It’s ROFR Tuesday! 1.51/fail

[Fasttr]

Or maybe they'll let a large chunk of them go through to the buyer all at one time.

I was thinking that as well.

 

[Dean]

I was thinking that as well.

There are potential outs for he buyer so it doesn't necessarily screw the buyer but it does send a message. I strongly suspect that MVC has a monthly and yearly budget for such matters. Getting them for less than $2 PP and with the likelihood that some of these are behind on payments (fees) anyway (or will be), MVC likely doesn't care. But you know they're looking at it and will decide where they stand and react accordingly. You know that any that go to closing will likely be 6-9 months in transfer.

 

[rickandcindy23]

What a racket Marriott is running. ROFR exercised <$2.00-$2.50 per point, then they sell for $14.17 per point, and Marriott makes even more pp for smaller contracts.

 

[dioxide45]

What a racket Marriott is running. ROFR exercised <$2.00-$2.50 per point, then they sell for $14.17 per point, and Marriott makes even more pp for smaller contracts.

And when they don't exercise ROFR they get $3 per point for just a few mouse clicks.

 

[equitax]

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.

No relation to brokers involved. What exactly could they claim when there is an accepted offer and a bankers certificate attesting to cash availability to close? They are the ones forcing buyer to find new sellers each time they exercise, and would they really want to go the legal route and have all of this made extremely public. Brokers are licensed for a reason, neither sellers brokers or buyers are doing anything wrong

 

[Dean]

No relation to brokers involved. What exactly could they claim when there is an accepted offer and a bankers certificate attesting to cash availability to close? They are the ones forcing buyer to find new sellers each time they exercise, and would they really want to go the legal route and have all of this made extremely public. Brokers are licensed for a reason, neither sellers brokers or buyers are doing anything wrong

Agreed, as long as they are legitimate contracts where the intent by both parties is to close if waived.

What a racket Marriott is running. ROFR exercised <$2.00-$2.50 per point, then they sell for $14.17 per point, and Marriott makes even more pp for smaller contracts.

It's the way the system is set up, DVC is no different other than the benefit of the parks propping up prices. MVC is responsible for the fees in the interim, any sales incentives to a retail buyer, marketing and sales commissions. IMO it comes back to a buyer being responsible for their actions and understanding what the realities of their commitment are. This simply represents the current real market value for a points owner/buyer. Should they be worth more, probably if timeshares weren't such a fringe product with a poor reputation in general.

 

[equitax]

What a racket Marriott is running. ROFR exercised <$2.00-$2.50 per point, then they sell for $14.17 per point, and Marriott makes even more pp for smaller contracts.

Beauty is in the eye of the beholder. They do have to make a profit, and there are times when you pay retail to get it new, but with the timeshares that’s never the smart move on a cost basis provided you don’t actually want it or need it now, they pitch the wow factor but what you actually end up with is paying for the now factor instead.

 

[davidvel]

No relation to brokers involved. What exactly could they claim when there is an accepted offer and a bankers certificate attesting to cash availability to close? They are the ones forcing buyer to find new sellers each time they exercise, and would they really want to go the legal route and have all of this made extremely public. Brokers are licensed for a reason, neither sellers brokers or buyers are doing anything wrong

I think your Robinhood service should be applauded, but based on some comments, I'd have concerns. Going to leave it at that.

 

[equitax]

As I eagerly await ROFR Tuesday, let’s hope that they let one through…

 

[craigd]

Dean is right on the money here. I am after the elevated status at MVC and associated titanium at hotel, and have floated around 20k of points of offers that all died on ROFR through 8 different purchase in the last two weeks. They exercised on all of them. So the way I see it I’ve saved 4 different owners combined total of 16.2k as they didn’t have to pay 2027 mf for mori to take them out, and all it cost them was the agent fee which got netted out of my offer price that Marriott exercised on. I’m fine with paying the 750/bi initiation fee on the points I will manage to get the through rofr, The one they exercised on yesterday was particularly beautiful because seller got to wipe out the10+k that he owed as to mvc on financing and will net around 6k in cash to boot.

This is interesting - am I reading this correctly that they exercised ROFR on points that were not fully paid off? Why would they do that? Incompetence on their end?

 

[craigd]

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.

Interesting, so proceeds even at the rock bottom ROFR price will exceed balance owed on mortgage?

