I Won...But Will This Clear ROFR

[CaliDave]

This is still a good deal, if you can swallow those maint fees. Be prepared for $890/year or $1780 every two years. Plus a possible assessment.

However if they ad had been accurate and said the maint fees are $1780, I would have to guess your high bid would have cost you much less.

I would renegotiate.. or maybe give the seller a link to this thread.

 

[CaliDave]

Here is a similar thread, from the same seller.. different ebay id, but the same seller.

http://www.tugbbs.com/forums/showthread.php?t=86847

 

[DEROS]

HGVC Buy In

Another thing you need to consider is that you will have to pay $400 to HGVC to join "The Club" and convert your TS to HGVC points. Club membership is not transferable during resales. Since you are buying 2 TS you might have to pay $800 to buy in.

 

[WalnutBaron]

I knew all of the TUG experts would come through for me. Thanks so much! I will definitely be taking up these issues with the closing company and the seller. When I spoke to the closing company this morning, they said they will most certainly work with me if anything represented in the ad is inaccurate.

Regardless, it sounds like I landed a very good deal. Now I just have to make sure I negotiate a reasonable settlement for what I'm actually buying.

I'll keep you posted.

 

[nazclk]

HGVC

I owned 4800 points till last year and it was 893 so I think the fees stated were yearly fees, however the OP purchased an EOY so his fees will be close to $1800

 

[short]

Added benefit

As an added benefit, if you play golf and actually go to the Bay Club and are a HGVC member, you can play the Kings and the Beach Course 18 holes for $90 plus tax or $93ish dollars.:whoopie:

Short

 

[DEROS]

As an added benefit, if you play golf and actually go to the Bay Club and are a HGVC member, you can play the Kings and the Beach Course 18 holes for $90 plus tax or $93ish dollars.:whoopie:

Short

Are you sure about that. I thought they stop doing that unless you were an actual kama`aina. i.e have a drivers license or state id stating you residency of Hawaii.

 

[short]

Are you sure about that. I thought they stop doing that unless you were an actual kama`aina. i.e have a drivers license or state id stating you residency of Hawaii.

Deros,

This is what I was told by several people. We ended up playing on the Twilight rate of $75 which starts at about 2:30 because we only wanted to play 9 holes.

I was told HGVC had negotiated this deal for BayClub Owners who are HGVC members by more than one person at the Concieges Desk.

Next time I go I plan to play more golf. I am getting a new set of clubs from Santa which means I will play so much better.:hysterical:

Short

 

[frankhi]

1031 (as in the ebay description) is a 1 br 1.5 ba. Another one just sold on ebay for $1625. They are 4800 pts per year; the seller it seems double that because, well, who knows....... The unit type you bot is a "penthouse" which means 3rd floor and has vaulted ceilings (and your type has 1.5 ba), obviously, no one walking above you. If the unit really is with Hilton, many are not, they are still part of the original bay club, hilton does not recognize the "penthouse" and you could get any 1br unit. If it is part of the original Bay Club and you plan on mostly using it, don't sign it up with Hilton. If you stay with the Bay Club, you can reserve in Jan of, say 2009, for any week in 2010.

The eoy fee (893) is correct and then property tax is about 86 more. Both are billed ONCE eoy.

 

[WalnutBaron]

1031 (as in the ebay description) is a 1 br 1.5 ba. Another one just sold on ebay for $1625. They are 4800 pts per year; the seller it seems double that because, well, who knows....... The unit type you bot is a "penthouse" which means 3rd floor and has vaulted ceilings (and your type has 1.5 ba), obviously, no one walking above you. If the unit really is with Hilton, many are not, they are still part of the original bay club, hilton does not recognize the "penthouse" and you could get any 1br unit. If it is part of the original Bay Club and you plan on mostly using it, don't sign it up with Hilton. If you stay with the Bay Club, you can reserve in Jan of, say 2009, for any week in 2010.

The eoy fee (893) is correct and then property tax is about 86 more. Both are billed ONCE eoy.

Thank you, frankhi, for this excellent summary. I'm still trying to get clarification from the closing company, but it's pretty clear to me that the information in the eBay ad was erroneous. They tell me I have actually bought 2 1 BR units (which is how the seller came up with 9600 points), but that also means that the MF's are understated by half. I will definitely be re-negotiating this deal because the MF's were misrepresented.

 

[Seth Nock]

This is the reason to use a reliable escrow company (who will verify the correct maintenance fees) and a licensed Broker who will take financial responsibility for incorrect info and will verify information prior to listing. There is a reason that states require licenses for the sale of properties. If the closing company has not had any Hilton units bought back under right of first refusal, then that should be a red Flag. Last week I had 4 units bought back under right of first refusal.

