I suspect as long as the sale proceeds exceed the mortgage balance, they would be willing to take it back.
It was structured with standard verbeage that mortgage to be discharged on or prior to closing . I doubt that they look at this deep enough at rofr time to see that what is being sold is only part of what’s mortgaged, that’s what title company does, and they will likely flag this to MORi and go back to seller at which point the different contracts will be coordinated - seller is obliged to discharge mortgage fully on each of the exercised contracts, thus the various contracts will have to get processed at same time.
That would be a chunk of change to come up with and quite the "penalty" if one is just trying to get out of it. For some just walking away may be the best option, especially if they don't care about credit ratings. I wouldn't be surprised if it didn't actually close in this situation.
This will close. Selleris now owed more net than the mortgage from exercised rofr.
Is your experience that they only issue ROFR responses on Tuesdays?
Thank you for providing a valuable service for those who want to sell their points. I wish you the best of luck in eventually getting a low price through ROFR.
We should flood the resales with a barrage of low bid offers. Sort of like a DDOS attack.see where we can break the back od the ROFR Budget.
Is it possible to offer $.01 cent for a 250 point package. Then I would be on the hook for the junk fees plus closing costs? If it passes ROFR? Then future per points rental fee? Granted not much I could do with 250 points? Just saying?We should flood the resales with a barrage of low bid offers. Sort of like a DDOS attack.see where we can break the back od the ROFR Budget.
+1
The problem for the guy that offers on this is that mori may be inclined to waive as the minimum fee is 3000$ whether you transfer 1 bi or 4. So they might be inclined to waive on a 250 pointer.
So what would the minimum pts package be to meet the $3000 junk fee requirement? I don't have this sort of trivia in my brain although I could look it up
The problem would be finding 250 point packages. I don't think there are many of them out there. Though you might be able to get someone to break up their deed and just sell you one BI.
1000 points.So what would the minimum pts package be to meet the $3000 junk fee requirement? I don't have this sort of trivia in my brain although I could look it up
When people are buying them for $10-$17 a point this is perpetual money machine.
They never need to build another new resort. Oh wait, they aren't really doing that...
If you are related in any way to this broker, I'd stop posting about this and ask for the thread to be deleted. There are all sorts of claims MVC could make... Might be a good idea anyway.
Yeah this behavior is going to force MVC to change the rules. Also sure MVC is reading this info. But this will be interesting to see how this plays out.
Or maybe they'll let a large chunk of them go through to the buyer all at one time. Given their current transfer times, it would likely be past the banking deadline before any transfers are complete. I can think of lots of ways MVC could have fund with this on their end.
