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HGVC does not have a formal take-back program. Instead, their "Resale Office" estimates the TS's value and refers you to an outside broker for you to try to sell yourself. But there are some isolated cases where they will take it back...
-- If you become so delinquent that HGVC threatens foreclosure, they may accept a deed in lieu of.
-- HGVC may exercise a right of first refusal if you sign a sales contract for substantially L/T it's actual value.
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ive seen every answer from an offer to buy (albeit low), to no help at all.
im genuinely curious to see what the official response is for a paid off HGVC ownership today especially since they are still emblazoned on the ARDA responsible exit website as providing a legitimate exit solution for owners who want out!
Also wondering if anyone has a phone number to talk to someone. I contacted their resale department, and the points are apparently available for sale for $1, but I haven't heard anything about them getting sold.
Talent 312 said.....-- HGVC may exercise a right of first refusal if you sign a sales contract for substantially L/T it's actual value.
I'm curious as to what they consider "actual value" and when they will buy the unit vs. allowing the sale to go through. The agreed sales price on my one HGVC was so low that I was shocked when they gave it the green light. It seems that in some cases HGVC allows even sales under $100 to pass.
My uneducated guess is that HGVC does it for two reasons: 1. Make it seem like they have a high threshold to help hold up the price, 2. Will take a unit back if they are still selling at the property.
Like any corporate entity they have an annual budget for rofr, so if it's early in the year they can be more aggressive. Late in the year the budget may be spent and everything gets passed. They also look at what they have for sale, and where the demand is, if they need your unit. They keep an eye on sales metrics, just like usage metrics, which allow them to decide what gets deposited into RCI to balance the point buckets.
Talent 312 said.....-- HGVC may exercise a right of first refusal if you sign a sales contract for substantially L/T it's actual value.
I'm curious as to what they consider "actual value" and when they will buy the unit vs. allowing the sale to go through. The agreed sales price on my one HGVC was so low that I was shocked when they gave it the green light. It seems that in some cases HGVC allows even sales under $100 to pass.
My uneducated guess is that HGVC does it for two reasons: 1. Make it seem like they have a high threshold to help hold up the price, 2. Will take a unit back if they are still selling at the property.
With the exception of the SC resorts (developed and owned by Strand Capitol), HGVC hasn’t exercised ROFR in a couple of years. Maybe one here or there, but I purchased a platinum 2 bedroom Boulevard deed for $2500 and that wasn’t even the lowest sale since.
The main reason they exercise ROFR is to gain back deeds cheaply so they can sell them expensive and make money. HGV has a large excess of HVC points they are paying MF’s on and don’t want to hold on any more deeds than they have to. They were (maybe still are) pushing the HVC points pretty heavily.
Also wondering if anyone has a phone number to talk to someone. I contacted their resale department, and the points are apparently available for sale for $1, but I haven't heard anything about them getting sold.
can you post the response you got when asking to surrender? was it specifically that you had no options and could only navigate the resale market on your own? or did they specify some company in particular?
can you post the response you got when asking to surrender? was it specifically that you had no options and could only navigate the resale market on your own? or did they specify some company in particular?
I haven't asked to surrender. I'd like to, but I have no idea who/what to contact. In the portal, there is a contact form for a third party seller. I've filled that out, and received confirmation they have been posted. I've also lowered the price twice, and received confirmation about that. No luck with getting anyone to purchase though.
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... The agreed sales price on my one HGVC was so low that I was shocked when they gave it the green light. It seems that in some cases HGVC allows even sales under $100 to pass.
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