Another Marriott ROFR waived

[Andar]

Bought on Ebay, Oct. 30th: EOY Shadow Ridge ($2,800). Just recieved information it did pass. :whoopie:

 

[Quimby4]

Plat, Gold, bronze?

Congrats!!

 

[Andar]

oops, sorry Quimby4, it was Gold. Congrats on your recent purchases too!
I did put it on the ROFR data sheet. It hasn't closed but they did waive their right so I guess it should go there.

 

[dioxide45]

oops, sorry Quimby4, it was Gold. Congrats on your recent purchases too!
I did put it on the ROFR data sheet. It hasn't closed but they did waive their right so I guess it should go there.

Yes, it should go on the database. Even if the deal does not close (for whatever reason) the ROFR was still waived and is accurate. It doesn't have to be a completed sale to be posted to the database.

 

[Andar]

Bought on Ebay Oct. 11th
ROFR waived Dec 11
Just got the warrenty deed

 

[jhm40cu]

Bought on Ebay, Oct. 30th: EOY Shadow Ridge ($2,800). Just recieved information it did pass. :whoopie:

Wow, that's an awesome deal! Congrats!

 

[dougp26364]

Man this is killing me. I'd LOVE to buy another Marriott week at these prices but, I already own to many weeks and then weeks I'd like to get rid of have a value of approx. $1.......if I could even get that much out of them. I just can't use another week and I really can't afford another Marriott maintenance fee.

Darn the rotten luck of bad timing. If I had jumped on the DRI buyback bandwagon sooner, I would have completed the selling back of those units before the market crashed and DRI withdrew their offer. Then I'd have 3 Marriott weeks, probably a little cash in my pocket, lower overall MF's and be rid of 2 weeks with a company I really don't trust anymore.

Like my dad use to say, timing is everything. This time my timing was off. Guess I'll just have to make the best use of what we own.

 

[winger]

Man this is killing me. I'd LOVE to buy another Marriott week at these prices but, I already own to many weeks and then weeks I'd like to get rid of have a value of approx. $1.......if I could even get that much out of them. I just can't use another week and I really can't afford another Marriott maintenance fee.

Darn the rotten luck of bad timing. If I had jumped on the DRI buyback bandwagon sooner, I would have completed the selling back of those units before the market crashed and DRI withdrew their offer. Then I'd have 3 Marriott weeks, probably a little cash in my pocket, lower overall MF's and be rid of 2 weeks with a company I really don't trust anymore.

Like my dad use to say, timing is everything. This time my timing was off. Guess I'll just have to make the best use of what we own.

yes, just enjoy what you have !

 

[djplaw123]

ROFR Waived

Purchased Red Week at Desert Springs - 2 BR for 6K. Marriott waived the ROFR and deeds were signed yesterday.

 

[thinze3]

Purchased Red Week at Desert Springs - 2 BR for 6K. Marriott waived the ROFR and deeds were signed yesterday.

I recently bought an annual Red DSV II for $3450 and it passed ROFR.

 

[travelplanner70]

Where did you find such a great price? Thanks for sharing the info.

 

[tango4u]

I recently bought an annual Gold DSV II for $2477 on Ebay and it passed ROFR last week. Deed sent out for recording as well (not get it back yet).

 

[thinze3]

Where did you find such a great price? Thanks for sharing the info.

On eBay.

http://www.tugbbs.com/forums/showthread.php?t=87547

 

[TSResalez]

Man this is killing me. I'd LOVE to buy another Marriott week at these prices but, I already own to many weeks and then weeks I'd like to get rid of have a value of approx. $1.......if I could even get that much out of them. I just can't use another week and I really can't afford another Marriott maintenance fee.

Darn the rotten luck of bad timing. If I had jumped on the DRI buyback bandwagon sooner, I would have completed the selling back of those units before the market crashed and DRI withdrew their offer. Then I'd have 3 Marriott weeks, probably a little cash in my pocket, lower overall MF's and be rid of 2 weeks with a company I really don't trust anymore.

Like my dad use to say, timing is everything. This time my timing was off. Guess I'll just have to make the best use of what we own.

Anyone know if marriott is making any offers to purchase owner's weeks? and at what prices?

 

[mlfrancis]

Marriott resales

I've been on the list to sell my Grande Vista week back to Marriott for over a year now ... they've gotten to 99% sold out but have been stagnating at that point for several months now ... I don't really need to sell, which is why I won't take the offers of $3K I've gotten elsewhere ... I'm just holding out and if I sell it, so be it.

But I did get a letter from Marriott in November asking if I was still interested in selling back to them - I took that as a positive sign that they're getting close. The last I was told was a little under $12K for a 2BR gold week.

 

[tombo]

I've been on the list to sell my Grande Vista week back to Marriott for over a year now ... they've gotten to 99% sold out but have been stagnating at that point for several months now ... I don't really need to sell, which is why I won't take the offers of $3K I've gotten elsewhere ... I'm just holding out and if I sell it, so be it.

