• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 29 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered!
  • TUG started 29 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Check out our happy birthday post here: Happy Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Come check it out for a chance to win a Free TUG membership (or renewal) just for helping out!

    Read more here
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! 60,000+ subscribers! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

Right of first refusal

legend605

newbie
Joined
Mar 4, 2012
Messages
1
Reaction score
0
Points
0
Question: Anyone have experience with this?
Selling 2BR OV in WKORV through Redweek. Bona Fide offer. Escrow through First American Title. SVO is exercising option to buy. Buyer REALLY wants to buy. He wants to increase offer price by $3000. Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?
 
Last edited:

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,288
Reaction score
8,429
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
Tugger, FredM, is the person to ask about this.
 

Dave H

TUG Member
Joined
Jul 28, 2007
Messages
417
Reaction score
3
Points
228
Location
Orlando
Question: Anyone have experience with this?
Selling 2BR OV in WKORV through Redweek. Bona Fide offer. Escrow through First American Title. SVO is exercising option to buy. Buyer REALLY wants to buy. He wants to increase offer price by $3000. Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?

I have had experience in this, no you are not bound to sell. Submit a new contract with the higher price and start the ROFR process all over again.

Dave
 

ada903

TUG Member
Joined
Oct 26, 2008
Messages
3,582
Reaction score
38
Points
283
Interesting that you can do that with Starwood. I tried doing that with Marriott and we were told there is no second chance offer, we had to sell to Marriott at that price. JRA Services called Marriott and we were told we cannot make a higher offer - second offer - to the sellers.
 

jarta

TUG Member
Joined
Feb 1, 2008
Messages
2,916
Reaction score
1
Points
273
Location
Chicago
"Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?"

IMO, the ultimate hammer is when the resort does not accept the 2nd offer as fraudulent evasion of the terms of the ROFR, refuses to change the resort records if a deed to the new owner is recorded and will not let the new owner make a reservation. ... eom
 

timeos2

Tug Review Crew: Rookie
TUG Lifetime Member
Joined
Apr 11, 2005
Messages
11,183
Reaction score
5
Points
36
Location
Rochester, NY
"Since SVO has formally notified me of intent to exercise, am I bound to sell to SVO at original price, or can we resubmit at higher level?"

IMO, the ultimate hammer is when the resort does not accept the 2nd offer as fraudulent evasion of the terms of the ROFR, refuses to change the resort records if a deed to the new owner is recorded and will not let the new owner make a reservation. ... eom

Usually the owner negative rofr process gives you only one chance
It is yet another impediment to an already tough sell of any timeshare. Having it on any oenership is a big negative & as a buyer you are well advised to avoid any resort that has ot. As an eventual seller it is a big problem you want to avoid
 
Top