Purchase off of ebay...

[potchak]

Ok, Just won a Manor Club original on ebay. (Very excited! Can't believe within 6 mos of our first purchase, that we are getting another one! Hubby liked the thought of the 13 mo priority! )

What are the chances it will pass ROFR, and what do I need to do? What is the best way to handle an Ebay win? I want to make sure I the sale closes and do not get screwed like some others have. What is the normal timeframe to close on a resale? Any helpful tips would be great!

 

[myip]

Great Price. Let's us know whether it goes through ROFR

 

[Steamboat Bill]

Was that the one by RII Stroman?

I was thinking of bidding on that one and think you got a great deal. FIY...I would not be surprised if Marriott exercises ROFR on this unit as this is the lowest price I have seen for MMC in a while.

 

[potchak]

This was the one from RII Stroman. I am worried about them exercising too, especially after the LO that was just exercised at $10,500. But we will see! Keep your fingers crossed.

I am mainly wondering how to handle the closing? Do I ask only for escrow companies, or a specific closing company? Not sure what I am doing, was hoping for some experienced help.

 

[Steamboat Bill]

I was the one that LOST my MSE to ROFR at $10,500.

I am planning on making an offer for MCC, but I will probably offer more than $7000. I hope you pass ROFR, but I would not get dissapointed if Marriott snags it from you.

Use a reputable closer and have the money in escrow. I used GMAC and they only wanted $500 deposit until we get notice of ROFR or not from marriott.

good luck!

 

[gmarine]

My MMC recently passed ROFR at $7100. I believe there was another one in August that passed at around $6500.

Stroman usually uses Rice,Rice and Rice for closings. Try to use someone else if you can. I didnt like the way they handled a purchase of mine a few years back

 

[travelplanner70]

These are great deals on Manor Club, but how is the tradaing power of Platinium? Is there a way to figure out which is a stronger trader - Manor Club or Legend's Edge which can be purchased for about the same price?

Or Manor club Platinum versus Summit Watch Gold?

Thanks for the info.

 

[pwrshift]

Manor Club is a sold out resort that still maintains a sales office, which probably accounts for the fact the ROFR is quite active. If they can grab it at $7000 and turn it around for $20,000 it makes good sense for Marriott financially.

Marriott ROFR must be pretty active these days with other sold out resorts like Kauai also selling on Ebay for less than $10,000. I'm amazed that cheaper resorts like Canyon Villas seem to be holding their price much better. Could be a sign of the (economic) times.

Brian

 

[gmarine]

These are great deals on Manor Club, but how is the tradaing power of Platinium? Is there a way to figure out which is a stronger trader - Manor Club or Legend's Edge which can be purchased for about the same price?

Or Manor club Platinum versus Summit Watch Gold?

Thanks for the info.

Reportedly MMC platinum summer weeks trade very well. A big advantage is the low maintenance fees, approx $640. Fees also include 6 rounds of golf, which for golfers not paying greens fees, makes for almost a free week at MMC.
I am pretty confident an MMC platinum summer week will be a better trader than Summit Watch Gold. I see much

 

[potchak]

I called the ROFR desk and they said it will be tight, but who knows. However, they also said that we can always counter it even if they agree to take it. Keep your fingers crossed.

 

[m61376]

I called the ROFR desk and they said it will be tight, but who knows. However, they also said that we can always counter it even if they agree to take it. Keep your fingers crossed.

That's interesting...someone else had posted about the possibility of having a clause written in the original contract which allowed the buyer to counter an offer if Marriott exercised ROFR; you're saying they are allowing buyers to present a second offer if they exercise ROFR?

Wish I had known that a month ago, when my Aruba Surf Club was nabbed. The realtor said there was no recourse. Interesting, because I've spoken to several realtors who all said the same thing - I wonder if this is a new policy. Many have been frustrated with Marriott's recent bout of ROFR's.

Hope you don't have to find out if you can counter

 

[MLC]

That's interesting...someone else had posted about the possibility of having a clause written in the original contract which allowed the buyer to counter an offer if Marriott exercised ROFR; you're saying they are allowing buyers to present a second offer if they exercise ROFR?

Wish I had known that a month ago, when my Aruba Surf Club was nabbed. The realtor said there was no recourse. Interesting, because I've spoken to several realtors who all said the same thing - I wonder if this is a new policy. Many have been frustrated with Marriott's recent bout of ROFR's.

Hope you don't have to find out if you can counter

I was the one that said you can counter offer, if Marriott takes it back. The seller does not have to sell to Marriott but Marriott does have the right to buy back. The seller under the ROFR, might want to wait and see if they can sell it for a higher price. I am not a broker, just an owner who uses all of Marriott weeks. Take care and have a great day.