But I did get a letter from Marriott in November asking if I was still interested in selling back to them - I took that as a positive sign that they're getting close. The last I was told was a little under $12K for a 2BR gold week.

I wish you luck but don't hold your breath. Marriott would be stupid to buy back inventory for $10k to $12k when they aren't acquiring weeks available to them for $2000 or $3000 by exercising ROFR. Using ROFR is the cheapest way for Marriott to get new inventory, but even at the current low prices Marriott doesn't want any more inventory, so they aren't ROFR'ing much less buying back weeks from owners.

 

[thinze3]

Marriott is always 98-99% sold at "sold out" locations. There is always a steady flow of transactions that allows them to step in and get whatever they want through ROFR. The two platinums I am purchasing now are both at "sold out" resorts and I paid 15% retail for one and 20% for the other. Marriott had no interest in either of them.

There is NO chance that Marriott would buy these back from anyone at 60% retail anytime (years) soon.

 

[purduealum91]

Terry,

Congrats on your purchases! I too am very happy! I just purchased a 2br Platinum Lock-out, eoy for $1,000 including all costs. Yippeee!

Tommy

 

[neatnik]

purchased Manor Club at Ford's Colony in Sept. on Ebay for 550.00 rofr waived transaction complete-title transferred purchase confirmed last week-was able to trade to Fairway villas at Seaview - Sept. week - looking forward to time at the Jersey Shore

 

[TSResalez]

I wish you luck but don't hold your breath. Marriott would be stupid to buy back inventory for $10k to $12k when they aren't acquiring weeks available to them for $2000 or $3000 by exercising ROFR. Using ROFR is the cheapest way for Marriott to get new inventory, but even at the current low prices Marriott doesn't want any more inventory, so they aren't ROFR'ing much less buying back weeks from owners.

Does anyone know if there is a list somewhere here or online of all offers made to owners. This would be a valuable asset to tuggers and timeshare owners in general. A place for them to go and see past and current offers on there weeks so they may be better informed!

 

[FlyerBobcat]

Does anyone know if there is a list somewhere here or online of all offers made to owners. This would be a valuable asset to tuggers and timeshare owners in general. A place for them to go and see past and current offers on there weeks so they may be better informed!

This is the best I know of... http://dioxide45.tripod.com/rofr.html

 

[m61376]

Marriott is always 98-99% sold at "sold out" locations. There is always a steady flow of transactions that allows them to step in and get whatever they want through ROFR. The two platinums I am purchasing now are both at "sold out" resorts and I paid 15% retail for one and 20% for the other. Marriott had no interest in either of them.

There is NO chance that Marriott would buy these back from anyone at 60% retail anytime (years) soon.

I am not so sure of that. When Marriott resells a unit, taking a 40% commission, it is not actually buying back the unit for 60% retail. It is really acting like a broker of sorts, so it may not actually be laying out money; I don't think Marriott actually buys back the unit at 60% and then first looks for a buyer. I think Marriott first has a willing buyer and then buys back the unit. Thus, Marriott doesn't incur the capital outlay expense which is a biggie in this credit market.

I think the credit crunch is so great that Marriott is passing on opportunities to nab bargain basement prices but may tap into the resale list at those same resorts if they have willing buyers and don't have developer inventory in the category the buyer wants, despite possibly having waived prices that were much less but required capital outlay.

 

[thinze3]

On a $30K unit, I say Marriott would simply buy a unit for $6K using its ROFR process vs. paying someone on the waiting list $12K.

I assume that Marriott would rather make $24K vs. $18K.

 

[Steve]

On a $30K unit, I say Marriott would simply buy a unit for $6K using its ROFR process vs. paying someone on the waiting list $12K.

I assume that Marriott would rather make $24K vs. $18K.

Marriott doesn't buy back weeks from owners and doesn't buy weeks from the waiting list. When the company accepts a resale listing from a current owner, Marriott simply acts as a broker. When the week sells, they charge the seller a 40% commission. Marriott does NOT purchase the week, does not have to carry the week on its books, and has no risk.

In contrast, if Marriott exercises ROFR, then Marriott does indeed have to actually buy the week from the seller. Marriott can, in turn, sell the week to a buyer for a handsome profit. However, Marriott has to first actually purchase the week and take responsibility for it and for the maintenance fees in the event that the week doesn't sell quickly.

In this current economy, using your example, Marriott does indeed seem to prefer making $18,000 acting as a broker rather than making $24,000 as an actual buyer and seller.

Steve

 

[dioxide45]

In contrast, if Marriott exercises ROFR, then Marriott does indeed have to actually buy the week from the seller. Marriott can, in turn, sell the week to a buyer for a handsome profit. However, Marriott has to first actually purchase the week and take responsibility for it and for the maintenance fees in the event that the week doesn't sell quickly.

Marriott may already have a buyer for weeks they take back via ROFR. In the past they have had waiting lists at some sold out properties, I don't know if that is true now. So it is possible that they can quickly flip those weeks they get through ROFR.