New cumbersome closing/transfer requirements by Daily Management

[ausman]

how would they be aware of a random 3rd partys "outstanding balances"?

Wouldn't they be aware if the potential buyer owned at another Daily Management managed property.

 

[TUGBrian]

seems like an easy fix then for the buyer to pay their past due fees?

I can certainly see the point of denying an ownership transfer to someone whos already in default on another ownership?

 

[hillview570]

this is an individual buying the property...maybe he has other properties with Daily Management. Our account is current...which should not limit the sale to another person.

 

[hillview570]

update...Daily Management is not granting the waiver of Right of First Refusal to the new 'buyer' but they will not talk to me about next steps.
In the meantime, we have 2 properties at the Cliff's Peace Canyon that have already been sold with the deed transfers filed with Clark County (which were accepted and appropriately filed. I maile the owner transfer request, with necesary documents and funds...Daily Management refuses to accept the transfer (yes, to the same new buyer).
What now? According to Clark County we no longer own the property, but the developer refuses to accept the sale. I am at a loss...

 

[hillview570]

is the buyer a corporation?

how would they be aware of a random 3rd partys "outstanding balances"?

the buyer is an individual who owns multiple properties (I guess); he states to me that DM is the only timeshare company that delays and/or blocks ownership transfers.

 

[TUGBrian]

thats certainly not the case, plenty of resorts have implemented much more stringent investigation into new buyers before approving transfers, especially to LLCs or similar.

Sorry its causing issues with your transfer but it sounds like this individual is "known by name" within this system however, vs just a regular buyer off the street so to speak!

 

[CYRUS2400]

I hate to say this, but, Daily Management obstruction might just drive more foreclosures from failure to pay MF's. They should HELP owners transfer units that they no longer need or no longer can afford.

 

[escanoe]

@hillview570,

Thinking this through. So if you just quit paying maintenance fees, they could report you to the credit bureaus for that.

But if they decided to foreclose, that would be against the current owner they won’t recognize?

 

[hillview570]

@hillview570,

Thinking this through. So if you just quit paying maintenance fees, they could report you to the credit bureaus for that.

But if they decided to foreclose, that would be against the current owner they won’t recognize?

that is what I think...since we don't have deed to the property any longer.

 

[hillview570]

I hate to say this, but, Daily Management obstruction might just drive more foreclosures from failure to pay MF's. They should HELP owners transfer units that they no longer need or no longer can afford.

I agree with you; but I can't even talk with anyone at Daily Management; they say they will call me back, but no call.

 

[hillview570]

thats certainly not the case, plenty of resorts have implemented much more stringent investigation into new buyers before approving transfers, especially to LLCs or similar.

Sorry its causing issues with your transfer but it sounds like this individual is "known by name" within this system however, vs just a regular buyer off the street so to speak!

and the problem is as a seller...how am I to know that? I guess it now becomes a question to ask any potential buyer...if I ever get one again.

 

[TUGBrian]

well you wouldnt ever know that up front unfortunately...its not your fault at all!

 

[escanoe]

I thought their intention was to require this ROFR on the front end so they could let it be known before a new deed is recorded?

 

[hillview570]

well you wouldnt ever know that up front unfortunately...its not your fault at all!

thanks for the sympathy...but I don't know how to resolve it. Daily Management is not forthcoming with information or in person discussion.

 

[hillview570]

this is an example of the time-share industry at its worst.

 

[gremlin1117]

Just to update this thread. This past Friday 11/10 was 8 weeks we have been waiting on ROFR for our purchase at Grandview.

 

[TheTimeTraveler]

Just to update this thread. This past Friday 11/10 was 8 weeks we have been waiting on ROFR for our purchase at Grandview.

You should check to see if they have a fixed time limit in which to respond otherwise they could potentially hold you up until Xmas of 2024.

It's unreasonable to think that a buyer would wait forever.





.

 

[gremlin1117]

I have emailed Resort Closings, who is handling the process, for an update and I was told:
"Because they just started requiring the ROFR paperwork this year they are VERY backed up in that department and are having a hard time getting caught up."
Not sure I believe that but have to accept it for now.
I will try and find if they have a fixed time limit or not. That is a good question.

 

[gggllm]

I have emailed Resort Closings, who is handling the process, for an update and I was told:
"Because they just started requiring the ROFR paperwork this year they are VERY backed up in that department and are having a hard time getting caught up."
Not sure I believe that but have to accept it for now.
I will try and find if they have a fixed time limit or not. That is a good question.

I also worked with resort closings this year for grandview, and it took me more than 60 days to get ROFR

 

[dioxide45]

I thought rofr had to be written into the condo doc. Is that the provision written in the CC&Rs?

 

[J.Ramaj]

I wanted to give an update on my purchases. After about a month and a half, close to 2 months, I received the ROFR paperwork for 2 of my 3 Grandview purchases. They are an even year and odd year points account. I haven't received the ROFR paperwork for the deeded 2 bedroom fixed week yet. I also haven't received it for the Parkway village. Paperwork was sent for all of them at the end of September, beginning of October.

I was hoping to have everything done by the holidays so that I can get into the RCI system and plan my vacations for next year (I generally always plan my vacations/bday trips for the following year during the holidays. I also go ahead and submit my work PTO around this time too which my boss loves) but at this rate it doesn't look like it will happen. I'm also worried the longer it takes the less chance I'll have of booking a week that I want to travel on. This is a longterm thing for me but I was hoping to be able to take full advantage the first year of ownership. So I'm admittedly a little disappointed. I will keep hope alive tho. I sent the signed paperwork back this week to the closing agents so I'll update once I hear something else

 

[jackio]

On 10/18, Resort closings sent the recorded ROFR waiver, and submitted for transfer. I haven't hear back yet. The resort is Patriot Inn in Williamsburg, and I made the purchase on 4/3/23. I was supposed to get 2023 use, but that ship has passed. I'm hoping to get the 2024 week in time to make a timely deposit.

 

[J.Ramaj]

I just received a notice from Owner Transfer Services at the Grandview...they will not grant a waiver to sell our property to another buyer. In their words, the potential buyer has 'outstanding balances' that are not associated with our property. I have reached out AGAIN to the Grandview requesting contact informaiton with a manager that can explain the issue to me. The Grandview seems to ignore the fact that they either have to grant the waiver OR buy the property...they don't get to choose the next buyer.
Any ideas on next steps are appreciated.

I was browsing on eBay and on one of the Vacation Village listings the seller said the new buyer would have to be approved by Vacation Villages AND they can't have any outstanding balances on any Vacation Village properties that they own. So unfortunately as others have said it looks like the buyer has some outstanding balances on the other timeshares that he owns with Vacation Village. Of course as a seller you have no way of knowing that unless you ask guy buyer upfront if they already own with VV. This particular listing was for VV Parkway.

 

[rboesl]

I was browsing on eBay and on one of the Vacation Village listings the seller said the new buyer would have to be approved by Vacation Villages AND they can't have any outstanding balances on any Vacation Village properties that they own. So unfortunately as others have said it looks like the buyer has some outstanding balances on the other timeshares that he owns with Vacation Village. Of course as a seller you have no way of knowing that unless you ask guy buyer upfront if they already own with VV. This particular listing was for VV Parkway.

Recently ran across this myself. Buyer wanted to add it to his trust. VV refused and said they needed to resubmit in their own name. Which was done only to have that denied as well due to an outstanding balance on another VV property. Buyer says "Oops, forgot about that one. Sorry, you'll have to re-list."

It's a pita but I can see the value of the ROFR for VV.