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Marriott BUYBACKS AND TAKEBACKS [2012 / Ongoing]

SueDonJ

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I tried the link to the resales listings in the Marriott Vacation Club website and it no longer seems to work. My searches for resale listings also led nowhere. Does anyone have an updated link -- or has Marriott removed the information from the internet and now requires a phone call to get quotes?


I've cleaned up a few of the now-defunct links; please let me know if you come across any others. Thank you!
 

samara64

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Marriott will buy my MWR plat EOYO for $1000 net at closing ($1500 - $500).

I also know they just passed on an MWR Plat EY for $2200.

I think I will hold off for now.
 
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Eli Mairs

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Marriott took back our Barony bronze week.

It's now a done deal.
Marriott paid the settlement costs, so we paid nothing.
Somehow, we were able to get two weeks, two bedrooms at MMO with our remaining deposited weeks - a nice way to say goodbye to that week!
 
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catharsis

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Update March 2016

I was considering how to acquire a premium week we actually wanted to use semi-regularly as opposed to exchange and was therefore evaluating options as to how to get rid of a relatively low-value Marriott Week - Gold Manor Club.

I had expected that it would cost me money to unload it as the MF would dissuade owners, and I had always personally valued the week itself at zero.

I followed an old TUG posts advice last night and used the 'contact us' link on the my-vacationclub website to request a repurchase offer.

I received an offer today for approx one year of MF, less the Marriott $500 charge, which was surprisingly good, so it looks like an easy way to get out of Marriott ownership for anyone who wants to unload a week.

I'm surprised and pleased at the ease of the process.
 
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Saintsfanfl

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I was considering how to acquire a premium week we actually wanted to use semi-regularly as opposed to exchange and was therefore evaluating options as to how to get rid of a relatively low-value Marriott Week - Gold Manor Club.

I had expected that it would cost me money to unload it as the MF would dissuade owners, and I had always personally valued the week itself at zero.

I followed an old TUG posts advice last night and used the 'contact us' link on the my-vacationclub website to request a repurchase offer.

I received an offer today for approx one year of MF, less the Marriott $500 charge, which was surprisingly good, so it looks like an easy way to get out of Marriott ownership for anyone who wants to unload a week.

I'm surprised and pleased at the ease of the process.

Just be aware that what you were quoted is the buyback price. The brokered resale would be much higher. Do you own the original or the sequel? The original would be about $3,600 net. The sequel is $5,160 net. That's a big difference from the buyback price. You might have to wait longer but to be honest I have never waited long at all. FWIW I don't think they even have a Gold original for sale right now so they would probably do a listing agreement right away.

All Marriott units have real value to Marriott because of the underlying DC points they represent. Even bronze weeks in Hilton Head which are absolutely worthless from a rental value stand point have value to Marriott as a brokered resale. I was pitched once of these same units as a package deal in a presentation.
 
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catharsis

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Just be aware that what you were quoted is the buyback price. The brokered resale would be much higher. Do you own the original or the sequel? The original would be about $3,600 net. The sequel is $5,160 net. That's a big difference from the buyback price. You might have to wait longer but to be honest I have never waited long at all. FWIW I don't think they even have a Gold original for sale right now so they would probably do a listing agreement right away.

All Marriott units have real value to Marriott because of the underlying DC points they represent. Even bronze weeks in Hilton Head which are absolutely worthless from a rental value stand point have value to Marriott as a brokered resale. I was pitched once of these same units as a package deal in a presentation.

I wasn't offered a brokered resale option...

indeed my offer was quite specific in that it identified the repurchase offer or suggested that I contact brokers other than Marriott to resell my week.... see below

MVCI Resale Operations <resale.operations@vacationclub.com> wrote:

Good day,


We are happy to assist with your request to sell. Below you will find the options available for your inventory type. Please review and respond with how you would like to proceed. Your desired timeframe for sale will often determine which option will work best for you.


Repurchase Program

Marriott Vacation Club is offering a direct purchase of your inventory. The timeframe to complete this sale is about 120 days. The first year occupancy to MVC will be 2017; therefore, you will retain usage for 2016 and you are responsible for payment of the 2016 maintenance fee. Should you decide to accept this offer, you are agreeing to relinquish any rights to usage of the timeshare in 2017 and future years. Any reservations you have placed for 2017 will be cancelled. This offer is valid for the next 7 business days and is subject to change at any time with or without notice.

