Marriott Right of First Refusal

[jrg7376]

Want to make sure I understand the "passed" or "failed" terminology on ROFR.net. I believe "passed" means Marriott did NOT exercise their ROFR and seller is free to proceed with sale to third party; "failed" means Marriott DID exercise their ROFR and purchased the timeshare from the seller. Sound correct? Thanks in advance.

 

[DanCali]

Want to make sure I understand the "passed" or "failed" terminology on ROFR.net. I believe "passed" means Marriott did NOT exercise their ROFR and seller is free to proceed with sale to third party; "failed" means Marriott DID exercise their ROFR and purchased the timeshare from the seller. Sound correct? Thanks in advance.

Correct

 

[Dean]

Want to make sure I understand the "passed" or "failed" terminology on ROFR.net. I believe "passed" means Marriott did NOT exercise their ROFR and seller is free to proceed with sale to third party; "failed" means Marriott DID exercise their ROFR and purchased the timeshare from the seller. Sound correct? Thanks in advance.

Agree, correct. Other than not all units that fail go all the way through to transfer. This may happen for several reasons. MVC does not force completion so sometimes sellers may regroup and not go through with the transfer. I've also seen cases where the buyer was told that the unit failed ROFR where it appeared the seller wasn't honest and wanted to try to get more than the unit brought on Ebay or similar. Some sellers may just balk at the idea of MVC getting it and in some cases it was not an arms length transaction and the owner didn't want to let it go to anyone else.

 

[dioxide45]

Yeah, the terminology could be better on ROFR.net;

Passed=Waived
Failed=Exercised

I get this question quite often via email about ROFR.net.

 

[jrg7376]

Thanks for the good input