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Welk First Right Of Refusal on Resale

eightrays

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Hello All,

First time poster but have been reading advice in TUG BBS for some time now. Without you guys I would have not been able to get the information needed to rescind the contract I had previously signed up for with Welk.

But just wanted to share my own experience in the resale market through ebay. Had won an auction for a points based timeshare through Welk and things were going smoothly until it hit the title transfer process. Was informed just yesterday that Welk is using their right of first refusal and that I would be sent back to accounting to cancel the transaction. Hopefully I just didn't get scammed and get refunded the purchase price.

Wasn't expecting that to happen since I've read many articles about developers just wanting to have owners paying the maintenance fee instead of sitting on points to sell. Has anyone bought through the resale market and ended up with Welk using this right of first refusal? Is it because I had rescinded a contract with them before? I just wonder if this is becoming the norm or it was just something that happened to me.

Thank you for the time and all the advice!
 

TUGBrian

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Guitarmom

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My understanding of Welk's ROFR is that they'll exercise their right whenever the price falls below a certain level.

May I ask the particulars of your eBay deal? How many points for how much?

Thank you!
 

chalee94

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Hopefully I just didn't get scammed and get refunded the purchase price.

in the event of a scam, they'd probably try to run off with the purchase price. :)

Wasn't expecting that to happen since I've read many articles about developers just wanting to have owners paying the maintenance fee instead of sitting on points to sell. Has anyone bought through the resale market and ended up with Welk using this right of first refusal? Is it because I had rescinded a contract with them before? I just wonder if this is becoming the norm or it was just something that happened to me.

it's most common with Disney timeshares but as the economy has improved, developers can sell more units directly. so if they have ROFR built into their contracts, it's free money to take the resale contracts away from buyers at firesale prices if they are confident of their ability to resell to direct buyers for much higher prices.

(also, they sometimes hope that it annoys resale buyers enough to convince them to come in and buy direct.)
 
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