, 6629/31, 6630/32, 6633/35, 6636/34, 6646/45, 6647/48, 6650/49, 6651/52, 6654/53, 6656/55, and 6657/58

Building 7
Island View
7160/59, 7161/62, 7170/69, 7172/71, 7174/73, 7176/75, 7178/77, 7180/79, 7182/81, 7184/83,
7260/59, 7261/62, 7263/64, 7278/77, 7280/79, 7282/81, 7284/83,
7360/59, 7361/62, 7363/64,
7460/59, 7461/62, 7463/64,
7560/59, 7561/62, 7563/64,
7660/59, 7661/62, 7663/64

Ocean View
7167/68,
7265/66, 7267/68, 7270/69, 7272/71, 7274/73, 7276/75,
7365/66, 7367/68, 7370, 7372/71, 7374/73, 7376/75, 7378/77, 7380/79, 7382/81, 7384/83,
7465/66, 7467/68, 7470/69, 7472/71, 7474/73, 7476/75, 7478/77, 7480/79, 7482/81, 7484/83,
7565/66, 7567/68, 7570/69, 7572/71, 7574/73, 7576/75, 7578/77, 7580/79, 7582/81, 7665/66, 7670/69, 7672/71, 7674/73, 7676/75, 7678/77

Building 8
Ocean Front (all)
8101/02, 8103/04, 8105/06, 8107/08, 8110/09, 8112/11, 8114/13
8201/02, 8203/04, 8205/06, 8207/08, 8210/09, 8212/11, 8214/13
8301/02, 8303/04, 8305/06, 8307/08, 8310/09, 8312/11, 8314/13
8401/02, 8403/04, 8405/06, 8407/08, 8410/09, 8412/11, 8414/13
8501/02, 8503/04, 8505/06, 8507/08, 8510/09, 8512/11, 8514/13
8603/04, 8605/06, 8607/08, 8610/09, 8612/11, 8614/13
 
Ooooh Denise, this info should be a sticky! Excellent. Thanks Lisa. Bummer about the IV.
 
SDKath said:
Ooooh Denise, this info should be a sticky! Excellent. Thanks Lisa. Bummer about the IV.
Click to expand...

I believe it is linked on the map for WKORV-N (in Owner Resources - top of forum.) :hi:
 
I was told that there was a another North auction in Dec'10 and most of the ones on the current list were on the last - the week 52 unit is new.

I wonder what happened? Were they not auctioned?
Also wonder if the South ever had an auction of foreclosures?

It would be nice if the HOA informed the Owners about the recovery since we are floating the foreclosed MFs.
 
DavidnRobin said:
It would be nice if the HOA informed the Owners about the recovery since we are floating the foreclosed MFs.
Click to expand...

I agree. And if they gave more notice, we could actually assign a proxy to do some bidding for us.
 
Hi all.

Totally new to this BB but am sitting in my KORV-N place right now!!!:whoopie:

I am going to try and make the auction. Anyone have any words of wisdom on buying something at a foreclosure auction? :shrug:

THanks for all of your posts on this site. They are VERY informative and interesting to read. As i say, I don't need to absolutely win on all of my Starwood transactions, but i don't want to get the crap beat out of me everytime either.

Eric
 
Eric,

I believe with auctions nothing is guaranteed so you need to do research to make sure that all debt is paid. I am not 100% sure but you may inherit large debts from the previous owners that you would all of a sudden be responsible for. There is no chance to do title searches with these units... Safer to buy from ebay!

Katherine
 
I'm pretty sure ALL debt is wiped out at a foreclosure auction. If you look at the fine print in the auction notice, it says the "Association will do a credit bid of the balance due." I think the "balance due" creates the opening bid (by the Association). In other words, if the association can "sell/auction" a unit for more than the balance due, it becomes open bidding. If no one bids the balance due, the Association will own it.

Again ... not an expert ... just going from memory at a similar auction for vacation property/second home (whole ownership, not timeshare -- but same concept -- I didn't win as others were willing to pay much more than I was -- story of my life). The other thing I remember is being required to have certified funds (or an acceptable bank guarantee as a substitute) to get a bid card.
 
Yes, as with a lot of things with the government and banks, it is probably a lot more complicated than i would like......uggghhhh.:annoyed:

I still will probably get over there for the auction and i'll write a report on the event & prices if i do. Might be a great learning experience.

Thanks for the help

Eric
 
I for one would be very interesting in hearing a report from the auction - so TIA if you go. It is weird that these VOIs are mostly the same from the December auction - what happened - no bidder? auction price too low? legal issue? etc?

I wonder if they have done these auctions for the south resort?

That week 52 has value - IMO - the rest I would let go unless specifically looking to buy WKORVN resale (they would have to be pretty cheap IMO - since WKORVN resales are low and getting lower on the regular market w/o hassle)
 
jerseygirl said:
I'm pretty sure ALL debt is wiped out at a foreclosure auction. If you look at the fine print in the auction notice, it says the "Association will do a credit bid of the balance due." I think the "balance due" creates the opening bid (by the Association). In other words, if the association can "sell/auction" a unit for more than the balance due, it becomes open bidding. If no one bids the balance due, the Association will own it.

Again ... not an expert ... just going from memory at a similar auction for vacation property/second home (whole ownership, not timeshare -- but same concept -- I didn't win as others were willing to pay much more than I was -- story of my life). The other thing I remember is being required to have certified funds (or an acceptable bank guarantee as a substitute) to get a bid card.
Click to expand...

This is correct. One of the reasons that lien holders do foreclosures is to "strip" any other liens. This was a very accurate and succinct post!

elaine
 
Be Careful

I cant speak with 100% authority,(Im not an attorney nor do I live in Hawaii) but as a real estate agent, I have seen condos in Florida brought to foreclosure by an HOA for past due condo fees. The successful bidder gets the property subject to any outstanding mortgage Which begs the question here: If there is a mortgage; who owns it? ....the developer? or did they sell it? If they did sell it, was there a "put" feature built into the deal requiring them to take it back in case of default?

So if there is a mortgage, the new owner, whether it be the association or the original developer, or someone off the street, wont be able to re sell the week, without dealing with the mortgage... but I suppose they could rent it
 
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