Consideration Amount vs Actual Price Paid

[Msb1102]

Hello All,

Actually have a few questions here. As I had mentioned in a previous thread, I was able to pick up a District bHC Gold week 5100 points (with all closing costs and transfer fees paid by seller) for just under $100.

The process seems to be finally wrapping up since I checked the DC Recorders Office website and found the deed transferred to my name as of 11/5. What's interesting (to me at least) is that they listed the consideration amount as $4,500. I'm assuming the broker bundled in all of their fees. Is this a common practice?

Also, how long does it typically take HGVC to recognize this transaction?

Another interesting data point gleaned from website:

Original purchase price was $32,500 in 2018.

The original purchaser paid $16k and financed the other 16k and managed to pay off in less than 2 years. Pretty impressive.

I also just picked up a platinum 2br 8400 point Parc Soleil on eBay for just over $500. The MF's are not the best but the buy in price is so low that the breakeven point is hard for me to justify the higher upfront costs and the unknown variables of the future. Hopefully it passes ROFR.

 

[SmithOp]

Yes, its typical to bundle all costs in order to pass ROFR.

It might take up to 45 days for HGV to set up the account, you can call them and get the account info by phone before the letter will reach you.


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[bogey21]

Actually have a few questions here. As I had mentioned in a previous thread, I was able to pick up a District bHC Gold week......for just under $100.

What's interesting (to me at least) is that they listed the consideration amount as $4,500. I'm assuming the broker bundled in all of their fees. Is this a common practice?

My guess is that the broker lied about the purchase price to give the Week a better chance to pass ROFR...

George

 

[PigsDad]

My guess is that the broker lied about the purchase price to give the Week a better chance to pass ROFR...

Not necessarily. If this week was purchased from a company who obtained it from a "cancel your timeshare now" type of deal, then it would be very plausible the total cost, including the "fee" the original owners paid to get rid of the deed and all of the closing costs could amount to $4,500.

Kurt

 

[Msb1102]

Yes, its typical to bundle all costs in order to pass ROFR.

It might take up to 45 days for HGV to set up the account, you can call them and get the account info by phone before the letter will reach you.


Sent from my iPad using Tapatalk Pro

Thanks! Called them and that worked. As far as the sale goes, the documents listed on the recorder website indicate that the selller signed off on all paperwork the day before it was listed on ebay so I assume that likely just wanted it gone.

Now that I have access, I was looking around for fees and billing. I found a bill was recently paid but it doesn't give me any access as to what it was for:

Where would I find the MF bill for 2021?

 

[GT75]

Where would I find the MF bill for 2021?

Once you have an account, it will be on the web site when you log in under your Ownership tab.

 

[SmithOp]

Thanks! Called them and that worked. As far as the sale goes, the documents listed on the recorder website indicate that the selller signed off on all paperwork the day before it was listed on ebay so I assume that likely just wanted it gone.

Now that I have access, I was looking around for fees and billing. I found a bill was recently paid but it doesn't give me any access as to what it was for:

View attachment 29165

Where would I find the MF bill for 2021?

Look under HOA documents, there should be a link to download a PDF of the assessment billing notice. It will include all the different unit size with a detailed budget breakdown.

The seller probably signed all the docs and a POA for the reseller to complete the transfer without going back to them once a buyer was found. That works to your advantage for a quick turnaround.


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[CalGalTraveler]

Congrats to the OP on some killer deals. Hope you have many years of fun.

 

[dioxide45]

Why don't they just say "for $10 and other considerations"? Perhaps this is just a Florida thing? The deed doesn't always have to list the purchase price.

 

[Msb1102]

Why don't they just say "for $10 and other considerations"? Perhaps this is just a Florida thing? The deed doesn't always have to list the purchase price.

The document itself actually only states the "$10 and other considerations" however it appear that they had to report the actual purchase price to DC for tax purposes so the actual "consideration" prices are listed on the DC Recorders site on the same page but outside of the document itself.

With respect to the MF's for 2021, I found the the 2021 assessment billing notice. Thanks! I wish they made receipts available. In the screenshot provided, it just says that a payment was made for $2007 earlier this week but doesn't actually show what the payment was for. I assume the seller was just behind on their MF's from 2020 and maybe a late fee for something. Guess I'll never know.

On a side note, I just checked out the RCI website for the first time. I know its not the best use of points but I like to know my options. Its quite possibly the worst website still in existence, I'm not even sure it would be considered acceptable in 2010. SLOW. I did check out the ongoing searches feature. I had read there was a charge for that feature but it appears to be free. I stopped at final check out before completing but it appears there was no charge associated with its use. Is this feature free for HGVC users?

 

[mentalbreak]

Why don't they just say "for $10 and other considerations"? Perhaps this is just a Florida thing? The deed doesn't always have to list the purchase price.

...but you can still back in to the purchase price based on the tax amount divided by the tax rate.

 

[GT75]

The MF's are not the best but the buy in price is so low that the breakeven point is hard for me to justify the higher upfront costs and the unknown variables of the future. Hopefully it passes ROFR.

