Marriott BUYBACKS AND TAKEBACKS [2012 / Ongoing]

[javabean]

We've been looking to pick up a platinum resale unit at MGV or MPB. Marriott has been utilizing first refusal at both of these properties. Prices on each property have risen by 1500-2000 this summer. Makes it tough to pick up the resale week we were hoping to get.

 

[Saintsfanfl]

We've been looking to pick up a platinum resale unit at MGV or MPB. Marriott has been utilizing first refusal at both of these properties. Prices on each property have risen by 1500-2000 this summer. Makes it tough to pick up the resale week we were hoping to get.

MPB is going to cost a whole lot more than MGV. The resale department has MPB more than double the price of MGV.

MGV 3rd party resale is not that much lower than Marriott Resale right now. If you are after MGV I would consider buying direct.

 

[javabean]

I took your advice and called Marriott resale. I was quoted MGV 3b3b at $12,600 and MPB 2b2b at 18,300. Both Platinum. Ability to "bundle" with DC points was part of the deal for up to a year as mentioned above. I didn't ask the price of points. There was inventory and inventory sheets were updated hourly. ...said the corporate rep.

 

[Saintsfanfl]

I took your advice and called Marriott resale. I was quoted MGV 3b3b at $12,600 and MPB 2b2b at 18,300. Both Platinum. Ability to "bundle" with DC points was part of the deal for up to a year as mentioned above. I didn't ask the price of points. There was inventory and inventory sheets were updated hourly. ...said the corporate rep.

They have a very nice website where you can view the resale inventory:

https://www.marriottvacationclub.com/resales/buy-weeks.shtml

Some resorts are in short supply and cannot be viewed online.

Some ebay buyers have been overvaluing EOY inventory. Marriott prices EOY at exactly half of annual. Some of the eoy prices for MGV have come very close to Marriott's prices. For annual it is probably still a sizable difference although it has been a very long while since a Platinum at Ocean Pointe has sold on ebay. I think the last time was around $8,500 for a 2BR but if there was one now I would expect it to be over $10k.

As long as inventory is moving I value 3rd party prices at roughly a little under 60% of Marriott's price because that is how much Marriott would pay out to the seller. It will run higher than that if the wait lists to sell dry up.

 

[Andar]

How long has it currently been taking for Marriott to decide if it wants to exerxcise it's ROFR?

 

[cory30]

For my last purchase about a month ago, ROFR was waived in 3 days from the time it was submitted.

 

[GaryDouglas]

MOC Purchase

Around a month ago, less than 10 business days...

 

[Tai525]

does anyone know if marriott is purchasing back marriott grande vista
two bedrooms annual use lock offs platinimum season

I am referring to the program
where they offer you gross amount -$500 Adminstrative fee

Yes they just purchased mine for $5600-$500 Admin

 

[Saintsfanfl]

Yes they just purchased mine for $5600-$500 Admin

Wow...

That is almost as much as the $5,340 brokered amount.

 

[benyu2010]

How long has it currently been taking for Marriott to decide if it wants to exerxcise it's ROFR?

Every resort varies. Google marriott ROFR deadline . Some have 15 other have 30, and a few have no ROFR clause

 

[Chrispee]

Yes they just purchased mine for $5600-$500 Admin

This makes no sense to me since Marriott just (2 weeks ago) passed my sale at $3600 for my MGV annual platinum 2br. Is Marriott really this arbitrary on purchasing and exercising ROFR?

 

[vacationhopeful]

This makes no sense to me since Marriott just (2 weeks ago) passed my sale at $3600 for my MGV annual platinum 2br. Is Marriott really this arbitrary on purchasing and exercising ROFR?

And have you looked at your deed to see IF the listed sales price was $3600 OR did your broker "inflate" the SOLD amount so they would earn a commission or "benefit" from a PCC donation sale?

 

[Saintsfanfl]

And have you looked at your deed to see IF the listed sales price was $3600 OR did your broker "inflate" the SOLD amount so they would earn a commission or "benefit" from a PCC donation sale?

This doesn't always apply but I have recently noticed a wrinkle in the ROFR capability by Marriott. I bought something for $930 that had a past due maintenance fee of $1,300. This fee would be paid by the closing company if and only if the sale went through. The payoff was not part of the contract so Marriott could not get it by exercising ROFR. The deed showed $10 because technically the seller was netting a loss of $370 on the sale (they got their profit from the up front fee). Marriott would have ROFR'd if the fees were current but they were forced to pass.

So in short they waived the purchase contract of $930, the deed correctly showed $10 (cannot be negative), and the same day the transfer was completed the closing company paid the past due maintenance fees over the phone. If Marriott had not generated and sent a past due letter to me just an hour before the fees were paid over the phone I never would have known.

 

[dioxide45]

Every resort varies. Google marriott ROFR deadline . Some have 15 other have 30, and a few have no ROFR clause

Here is a great website with ROFR information for each resort.

 

[enma]

We just accepted Marriott"s offer to buy back our Maui Ocean Club 1 br oceanvew unit, the original tower. About 2 months ago they offered us $3600 for it. Few days ago the offer was $8000 minus $500. Took it. Tired of paying high maintenance fees on it and we never even used it. Traded or rented it every year. Was one of those stupid purchases.