The current repurchase offer for your inventory type is:

Inventory Number xxxx: $x,xxx, after administrative costs, the approximate net is $xxxx.*



*As applicable, net proceeds will be applied to any outstanding account balances. Maintenance fees and loan payments must be current prior to initiation of the sale process.



Foreign owners may be subject to a15 % tax withholding. For more information, visit www.irs.gov. If the week sold is at a resort in Hawaii and you are not a Hawaii resident, 5% will be withheld from your contract price and paid to the State of Hawaii pursuant to the Hawaii Real Property Tax Act. For more information, or to request a refund, you may visit the website www.hawaii.gov/tax.



Sell on the Open Market



This option affords you the opportunity to set your own price and to begin the resale process at any time. A helpful website is www.licensedtimeshareresalebrokers.org. This is a group of Brokers who do not charge any upfront fees. Once you log in, to narrow your search, click on the Member Directory tab, then you can search by using key words “Marriott” or your specific resort.



As stated in the governing documents for eligible resorts, Marriott Vacation Club has the Right of First Refusal. As such, owners selling on the open market are required to notify Marriott Vacation Club once a purchaser has been identified and a price agreed upon. Notification can be sent via email at MVCIROFR.MVCI@vacationclub.com or fax 407-903-5995. Be advised that when inventory is sold on the open market, the purchaser will not have the option to exchange the week for Marriott Rewards points or enroll in the new Marriott Vacation Club Destinations™ Exchange Program.



Kind Regards,


XXXX
Resale Manager, Resale Operations
 

samara64

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Marriott is Taking deed backs with No Money in Exchange. May change ROFR

Hi All,

Some changes for Marriott since last week.

I was talking to Marriott resale operation 2 weeks ago regarding deeding back a white Desert Springs 1 week and a Willow ridge week. It was around $2000 for the MDS1 and $1000 for the MWR. This is selling directly to Marriott.

I did call today to move forward, The representative said that they had big changes last week. Now Marriott has enough inventory and is accepting only deed back for free with no Money in exchange like Wyndham.

I asked her about an MDS 1 red week I have and the answer was the same. She offered 5K before.

I am sure this will change the ROFR quite a bit but we will see.

Just an FYI to all.

Sam

Moderator Note: This is being merged into the ongoing "buyback" thread in order for us to easily track historical MVW activity, with the thread title edited to reflect new "takeback" activity as well.
 
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Saintsfanfl

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I have sold plenty of weeks through Marriott as the broker. I have never done a buyback since the money was always less. You can still sell the weeks through resales with them acting as the broker.

That said if this does effect ROFR, and it certainly should, the resale wait times will likely start to backlog again for the lesser to moderate demand weeks. Wait lists during the recession would commonly hit several hundred for shoulder seasons. Those lists quickly disappeared once they starting buying back and ROFR'ing.
 
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samara64

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I have sold plenty of weeks through Marriott as the broker. I have never done a buyback since the money was always less. You can still sell the weeks through resales with them acting as the broker.

That said if this does effect ROFR, and it certainly should, the resale wait times will likely start to backlog again for the lesser to moderate demand weeks. Wait lists during the recession would commonly hit several hundred for shoulder seasons. Those lists quickly disappeared once they starting buying back and ROFR'ing.

With buyback, I mean Marriott takes it for the DC program.

For resales, they have a wait list for DS1 and others right now.

She also mentioned that they changed something for the resale weeks but did not elaborate.

I am sure we will see how that affects the market. I personally would hold on any new MVCI purchase until we see how the market has changed.
 
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Saintsfanfl

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With buyback, I mean Marriott takes it for the DC program.

For resales, they have a wait list for DS1 and others right now.

She also mentioned that they changed something for the resale weeks but did not elaborate.

I am sure we will see how that affects the market. I personally would hold on any new MVCI purchase until we see how the market has changed.

I sold a DS2 White a while back. No wait list. Had an agreement in 10 days and it sold a week later. Things have probably already changed though since their ROFR adjustments and now apparent stoppage. More unit types are listed now which indicates more wait lists.

FWIW DS1 does not have ROFR.
 
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dioxide45

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This might loosen up supply in places like Ebay. It seemed that Marriott inventory there dropped when Marriott started ramping up on buybacks. Owners were going to Marriott to sell it back instead of going to post card companies. That, and the post card companies started taking ownership of the weeks that it took in from owners that didn't know better and was selling them back to Marriott and making money on both sides of the transaction.

