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Marriott Tax Auction

Jaybee

Jaybee

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I didn't see anything about this on here yet, so I hope I'm not duplicating, but I just saw in this morning's paper that Riverside County is set to auction nearly 100 timeshares in the Palm Springs area next month. They include Marriott Desert Springs Villas, The Palm Springs Tennis Club, and Desert Breezes.
Opening bids start at 8am Nov. 8. Minimum bids start as low as $899.
 
I wonder (out loud) how Marriott's ROFR will be applied to a government sponsored tax sale auction...
 
Last time there was a tax auction, I watched the Marriott units VERY carefully. By the time the auction started ALL Marriotts were removed. I did a little research and evidently Marriott can pay the taxes for their owners and protect the property and value. Interesting.

It will be interesting if that happens again.
 
My guess is that Marriott will buy most of them either directly or through a broker representing them.
 
They all are at DSV II...I have no idea what they will sell for but starting bids of $3000 for a Red DSV II week is a great price......I would say anything under $7000 would be a steal...for a prime red week...Heck you can rent out some of those weeks for $2000-$2800 easily...better than stock market...
 
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My thought is that Marriott will pay the back taxes and then file their own lien on the units. It is not in Marriott's interest to let these go or even buy themselves to just hold in inventory. Back taxes override any and all other liens on a property including a mortgage. If they get sold Marriott may be out any mortgage that they hold and also any back MF that may still be due.

Also when a property goes to tax sale one is not necessarily buying the unit/property outright. You are merely buying the taxes (much like a debt collector). There is sometimes a long process one must go through before you can actually take the week and occupy it. It can sometimes be up to 18-24 months.

Just because you buy the taxes doesn't mean the property is yours to occupy right away. Usually the owner or lien holder has the ability to redeem the tax sale and pay the tax owner the back taxes and associated fees/interest/penalties. All those infomercials about buying houses for $300 may sound great, but the true money is in getting the redemption fees and never having the intention of holding the property and worrying about selling it.
 
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Each of the properties has a minimum bid. The bids range from about $2,000-$4000...What if there are maintence fees due on each unit? There is no mention about delinquent maintenance fees.
 
A platinum Marriott is $4600 min bid plus you have to pay the taxes due for 2008. I just won a Westin Mission Hills for $4200 on eBay. And a Desert Springs Platinum went for $4400 last month.

These don't sound like good deals given the current economy.

Katherine
 
cp73 said:
Each of the properties has a minimum bid. The bids range from about $2,000-$4000...What if there are maintence fees due on each unit? There is no mention about delinquent maintenance fees.
Click to expand...

The buyer shouldn't be responsible for these. When you buy a tax sale ownership becomes free and clear. If there is a lien for MF or a mortgage then the buyer is also not responsible for these.

However, Marriott holds the keys which is unlike a standard realestate property where you can just change the locks.
 
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For the better timeshares someone- I don't know if it is the developer or a broker will buy them and pay the leins before the auction. I went to a San Diego tax auction 2 years ago that had some Four Seasons Aviara units listed in the auction booklet, but by the time of the auction they were no longer available.
 
Auction incorrect

I just got off the phone with the Escrow company. There actually isn't a ROFR for this particular property.
 
mprocopi said:
I just got off the phone with the Escrow company. There actually isn't a ROFR for this particular property.
Click to expand...

There is no ROFR at DSV I, but there is ROFR at DSV II.
 
SDKath said:
A platinum Marriott is $4600 min bid plus you have to pay the taxes due for 2008. I just won a Westin Mission Hills for $4200 on eBay. And a Desert Springs Platinum went for $4400 last month.

These don't sound like good deals given the current economy.

Katherine
Click to expand...

Wow... That is a good price.... I thought you are DONE with buying... Is it $4200 platinum season annual at Westin Mission Hills?
 
Is anyone bidding on the auctions? They have lowered the reserves. Now I am wanting to bid....Do you know how to tell if it is an Annual or EOY ?
I have been wanting to pick on of these up at the right price....
I appreciate any advise.
 
Send in $500 to be able to bid?

I looked into it. I think you had to send in $500 deposit to be a qualified bidder. I am very tempted. I also have questions on Marriott recognizing the new owner and the whole transfer process.
 
Final word is that it is too late to bid without an approved deposit. Is anyone activly bidding on any of these? Wanna proxy bid for me:) ?
 
From the Tax Sale FAQs:

Will I be responsible for back taxes owed to the county for property that I purchase? Who is responsible for any mortgages, liens, back taxes, association fees, or other encumbrances attached to the property?

Tax Sale properties may have other, non-county, liens against them. It is the responsibility of the bidder to determine the liabilities that may exist on a property before bidding.

So is it possible that some units may have liens on them by Marriott for unpaid maintenance fees?
 
WOW...The sold prices ranged from $2500 - $7500 (Christmas New Years Week)...Most around $3000...I wonder if Marriott will exercise ROFR on these...
 
Quimby4 said:
WOW...The sold prices ranged from $2500 - $7500 (Christmas New Years Week)...Most around $3000...I wonder if Marriott will exercise ROFR on these...
Click to expand...

That's quite a range of prices considering that it doesn't matter which week is on the underlying deed, they are all essentially the same -- a 2bd LO floating Red season week.
 
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