 

[equitax]

This is interesting - am I reading this correctly that they exercised ROFR on points that were not fully paid off? Why would they do that? Incompetence on their end?

No issue with selling something that is not fully paid for provided the loan is discharged on closing, thus normally net proceeds of sale due seller would need to exceed amount due on secured obligation. That’s what happened in that instance

 

[craigd]

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.

You give MVW legal way too much credit. IMHO (not intended as legal advice), Equitax is on solid footing even if they had real lawyers at MVW.

 

[equitax]

ROFR Tuesday became a straight up contract for rejected Tuesday. There were apparently 200 or so points for 2027 that were borrowed into 2026 so they outright rejected saying that sale is invalid, which I guess technically it is. We even went back to try to amend to say that we would adjust and let title company net out MF related to those points from seller proceeds but they dug in and it died. Kind of crappy as that was the big one with linked with other purchases as conditions. I suspect the latter was the real reason for killing. Will add to rofr later but this was at 2$

 

[equitax]

You give MVW legal way too much credit. IMHO (not intended as legal advice), Equitax is on solid footing even if they had real lawyers at MVW.

I’m just trying to get these at a landed cost lower than the shelf price at the resort. At a certain point in time they can let a contract past rofr to reduce my demand, or they can keep at it trying to control supply. The real question is who will get tired in this cat and mouse game first? Even with 3$ per point transfer fee there’s a whole lot of supply out there that is priced by seller at 0-9$ which would still be cheaper than buying direct. One has to wonder if they pay MF on inventory acquired through rofr or find some way to pass it on to everyone else.

 

[craigd]

I’m just trying to get these at a landed cost lower than the shelf price at the resort. At a certain point in time they can let a contract past rofr to reduce my demand, or they can keep at it trying to control supply. The real question is who will get tired in this cat and mouse game first? Even with 3$ per point transfer fee there’s a whole lot of supply out there that is priced by seller at 0-9$ which would still be cheaper than buying direct. One has to wonder if they pay MF on inventory acquired through rofr or find some way to pass it on to everyone else.

My guess is that they are completely unaware of the game. Honestly, the more I deal with them, the more shocked I am that an organization can staff itself with so many who couldn't spot an issue if it introduced itself. With that said, however, I have great fondness for the lower ranks of management. In my opinion the foot
soldiers have no clue that the talk tracks they are given do not withstand basic scrutiny. I am observing it all for a case study, the conclusion of which is to be determined.

 

[equitax]

Well owing to Memorial Day ROFR Tuesday was delayed to Wednesday. 2.00 failed. ROFR database updated. Here we go again. My goal is to get the points I want or them out of pocket 500k.

 

[WahooWah]

New data point from today on ROFR.net. 3,500 PTS bought back at $2.39 per point

 

[davidvel]

Well owing to Memorial Day ROFR Tuesday was delayed to Wednesday. 2.00 failed. ROFR database updated. Here we go again. My goal is to get the points I want or them out of pocket 500k.

You should form an Exit company!

 

[vacationtime1]

You should form an Exit company!

An exit company that actually works for the benefit of the sellers??? Preposterous.

 

[equitax]

I think tally is 27 ownerships reduced or eliminated thus far. They’ve exercised on enough points to have been able to make 2 individuals starting at zero pinnacle.

The quest continues

 

[WahooWah]

I think tally is 27 ownerships reduced or eliminated thus far. They’ve exercised on enough points to have been able to make 2 individuals starting at zero pinnacle.

The quest continues

Will it be for a price point higher than $2.39/point?

 

[WorldT]

Will it be for a price point higher than $2.39/point?

I think the OP has been below $2.39 for each contract so far.

 

[equitax]

If 2.39 is magic number next one should be passed. As it’s in for well over that amount. We shall wait to see what that has in store. Given that most sellers that have approached mori where they were willing to take the deed back at zero, mori was demanding that fee equivalent to one year MF been paid. So by my math the rofr exercised has saved owners collectively over 80k to be released from their obligations for those that simply wanted out at zero

 

[davidvel]

If 2.39 is magic number next one should be passed. As it’s in for well over that amount. We shall wait to see what that has in store. Given that most sellers that have approached mori where they were willing to take the deed back at zero, mori was demanding that fee equivalent to one year MF been paid. So by my math the rofr exercised has saved owners collectively over 80k to be released from their obligations for those that simply wanted out at zero

TUGBBS has saved a few millions more, but you are on your way!