boraxo
Guest
- Joined
- Aug 11, 2020
- Messages
- 101
- Reaction score
- 37
- Points
- 38
- Resorts Owned
- Hyatt High Sierra, Villa Resorts (Mexico)
I thought I would post our experience as it may be helpful to others.
In August 2020 we contacted a broker to represent us at foreclosure auction for a number of HHS units including numerous Bronze, Silver and Gold weeks. Would have attended in person but the prospect of waiting on the courthouse steps in Reno inhaling smoke from nearby forest fires was not appealing. The process is a bit of a PITA as you have to use cashier's cheques for everything.
Anyway, when the auction commenced, Marriott proceeded to outbid everyone for the Gold weeks and also for the sole Platinum week. There is no point in trying to compete with Marriott so we didn't even try. What was even worse was that Marriott did not bid on any of the Bronze or Silver weeks, so they revert to the HOA which is now saddled with units that are not paying annual fees. Very sleazy IMO for Marriott to buy the good weeks (presumably to remove from trade inventory and add to the points program) but pass on the undesirable weeks.
Anyway, we proceeded to buy another unit in a private sale through our broker, which ended up costing about $2k more. However I delayed this post as I did not want to tip Marriott to exercise ROFR on the resale unit (they declined). Apparently prime foreclosures are too good for Marriott to pass up, but not resales.
In August 2020 we contacted a broker to represent us at foreclosure auction for a number of HHS units including numerous Bronze, Silver and Gold weeks. Would have attended in person but the prospect of waiting on the courthouse steps in Reno inhaling smoke from nearby forest fires was not appealing. The process is a bit of a PITA as you have to use cashier's cheques for everything.
Anyway, when the auction commenced, Marriott proceeded to outbid everyone for the Gold weeks and also for the sole Platinum week. There is no point in trying to compete with Marriott so we didn't even try. What was even worse was that Marriott did not bid on any of the Bronze or Silver weeks, so they revert to the HOA which is now saddled with units that are not paying annual fees. Very sleazy IMO for Marriott to buy the good weeks (presumably to remove from trade inventory and add to the points program) but pass on the undesirable weeks.
Anyway, we proceeded to buy another unit in a private sale through our broker, which ended up costing about $2k more. However I delayed this post as I did not want to tip Marriott to exercise ROFR on the resale unit (they declined). Apparently prime foreclosures are too good for Marriott to pass up, but not resales.