bvogel7475
newbie
- Joined
- Dec 23, 2010
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To all future and current Marriott Timeshare Owners:
On May 1st, 2008 I purchased a one week, [Week details deleted.] I purchased this timeshare directly from the Marriott Vacation Club. The purchase price of the timeshare was $25,625. We financed the timeshare through Marriott. We received a 10 year loan at 13.99% for the total purchase price. Our annual maintenance fee has been running about $875 per year. I realize that I was naïve in accepting the 13.99% interest rate but I figured that the timeshare would at least hold 2/3 of its value even if there was a real estate market crash. Marriott made a lot of verbal representations about how the timeshare was an investment that would hold its value as the price of vacations would continue to rise while our week was secured at the price we paid for the timeshare plus annual maintenance fees. As of 11/1/16 I have made loan payments to Marriott that currently total almost $37,000 for this timeshare and still have 19 payments of $365.64 remaining. My current principal balance is $5,859.69.
On October 31st, 2016 I requested a quote from Marriott to sell my timeshare back to them. Here is the e-mail response I received from them on November 1st, 2016.
From: MVCI Resale Operations <resale.operations@vacationclub.com>
To: [email address deleted]
Sent: Tuesday, November 1, 2016 5:46 AM
Subject: Customer : [ID information deleted]
Dear Mr. and Mrs. Vogel:
Thank you for contacting Resale Operations at Marriott Vacation Club regarding your desire to sell your ownership at Marriott’s Timber Lodge. We are pleased to provide you with a team of real estate professionals to assist and educate owners on their viable selling options. Your desired timeframe for sale will often determine which option will work best for you.
Sell through Marriott Vacation Club:
• Repurchase Program: Periodically; Marriott Vacation Club will offer a direct purchase of inventory from an Owner. At this time, Marriott Vacation Club International (MVC) is extending an offer to purchase your [Week details deleted.] for $4,100 less $500 administrative and processing fees. At closing, your approximate net proceeds will be $3,600*. The first year occupancy to MVC will be 2018; therefore, you will retain usage for 2017 and you are responsible for payment of the 2017 maintenance fee. Should you decide to accept this offer, you are agreeing to relinquish any rights to usage of the timeshare in 2018 and future years. Any reservations you have placed for 2018 will be cancelled. The closing timeframe is anticipated to be within 90-120 days of your acceptance. In order to qualify for this offer, any applicable loan, maintenance fee balance and/or taxes must be current. This offer is valid through November 8, 2016. If you desire to accept this offer, you must contact the Resale Operations department no later than 5:00 pm ET. Please contact our office directly at 866-682-4547 if you would like to discuss this offer further.
• Brokerage Listing Program: Marriott Vacation Club will assist with procuring a purchaser and then broker the transaction. Inventory is sold at the current list price. At closing, commission, marketing and administrative costs are deducted and you will receive 60%* of the sale price. The current list price for your inventory type is $7,500. If sold at today's list price your proceeds would be approximately $4,500 after Marriott takes the commission of $3,000 at closing. We are currently accepting listing agreements for your inventory type. Please let us know if you would like a listing agreement created and sent out to you.
Sell on the Open Market:
This option affords you the opportunity to set your own price and to begin the resale process at any time. To obtain helpful resale guidelines, visit the consumer website from American Resort Development Association: www.arda-roc.org/resales. We recommend that you avoid companies that require upfront fees. A website that you may find to be helpful is for the Licensed Timeshare Resale Broker Association. www.LTRBA.com To narrow your search, once you open the website, go to the Member Directory and search for Club location, city or state and this will get you just the brokers who can assist you with your inventory and you won’t have to read about all 50 or 60 brokers on the site.
As stated in the governing documents for eligible resorts, Marriott Vacation Club has the Right of First Refusal. As such, owners selling on the open market are required to notify Marriott Vacation Club once a purchaser has been identified and a price agreed upon. Notification can be sent via email at MVCIROFR@vacationclub.com or fax 407-903-5995. Be advised that when inventory is sold on the open market, the purchaser will not have the option to exchange the week for Marriott Rewards points or enroll in the new Marriott Vacation Club Destinations™ Exchange Program.
We hope that this information has been helpful. Please advise if we can assist further.
