Marriott BUYBACKS AND TAKEBACKS [2012 / Ongoing]

[Saintsfanfl]

150 days to close.

Do they not pay until the closing is completed? 150 days seems extremely long for the closing considering most resales are 30-90.

 

[Beefnot]

Donateforacause.org is highly questionable to fraudulent. They will require you to pay them an upfront fee (yes, you will have to pay them to donate your week) and then they will provide you with a grossly inflated tax write-off amount. That tax write-off number is not legitimate and if challenged will never hold up. You could make a case if you paid retail but technically that still does not satisfy the requirement.

Only in the unlikely event you are audited, and if so, plausible deniability will keep you out of prison. After pocketing the tax deduction, just set aside in an account for 7 years. Now, the interest and penalty (possibly waivable) might change the calculus.

 

[tschwa2]

They don't necessarily do it faster and in fact they don't even send you the paper work to get the deed notarized in some cases for 120 days. Once you get your paperwork back to them it takes about a week to record it and get your check. You would think for $500-$750 the closing documents could be prepared a little faster. If you didn't buy directly from Marriott they also do a title search which accounts for some of the time but not all of it. In some cases the closing takes around 60 days but for both my ROFR exercised and buy back offers I was told that it would be at least 90-100 days and possibly 120 days.

 

[Saintsfanfl]

Only in the unlikely event you are audited, and if so, plausible deniability will keep you out of prison. After pocketing the tax deduction, just set aside in an account for 7 years. Now, the interest and penalty (possibly waivable) might change the calculus.

Except now there is a thread proving intent and negating the "plausible deniability" defense.

Giving advice on income tax evasion should not be allowed in this forum.

 

[Beefnot]

Except now there is a thread proving intent and negating the "plausible deniability" defense.

Giving advice on income tax evasion should not be allowed in this forum.

Proving intent for whom? Only for someone who has posted in the forum insofar as the IRS takes the time to read TUG. As for tax advice, goes both ways compadre.

 

[Saintsfanfl]

Proving intent for whom? Only for someone who has posted in the forum insofar as the IRS takes the time to read TUG. As for tax advice, goes both ways compadre.

I wasn't giving tax advice. I was simply pointing out the fact that Donate for a Cause grossly inflates the tax deduction numbers in order to lure people to pay an upfront fee. They sell the upfront fee as something paid for by the massive tax deduction for a timeshare worth little to nothing. This is a fact. To each their own on their tax return but I was just making the OP aware of their fraudulent approach.

 

[Beefnot]

I wasn't giving tax advice. I was simply pointing out the fact that Donate for a Cause grossly inflates the tax deduction numbers in order to lure people to pay an upfront fee. They sell the upfront fee as something paid for by the massive tax deduction for a timeshare worth little to nothing. This is a fact. To each their own on their tax return but I was just making the OP aware of their fraudulent approach.

I am ignorant of whether they do or do not inflate the values, so I'll defer to your knowledge on that. However, I construed your assertion as to its subsequent illegitimacy and inability to satisfy IRS requirements to be tax advice. Granted, it may well align with what many, most, or all, tax accountants may advise, and it was not prescriptive or somewhat flippant like my comment, but I would consider it advice nonetheless.

 

[Saintsfanfl]

I am ignorant of whether they do or do not inflate the values, so I'll defer to your knowledge on that. However, I construed your assertion as to its subsequent illegitimacy and inability to satisfy IRS requirements to be tax advice. Granted, it may well align with what many, most, or all, tax accountants may advise, and it was not prescriptive or somewhat flippant like my comment, but I would consider it advice nonetheless.

Point taken.

To elaborate on the so called "donation" scheme, if the donation actually had value, you wouldn't have to write them a check to take it.

To get more specific on the inflated donation value, they gave a "donor" a $20K deduction value on a Villas at Doral Silver Season week that they turned around and sold for on ebay for less than zero (free usage). Do we know for sure that value is inflated? Marriott sells a Doral Gold for only $6K. I don't think that Silver week went for $20K at full freight! They do this on all their so-called "donations for an up front fee".

You aren't supposed to be under caveat emptor when you are making a donation to charity but that's what it is.

All that said at least they appear to transfer the deeds out of the donors names right away, which is more than can be said for most other PCC's. At least the ones I have seen were already transfered.

 

[KHarm]

Do they not pay until the closing is completed? 150 days seems extremely long for the closing considering most resales are 30-90.

That is my understanding so far and it appears the laws in South Carolina are different as well.

 

[Carolyn]

Marriott's Legends Edge

I have a platinum week. Does anyone know if Marriott is buying back this resort. Otherwise I need to sell it (at a great loss). Thanks.

 

[dioxide45]

I have a platinum week. Does anyone know if Marriott is buying back this resort. Otherwise I need to sell it (at a great loss). Thanks.

Check out this thread. Seems the only way to know for sure is to Call MVCI Resale Department.

 

[thinze3]

Got a BeachPlace Towers offer from MVCI Resales

I just received this offer from Marriott for my BeachPlace Towers platinum unit. It is higher than the recent eBay sales we have seen and very close to what I paid for it several years ago.

At this time, Marriott Vacation Club International (MVCI) is extending an offer to purchase your Platinum Season 2 Bedroom Excellent View week at Marriott’s Beach Place Towers for $5,800 less $500 administrative and processing fees. At closing, your approximate net proceeds will be $5,300*. The first year occupancy to MVCI will be 2014. The closing timeframe is anticipated to be within 120 days of your acceptance.