 

[WalnutBaron]

This is the reason to use a reliable escrow company (who will verify the correct maintenance fees) and a licensed Broker who will take financial responsibility for incorrect info and will verify information prior to listing. There is a reason that states require licenses for the sale of properties. If the closing company has not had any Hilton units bought back under right of first refusal, then that should be a red Flag. Last week I had 4 units bought back under right of first refusal.

I'm still working on this one, but so far all looks good. According to the escrow company, they received an estoppel from the Bay Club prior to this item being listed on eBay. The Bay Club confirmed the accuracy of the information in the ad. According to an email I received from the escrow company yesterday, "this ownership is for 2 one bedroom units, however, they have been combined to create one new 9,600 point contract, for which, we were informed by the resort, that the yearly maintenance fees are $893 in total for the whole contract".

I tried to contact the resort to get confirmation of this from them, but their owner services rep told me that since this item is in escrow, she was not allowed to give me further information directly and that I needed to work through the escrow company.

Thanks again to everyone for your continued advice.

 

[alwysonvac]

According to an email I received from the escrow company yesterday, "this ownership is for 2 one bedroom units, however, they have been combined to create one new 9,600 point contract, for which, we were informed by the resort, that the yearly maintenance fees are $893 in total for the whole contract".

Can they do that?
Doesnt' that impact the Association's resort budget if Bay Club isn't collecting a yearly MF on one of the 1 bedroom units?

 

[Seth Nock]

I'm still working on this one, but so far all looks good. According to the escrow company, they received an estoppel from the Bay Club prior to this item being listed on eBay. The Bay Club confirmed the accuracy of the information in the ad. According to an email I received from the escrow company yesterday, "this ownership is for 2 one bedroom units, however, they have been combined to create one new 9,600 point contract, for which, we were informed by the resort, that the yearly maintenance fees are $893 in total for the whole contract".

I tried to contact the resort to get confirmation of this from them, but their owner services rep told me that since this item is in escrow, she was not allowed to give me further information directly and that I needed to work through the escrow company.

Thanks again to everyone for your continued advice.

That is not the maintenance fee. It is significantly higher. Also, there is a $399 activation fee which they did not tell you about. Email me privately the owner's info sethnock@hotmail.com and I will try to get you the correct maintenance fee. It is either between $1600 and $1800 or you are buying 1 1 bedroom with 4800 points and 4800 banked points. You have been given incorrect information from probably a non-licensed "brokerage company" and a closing company that appears to not be a third party escrow company. You may not have gotten a bad deal, but you did not get what you think you did. There are many scams. I did not interfere with this post until I realized that you are probably getting scammed. DON'T SEND ANY MORE MONEY TO THE CLOSING COMPANY UNTIL YOU GET THE CORRECT INFORMATION, AS THE INFO YOU HAVE BEEN GIVEN IS MOST PROBABLY WRONG! If you send them any more money prior to getting verifiable info, you have only yourself to blame when you find out that you have been scammed. Sorry for the severity of my tone, but I don't want to see you lose your hard earned money.

 

[alwysonvac]

Can they do that?
Doesnt' that impact the Association's resort budget if Bay Club isn't collecting a yearly MF on one of the 1 bedroom units?

Ooooops, sorry I forgot this is a EOY deal. So it sounds like you're paying half of the MF yearly.
Take advantage of Seth's offer to help.

 

[Blues]

Ooooops, sorry I forgot this is a EOY deal. So it sounds like you're paying half of the MF yearly.
Take advantage of Seth's offer to help.

Yep, that's how I read it too. He's buying two units at 4800 EOY each. He's paying $893 yearly, which is right for two EOY units. Not a bad deal for $3250, if you want a Bay Club.

But I also agree with the advice to take advantage of Seth's offer to help. You can't be too careful.

 

[Seth Nock]

Yep, that's how I read it too. He's buying two units at 4800 EOY each. He's paying $893 yearly, which is right for two EOY units. Not a bad deal for $3250, if you want a Bay Club.

But I also agree with the advice to take advantage of Seth's offer to help. You can't be too careful.

The only thing is, the ad says $893 every other year. They also did not say there is a $399 enrollment fee.

"The maintenance fees, taxes, and club dues total $893 and are billed every two years just prior to the issue of your points. "

 

[Seth Nock]

Based on my best guess, this is a 4800 point every other year unit with 4800 points banked in or transferred in. As I don't have any seller info (and you did not ask for me to look into it), I cannot verify this, but make sure you verify the information with the resort prior to sending any more money, as you have been given alot of incorrect and possibly fraudulent information. Based on the way it appears to be sold, you will NOT be enrolled into HGVC, so your unit will be a 1 bedroom every other year unit and your 4800 points that were banked in will expire and never enter your account. The "escrow" company does not appear to be third party, but just another source for the seller to get additional funds. I hope I am incorrect, but I don't think I am.

