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Offended my MIL's client with $100 offer for his 4LBR Woodstone Massanutten TS

Discussion in 'Buying, Selling & Renting Timeshares' started by Grammarhero, Dec 4, 2019.

  1. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Lifetime Member

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    My MIL's client has a 4LBR Woodstone Massanutten that he paid $10k. My MIL tells her client that I am really into TS. He wants $5k. I counter $100 and that I would pay closing costs, for which he apparently got offended saying he paid $10k and that I was low-balling his "investment."

    IMHO, he was lucky that I offered $100 and to pay closing costs.
     
    dgalati, silentg, RX8 and 5 others like this.
  2. Synergy

    Synergy TUG Member

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    Boy, that's sad. Unless it's in points already And is a particularly high season week, that's the best offer he could possibly hope for =/
     
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  3. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Lifetime Member

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    I wonder if he will ever come back to me months later after failing to pitch to other folks. Normally, I'd offer $1 with seller paying closing costs, but I thought I'd give him something as my MIL's long-term client.
     
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  4. klpca

    klpca TUG Review Crew: Veteran TUG Member

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    I've apparently offended someone on Redweek that has a fixed week unit that I would like. The broker told me that they won't consider any offers from me, lol. Good market value (recent sales) is $1500. That's what I offered in July. They are asking $3500 plus closing. In Oct I offered $2k plus closing, that's when the broker let me know that they were offended. It's still sitting there and now they have 2020 maintenance fees to pay. Oh well, their loss!
     
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  5. vacationtime1

    vacationtime1 Tug Review Crew: Rookie TUG Member

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    I'd wait until the beginning of the new year (when the MF's are payable) and go back and offer $1,500 - $2,000 + reimbursement of 2020 MF's, assuming you can close in time to use the fixed week in 2020. That will look like about $3,500 to these sellers. Perhaps making the offer in a friend's name (adding "or nominee" to the prospective purchaser in the written contract, so you can substitute in) so as not to offend the easily offfended.
     
    Last edited: Dec 4, 2019
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  6. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Some people think they made a smart move, back in the day. Not true, in most cases. What’s the old adage? “None are so blind as those who will not see.” Or maybe, “Ignorance is bliss.”

    There was a visitor to Tug a few months ago who was ready to pay a PCC to get rid of a Grandview timeshare. They complained “nothing” worked to get out of the t/s. I suggested rather than paying a PCC a big fee with questionable results, offer it free on Tug, pay closing, and maybe even offer a cash incentive to the buyer. They’d still be way ahead. Funny, the timeshare was gone within a few days.

    I hope your offer gets reconsidered, and you get the deal you want.

    Dave
     
    Last edited: Dec 4, 2019
  7. Fredflintstone

    Fredflintstone TUG Member

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    That was a very generous offer. I would have offered a dollar, seller pay closing AND 2020 maintenance fees paid.




    Sent from my iPad using Tapatalk
     
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  8. geist1223

    geist1223 Guest

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    Sounds like this is the type of person that will pay an organization $2,000 to 3,000 up front to move it along.
     
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  9. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Lifetime Member

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    I wonder if PCCs or exit companies promise their owners outrageous projected sales prices. If I do get 4LBR Massanutten TS, it will probably be for free.
     
  10. bnoble

    bnoble TUG Member

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    This is a good reason not to mix family with business. There is no good way to convince someone that they paid 5 figures for something that just a few short years later has no (or negative) value, unless they've already looked hard in the mirror and acknowledged it for themselves. A simple: "That's not something that would be a good fit for me right now" would have been enough.
     
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  11. tschwa2

    tschwa2 Tug Review Crew: Rookie TUG Member

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    I expect that if I offer $4900 less than asking price the other party might get offended. It is what it is. If they have had it for sale for more than a year they are less likely to get offended even with an offer much less than asking.
     
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  12. qlaval

    qlaval TUG Member

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    Once reality 101 sinks in (in a few years) they will finds themselves dumb for saying no...
     
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  13. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    They will probably pay someone to take it off their hands
     
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  14. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Lifetime Member

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    I've been wanting to get a 3BR or 4BR for really cheap, just to have in case I want Wyndham PIC.
     
  15. bnoble

    bnoble TUG Member

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    Fair warning: early on in one's resale timesharing career, it is quite easy to buy a lot more than you eventually will need or even want. Buying them is really easy, and takes almost no money. But, getting rid of them is much harder, and you have MFs to pay in the meantime.

    "Just to have in case I want..." is one of the warning signs. :)
     
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  16. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Lifetime Member

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    you’re right. Wife says I have enough with seven (7) TS.
     
  17. pedro47

    pedro47 TUG Review Crew: Expert TUG Member

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    I wish all the timeshare developers would come together and do to a flat offer to the original owners liked 1/3 of the original selling price. This would create a true timeshare property investment for both parties IMO.

    The developer could take a loss on the property.
     
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  18. CalGalTraveler

    CalGalTraveler TUG Member

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    @klpca if they come back I would lower the offer for your time and headache. Alternatively, if you think they would bite you could go back to the agent, say that you see it's still for sale and offer a lower amount.

    In the case of MIL client, even if they come back I would not go for it. Perhaps it's a good sign that it didn't go through. What if something got hung up in the deal and your MIL lost a client? You'd have a mad MIL...
     