 

[Steamboat Bill]

I called the ROFR desk and they said it will be tight, but who knows. However, they also said that we can always counter it even if they agree to take it. Keep your fingers crossed.

This is NEW news to me.

My predication: Marriott will snag this unit during ROFR as they are selling the same week for $17,500. Thus, they can get an easy $10,500 profit. This will drive the resale price for MMC to $8k or more.

It took about 3 weeks for me to hear the news. Please post when you get notified by Marriott if you pass or not.

 

[potchak]

Thanks for the optimism Steamboat

I will let everyone know what happens. I am keeping my fingers crossed anyway.

 

[icydog]

I bought two platinum Manor Club resales for $7000 each last year. Both passed ROFR within a 6 month period. I bought one from a Tugger and one from a broker. No hitches and both closed. I used Timeshare Closing Services www.timeshareclosingservices.com . I haven't found a really good closing service but these folks work with Marriott and don't collect any money, other than a deposit, from the buyer until they are sure Marriott won't buy it back.

As far as alternate offers to bypass ROFR, I had a Disney Vacation Club Boardwalk get ROFR'd by Disney last June. As soon as the ROFR came in my buyer offered me $2 more per point and Disney allowed it. In fact DVC suggested it. It was a DVC first, but since I sold it myself without a broker, maybe they gave me a break. In any case I was happy with the extra money ($380) and the buyer was happy with their new 190 point
Boardwalk Villas contract.

 

[Dean]

This is NEW news to me.

My predication: Marriott will snag this unit during ROFR as they are selling the same week for $17,500. Thus, they can get an easy $10,500 profit. This will drive the resale price for MMC to $8k or more.

It took about 3 weeks for me to hear the news. Please post when you get notified by Marriott if you pass or not.

Bill, DVC will allow the counter offer as well.

 

[potchak]

Bad news. Marriott nabbed my unit. I guess it was just too tasty for them. Off to the next one I guess!

 

[rockedge]

I bought a Waioohai, ocean view and it closed last month, got by rofr. The price was 46% below asking price. I was probably just above the cutoff.

 

[DKPerky]

Stinks ... I have an offer or Kauai Beach club in ROFR now. I'll keep you all posted.

 

[Quilter]

Stinks ... I have an offer or Kauai Beach club in ROFR now. I'll keep you all posted.

Stinks for those who want a cheap resale, but for us who bought from the developer it's good to see the bottom not falling out on the value.

Resales on Manor Club are creeping ever so slowly closer to what we paid. Good thing we got a chunk of points with the deal and can exchange for points.

 

[m61376]

Potchak-It's frustrating..but you'll find another deal. Are you going to see if they'll let you counter, since you thought you could (curious how that would work out)?

Seems to me that ROFR has been more frequent lately.

 

[potchak]

I thought I was countering but, the sales agent didn't treat it as counter and we lost the deal altogether. Although he is offering our counter to others that he represents. We'll see if anything comes out of it.

 

[Steamboat Bill]

Bad news. Marriott nabbed my unit. I guess it was just too tasty for them. Off to the next one I guess!

It looks like my predication was correct...I am NOT happy that you lost this purchase, but I was about 2 weeks ahead of you in the process and lost my unit in ROFR and your price was LOWER than mine. I also have been monitoring eBay for sales and felt you made a fantastic deal...however, I KNEW Marriott would snag it from you.

Thus, you need to raise your offer now to avois ROFR. This is actually good for the TS industry as it establishes a bottom level that you can rest assured, that you paid the LOWEST amount for the TS.

 

[icydog]

Believe it or not ROFRs are good for the industry. There is nothing worse than losing a bundle right after you close on a timeshare contract. I think that Marriott has been letting contracts go out of ROFR too cheaply. Don't get me wrong I benefitted by that fact but since they are finally enforcing their ROFR my property will be worth more.

 

[m61376]

I may be all wrong here, but I don't see Marriott exercising its ROFR as an effort to maintain prices on the resale market- although stabilizing prices and not letting a desperate seller lower the overall market pricing may be a side benefit. I think it is a business decision; they buy back when they feel they can sell for a greater profit. When their inventory is low they replenish it and are able to do so by taking advantage of the desperate sellers out there. I think it is a reflection of their ability to sell units; if business is good, it makes sense for them to buy back and resell.

This seems to be a unique industry- buying from the developer ~50% of your purchase price is unit value and the other half is sales overhead (which is similar to other retail businesses, where merchandise cost is doubled to allow for overhead and profit). What makes it interesting, to me at least as I learn more about this, is that once the item is sold and used, it can be bought back by the developer at approximately the real "value" of the original unit and then resold by the developer, once again doubling the price to allow for overhead and profit.