 

[Saintsfanfl]

I just received this offer from Marriott for my BeachPlace Towers platinum unit. It is higher than the recent eBay sales we have seen and very close to what I paid for it several years ago.

Nice! It is good to see they aren't just gobbling up Bronze and Silver.

 

[GregT]

Terry,

What is the deeded week? I know it's a floating unit, but I'm curious what the underlying week is for this unsolicited offer?

Thanks!

Greg

 

[tschwa2]

Was it unsolicited or did you ask what they would be offering?

 

[Saintsfanfl]

Terry,

What is the deeded week? I know it's a floating unit, but I'm curious what the underlying week is for this unsolicited offer?

Thanks!

Greg

When they fold a buyback into the trust does it still float or does the trust view it as fixed?

 

[GregT]

When they fold a buyback into the trust does it still float or does the trust view it as fixed?

My theory (totally unsubstantiated) is that when a week is put into the Trust, that week becomes like a fixed week to the Trust.

Accordingly, I believe Marriott will place a higher "value" on a Floating Week that has a good deeded week underneath it.

Conversely, the Floating pool (for that specific week) would get a little bit smaller for legacy week owner reservations.

I also believe that, for MOC, this is why Marriott has limited the weeks in the trust such that no specific week in the Trust contains more than 20% of the total floating weeks deeded for that week -- ie, currently 80% (or more) continues to reside for Legacy Owners, and 20% exist for Trust Owners.

Again....a theory at this point.

Best,

Greg

 

[thinze3]

I own week 03.

It was not unsolicited. I signed all my timeshares up with Marriott resales back in the day when they were selling at full retail. This week would have been about $30 retail, and if it sold I would have received $18K less closing fees.

I also received an offer last year from MVCI Resales for my Waiohai. I almost took it, but didn't because of it having the most potential in the DC.

 

[mikeb1]

It looks like Resales values Beach Place more than Ocean Pointe. I recently rec'd a reply form them about my platinum and gold units as follows:

At this time, Marriott Vacation Club International (MVCI) is extending an offer to purchase your Platinum Season, Two Bedroom, Ocean Side week at Marriott’s Ocean Pointe for $4,300 less $500 administrative and processing fees. At closing, your approximate net proceeds will be $3,800*(per week). Marriott Vacation Club International (MVCI) is also able to extend an offer to purchase your Gold Season Two Bedroom Ocean View week at Marriott’s Ocean Pointe for $2,900 less $500 administrative and processing fees. At closing, your approximate net proceeds will be $2,400*. The first year occupancy to MVCI will be 2014. The closing timeframe is anticipated to be within 120 days of your acceptance.

 

[Saintsfanfl]

It looks like Resales values Beach Place more than Ocean Pointe. I recently rec'd a reply form them about my platinum and gold units as follows:

Probably has to do with the Ocean Side view at Ocean Pointe where Beachplace owners almost always can have Ocean Front if they want it or they just don't have enough BeachPlace right now. Or a bit of both.

 

[saturn28]

It looks like Resales values Beach Place more than Ocean Pointe. I recently rec'd a reply form them about my platinum and gold units as follows:

I was offered $4300 for my Harbour Lakes platinum week and $5500 for my Marriott Grande Vista platinum week. I would have thought that Ocean Pointe platinum would be worth more than my 2 resorts in Orlando.

 

[thinze3]

FWIW my BeachPlace rented for the most ever this year. It was a higher price than I will be able to rent my summer week at Waiohai for.

This is from Redweek.

 

[pwrshift]

It looks like Resales values Beach Place more than Ocean Pointe. I recently rec'd a reply form them about my platinum and gold units as follows:

I am an original owner of BP 2 weeks and was offered OP plat before it opened for $4000 less than what I paid for BP so Marriott may still 'value' BP at a higher price. The 2 resorts are really quite different and appeal to different types of buyers. In addition, 2 bdrm condos on either side of BP sell for millions still.

Brian

 

[dioxide45]

My theory (totally unsubstantiated) is that when a week is put into the Trust, that week becomes like a fixed week to the Trust.

Accordingly, I believe Marriott will place a higher "value" on a Floating Week that has a good deeded week underneath it.

Conversely, the Floating pool (for that specific week) would get a little bit smaller for legacy week owner reservations.

I also believe that, for MOC, this is why Marriott has limited the weeks in the trust such that no specific week in the Trust contains more than 20% of the total floating weeks deeded for that week -- ie, currently 80% (or more) continues to reside for Legacy Owners, and 20% exist for Trust Owners.

Again....a theory at this point.

Best,

Greg

Greg, it would be very interesting if MVCI was treating deeded floating weeks as fixed when they fold them in to the trust.

It definitely would be very interesting to know how MVCI is allocating floating weeks among the different pools for reservation purposes.

 

[davemy]

Happy and Sad Day.

:whoopie:Today Marriott offered to buy back my Beachplace towers and I accepted. The very first day that Marriott rolled out the DC I contacted resales and told them I wanted them to sell it. How long ago was that? I bought this direct from marriott 13years ago. We have had wonderful Family Vacations. My Kids are now 22 and 18. They are going to be bummed, but i still will own Grand Chateau that i primarily use as a trader. This timeshare doesn't owe me a dime. The value that i have gotten out of this Timeshare over the years far exceeds the money they are paying me.
One of the reason I am selling is the ease, that this process is going to be and now that my kids are not on a school schedule I can travel anytime I want and I think I will be just fine renting. I know someone will ask, It was platnium and I will be netting $5300.00 dollars. If i would have never bought this timeshare, I would have never been able to go to Hawaii, Aruba, Newport Beach, and Oceanwatch on points.