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Sheraton Mountain Vista Purchase

chalucky

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Took the plunge and added this Sheraton to my Marriott portfolio. I guess
that means I 'll be visiting this board more often as well. Thanks in advance for helping me understand the Starwood system (even though this is not a mandatory resort and I won't need to the Staroption tutorial).

Plan to use this EOY 2 BR Ski Week 50% Personal use and 50% as a trader.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=160307410470

I think I got a pretty good price....what did they go for from the developer?
Anyone remember? Anyone purchase a resale llately?

Charles
 

SDKath

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Great price!!! Just make sure you get it into a legit escrow and do a title search. Bankruptcy sales usually are "As IS" so if the owner owned $25,000 on the unit before, you will assume liability!!!!

Watch out and do your homework with a legit escrow company before transferring to your name.

Katherine
 

chalucky

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Thanks Katherine

Will start due diligence tommorrow. The processor for this property does not use an official escrow process, but they have 100% feedback with over 400 reviews.

If anyone knows a reasonable title insurance option I would appreciate it.

As I understand it, bankruptcy would clear all liens except tax liens, Maintenance fee liens, and, as you mentioned, any note/loan balance associated with the ownership. Anything else I should be thinking about?

Thanks in adavnce.

Charles
 

Robert D

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I'd suggest Title Company of the Rockies (970-949-9497). Haven't used them but talked to a guy named Nazario on a deal that the closing company the Ebay seller used screwed up and he gave me good advice about how to fix it and seemed to know what he was doing. I would use a real title company and not one of these timeshare closing companies. I'd also pay the $150 for title insurance since it's a bankruptcy and since you got such a good deal.
 

DeniseM

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We have a couple of resale prices in the ebay info. in Owner Resources.

You can also search the completed auctions on ebay for more recent auctions.
 

chalucky

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Thanks for the advice.

Went to Eagle County website and saw that the original mortgage company released their lien, so there is no mortgage on the property. Still thinking about title insurance, although not sure what it accomplishes since the bankruptcy process wipes out most if not all liens.

Not too many ski week comps to compare....I did notice the original note on this EOY ownership was > 14K. Ouch !
 

RLG

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I'm quite familiar with the values at this resort. I can assure you that, assuming you get clear title, you got a great price.

I was actually the second highest bidder, so it looks like I pushed up your price by $561.69. Sorry about that.
 

JudyS

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This auction says this is an EOY 2-bedroom with $350 a year MFs for 2008. That sounds low to me for a Sheraton -- are the MFs on this resort really that low?
 

RLG

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This auction says this is an EOY 2-bedroom with $350 a year MFs for 2008. That sounds low to me for a Sheraton -- are the MFs on this resort really that low?


Not even close.

It's usually a safe bet on Ebay timeshare sales to assume the seller has no idea what he's selling. The sellers conveniently tend to underestimate the maintenance.

The correct 2009 maintenance for the EOY 2br week is $575.40 annually.
 

chalucky

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Not even close.

It's usually a safe bet on Ebay timeshare sales to assume the seller has no idea what he's selling. The sellers conveniently tend to underestimate the maintenance.

The correct 2009 maintenance for the EOY 2br week is $575.40 annually.

The maintenance fee issue being quoted too low was correct; the mistake in the lower quoted fees was clarified immediately by the seller.
 

chalucky

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I'm quite familiar with the values at this resort. I can assure you that, assuming you get clear title, you got a great price.

I was actually the second highest bidder, so it looks like I pushed up your price by $561.69. Sorry about that.

No worries....Happy to have it at the price I bid...was willing to go up to $2500.
 

chalucky

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Thanks for the good wishes....I'll be at SMV on an exchange the first week of March which is a total coincidence. Maybe if I am a confirmed owner by then I might be able to get a better romm assignment.
 
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