 

[Bill4728]

Based on my best guess, this is a 4800 point every other year unit with 4800 points banked in or transferred in. As I don't have any seller info (and you did not ask for me to look into it), I cannot verify this, but make sure you verify the information with the resort prior to sending any more money, as you have been given alot of incorrect and possibly fraudulent information. Based on the way it appears to be sold, you will NOT be enrolled into HGVC, so your unit will be a 1 bedroom every other year unit and your 4800 points that were banked in will expire and never enter your account. The "escrow" company does not appear to be third party, but just another source for the seller to get additional funds. I hope I am incorrect, but I don't think I am.

Walnut Baron,

Seth is one of the few licensed TS brokerage companies here on TUG. He has the full trust of many of us long time Tuggers. If he says this looks to good to be true it likely is TOO GOOD TO BE TRUE!!

Before moving forward I'd talk to Seth!!

Also this concerns me:

The Bay Club confirmed the accuracy of the information in the ad. According to an email I received from the escrow company yesterday, "this ownership is for 2 one bedroom units, however, they have been combined to create one new 9,600 point contract, for which, we were informed by the resort, that the yearly maintenance fees are $893 in total for the whole contract".

I tried to contact the resort to get confirmation of this from them, but their owner services rep told me that since this item is in escrow, she was not allowed to give me further information directly and that I needed to work through the escrow company.

This just isn't right. The resort will talk to you directly & give you an estopple letter about the week if the owner directs them to do so. IMHO, I wouldn't take the word of the escrow company.

Good Luck

 

[Seth Nock]

This appears to be a company owned by Uri Fried; well known to the timeshare industry. There were many threads about him in the past and how one day he was shut down by EBAY ......

 

[GeorgeJ.]

WalnutBaron, this is the most confusing deal I have ever seen.

What exactly do you think you bought? 2 4800 point EOY units that are giving you 4800 points per year? Or do you think you are getting 9600 Every Other Year (meaning that both of the 2 units are Even Years or Odd Years) which would more or less equal 4800 points per year. Or do you feel that you're going to be getting 9600 points per year? (which would not be true in any case if these are two EOY weeks)

If Seth is correct, you only bought 4800 points EOY and that's only if you pay to join HGVC since membership won't transfer with the sale..

But you certainly need the escrow company & Bay Club to spell out for you exactly what you're buying.

Why didn't the escrow company send you a copy of the letter that they say The Bay Club sent to them (but rather just sent you an email saying what it supposedly said)?

 

[Seth Nock]

Hoc's input fron March 22, 2007

Hoc
March 22, 2007, 03:40 AM
I bought a cheap timeshare from Uri Fried a number of years ago. It had been advertised as a 2-br unit. He transferred a 1-br. unit from his name, after I had paid for the timeshare, plus annual fees, plus closing costs, to me. When I pointed out the error, I was sent a deed to re-transfer the unit back to him, and that he would then transfer me the correct one.

I deeded the timeshare back, and then was given the runaround with an excuse about needing tax ID numbers, etc., which I gave his company (webuytimeshares.com). He never transferred any timeshare into my name, and after many months of followup, I was told that the salesman was no longer with the company, and that I would not get anything. So I was out about a thousand dollars in purchase price, annual fees and closing costs.

In other words, I was flat-out defrauded. Don't trust him.

 

[Seth Nock]

Also, everyone keeps calling the closing company an escrow company. Escrow company, means third party. I believe it is a closing company, not an escrow company.

 

[Zac495]

Trust Seth. I bought my resales through him. He's trustworthy and beyond helpful.

 

[WalnutBaron]

WalnutBaron, this is the most confusing deal I have ever seen.

What exactly do you think you bought? 2 4800 point EOY units that are giving you 4800 points per year? Or do you think you are getting 9600 Every Other Year (meaning that both of the 2 units are Even Years or Odd Years) which would more or less equal 4800 points per year. Or do you feel that you're going to be getting 9600 points per year? (which would not be true in any case if these are two EOY weeks)

If Seth is correct, you only bought 4800 points EOY and that's only if you pay to join HGVC since membership won't transfer with the sale..

At long last, I finally have clarification on what I bought. The eBay ad was incorrect (as many of you had surmised long before it was confirmed by the escrow company today). What I bought was two one-bedroom penthouse units at the Bay Club which were combined to equal 9600 points. The HGVC membership fee of $399 has been included as part of my purchase price, so no additional cost will be incurred for that and the points will be converted upon completion of the closing.

Because the MF's are double of what was advertised in the ad, I have countered back to the seller that I will go ahead with the purchase if we reduce the purchase price to $1,500. We'll see what happens.