Realistic timeframe on buying resale?

[CourtShorr]

We had an offer accepted last week for a resale week at NCV. (Through Redweek) Yay! We are excited...

Now, I know that we have to go through ROFR etc but how long should we realistically expect until we have the week in our name? We've been told as little as 4 weeks and as high as 12 weeks for closing and then Marriott actually putting us into the system. What's more accurate?

We had our offer accepted by the seller but so far all our agent has had us do is give our basic info and choose a vesting option.

Can you share what your experience has been buying resale? What should we plan for, time wise? (And what steps should we expect from here on out?)

 

[StevenTing]

Plan on 8-10 weeks for the closing and then another 2-3 weeks for the account to reflect on your account. If your ROFR comes back quickly, that can reduce your time by 1-2 weeks. My timeline is factoring in the full 30 days for ROFR.

Most of your time is spent waiting on Marriott. If the week is paid off all ready by the seller, that will reduce it by another 2-3 weeks. If there is still a loan on it, you have to wait for seller to pay it off first. They can’t use proceeds of the sale to pay off the loan.

So best case, if Marriott waives ROFR quickly and the loan is already paid off, you could close in as little as 2-3 weeks. But in reality, plan for 8-10.

 

[SteelerGal]

Over the holidays it took under 8wks. Luckily like you, there was already a reservation on the account so I didn’t have to stress.

 

[CourtShorr]

Plan on 8-10 weeks for the closing and then another 2-3 weeks for the account to reflect on your account. If your ROFR comes back quickly, that can reduce your time by 1-2 weeks. My timeline is factoring in the full 30 days for ROFR.

Most of your time is spent waiting on Marriott. If the week is paid off all ready by the seller, that will reduce it by another 2-3 weeks. If there is still a loan on it, you have to wait for seller to pay it off first. They can’t use proceeds of the sale to pay off the loan.

So best case, if Marriott waives ROFR quickly and the loan is already paid off, you could close in as little as 2-3 weeks. But in reality, plan for 8-10.

Thank you. Once closing is finished how will I know Marriott has put it into their system?

 

[CourtShorr]

Over the holidays it took under 8wks. Luckily like you, there was already a reservation on the account so I didn’t have to stress.

There is a reservation currently in place but we actually asked them to move it as part of a contingency on the offer. They said they would as soon as they have our escrow money. Hopefully that doesn't set us back longer.

 

[JIMinNC]

Our last resale purchase was through Redweek full service for Marriott's Waiohai on Kauai. Here is our rough timeline:

Initial contact with Redweek broker: March 12, 2019
Offer made and accepted: March 17, 2019
Contract for Purchase Executed: March 21, 2019
Deposit remitted and contract sent to closing company: March 26, 2019
Submitted to Marriott for ROFR (15 day response deadline): March 27, 2019
ROFR waived by Marriott: April 4, 2019
Escrow packet received from closing company: April 16, 2019
Escrow packet returned to closing company by buyer: April 17, 2019
Seller's closing packet received by closing company: May 1, 2019
Approval from Hawaii tax office (Hawaii-specific requirement): May 17, 2019
Deed recorded: May 22, 2019
Added to Account by MVCI Owner Modifications: June 5, 2019

So, ours took about a week under three months after first contact. About 2.5 months once the offer was accepted. There were a couple steps here that are unique to Hawaii, like the tax office approval, that may not be applicable to California. Also, I think Newport Coast has a 15 day ROFR as well, not 30 days.

Once closing is finished how will I know Marriott has put it into their system?

We received an email from MVCI Owner Modifications.

 

[CourtShorr]

Our last resale purchase was through Redweek full service for Marriott's Waiohai on Kauai. Here is our rough timeline:

Initial contact with Redweek broker: March 12, 2019
Offer made and accepted: March 17, 2019
Contract for Purchase Executed: March 21, 2019
Deposit remitted and contract sent to closing company: March 26, 2019
Submitted to Marriott for ROFR (15 day response deadline): March 27, 2019
ROFR waived by Marriott: April 4, 2019
Escrow packet received from closing company: April 16, 2019
Escrow packet returned to closing company by buyer: April 17, 2019
Seller's closing packet received by closing company: May 1, 2019
Approval from Hawaii tax office (Hawaii-specific requirement): May 17, 2019
Deed recorded: May 22, 2019
Added to Account by MVCI Owner Modifications: June 5, 2019

So, ours took about a week under three months after first contact. About 2.5 months once the offer was accepted. There were a couple steps here that are unique to Hawaii, like the tax office approval, that may not be applicable to California. Also, I think Newport Coast has a 15 day ROFR as well, not 30 days.



We received an email from MVCI Owner Modifications.

Great. This is exactly what I was hoping for to see the next steps and a basis to set expectations on time frame.

Will we pay just a deposit with the contract at the beginning? Or our entire purchase price?

 

[JIMinNC]

Great. This is exactly what I was hoping for to see the next steps and a basis to set expectations on time frame.

Will we pay just a deposit with the contract at the beginning? Or our entire purchase price?

We had to remit a credit card form for a $1000 deposit when we executed the initial contract, which was done through Docusign. The balance was paid by official check when we sent in the signed and notarized closing docs.

 

[CourtShorr]

We had to remit a credit card form for a $1000 deposit when we executed the initial contract, which was done through Docusign. The balance was paid by official check when we sent in the signed and notarized closing docs.

Thank you!

 

[SteelerGal]

The Agent informed us it was transferred. 2wks later , I received a letter w/ login info.

 

[jmhpsu93]

Plan on 8-10 weeks for the closing and then another 2-3 weeks for the account to reflect on your account. If your ROFR comes back quickly, that can reduce your time by 1-2 weeks. My timeline is factoring in the full 30 days for ROFR.

