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So right now we have 6025 points from enrolled weeks.
Was thinking about buying some resale to top off to next level.
Pros:
Earlier reservation window
Only have to use one week to get points I need for trips I see coming up
Looking for down sides, so please let me know why you wouldn't do it.
Does Marriott treat resale points different?
I see 1000 points sets available on redweeks but thought I read 1500 was minimum?
"Junk" fee is still $3000 minimum?
Maint fee is .41/point?
For a non MVC owner, the minimum number of points you must own is 1500 BUT as a current member of MVC you can buy a fewer than 1500 pts. I do not know the minimum but pts are sold in 250 pt interests.
YES the "junk" fee is $500/250 pts with a min of $3000. That is why many people just say buy 1500 pts since the fee is $3000 for the 1500 pts and $3000 for anything less than 1500
You are locking yourself into a >$7,000 purchase to reach the 7000 pts Executive Member level. Yes it has some benefits but are those benefits worth $7K?
If I was at 6000 DC pts I might be looking at buying another 1000 DC pts to get to "Executive Member" but for me with only the ~3000 DC pt ( my other week isn't enrolled) I'm happy as just a plain old owner I just rent pts as needed for about $0.50 pt
This one is a little tricky. If you are an enrolled owner (meaning you have Legacy weeks enrolled in the DC), a Base Interest is 500 points. For a Trust Point Owner with no enrolled Legacy weeks, a base interest is 1500 points.
So as an enrolled Legacy member, you could purchase 1000 points and be ok. BUT....if down the road, you decide to sell your weeks, and you only have the points remaining, they would/could be restricted as they are no longer a Base Interest. Or if you have kids and eventually you give a week to one, a week to another and the points to another, again, the 1000 points standing on their own could be problematic. For these reasons, if you do decide to add points to top off, and of course if you are financially able to, I would advise purchasing a 1500 point chunk just to avoid those issues going forward.
I have the exact amount of points as the OP and have enrolled my weeks a the programs inception. For the past 5 years I have grappled with the notion of topping off my account with enough trust points to reach the next level. Every time i think about it, I do the math and come to my original conclusion that the benefits of the next level are not worth (To Me) the added upfront costs and ongoing MF'S associated with more points. This may change at some future point,I'll continue to do the math, but for the foreseeable future my combination of weeks, enrolled and non-enrolled have served me well.
So right now we have 6025 points from enrolled weeks.
Was thinking about buying some resale to top off to next level.
Pros:
Earlier reservation window
Only have to use one week to get points I need for trips I see coming up
Looking for down sides, so please let me know why you wouldn't do it.
Does Marriott treat resale points different?
I see 1000 points sets available on redweeks but thought I read 1500 was minimum?
"Junk" fee is still $3000 minimum?
Maint fee is .41/point?
Is there a specific destination you normally book that you can't get using your weeks to trade ? I guess the question I am getting at, is it only available with points ?
Is there a specific destination you normally book that you can't get using your weeks to trade ? I guess the question I am getting at, is it only available with points ?
I can't speak for the OP, but I would suggest that there are numerous reasons for owning points other than getting specific locations you want to travel to.
Points allow you to take shorter trips of less than seven days. Points allow you to book specific views and unit sizes for the needs/requirements of each trip. Combining points from two or even three years allows you to travel to places or stay in larger unit sizes, better views, or higher seasons that you can't do with weeks. Conversely, by traveling in lower seasons, booking smaller units, or lesser views you can stretch your week's worth of points to two or even three weeks of travel.
As an example, we own a meager 3375 points - from an offseason HHI Barony week plus a small number of Trust points. If we are willing to stay in HHI at Harbour Point or Sunset Pointe, our small point allocation can get us three weeks in Gold season with a few hundred points left over. Or our points would allow us to book two summer Platinum weeks and 6 nights in Gold season at those same resorts. We can also combine multiple years - as we are doing for summer 2016 - and book a 2BR oceanfront at Maui Ocean Club. We can also do long weekends in Hilton Head as we are doing twice in the next nine months. The hallmark of points is flexibility.
The OP already has points through enrolled legacy weeks, but getting to the Executive level at 7,000 points would open up the ability to book less-than-seven-night stays at 13 months rather than 10 months (plus other benefits like points discounts on last minute bookings and a larger owner discount on cash stays). The 13 month 1+ day booking option is a benefit I would love to have myself, and if all I had to do was buy 1000 points, I would definitely do that since we will do lots of less-the-seven-night bookings. But in our case, we would have to buy about 4000 points at a cost of almost $30,000. As much as I would like to be at that level, that would be incredibly difficult to justify.
If you have the money to buy more points without sweating it much, then buy points for the added flexibility and convenience without worrying if it is the absolute best deal. If it is a bit hard on the wallet, then stick with what you have and supplement with ACs, XYZs (soon Choose 2), Shortstays, and Getaways. And remember, you don't always have to stay all seven days in a unit just because you're entitled to.
Who typically pays the "junk" fees in the closing? I was looking at purchasing an additional 1500 points and wanted to split the 3000 fee with the seller but the listing agent indicates that that would make my offer more likely to be ROFR'd my Marriott. Sounded fishy to me. I would appreciate any input.
Who typically pays the "junk" fees in the closing? I was looking at purchasing an additional 1500 points and wanted to split the 3000 fee with the seller but the listing agent indicates that that would make my offer more likely to be ROFR'd my Marriott. Sounded fishy to me. I would appreciate any input.
The buyer typically pays the junk fees, although everything is negotiable.
It seems to me that if the seller were to pay a portion of these fees and the stated purchase price be higher as a result, Marriott would be less likely to exercise its ROFR. Of course, it really shouldn't make a difference. But I don't get the listing agent's statement at all -- unless it is a negotiation device for you to pay more by paying all of the junk fees and leaving the proposed purchase price unchanged.
Who typically pays the "junk" fees in the closing? I was looking at purchasing an additional 1500 points and wanted to split the 3000 fee with the seller but the listing agent indicates that that would make my offer more likely to be ROFR'd my Marriott. Sounded fishy to me. I would appreciate any input.
Could it have something to do with the bulk of the resale costs covering services for the buyer? The ROFR fee is only $95 and the Transfer Fee in this case would be $150 ($25 X 6BI) - payment of those could be negotiated considering that they apply to both Seller and Buyer. But the $3,000 minimum Initiation Fee and $300 Owner Education Fee are specific to the new owner/Buyer - maybe Marriott would ROFR based on that technicality and not on the purchase price?
That's my best guess IF what the agent says is correct. But aside from that it's probably not wise to accept without question something an agent says with respect to ROFR.
I would expect that the seller paying any portion of the junk fees to be considered a discount on the purchase price. Remember, Marriott doesn't have to pay the junk fees. A seller paying any junk fees looks as a credit to the buyer in a final settlement statement. In an example were the purchase price is $10,000 and the buyer is paying $1,650 and the seller $1,650 in junk fees, Marriott may see it where the buyer is really only paying $8,350 for the points plus $3,300 in junk fees. This is instead of the $10,000 plus $1,650. The end result is the same. The documentation is worded that the junk fees are to be paid by the buyer.
I'm not going to get into this too deep. It doesn't bear too much discussion on the boards.....IMHO.
You can check the posts, but I'm pretty sure Marriott is exercising ROFR on any points resale purchase under approximately $5 per point right now. That's $5 per point to the seller--net. So, anything you write on the official contract for sale sent to Marriott for review that dilutes this ~ $5 net will likely result in loosing the sale to M. Do your own research for the best current ROFR guestimate.
If the sale goes smoothly and quickly, who knows? The seller might even buy you dinner.
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