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Custom House Foreclosure Sale

urban5

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Received this information in a recent email from the Owners Association:

The Custom House will hold a foreclosure auction at 10:00 a.m., on December 16, 2011, at Marriott’s Custom House, 3 McKinley Square, Aruba Room, Boston, Massachusetts 02109.

18 units with 10 being platinum.

PM me if you would like the email in its entirety.
 

Beaglemom3

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Great post ! Thanks ! This is a good opportunity to get a Marriott Plat and maybe at an even better price than I did. I hope someone does.



Please see my update in the other Custom House auction post. I don't want to hijack this one.
 
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BobG7734

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Strange...I own at Custom House and never got the notice!
 

jimf41

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Doesn't look they will be sold as "developer" weeks. Here is the response I received.

First and foremost, this is a public auction that will be advertised in both major Boston newspapers. Neither the resort nor MVCI are in control of this auction; we have only been informed of the date and time from the Boston attorney who will be handling this procedure.

In order to bid on a unit you must be present and must have a certified bank check in the amount of $5,000 made out to YOURSELF. If you purchase a Custom House week, this check will be signed over as a deposit and binds you to the purchase contract. It will be non-refundable. You must have a separate check for each week you intend to bid on; if you decide to bid on two weeks, you must have two checks. Credit cards will NOT be accepted.

There is no minimum bid.

If you choose to attend the auction, please arrive no later than 15 minutes in advance so that you may sign in with the auctioneer

The units up for auction have been foreclosed because owners failed to pay the maintenance fees or mortgage payments. If you choose to purchase one of these weeks, you will not be responsible for unpaid maintenance fees. The first maintenance fee that IS your responsibility will be for 2012.

Purchasing one of these weeks will allow you to use it for a stay at Custom House or to trade it through Interval International. You do NOT accrue Marriott Reward points or Destination points for those weeks purchased at auction.

Any questions as to the value of these Custom House weeks or what unit type/number you own can be answered by Owner Services. They can be reached at 800-845-4226.

The Unit Number/Week Number designation next to each week listed is for inventory purposes only.
 

Beaglemom3

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The post above is almost exactly how I got my 2 Platinums and is described in the other Custom House auction thread.

Having gone to other real estate auctions, I knew to bring my certified check made out to me to be signed over to the auctioneer in case of the winning bid (which came to be in my case). This check is your pass to bid and you cannot bid without it.

In addition to the newspaper announcements, I was notified on a real estate auction site:
Paul Saperstein Auctioneer www.pesco.com. Scroll down to Dec. 16th where you'll see the posting. Their legal team is top notch and was a pleasure to deal with.

Hopefully, Marriott will figure out how to get these deeds transferred a bit more smoothly by the time this auction is over. I'm the crash-test dummy, apparently !

I hope someone gets a great deal. I have enough now.

B.
 
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Beaglemom3

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I am looking into this and am getting word that these may not be eligible for Rewards Points. Mine were and I have that in writing.

Might be a good trader if they go for under $2k ?
 

MOXJO7282

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So who is going?
I am. I'd like to add a CH house to our portfolio. I can see us splitting and using for 3 and 4 day usage, maybe when the Yankees play the Sox.

I think I could also package that up as a nice rental as well, although Redweek my primary rental engine doesn't seem to have alot of CH rental traffic.

To me it doesn't matter if its considered resale, but I do expect that will be reflected in the price.

I'm taking my family along so I'm not going just for the auction and won't pull the trigger unless its a great deal. To me that is around $3k because I've seen a few sell on ebay for $4k so I want a super deal or I won't be a buyer.

A question for B.. How did the auction transpire? Did you have a chance for multiple bids like " I have $2,000, can I get $2500? Going once, going twice..." Something like that or just one bid and winner gets it?
 

Beaglemom3

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A question for B.. How did the auction transpire? Did you have a chance for multiple bids like " I have $2,000, can I get $2500? Going once, going twice..." Something like that or just one bid and winner gets it?
Good question and it went a bit like this:

Bidding on judicials and non judicials (please refer to the other CH auction thread on this) are run differently as you are bidding against Marriott for the judicials. Some went from 15-30k (foreclosures).The non-judicials were for paid up units, but with lapsed MFs.

For the judicials, the minimum bid was announced by the auctioneer-attorney and I was given a chance to bid against them. I did not as the opening bids were high. No deals here IMHO. Some ran quite high, so I just waited for the non-judicials.

When it came my time to bid, the opening minimum bid was announced and the auctioneer-attorney opened with one thousand, I countered at two thousand, she countered at three thousand (the amount needed to recoup past MFs) and I bid the last and winning bid at four thousand as she did not bid past me. I did not bid on the other non-judicials as they were golds and not platinums. That was the "going once, going twice" moment. All they wanted was for someone to take these over by paying the MFs. I let a couple go as all I wanted at first was one, but I got "auction fever" and went for two units and I'm glad that I did.

I hope this makes sense. It's a tad confusing even to me (and I was there !).
 
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Beaglemom3

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Website with this info www.pesco.com click on auction calendar


Custom House, Boston, MA
Dec 16, 2011, 10:00 AM EDT
Time Share Units
19 various one week timeshare intervals in the Custom House Leasehold Condominium will be sold individually. Visit www.pesco.com for complete listing information. Terms of Sale: A deposit of $5,000 per interval by certified or bank check will be required at the time & place of sale & balance within 30 days. All other terms announced at sale. Laura White Brandow, Esq., Marcus, Errico, Emmer & Brooks, P.C., Braintree, MA, Attorney for the Mortgagee and Condominium Trust "
 

jtp1947

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DCBoy

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I went to the auction this morning. The room was pretty full, but it seemed as though there were only about a half dozen or so folks there that had any intention of bidding. Two platinum units went for $3750 and another went for $3900. Others went for $4000, but Marriott or the Custom House Association were the high bidders on those units. I believe that another bidder purchased a gold unit for around $1500. We were also told that another auction would likely take place in March or April 2012.

From what I saw, I don't think that it's possible to get a platinum unit for any less at this auction since the attorney in charge typically bids the units up to the amount of the maintenance fees that are past due and I would guess that most units at auction are behind at least 2 and more likely 3 or more years in arrears.

They also announced that the units were not eligible for marriott reward points or for membership in the destination program.

I'd be happy to answer any questions that anyone might have.
 

pedro47

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Also, this sale was publish in the USA newspaper.
 

Johnfi

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I understand the purchase of these resale units aren’t eligible for MR points but had a question about destination points. If I was already an owner at another property and in the destination points program could I add a resale unit like these since I was always in the program? I think the answer is no since it’s a mix of the Trust vs Exchange programs but I wanted to double check.

I’m a newbie and unfortunately discovered TUG just after my purchase in November at Frenchman’s Cove so trying to learn all these things after the fact :)

BTW in the booklets at our presentation I noticed the T and E on each property and asked about them since it was a slightly older booklet and the sales rep and his mgr said they didn’t know. I briefly asked about Trust Vs Exchange pools and they didn’t have a good story and I’m hoping it was because they didn’t know rather than hiding things from me.

In any case I can’t wait to use/trade/rent what I have and learn more about timeshare.

Thanks,
-John
 

jtp1947

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You are correct, you cannot add a resale unit to the DC program. Do you mind sharing what you paid for the gold or platinum unit? Thank you.
 
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