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Question on selling back options

nanceetom

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A friend of our son, unfortunately, lost his wife and really does not have time to travel and take on the the responsibility of a single parent. Since, we have owned for years, and never been involved in selling, we have no idea if process or realistic expectations. I believe it is a 3 bedroom, Platnium in HH. If they joined the DP program, would that transfer into point options to an owner? I assume Marriott but back is an option? Is the private market to sell really complicated? Trying to give some basic advice as a beginning point.
 

TheTimeTraveler

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There are no point transfers on resale weeks. He can sell the week himself, or ask Marriott to sell the week for him. A Platinum resale week is desirable, but not sure about any other seasons.


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samara64

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A 3 bedroom Platinum week in HH would be no problem at all to sell directly or via Marriott resales.
 

Dean

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The retail price 2 months ago from Marriott for a GV 3 BR Platinum at Surfwatch was $25200 as a point of reference. I suspect one would net about the same selling it resale vs through Marriott. It's also an easy option to rent out. Unfortunately there's no legal way for someone else to make it over and preserve the option of points directly since it's not a direct relative. Selling through a broker or redweeks would likely be the best options but I'd contact MVC directly as well to see what they say.
 

bogey21

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IMO friend should take the easy way out and either sell to Marriott or have Marriott sell it for him. He needs simplicity...

George
 

LUVourMarriotts

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3BR units at SurfWatch, Platinum, have sold from $10,000 to $17,000 over the past 2 years, depending on view (based on rofr.net). I'd assume the resale price will always be less than what Marriott would be selling at.
I would recommend him to reach out to a reputable resale broker. I'm sure there are several. I have used Concierge Realty in the past to purchase, and they were good to work with. They have a handful of 3BR + 3BA units available for Platinum. Most are set at "Make and Offer", and one is at $23,000. If he really wants to get out, the lower the price, the quicker he will get a buyer. The tough part is if there is a mortgage due on the property.
Best of luck to him.
 

SueDonJ

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My first step would be to ask Marriott Resales if they want it and how much they would offer, using the contact info at this link: "Marriott Vacation Club Exit Specialists Are Here to Help"

There's no guarantee that they'll take it but it's worth the inquiry before going the external resale route.
 

nanceetom

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Thanks for all your comments. Before, I get back to him, again, sorry, since I am cluless. Can a friend offer him an offer, or wound that need to be approved by Marriott? Or, can it be a private transaction or arrangement? If someone, privately, through a realtor or whatever, Lux ys the property, can the new owners buy into the destination points?
 

TheTimeTraveler

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Thanks for all your comments. Before, I get back to him, again, sorry, since I am cluless. Can a friend offer him an offer, or wound that need to be approved by Marriott? Or, can it be a private transaction or arrangement? If someone, privately, through a realtor or whatever, Lux ys the property, can the new owners buy into the destination points?

Any offer would have to go thru Marriott's ROFR (right of first refusal), and Marriott could grab it back during that process.

Anyone at anytime can buy into the Destination Points program. They can buy resale, or directly thru Marriott. Resale points are cheaper than buying thru Marriott.



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Dean

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Thanks for all your comments. Before, I get back to him, again, sorry, since I am cluless. Can a friend offer him an offer, or wound that need to be approved by Marriott? Or, can it be a private transaction or arrangement? If someone, privately, through a realtor or whatever, Lux ys the property, can the new owners buy into the destination points?
One would come to an agreement, submit that agreement to MVC for their ROFR decision then proceed with closing if allowed. Also realize that it's illegal in all states I'm aware of to have one agreement and submit a different one. It happens not uncommonly for such situations but it is illegal not to mention unethical. Some try to get creative by agreeing to something that can't readily be replicated, like a specific car or other item, but that won't work either as they'll just require a dollar value for the item. The only way the points option can transfer would be if it's willed to someone or if it's gifted to a direct family member (like child or parent) but not a sibling or cousin, etc. Of course one could enroll it with a retail purchase later if that program still exists. It would be worth asking MVC for a rolling on other family members but there have been reports her on TUG that MVC NOW requires ROFR on gifts and has taken the item under ROFR when a gift.
 
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