Most of your time is spent waiting on Marriott. If the week is paid off all ready by the seller, that will reduce it by another 2-3 weeks. If there is still a loan on it, you have to wait for seller to pay it off first. They can’t use proceeds of the sale to pay off the loan.

So best case, if Marriott waives ROFR quickly and the loan is already paid off, you could close in as little as 2-3 weeks. But in reality, plan for 8-10.

Actually, in my case the variance has been on the broker side. I've bought four resale weeks from three vendors (two eBay, one here on TUG marketplace) and broker time has varied from about a week's worth of time all-in (J&J Timeshares on eBay, Denise - can't remember company name - here on TUG) to almost three months (Sean's Timeshares on eBay). In all cases the Marriott and Vistana processes took about a 2-3 weeks total for ROFR and ownership transfer. Now all of this was last year before the merging of back office staff, so it could be worse now.

I agree with Steven's assessment though, at least 8 weeks and plan for as many as 12.

Good luck on ROFR!

 

[Dean]

We had an offer accepted last week for a resale week at NCV. (Through Redweek) Yay! We are excited...

Now, I know that we have to go through ROFR etc but how long should we realistically expect until we have the week in our name? We've been told as little as 4 weeks and as high as 12 weeks for closing and then Marriott actually putting us into the system. What's more accurate?

We had our offer accepted by the seller but so far all our agent has had us do is give our basic info and choose a vesting option.

Can you share what your experience has been buying resale? What should we plan for, time wise? (And what steps should we expect from here on out?)

Our last HI purchase took 6 months to complete (7/20 to 1/12) and be acknowledged by MVC and 3 more weeks or so to be listed in our online account. Our previous week was longer than that but there were other issue on the company end that make it not a good comparison.

 

[CourtShorr]

Actually, in my case the variance has been on the broker side. I've bought four resale weeks from three vendors (two eBay, one here on TUG marketplace) and broker time has varied from about a week's worth of time all-in (J&J Timeshares on eBay, Denise - can't remember company name - here on TUG) to almost three months (Sean's Timeshares on eBay). In all cases the Marriott and Vistana processes took about a 2-3 weeks total for ROFR and ownership transfer. Now all of this was last year before the merging of back office staff, so it could be worse now.

I agree with Steven's assessment though, at least 8 weeks and plan for as many as 12.

Good luck on ROFR!

Thank you. Fingers crossed it goes through and we can get the ball rolling!

 

[CourtShorr]

Our last HI purchase took 6 months to complete (7/20 to 1/12) and be acknowledged by MVC and 3 more weeks or so to be listed in our online account. Our previous week was longer than that but there were other issue on the company end that make it not a good comparison.

Holy Cow! 6 months! Is it because HI has extra steps to purchase?

 

[Dean]

Holy Cow! 6 months! Is it because HI has extra steps to purchase?

There are some delays for HI certainly but I want you to be aware there are risks of delay. GO 2017 was two months for MVC to get it changed internally, and 2018 GO week was about 2.5 months. 2018 Harbour Lake took right at 4 months to be in changed over internally for MVC. I'm not sure how long it took for those to be listed online.

 

[CourtShorr]

There are some delays for HI certainly but I want you to be aware there are risks of delay. GO 2017 was two months for MVC to get it changed internally, and 2018 GO week was about 2.5 months. 2018 Harbour Lake took right at 4 months to be in changed over internally for MVC. I'm not sure how long it took for those to be listed online.

Thank you! We'll just plan to be flexible and go with the flow. Hopefully it is closer to 10-12 weeks but whatever... as long as we get it in the end. Lol. Just hoping we have it in time to book a year out for next year.

 

[SteelerGal]

You can ask to have them book for 2021.

 

[Dean]

You can ask to have them book for 2021.

Or if it's the only week in their account, they may give them access to the online so the OP could book for themselves.

 

[CourtShorr]

You can ask to have them book for 2021.

I may ask them if it seems to be taking a long time.

 

[CourtShorr]

Or if it's the only week in their account, they may give them access to the online so the OP could book for themselves.

This might be a good option too. I'm hoping things will just start moving so we can be done by summer. Lol

 

[TheTimeTraveler]

I may ask them if it seems to be taking a long time.

Marriott has to act on the ROFR within 30 days. Most brokers submit it electronically, and Marriott can act on it faster if they want.

How long has it been since it has been submitted to Marriott for the ROFR process?





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[JIMinNC]

Marriott has to act on the ROFR within 30 days. Most brokers submit it electronically, and Marriott can act on it faster if they want.

How long has it been since it has been submitted to Marriott for the ROFR process?

Just FYI, according to Syed Sarmad’s resale site, Newport Coast has a 15 day ROFR, not 30.

 

[TheTimeTraveler]

Marriott has to act on the ROFR within 30 days. Most brokers submit it electronically, and Marriott can act on it faster if they want.

How long has it been since it has been submitted to Marriott for the ROFR process?





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Just FYI, according to Syed Sarmad’s resale site, Newport Coast has a 15 day ROFR, not 30.

Thank you for posting this!

CourtShorr should appreciate this piece of information as he/she is getting a bit antsy!





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[CourtShorr]

Thank you for posting this!

CourtShorr should appreciate this piece of information as he/she is getting a bit antsy!





.

I like to think of it as more of an "excited" than "antsy".

And I'm not even aware if the ROFR has been submitted. We were informed that the seller accepted our offer and the agent from Redweek took some basic information from us..... beyond that we've heard nothing.

 

[CourtShorr]

Just FYI, according to Syed Sarmad’s resale site, Newport Coast has a 15 day ROFR, not 30.

Thank you. Great to know.