Marriott ROFR info requested

[gores95 Junior Member Find all posts View Profile Close gores95]

Hi all. Newly registered here after also joining TUG. Looking to buy resale 2BR Aruba Surf Club Gold either OV or OS. Does anyone have any info on ROFR by Marriott and the lowest resale prices that have gotten through at this property? I certainly want to make the best deal possible but I also do not want to waste my time (or sellers time). I know some have stated not to worry about ROFR while others think Marriott is getting more agressive these days. Any tips on getting through ROFR quickly and successfully would also be immensely appreciated!

Are $14,500K (OV) and $16K (OS) reasonable enough offers to get through ROFR? I know the sellers need accept these prices first!!! I want a good price but do not want to get too greedy. As of last week the developer was charging $26,500 and $28,300 for these units respectively. We took the tour and fortunately resisted the great urge to pull the trigger!!!

Thanks,

Marc

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

Marc,

Welcome to TS4M's.

I would strongly suggest that you make the best deal that you can with the owner, and don't worry too much about Marriott excessing their ROFR.

Marriott infrequently exercises their ROFR, although they will on occasion. At any rate, it's difficult to tell at what price they will choose to do so. A price that may have passed last week, won't pass this week. There is never a guarantee. I would just go for it. If you don't get this timeshare, you will get another. Don't worry.

PS....There may be fewer OS, than OV. Therefore, Marriott may be a little more likely to exercise their ROFR on those units. But still, I would just go for it.

[gores95 Junior Member Find all posts View Profile Close gores95]

Marc,

Welcome to TS4M's.

I would strongly suggest that you make the best deal that you can with the owner, and don't worry too much about Marriott excessing their ROFR.

Marriott infrequently exercises their ROFR, although they will on occasion. At any rate, it's difficult to tell at what price they will choose to do so. A price that may have passed last week, won't pass this week. There is never a guarantee. I would just go for it. If you don't get this timeshare, you will get another. Don't worry.

PS....There may be fewer OS, than OV. Therefore, Marriott may be a little more likely to exercise their ROFR on those units. But still, I would just go for it.

Well the seller accepted my offer for the 2BR OV...happened a lot quicker than I thought! The seller tried to book Thanksgiving week for us to no avail. Obviously we are inside the 12 months so I am hoping that booking in 2008 will not be an issue since I will call a full 12 months in advance.

[camachinist Super Moderator Find all posts View Profile Close camachinist]

Congrats on your offer acceptance. You should hear from MVCI within 30 days regarding ROFR. IIRC, ROFR and closing take a bit longer for Aruba intervals.

If Marriott does exercise ROFR, try contacting TS4M's member BocaBum99 about strategies to avoid it in the future.

Edited to add that, given the prices you've quoted, ROFR could come into play, depending on what Marriott thinks of unit supply for that view. Looking forward to hearing your report on the process.

Welcome to TS4M's and the Marriott forum!

Pat

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

Congratulations.....Please let us know what the outcome is. Good Luck!

[qlaval Member Find all posts View Profile Close qlaval]

Hi,

Just bought 2 weeks Platinum at the Ocean Club.
Pass RFOR at 57% of retail value(same as you)

Took only 72 hours for Marriott to send ROFR waivers.

Good luck!

[vacationlover2 Junior Member Find all posts View Profile Close vacationlover2]

Wow!

Only 72 hours? Mine has been going on for a week. Is that bad news or is it because of the holidays?

[Dave M Senior Member Find all posts View Profile Close Dave M]

No bad news.

Normally Marriott responds within about 10 days, but can take as long as 30 days, depending on how long the legal documents for the specific resort allow.

[gores95 Junior Member Find all posts View Profile Close gores95]

My bid actually ended up being $15,600 for the OV Gold 2BR. The listing was for 16K so the owner came down a little. Just overnighted the $1000 deposit today.

Will report when I hear what Marriott choices to do with their ROFR.

Marc

[qlaval Member Find all posts View Profile Close qlaval]

Good luck Marc!

Yes please keep us updated.

[gores95 Junior Member Find all posts View Profile Close gores95]

Good luck Marc!

Yes please keep us updated.

We found out today that the seller cancelled the transaction after I sent my $1000 deposit. Seems a family member is going to buy his unit for more money. Nice to sell to a family member for MORE than a stranger!

We are not disappointed. Not really being in a rush, if it happens it happens. Second Market is sending our $1000 back but suggested we hang onto the check as she is certain she will find another seller soon.

Marc

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

We found out today that the seller cancelled the transaction after I sent my $1000 deposit. Seems a family member is going to buy his unit for more money. Nice to sell to a family member for MORE than a stranger!

We are not disappointed. Not really being in a rush, if it happens it happens. Second Market is sending our $1000 back but suggested we hang onto the check as she is certain she will find another seller soon.

Marc

Oh, too bad.....Don't worry tho, you'll find another deal.

[qlaval Member Find all posts View Profile Close qlaval]

That's bad Marc,

Looks like your seller doesn't know the expression a deal is a deal
Once you agree on a selling price both parties should be bind to it.
More you had already gave your deposit.
Should YOU had change of idea your seller would have kept your deposit...
So you see, it's not fair at all

On the other hand it is bad not sad since they are lots of good deals out there.
Just take your time and you will find what you want at the price you want.

[gores95 Junior Member Find all posts View Profile Close gores95]

Well one of the brokers we were looking at found another comparable deal. Only difference is that the seller already converted 2007 usage to MR points so usage and MF would not start until 2008. If you recall we are looking to book Thanksgiving week each year and this would give us a chance to book on Thanksgiving 2007 for 2008 (we are obviously too late to get Thanksgiving for 2007).

That being said should I push for a better price or the seller to eat the closing fees since I am buying this property with no chance of using for 2007? In other words is the property without 2007 usage less valuable on the open market? The only downside with getting an even better price is that obviously Marriott's ROFR could come into play. Am I wrong to assume that if Marriott bought the unit they could just sell it with immediate 2007 usage right? Its good to be the king I guess!!

Thanks,

Marc

[m61376 Senior Member Find all posts View Profile Close m61376]

Marriott could sell it with '07 useage if they have unit availibility; however, since they are currently selling most, if not all, of their weeks with '08 as being the first useage (at least that's what I've been told) that might not be the case.

Something which I wondered about in retrospect after Marriott nabbed my lower priced deal which had first useage as '08- could the contract be written as: "purchase for X dollars; seller will give buyer y dollars for rental/useage of '07 week?" If you want him to pay the closing costs as a concession, then it could be worded that: "seller will pay closing costs as compensation for use of '07 week".... Thus, the purchase price will technically be higher, but the price you pay would be adjusted by what is effectively a rental amount. I don't know how that would muster with ROFR- just a thought. Maybe others could chime in here.

Based on the fact that we purchase timeshares for annual use and that even Marriott sells them based on recouping upfront costs over a ten year span or so, then loss of the first year is definitely worth money and lessens the value of the resale, at least in my opinion. Actually, that was a point that realtors mentioned when negotiating for price as well; I was told I initially was able to get a great deal because it didn't include '07 useage. I also had a seller who was willing to come down a few thousand if I gave him '07 useage (of course, he was overpriced regardless), so it definitely is a price bargaining tool.

In the long run next year's use will not be a biggie and, if it is a good deal, then take it. If not, then another good deal will come along. There are lots of Gold OV listings out there and, with MF's being due in short order, I would venture to guess there might be an anxious seller or two. Something will work out- hang in there.