7000 pt auction on eBay

[Talent312]

Not to encourage this line of thought, but...

1. HGVC would likely value the contract by the cost of replication of the consideration furnished; and
B. Is probably well-aware of the transfer to trust or corporation trick and would disallow it, absent a waiver of ROFR for that transfer.

Speculating on how to commit fraud in a real estate transaction is not helpful.

 

[jrc]

I've contacted bkassets via email and eBay and haven't received a response. It's been several days. No news yet.

 

[glypnirsgirl]

I've contacted bkassets via email and eBay and haven't received a response. It's been several days. No news yet.

I have dealt with them a couple of times. I have never won an auction, but I have bid on several. They have always taken two or three days before answering.

elaine

 

[jrc]

My experience has not been a short 3 day wait.

One is free to deal with bankruptcy auctions / BKAssetts or not. I'm just updating on the process.

In the interim between winning this auction and now, I've won another auction for a 4800 point Flamingo that is also going through the Hilton ROFR (yes, they still send the Flamingo paperwork through) process, and is taking longer than my first purchase did a couple months ago. I believe we're on 14 business days with the Flamingo purchase. My first one took 9 days.

Edit: less than a minute after posting this, I received an email notifying me that my Flamingo paperwork was returned as processed and ownership transfer is taking place. That purchase has now magically leapfrogged my BKAssetts auction purchase.

 

[jrc]

Called BKAssetts today and got ahold of someone. Hilton did buy it back. A return of the deposit and fee is being sent via postal mail.

 

[jsb15]

It was an interesting thought to transfer it to a trust for ownership and then changing trustees but HGVC would not recognize trust ownership per se. I tried to get them to allow that with my purchase partly to expand the number of family members that might use open season and to avoid probate issues. Ultimately the ownership is listed as Mr. Jones, trustee and Mrs. Jones, trustee. I have yet to try to avoid a guest fee or have another trustee use the timeshare open season but they did receive the trust documents for the transfer and the trust does allow appointment of new trustees.

 

[jrc]

What's the incentive for the seller to go through all this trouble to avoid ROFR? They get paid regardless.

 

[rgong]

Called BKAssetts today and got ahold of someone. Hilton did buy it back. A return of the deposit and fee is being sent via postal mail.

Thanks for keeping us updated on this process, jrc.

Saw another HGVC (Las Vegas Hilton, 5000 pts) listed on ebay by bkassets that ended up going for $520 ($2600 in back fees). With such a low winning bid I'm guessing Hilton will buy that one back too, unless they don't want to forfeit the $2600 in back fees the buyer would have to pay. Effectively a $3100 sale for a 2br gold, so Hilton will still probably exercise ROFR...

 

[jrc]

An update on the process:

Auction won on Feb. 16
ROFR document received for signing on Feb. 18
ROFR document returned to bkassets.com signed: Feb. 18
ROFR document sent by bkassets.com to Hilton: Feb 25
ROFR document returned to bkassets.com due to error by bkassets.com
Corrected ROFR document sent by bkassets.com to Hilton: Mar. 1
Contacted bkassets.com regarding ROFR status: Mar. 14
Contacted bkassets.com regarding ROFR status: Mar. 27
Received reply that ROFR had been exercised: Mar. 28
Bkassets.com states that check refunding fees will be mailed: Mar. 28

At this time, nothing has been received. Will alert when the check arrives to give an idea of how long this process can take start to finish.

 

[jrc]

Sent by BKAssetts.com on March 28:

"We will send check to you tomorrow for the full winning bid price, and the document prep fee."

11 postal days later there has been no sign of the check.