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  19. Bearster

    Bearster Guest

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  20. Bearster

    Bearster Guest

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    It is possible to get Woodstone 4bdrs timeshares corresponding to prime calendar weeks for $100 or less. I will be likely giving my ski week, July 4th week, and/or Labor Day week away shortly to anyone willing to pay the closing costs. There are fewer of these timeshare weeks for large units at Woodstone now on the resale market than last year because of positive reviews of the renovations that started this year, but there are always people who are too old to use their weeks and, therefore, are willing to sell for nothing.
     
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  21. JohnPaul

    JohnPaul TUG Review Crew: Expert TUG Member

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    A seller on eBay has something I’d like at the right price. 54 EOY RTU points w Vacation Internationale that stop around 2029.

    I like that it ends about the time I’m 75.

    He’s basically asking $1000 including the $299 transfer fee. He’s listed it at least 3 or 4 times. I offered $500 all in and got a terse “No thanks”.
     
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  22. Sugarcubesea

    Sugarcubesea TUG Member

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    I had a buyer come back to me a year after I made him a fair and reasonable offer for his TS. At the time he countered back to me with only a $100 off his ridiculous asking price and told me I’d never find a better deal. I declined and then about a year later after he had it for sale for over 3 years on red week tells me he will take me offer.

    I had to tell him I already bought what I wanted at the same fair price I offered him the year before. It’s sad these folks want to get what they paid the developer and it’s never going to happen
     
  23. gatorray

    gatorray TUG Member

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    You could argue that it’s hard to get your money’s worth buying a TS but our 2007 purchase of a Platinum deeded week from a broker was not a bad deal back then and we don’t regret the purchase even if we had to dig deep for it. We either used the week including the lockout for guests of ours or rented the lockout over the 12 yrs.

    This past January and February we visited our resort in Florida for our annual week’s visit supplemented by a rental week from a third-party. Both transactions went smoothly but the visit did not. Because of multiple reasons including health issues and travel logistics we decided to sell our deeded week and the renter was happy to make an offer that we readily accepted. (It was a fair and reasonable offer for a property we had utilized personally or rented out the lock-off for 12years). The intended buyer chose the purchase figure based on past experience with Marriott and it’s ROFR requirement. Much to his chagrin, even his fairly generous offer was scooped up by Marriott exercising it’s ROFR for this prime deeded week. That transaction did not go smoothly relative to the unknown maintenance fee for 2020 as it had not yet been determined during the Spring discussions. The proposed buyer had estimated a 3% increase in the MF from 2019 and I agreed to that and paid it. That paid fee was rejected by Marriott without my knowledge and another unapproved MF was substituted via the resale department in Orlando. It was some $300 greater than our previously agreed figure. It was not very transparent in the documents except on the final summary page, but I picked up on it and demanded that they follow the terms of the original contract’s ROFR terms as Marriott is required to do. (Honest mistake you say? Maybe…..). They did so with no comment and the transaction eventually went through after several weeks. I got my check and we no longer own any stake in Fla. We retain our other 2 wks on the Coast of S.C. much closer to our residence in NC. Truly, there is a time to sell and we had no problems doing so except as noted. Hopefully, we can enjoy our other two weeks for several more years. If you are a seller, it is tricky to price your week correctly so that the buyer gets what he/she wants. Rather than build new resorts, Marriott is slowly re-acquiring many deeded weeks, renting them out at very high prices and doing its best to pay as little as possible to willing (and sometimes desperate sellers) and adding extra (fictitious) charges when they can get away with it, in my opinion. Everything about the seller’s transaction is in house so they don’t have to hire new staff, advertise, etc. Their re-sales division merely has to sit back and wait for all of the third party buyer offers to come across their desk and then swoop down and take the primo properties back. The seller has no recourse except to sell to Marriott at this stage. As long as the agreed-upon price is met, the seller comes out OK but he/she had better read the terms and figures in fine print as I did. A good example of “trust but verify“. (Apologies to President Reagan). Overall, an interesting experience with a pleasant but drawn-out result. Those sellers who own inland properties from lessor interval companies probably would never fare as well as we did. We purchased the original week from a third-party back in the day when sellers could command premium prices albeit they were still lower than developer prices by about 30%. The industry has greatly changed. The points system generates a ton of money for Marriott and others. Were we looking for a high quality vacation week thru interval ownership today, we would not likely pursue it like we did in 2006 and 2007 if a deeded week were not available. Knowing about TUG and the current resale market for deeded weeks would make all the difference in the world, however.
     
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  24. LannyPC

    LannyPC TUG Member

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    Definitely. After all, didn't the sales people convince the owners/buyers that these products would hold their (or even increase in) value? Who would intelligently buy a product that would lose 95% of its resale value?

    This also explains why so many people fall for the upfront fee resale scam.
     
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  25. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    You'd think he'd counter, and offer to split the difference. Must not be of any financial concern to him, or he's convinced eventually, someone will come along and pay his price.

    On the other hand, how long would it take you to amortize out that other $500 between your price and his? If it ends in 2029, that's ten years of use. Is it worth an extra $50 per year to you to own that unit? Food for thought.

    Dave
     

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