Marriott’s Newport Coast Villas purchasing help

[Lakeshore]

Hello,
We have been owners at NCV for almost 20 years. We never trade, and are now looking to buy another week. I have found some on Redweek, but have never purchased, only rented via redweek. What are the steps for making an offer? Do I just need to make an offer? Or do I need to have documents? Do I need to have some sort of representation? Does the buyer have to pay closing costs? What is the normal procedure for who pays what?
Thank you for any help you can offer.

 

[TheTimeTraveler]

It's whatever you and the seller negotiate.

Once you find a week to buy I advise you to use Legal Title Transfers to handle the transfer for you. LTTransfers is well recommended here on TUG. Website below:



www.LTTransfers.com



Best of luck.





.

 

[champagne.mule]

You can make your offer directly through the Redweek site. First figure out what you're willing to offer. Check recent history (or track for a few weeks) to see what's selling and for how much. Once your offer is accepted, everything is handled by Redweek. It's an easy process, but is somewhat lengthy. The closing process (escrow) is longer than I expected and then it also took Marriott multiple weeks to finally transition the purchased weeks into my MVC account. The entire process took several months but was quite easy.

 

[Lakeshore]

Thanks to both of you for the helpful information. We were hoping to be able to buy something and then use it in March, but I think we will need more time.
We will definitely use LT Transfers when we decide to make a purchase.
Happy Travels!

 

[dioxide45]

Thanks to both of you for the helpful information. We were hoping to be able to buy something and then use it in March, but I think we will need more time.
We will definitely use LT Transfers when we decide to make a purchase.
Happy Travels!

Using it in March would be doubtful. It could quite possibly take just that long to get it in to your name with Marriott.

 

[SteveinHNL]

Thanks to both of you for the helpful information. We were hoping to be able to buy something and then use it in March, but I think we will need more time.
We will definitely use LT Transfers when we decide to make a purchase.
Happy Travels!

If the seller has control of that week, I don’t see why that couldn’t be worked out? Couldn’t the seller make the reservation in your name while you folks are in the process of closing?

 

[Venter]

If the seller has control of that week, I don’t see why that couldn’t be worked out? Couldn’t the seller make the reservation in your name while you folks are in the process of closing?

This is the way it should work. However to protect the seller from the buyer pulling out after staying in the week the 2023 maintenance fees should be paid upfront as a seperate rental fee with a contract. That way both parties are protected as the seller cannot just change the reservation back in their name while waiting for transfer of deeds etc.

 

[Lakeshore]

Hello, one of the advertisements I’m looking at says this, “ Closing costs and transfer fees are to be paid by the buyer and can run from $750 to $1500 depending upon transfer coming used. Buyer has choice of transfer company. Can recommend.”
I looked at LT Transfers, and it doesn’t seem like it should be that much. Am I missing something? Or is this what the closing and transfer costs will be?

 

[dioxide45]

Hello, one of the advertisements I’m looking at says this, “ Closing costs and transfer fees are to be paid by the buyer and can run from $750 to $1500 depending upon transfer coming used. Buyer has choice of transfer company. Can recommend.”
I looked at LT Transfers, and it doesn’t seem like it should be that much. Am I missing something? Or is this what the closing and transfer costs will be?

It looks like they are ballparking the closing costs. LT Transfers is the bargain deals of closing costs. More typically they run in the $400-$600 range.

 

[Lakeshore]

Hello again,
A big thanks to everyone for your help. I still am not clear about total closing cost fees. The seller has a company he has used he said for his past sales and recommended, and said it’s the lowest price($750). But when I look at LT Transfers, it looks like it would be $275, plus $15 postage, plus recording fee. Has anyone purchased at NCV recently that would know what that recording fee would be? I have sent this question to LT Transfers, but thought I’d ask here, too. I thought I saw somewhere there was a Marriott transfer fee, too, but I can’t find that. Would that be in addition to the LT Transfer fee? If so, then wouldn’t my estimated price be less than $750? Wouldn’t it be $290 plus recording fee? And then any addition transfer fee to Marriott? Thanks so much!