*As applicable, net proceeds will be applied to any outstanding loan. Maintenance fees must be current prior to initiation of repurchase process. Foreign owners are subject to a 15% tax withholding. For more information, visit www.irs.gov. If the week being purchased is at a resort in Hawaii and you are not a Hawaii resident, 5% will be withheld from your contract price and paid to the State of Hawaii pursuant to the Hawaii Real Property Tax Act. For more information, or to request a refund, you may visit the website www.hawaii.gov/tax.
Regards,
Mary Dickinson
Resale Manager, Resale Operations
Marriott Vacation Club International
6649 Westwood Blvd, Suite 500
Orlando, FL 32821
866-682-4547 Toll Free
407-903-5995 Fax
resale.operations@vacationclub.com
Hablamos Español: reventas@vacationclub.com
So, Marriott has essentially told me that I could get $3,600 for the timeshare if I sold it directly to them or I might get $4,500 if it sold for $7,500 on the open market and they deducted their 40%!! commission of $3,000. Either way this computes to a reduction in value of over 82%!! This is absurd. My personal residence in Yorba Linda, CA declined 21% shortly after the real estate crash of 2008. However, it has recovered 10% of that loss as of October 31st, 2016. I would accept a sale price of $7,500 less a standard real estate commission of 6%. Applying this 6% standard commission would provide net proceeds of $7,050 to me. Now that seems reasonable. Why do they think that a 40% brokerage commission is reasonable? This seems like another chance for them to pocket more money at my expense. Remember, As of 11/1/16 I have paid Marriott almost $37,000 for this timeshare and still have 19 payments of $365.64 remaining.This is just my story. Imagine how many thousands of other stories like mine are out there as Marriott has sold tens of thousands of timeshares. Please run from any Marriott timeshare offers. Please do not accept a free weekend or week and have to sit through the high pressure sales pitch and outright lies. I am currently working with an attorney for a class action lawsuit against Marriott if they do not provide a reasonable offer for my timeshare. You may contact me at ...my e-mail account......
Mary,
The ball is in your court. Please contact me with an offer that at least lets me walk away with the Market Price ($7,500 or above) less a 6% real estate commission, not the ridiculous 40% rate that you are proposing. Also, I don't believe I should be responsible for any future maintenance fees. I don't think what I am asking for is unreasonable. In fact what you initially proposed to me is highly unreasonable and usurious as well.
Truly Yours,
Brett Vogel
Yorba Linda, California
On May 1st, 2008 I purchased a one week, [Week details deleted.] I purchased this timeshare directly from the Marriott Vacation Club. The purchase price of the timeshare was $25,625. We financed the timeshare through Marriott. We received a 10 year loan at 13.99% for the total purchase price. Our annual maintenance fee has been running about $875 per year. I realize that I was naïve in accepting the 13.99% interest rate but I figured that the timeshare would at least hold 2/3 of its value even if there was a real estate market crash. Marriott made a lot of verbal representations about how the timeshare was an investment that would hold its value as the price of vacations would continue to rise while our week was secured at the price we paid for the timeshare plus annual maintenance fees. As of 11/1/16 I have made loan payments to Marriott that currently total almost $37,000 for this timeshare and still have 19 payments of $365.64 remaining. My current principal balance is $5,859.69.
On October 31st, 2016 I requested a quote from Marriott to sell my timeshare back to them. Here is the e-mail response I received from them on November 1st, 2016.
From: MVCI Resale Operations <resale.operations@vacationclub.com>
To: [email address deleted]
Sent: Tuesday, November 1, 2016 5:46 AM
Subject: Customer : [ID information deleted]
Dear Mr. and Mrs. Vogel:
Thank you for contacting Resale Operations at Marriott Vacation Club regarding your desire to sell your ownership at Marriott’s Timber Lodge. We are pleased to provide you with a team of real estate professionals to assist and educate owners on their viable selling options. Your desired timeframe for sale will often determine which option will work best for you.
Sell through Marriott Vacation Club:
• Repurchase Program: Periodically; Marriott Vacation Club will offer a direct purchase of inventory from an Owner. At this time, Marriott Vacation Club International (MVC) is extending an offer to purchase your [Week details deleted.] for $4,100 less $500 administrative and processing fees. At closing, your approximate net proceeds will be $3,600*. The first year occupancy to MVC will be 2018; therefore, you will retain usage for 2017 and you are responsible for payment of the 2017 maintenance fee. Should you decide to accept this offer, you are agreeing to relinquish any rights to usage of the timeshare in 2018 and future years. Any reservations you have placed for 2018 will be cancelled. The closing timeframe is anticipated to be within 90-120 days of your acceptance. In order to qualify for this offer, any applicable loan, maintenance fee balance and/or taxes must be current. This offer is valid through November 8, 2016. If you desire to accept this offer, you must contact the Resale Operations department no later than 5:00 pm ET. Please contact our office directly at 866-682-4547 if you would like to discuss this offer further.