I predict that it passes ROFR. Please post the 2021 MFs for this unit in our MF Sticky (assuming of course that it does indeed pass ROFR).

 

[SmithOp]

Fight Club! We don't talk about the free O G S you can set up.

Search for a Resort like Disney.that will never match
Site offers to set up O G S
Set up and save it.
Go in to your O G S list
Edit it
Change the resort ID(s) and date range to what you want.

Freebie until it matches.

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[bogey21]

Not necessarily. If this week was purchased from a company who obtained it from a "cancel your timeshare now" type of deal, then it would be very plausible the total cost, including the "fee" the original owners paid to get rid of the deed and all of the closing costs could amount to $4,500.

Could be...

George

 

[brp]

Congrats to the OP on some killer deals. Hope you have many years of fun.

Definitely very nice deals. OP will still likely have to pay the $609 per contract to register with HGVC as these are billed directly from HGVC after the transfer is complete. But this is a small fee considering the great deals.

Cheers.

 

[Msb1102]

Definitely very nice deals. OP will still likely have to pay the $609 per contract to register with HGVC as these are billed directly from HGVC after the transfer is complete. But this is a small fee considering the great deals.

Cheers.

Nah, ALL fees were built into first purchase, it was less than $100 OTD but AI was not included. Second one, yeah, unfortunately I have to eat the fees. I'm hoping longer term to keep the Florida TS. We'll see how the tax and MF plays out these next few years.

On the plus side, I was actually able to use my points the very first day. We go to HHV every other year as my kids really enjoy it. Had it booked for summer this year with cash. Was able to cancel and book with 4800 points at lagoon. I know it won't always be this easy but managed to save $1500 by using TS points. Nornally not the best use of bHC but it just made sense this time around. Hopefully travel is back to somewhat normal by June.

 

[brp]

Nah, ALL fees were built into first purchase, it was less than $100 OTD but AI was not included. Second one, yeah, unfortunately I have to eat the fees. I'm hoping longer term to keep the Florida TS. We'll see how the tax and MF plays out these next few years.

Interesting. Did they advance you the $609 for the activation or are they going to pay that when it is billed to you? That's a very sweet deal if so.
Cheers.

 

[Msb1102]

Interesting. Did they advance you the $609 for the activation or are they going to pay that when it is billed to you? That's a very sweet deal if so.
Cheers.

I had that same question. Paid out after billed. We'll see how it goes. Hopefully it isn't too much of an issue.

 

[Msb1102]

Hi All,

Just a follow up but wanted to share this with anyone who might be looking at one of their eBay auctions. I'm not sure how they managed to make payment on my HGVC account without my involvement but payment just posted for the $609 activation and $186 club dues (technically still hasn't been billed yet so it's just a credit right now for $186).

I bought from Go Properties via eBay and worked with Eric (sales) and Reva (closing/escrow). Communication wasn't the best but they always replied to my emails pretty quickly and they did exactly what they said they were gonna do so no complaints from me.

They did require me to using their closing service but overall I am happy with the work that was done. Started process in early September. Deed transfer done by November 4th, recognized by HGVC November 28 (could've been sooner but that's when I called in), HGVC billed $609 activation on 12/9, and they paid the fee today and sent closing email.

Now if I could only get the other eBay reseller to bill my deposit to my credit card, I'd feel like they've actually done something in the last two weeks.

 

[dioxide45]

Hi All,

Just a follow up but wanted to share this with anyone who might be looking at one of their eBay auctions. I'm not sure how they managed to make payment on my HGVC account without my involvement but payment just posted for the $609 activation and $186 club dues (technically still hasn't been billed yet so it's just a credit right now for $186).

I bought from Go Properties via eBay and worked with Eric (sales) and Reva (closing/escrow). Communication wasn't the best but they always replied to my emails pretty quickly and they did exactly what they said they were gonna do so no complaints from me.

They did require me to using their closing service but overall I am happy with the work that was done. Started process in early September. Deed transfer done by November 4th, recognized by HGVC November 28 (could've been sooner but that's when I called in), HGVC billed $609 activation on 12/9, and they paid the fee today and sent closing email.

Now if I could only get the other eBay reseller to bill my deposit to my credit card, I'd feel like they've actually done something in the last two weeks.

Perhaps they just send a check along with the transfer paperwork?

 

[Msb1102]

Shows up as MasterCard/Visa so not sure. I've called HGVC and asked for invoices last week just so I could better understand this whole thing but apparently they don't do that for some reason. You'd think providing the ability to view receipts would be a basic function but apparently not.

 

[BingoBangoBongo]

On at least one of the deeds I’m in the process of closing on we used a form to authorize HGVC to bill the 2021 fees and $425 transfer fee to my credit card. I‘d guess they‘d accept any amount on there from any card as long as an authorized party signed off on it. On one of them the $425 fee was duplicated on the closing docs and the credit card form, so the Closing Co dropped it from the CC form and will be sending a check for it.