 

[GregT]

We just accepted Marriott"s offer to buy back our Maui Ocean Club 1 br oceanvew unit, the original tower. About 2 months ago they offered us $3600 for it. Few days ago the offer was $8100 minus $500. Took it. Tired of paying high maintenance fees on it and we never even used it. Traded or rented it every year. Was one of those stupid purchases.

Wow -- that's a big move in just a few months. Interesting what our friends at Marriott are doing.

Best,

Greg

 

[enma]

Yes, that was a big jump! Couldn't believe it. Had we listed it with Marriott to sell it we would have been #165 on the list. Last year they sold less than 10. So we were pretty happy with the offer. We bought it resale but still lost money. Oh well, we did get some great trades with it and not looking back. It is what it is. Smarter now. We bought it before I started reading TUG!

 

[ngmaui]

Marriott Maui Resale through Marriott

Received this offer through Marriott Resales 3-4 weeks ago and took them up on the offer. Seems very reasonable vs. the listings on redweek and ebay with no hassle. Nice to know that the Marriott resales are still in operation. We just submitted Title paperwork this week:

Dear Maui Ocean Club Owner:

Good day! We are pleased to inform you Marriott Vacation Club is currently accepting listings for Marriott’s Maui Ocean Club. Our records indicate that you previously contacted our office and registered an interest in selling your ownership.

In order to qualify for this offer to list, any applicable loan, maintenance fee balance and/or taxes must be current. This offer is valid through August September 6, 2013. If you desire to accept, you must contact the Resale Operations department no later than September 6, 2013. If you desire to decline the opportunity to list; however, would like to remain on the registration list for future sale opportunities, please contact Resale Operations by the date indicated above. If we do not receive a response from you by the date indicated above, it will be assumed that you no longer desire to sell and subsequently your registration may be removed from the list.

The current list price for a Maui Ocean Club, Platinum, Ocean View 1 Bedroom week is $14,000*. After commission (40% of sale price), approximate net proceeds would be $8,400. If you are still interested in selling your ownership, please notify our office via email or telephone, so that we can create and send you an Open Listing Agreement.

In addition, we currently have a potential buyer interested in purchasing your type of unit. Your response to accept or decline this specific offer is requested. Accordingly, please ensure that you provide us with your current email address or preferred contact number.

This offer is being presented to other owners registered with the same ownership type. The owner who accepts and returns an Open Listing Agreement first within the given timeframe will be given priority.

The terms are as follows:

List Price: $14,000
Seller Proceeds*: $8,400
Buyer’s First Usage: 2014

On behalf of the Resale Operations office at Marriott Vacation Club, thank you for your prompt attention to this matter. If you have any questions or would like additional information, please do not hesitate to contact us. We are available to you Monday through Friday from 9:00 a.m. to 5:00 p.m., Eastern Time.

 

[SueDonJ]

ngmaui, thanks for sharing. We've been tracking Marriott's Resales Operations increased activities for a while now; your post has been moved to this ongoing thread.

 

[Kdjk5467]

Nice. So, it really is not a bad idea to figure that I should expect to pay 60% or so of MVCI resale prices https://www.marriottvacationclub.com/resales/buy-weeks.shtml for in demand weeks if I am buying from an owner?

Also, glad you are happy!

 

[Saintsfanfl]

Nice. So, it really is not a bad idea to figure that I should expect to pay 60% or so of MVCI resale prices https://www.marriottvacationclub.com/resales/buy-weeks.shtml for in demand weeks if I am buying from an owner?

Also, glad you are happy!

For in demand and short supply I expect it to be the benchmark. It could be less due to unaware sellers but it could also be higher because 40% is still a sizable gap for the buyer to save a few bucks.

 

[SkyBlueWaters]

Is there a way we can definitely determine which weeks are in high demand? I thought my Mountainside week is in high demand but I see several for sale on their resale on their website, and our ROFR was passed on within three days. They are also not offering to rent my ski week which makes me wonder about its demand power.

 

[Saintsfanfl]

Is there a way we can definitely determine which weeks are in high demand? I thought my Mountainside week is in high demand but I see several for sale on their resale on their website, and our ROFR was passed on within three days. They are also not offering to rent my ski week which makes me wonder about its demand power.

There is a way. All you have to do is call the resale department and ask how long the list is for a particular week. It needs to be specific in unit type and season. If the list is short, then it is high demand/short supply. Before Marriott started buying back and exercising ROFR many lists were well over 100. There are some cases where no list exists because the supply is not there.

 

[BJRSanDiego]

How do they figure it?

Here is a great website with ROFR information for each resort.

Thanks for the link.

I saw that for a purchase that I'm making that they have a 15 day ROFR period. I'm wondering if that would be calendar days (2 weeks and a day) or business days (basically 3 weeks).

Any guess?

Bruce

 

[Saintsfanfl]

Thanks for the link.

I saw that for a purchase that I'm making that they have a 15 day ROFR period. I'm wondering if that would be calendar days (2 weeks and a day) or business days (basically 3 weeks).

Any guess?

Bruce

I wouldn't put much weight in the ROFR period. It is supposed to be the amount of time they have to exercise or waive and it should be actual days but since you need the waiver for a transfer isn't the period of time moot? Let's say 15 days has passed so Marriott waives by default. You still can't send in the transfer because you won't have the required waiver.

They usually respond within a couple weeks. Mine were always 10 days but recently it was 20. I'm not sure is they are slower due to the volume or if the closing company didn't send it when they said.