• Brokerage Listing Program: Marriott Vacation Club will assist with procuring a purchaser and then broker the transaction. Inventory is sold at the current list price. At closing, commission, marketing and administrative costs are deducted and you will receive 60%* of the sale price. The current list price for your inventory type is $7,500. If sold at today's list price your proceeds would be approximately $4,500 after Marriott takes the commission of $3,000 at closing. We are currently accepting listing agreements for your inventory type. Please let us know if you would like a listing agreement created and sent out to you.
Sell on the Open Market:
This option affords you the opportunity to set your own price and to begin the resale process at any time. To obtain helpful resale guidelines, visit the consumer website from American Resort Development Association: www.arda-roc.org/resales. We recommend that you avoid companies that require upfront fees. A website that you may find to be helpful is for the Licensed Timeshare Resale Broker Association. www.LTRBA.com To narrow your search, once you open the website, go to the Member Directory and search for Club location, city or state and this will get you just the brokers who can assist you with your inventory and you won’t have to read about all 50 or 60 brokers on the site.
As stated in the governing documents for eligible resorts, Marriott Vacation Club has the Right of First Refusal. As such, owners selling on the open market are required to notify Marriott Vacation Club once a purchaser has been identified and a price agreed upon. Notification can be sent via email at MVCIROFR@vacationclub.com or fax 407-903-5995. Be advised that when inventory is sold on the open market, the purchaser will not have the option to exchange the week for Marriott Rewards points or enroll in the new Marriott Vacation Club Destinations™ Exchange Program.
We hope that this information has been helpful. Please advise if we can assist further.
*As applicable, net proceeds will be applied to any outstanding loan. Maintenance fees must be current prior to initiation of repurchase process. Foreign owners are subject to a 15% tax withholding. For more information, visit www.irs.gov. If the week being purchased is at a resort in Hawaii and you are not a Hawaii resident, 5% will be withheld from your contract price and paid to the State of Hawaii pursuant to the Hawaii Real Property Tax Act. For more information, or to request a refund, you may visit the website www.hawaii.gov/tax.
Regards,
Mary Dickinson
Resale Manager, Resale Operations
Marriott Vacation Club International
6649 Westwood Blvd, Suite 500
Orlando, FL 32821
866-682-4547 Toll Free
407-903-5995 Fax
resale.operations@vacationclub.com
Hablamos Español: reventas@vacationclub.com
So, Marriott has essentially told me that I could get $3,600 for the timeshare if I sold it directly to them or I might get $4,500 if it sold for $7,500 on the open market and they deducted their 40%!! commission of $3,000. Either way this computes to a reduction in value of over 82%!! This is absurd. My personal residence in Yorba Linda, CA declined 21% shortly after the real estate crash of 2008. However, it has recovered 10% of that loss as of October 31st, 2016. I would accept a sale price of $7,500 less a standard real estate commission of 6%. Applying this 6% standard commission would provide net proceeds of $7,050 to me. Now that seems reasonable. Why do they think that a 40% brokerage commission is reasonable? This seems like another chance for them to pocket more money at my expense. Remember, As of 11/1/16 I have paid Marriott almost $37,000 for this timeshare and still have 19 payments of $365.64 remaining.This is just my story. Imagine how many thousands of other stories like mine are out there as Marriott has sold tens of thousands of timeshares. Please run from any Marriott timeshare offers. Please do not accept a free weekend or week and have to sit through the high pressure sales pitch and outright lies. I am currently working with an attorney for a class action lawsuit against Marriott if they do not provide a reasonable offer for my timeshare. You may contact me at ...my e-mail account......
Mary,
The ball is in your court. Please contact me with an offer that at least lets me walk away with the Market Price ($7,500 or above) less a 6% real estate commission, not the ridiculous 40% rate that you are proposing. Also, I don't believe I should be responsible for any future maintenance fees. I don't think what I am asking for is unreasonable. In fact what you initially proposed to me is highly unreasonable and usurious as well.
Truly Yours,
Brett Vogel
Yorba Linda, California
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