 

[Venter]

You are correct. Only you can decide if the extra $350 - $400 makes the purchase still palatable.
If not then go back and explain it the way you did and say that using LT transfers will be contingent on getting the transaction done. If they come back and say no then just say thank you and walk away. There will be other weeks with terms you ate comfortable with.
If it is a rare deed or if you feel happy with the price then go ahead.
Personally, I would be reluctant with someone trying to extort the last cent out of me. When it comes to timeliness and getting transfer done etc. It feels like they already do not have both parties at heart.
Yes, I know if it is a broker then they try and make extra commission this wa for deeds that are sometimes worthless. In that case be honest with the seller and get them yo pay a set fee for a do it yourself listing where you provide the info on how to get it done and who to use for a reasonable price.
A pet peeve for me is added costs not originally worked into the price or ones that just seems like money grabbing.

 

[rickandcindy23]

LT Transfers has been a very busy company lately, and Mary said they are hiring more people, which is good. They were getting a backlog.

 

[b2bailey]

Hello again,
A big thanks to everyone for your help. I still am not clear about total closing cost fees. The seller has a company he has used he said for his past sales and recommended, and said it’s the lowest price($750). But when I look at LT Transfers, it looks like it would be $275, plus $15 postage, plus recording fee. Has anyone purchased at NCV recently that would know what that recording fee would be? I have sent this question to LT Transfers, but thought I’d ask here, too. I thought I saw somewhere there was a Marriott transfer fee, too, but I can’t find that. Would that be in addition to the LT Transfer fee? If so, then wouldn’t my estimated price be less than $750? Wouldn’t it be $290 plus recording fee? And then any addition transfer fee to Marriott? Thanks so much!

You previously mentioned wanting to travel in March.
Since you already own a week at NCV, I assume you are familiar with the season you need to purchase.

 

[Lakeshore]

You previously mentioned wanting to travel in March.
Since you already own a week at NCV, I assume you are familiar with the season you need to purchase.

Yes, we currently own platinum and want to purchase gold for spring break trips.

 

[Lakeshore]

We found a week on Redweek, and are going forward. Thanks for everyone’s input.

 

[BJRSanDiego]

Thanks so much to all who have helped. We did end up finding a resale week on redweek, by a realtor. We spoke on the phone as I was interested in one of their weeks. We agreed on price, closing costs, usage, season, and now we are in the contract phase. Are there any red flags I should look for in the contract? It seems very good. It doesn’t state an actual unit, just the deed number, although some of the numbers are starred out. It has my and my husband‘s names on the contract to sign, but no seller’s names. I am to put $1000 into escrow until it passes rofr, then that money will go towards purchase price. Are there any other things that should be in the contract? Should I ask for an estoppel now? Or does that happen later?

Thank you so much!

Make sure that the contract spells out the "first usage year" (sounds like you addressed that), who pays the Maintenance fee for 2023 (this year and if you don't get 2023 usage, then you shouldn't be paying) and who pays for 2024 (next year - - probably you), who pays Ca. state taxes (minor item). If your first usage year is supposedly 2023 and you're buying a gold unit, I doubt that you will close in time to book anything. In that case, the owner "could" book a unit for you and change the res to your name. But unless the owner already has a res booked, this could be a bit "iffy" because there isn't much 2023 gold inventory left.

 

[Lakeshore]

Make sure that the contract spells out the "first usage year" (sounds like you addressed that), who pays the Maintenance fee for 2023 (this year and if you don't get 2023 usage, then you shouldn't be paying) and who pays for 2024 (next year - - probably you), who pays Ca. state taxes (minor item). If your first usage year is supposedly 2023 and you're buying a gold unit, I doubt that you will close in time to book anything. In that case, the owner "could" book a unit for you and change the res to your name. But unless the owner already has a res booked, this could be a bit "iffy" because there isn't much 2023 gold inventory left.

Yes, thank you for all of that good advice. I really appreciate it! All of those things are addressed in the contract, thankfully. The owner is going to book the 2024 week we want and we won’t pay maintenence fees until 2024. I am so excited! We have been wanting to do this for so long!

 

[BJRSanDiego]

Yes, thank you for all of that good advice. I really appreciate it! All of those things are addressed in the contract, thankfully. The owner is going to book the 2024 week we want and we won’t pay maintenence fees until 2024. I am so excited! We have been wanting to do this for so long!

Seems like you are in good shape. At the appropriate point, the owner can put your name on the reservation. IIRC, MF's are due around the first of the year (like Jan 1, 2024) but Marriott (unlike some other TS companies) allow the owner to make next year's res w/o pre-paying the MF.

 

[b2bailey]

What fees are charged by Marriott for a deeded week transfer?