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Ko Olina offer accepted. Now what?

D

darly2004

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We just had our offer accepted. Now what should we expect? What should we look for in the contract? What should the closing costs include? Can we pay on credit card (for rewards of course)? How do we make sure that we are not being too naive in this process? Never gone through it before. Thanks!
 
darly2004 said:
We just had our offer accepted. Now what should we expect? What should we look for in the contract? What should the closing costs include? Can we pay on credit card (for rewards of course)? How do we make sure that we are not being too naive in this process? Never gone through it before. Thanks!
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Not to discourage your offer, but I would be very tempted to hold off buying anything at Ko Olina until the upcoming auction. Sixty units will be coming on the market all at once, and it may or may not temporarily (or permanently) depress the resale market.

Who knows, you may be able to get a great bargain there yourself :cheer:

Keep us all posted:clap:




.
 
If you share some details of your purchase, we may be able to offer more advice.

Did you purchase from eBay, Redweek, or other source?
Who is the seller (private party or broker)?
What is the purchase price?
What type of week did you purchase (Annual/EOY, Mountain View/Ocean View, etc)?
When is your first usage?
Has the current owner already reserved a week for next year?
Has the seller specified a closing company, or can you choose your own?

Those are just a few question that come to mind.
 
Anything you charge on a Marriott Rewards VISA card will get you at least 1 point per amount charged. However if you purchased privately directly from the seller even if they used a agent to sell iut for them I would think it would be very unlikely that they would accept a credit card for payment. Don't forget all credit card purchases have a associated charge ( a % amt of the purchase) that the seller (or merchant) absorbs. I would doubt that a direct seller would have either the necessary technology to actually process such a transaction or would be willlng to absorb the fee that that VISA USA will charge to process the transaction.
 
On the TUG advice page, there are several articles about buying resale.
 
TheTimeTraveler said:
Not to discourage your offer, but I would be very tempted to hold off buying anything at Ko Olina until the upcoming auction. Sixty units will be coming on the market all at once, and it may or may not temporarily (or permanently) depress the resale market.

Who knows, you may be able to get a great bargain there yourself :cheer:

Keep us all posted:clap:

.
Click to expand...

I was thinking about this as well when I saw the thread. Does anyone know how much they will be selling for? Would it be incredibly cheap? I don't really know how we'll get there to bid on the properties anyway. I guess my husband and I just figure that if we are happy with the price, we are ok with it? Hopefully what it will mean for us is that it will pass ROFR.

gblotter said:
If you share some details of your purchase, we may be able to offer more advice.

Did you purchase from eBay, Redweek, or other source?
Who is the seller (private party or broker)?
What is the purchase price?
What type of week did you purchase (Annual/EOY, Mountain View/Ocean View, etc)?
When is your first usage?
Has the current owner already reserved a week for next year?
Has the seller specified a closing company, or can you choose your own?

Those are just a few question that come to mind.
Click to expand...

We are buying an EOY ocean view (even year) from a broker who found a seller for us. Accepted price was $7k. We were turned down at $6k. We are hoping the seller will book something for us for 2012, but I know that they usually get booked a year ahead of time, so we'll see. The broker did give us closing costs of around $800 including the title insurance, but she seems like she is flexible on the closing company. Any suggestions?

KathyPet said:
Anything you charge on a Marriott Rewards VISA card will get you at least 1 point per amount charged. However if you purchased privately directly from the seller even if they used a agent to sell iut for them I would think it would be very unlikely that they would accept a credit card for payment. Don't forget all credit card purchases have a associated charge ( a % amt of the purchase) that the seller (or merchant) absorbs. I would doubt that a direct seller would have either the necessary technology to actually process such a transaction or would be willlng to absorb the fee that that VISA USA will charge to process the transaction.
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I didn't think about the fees associated with card usage. I know I've read somewhere else that people have paid using a credit card before. I hope she'll let us. I just feel weird sending a check to someone I don't know and the rewards will be nice.
 
darly2004 said:
Thanks, I'll check them out!

ETA: Ok, I must be completely blind. Where is it at?
Click to expand...

The link is in th red bar at the top of the page.
 
darly2004 said:
I was thinking about this as well when I saw the thread. Does anyone know how much they will be selling for? Would it be incredibly cheap? I don't really know how we'll get there to bid on the properties anyway. I guess my husband and I just figure that if we are happy with the price, we are ok with it? Hopefully what it will mean for us is that it will pass ROFR.
Click to expand...
Unless you are able to fly to Hawaii to attend in-person, you probably don't need to spend much time worrying about the upcoming foreclosure auctions.

darly2004 said:
We are buying an EOY ocean view (even year) from a broker who found a seller for us. Accepted price was $7k. We were turned down at $6k.
Click to expand...
You got a good price for that type of unit.

darly2004 said:
We are hoping the seller will book something for us for 2012, but I know that they usually get booked a year ahead of time, so we'll see.
Click to expand...
I'd recommend giving the seller a choice of preferred dates and ask him to book something immediately.

darly2004 said:
The broker did give us closing costs of around $800 including the title insurance, but she seems like she is flexible on the closing company. Any suggestions?
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I have had very good results with Resort Closings http://resortclosings.com and Timeshare Resale Closing Service http://trcsinc.com
Other tuggers can offer some good recommendations as well.

darly2004 said:
I didn't think about the fees associated with card usage. I know I've read somewhere else that people have paid using a credit card before. I hope she'll let us. I just feel weird sending a check to someone I don't know and the rewards will be nice.
Click to expand...
Your choice of closing company will determine what payment options are available to you. By choosing a reputable closing company, you can feel more confident in sending off a check. Your payments should be made to the closing company who will provide an escrow service for the transaction. Do not make payments directly to the seller or broker.
 
You definitely should be using a reputable timeshare closing company.
 
Kelli Robinson does a good job with closings too.
 
bradsprague said:
Do you know when the auction is?
I am a first time TS buyer and would like to buy a Ko Olina 2BR lockoff ocean view.

Thanks
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Here's the thread about the upcoming auctions in Hawaii, KoOlina Beach Club Foreclosures; check out post #15 in that thread for details of the dates, times and places of the auctions.
 
Ko Olina owners, please hep!

So, we are close to signing our contract. I probably should have asked this before buying. Are there any fees associated with using the resort other than maintenance fees? Any taxes you need to pay to stay there (I think Aulani has one)?
 
darly2004 said:
Are there any fees associated with using the resort other than maintenance fees? Any taxes you need to pay to stay there (I think Aulani has one)?
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Good question.

This can vary by resort, but at Marriott Ko Olina the property taxes are included as a line item when the annual maintenance fees are billed. At other resorts, you may find that the property taxes get billed separately.

To my knowledge, there is not a separate room tax or occupancy tax when staying at Marriott Ko Olina as an owner.
 
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