Selling Timeshare / ROFR Fees

[sportsfan1]

I am looking to sell two timeshare weeks - one of which I already have an interested party who has given me an offer. I feel that this offer will be sufficient to pass ROFR, but with Marriott you never know. The offer is relatively low, so I don't stand to benefit significantly, and I'd prefer to minimize the fees and costs associated with selling the timeshare.

With that said, if Marriott chose to execute the ROFR, what would be the fees due to me other than the $95 prior to transfer of ownership? I'm concerned that I am selling this week at a very low price already, but I don't want unexpected fees to eat up every bit of the purchase price.

Also - what would be your recommendation for the best avenue to sell my timeshare with the least amount hassle without paying exorbitant fees and closing costs? I certainly don't want to do everything myself. I have one property that is a high demand resort/season, so I'm hopeful that I can get a bit more to sell this relatively soon.

Thank you for your feedback!

 

[vacationtime1]

If Marriott exercises ROFR, you pay nothing. Except perhaps a notary fee for acknowledging your signature on the deed.

This is based on Marriott ROFR'ing one of my units last year.

 

[TXTortoise]

List on Redweek and TUG. Buyer usually pays all closing cost. With the exception of Hawaii many of us recommend LTTransfers.com for low cost efficient closings. For Hawaii, Paul Larkin at https://www.timeshareclosinggroup.com is my goto closing agent. (Hawaii requires funds escrow be done by Hawaii entity.)

 

[sportsfan1]

What is the impact on deposited weeks in interval from previous years if I were to sell my timeshares?

 

[TXTortoise]

What is the impact on deposited weeks in interval from previous years if I were to sell my timeshares?

None

 

[Fasttr]

What is the impact on deposited weeks in interval from previous years if I were to sell my timeshares?

Would just need to keep II account active through final usage.

 

[sportsfan1]

If Marriott were to ROFR my week, would I be refunded on the MF I just paid?

 

[bogey21]

Also - what would be your recommendation for the best avenue to sell my timeshare with the least amount hassle without paying exorbitant fees and closing costs? I certainly don't want to do everything myself. I have one property that is a high demand resort/season, so I'm hopeful that I can get a bit more to sell this relatively soon.

Why don't you call Marriott and see what they will offer you for it. If they make you an offer, you will eliminate the uncertainties and know exactly what you are getting...

George

 

[sjsharkie]

If Marriott were to ROFR my week, would I be refunded on the MF I just paid?

When Marriott exercises ROFR, they assume the place of the original buyer with the exact same terms of the contract. So, if the original buyer was to reimburse you for current year's maintenance fees under the contract, Marriott would also be required to do that.

-ryan

 

[sportsfan1]

Why don't you call Marriott and see what they will offer you for it. If they make you an offer, you will eliminate the uncertainties and know exactly what you are getting...

George

I didn't realize that was an option. I'm going to assume I'd get lowballed, and that might be a problem for MGO as that is a high demand resort.

 

[bogey21]

I'm going to assume I'd get low balled, and that might be a problem for MGO as that is a high demand resort.

You lose nothing by comparing Marriott's offer (assuming there is one) to the offer you have in hand. You never know. You might be pleasantly surprised...

George

 

[sportsfan1]

That was interesting. I'm not surprised that Marriott is not interested in buying the MGV week, but they are also not interested in MGO. They did offer a listing agreement of which I'd receive 50% of the proceeds. I would've been willing to consider selling to Marriott at that 50% price or perhaps even lower, but that was not offered.

 

[TXTortoise]

Might be worth it to list with Marriott, while selling on your own. 50% of their high sales price may exceed what you get resale, particularly if broker brings you a buyer.

No cost to use all the channels, i.e., direct marketing, non-exclusive broker listing and Marriott Resales.

 

[sportsfan1]

Agreed - I wonder how close the 50% split compares to the ROFR amount?

 

[TheTimeTraveler]

Might be with it to list with Marriott, while selling on your own. 50% of their high sales price may exceed what you get resale, particularly if broker brings you a buyer.

No cost to use all the channels, i.e., direct marketing, non-exclusive broker listing and Marriott Resales.

The only problem with listing it with Marriott is that it could take years until your week comes up on the list. It all depends on how many folks are waiting ahead of you.

In the meantime you continue to pay annual fees, but you also have annual home occupancy or exchange use. Maybe that's good for you, maybe it isn't.




.

 

[Dean]

That was interesting. I'm not surprised that Marriott is not interested in buying the MGV week, but they are also not interested in MGO. They did offer a listing agreement of which I'd receive 50% of the proceeds. I would've been willing to consider selling to Marriott at that 50% price or perhaps even lower, but that was not offered.

MGO Platinum?

 

[dioxide45]

Might be with it to list with Marriott, while selling on your own. 50% of their high sales price may exceed what you get resale, particularly if broker brings you a buyer.

No cost to use all the channels, i.e., direct marketing, non-exclusive broker listing and Marriott Resales.

Sure it wasn't a 40% commission, where you get 60%? Or did Marriott just increase their commission by 25%?

 

[TXTortoise]

OP stated sales commission is 50%. I recently read that they have reduced their commission on rentals from 60% to 50%

 

[sportsfan1]

The week is an MGO Platinum - which surprises me that they were not interested in buying. It's obviously a high demand week. They also stated specifically that it was a 50% commission share. They gave me their price - of which 50% would be my share. But at their prices, I'm not sure how it would ever sell. Like I said - I would've considered selling to Marriott at that 50% rate - perhaps slightly lower. I also did not like the fact that I'd be in a queue - who knows how long it is?

 

[bogey21]

I also did not like the fact that I'd be in a queue - who knows how long it is?

About 30 years ago I was in a queue when I had Marriott sell my Sabal Palms Week for me. The bad news is I was in the queue about 3 years. The good news is that I pretty much netted what I had paid for my Week (it was a pre-construction purchase) even after their then 20% commission. The other plus is they rented my Week for me each of the 3 years I was in the queue and I netted (again after their 20% commission) in excess of my MFs. Back then they were great to deal with...

George

 

[dioxide45]

OP stated sales commission is 50%. I recently read that they have reduced their commission on rentals from 60% to 50%

Marriott doesn't really have a commission on rentals. Years ago (prior to 2009) they would rent your week and take a commission out of whatever they rented it for. Now, they just make you a flat offer, no commission.

 

[bazzap]

Marriott doesn't really have a commission on rentals. Years ago (prior to 2009) they would rent your week and take a commission out of whatever they rented it for. Now, they just make you a flat offer, no commission.

It is rather different for the European resorts though.
if they are willing to take on your week(s) at all, they offer no guarantees as to whether you will receive a full week rent or just a part week rent or potentially nothing at all.
So here the rental programme is really a non starter for most owners.