If Marriott is really only now taking direct deedbacks, I suspect people will start to try to sell their weeks instead of giving them to Marriott for free.
 

kds4

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This might loosen up supply in places like Ebay. It seemed that Marriott inventory there dropped when Marriott started ramping up on buybacks. Owners were going to Marriott to sell it back instead of going to post card companies. That, and the post card companies started taking ownership of the weeks that it took in from owners that didn't know better and was selling them back to Marriott and making money on both sides of the transaction.

If Marriott is really only now taking direct deedbacks, I suspect people will start to try to sell their weeks instead of giving them to Marriott for free.

I agree and hope this will become the case also.
 

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While it is not a direct buy back, Marriott is currently brokering the sale of custom house weeks and selling them quite quickly at prices of $5200(net of $3120 to the owner) for gold weeks and $8000(net of $4800) for platinum weeks. Certainly a great opportunity for owners that are interested in selling as the weeks are selling extremely fast.
 

dioxide45

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While it is not a direct buy back, Marriott is currently brokering the sale of custom house weeks and selling them quite quickly at prices of $5200(net of $3120 to the owner) for gold weeks and $8000(net of $4800) for platinum weeks. Certainly a great opportunity for owners that are interested in selling as the weeks are selling extremely fast.

Probably because of this.
 

sb2313

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Probably because of this.

Yes, I saw that right after I posted this. Definitely their current sales spiel. Good chance for owners who want out to unload now, before Marriott goes on to their next greatest deal ever.
 

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Has anyone been hit with the Marriott salesperson reneging on a deal to take back two weeks in exchange (for zero value, just gets person out of Maintenance costs on two low value Bronze and Silver weeks in return to purchasing points for a new DC points buyer?
My sister in law went in for a new presentation in Orlando and was offered the above deal (we as well were offered a similar deal on a Bronze Summittwatch we own but declined it as we are actively using it). However she cannot get the Marriott salesperson to answer his emails.
The points purchased deal has gone through and she is paying for them, but is getting really mad on this apparent issue. Just wondered if she is the only one here affected by this type of switch or what??:eek::doh::doh:
 

Saintsfanfl

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Has anyone been hit with the Marriott salesperson reneging on a deal to take back two weeks in exchange (for zero value, just gets person out of Maintenance costs on two low value Bronze and Silver weeks in return to purchasing points for a new DC points buyer?
My sister in law went in for a new presentation in Orlando and was offered the above deal (we as well were offered a similar deal on a Bronze Summittwatch we own but declined it as we are actively using it). However she cannot get the Marriott salesperson to answer his emails.
The points purchased deal has gone through and she is paying for them, but is getting really mad on this apparent issue. Just wondered if she is the only one here affected by this type of switch or what??:eek::doh::doh:

What does the contract state? Any exchange should have been stated in the contract. If it was just a verbal promise then she is likely out of luck. Timeshare salesman lie nearly 100% of the time in order to close a sale.

If it is in the contract it should have been done as part of the closing. If this is the case she needs to contact the closing agent. The salesperson would not have anything to do with this process. Marriott usually farms resale closings out to 3rd party individuals although it may not appear this way.
 
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taterhed

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It's very rare (from my research) for Marriott to renege on deals without giving the owner the opportunity to cancel the deal. There have been many stories of 'sorry, disapproved by the home office' but without closing the deal.

If it's not in the contract--that was bad business on everyone's part--and a salesman should be fired; IMHO

I would elevate this after doing research. If you reach an executive level manager, I'm sure that one of two things will happen: the sales person will be fired and/or Marriott will accept the deedbacks as verbally/contractually promised.

It's rare to hear of such bad practices form the Marriott or HGVC. Pretty common story from Worstgate and others....

YMMV...I'm sure I've now turned on the 'I hate Marriott' faucet.
 

rickandcindy23

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While it is not a direct buy back, Marriott is currently brokering the sale of custom house weeks and selling them quite quickly at prices of $5200(net of $3120 to the owner) for gold weeks and $8000(net of $4800) for platinum weeks. Certainly a great opportunity for owners that are interested in selling as the weeks are selling extremely fast.

I would love to do this. Would they sell my weeks at Custom House if I bought resale? If so, I need to get out of mine and just enter an OGS for the dates I want to travel. We have 1 annual and on EOY even. I would absolutely LOVE to get out from under those maintenance fees, and the weeks have no better trading power than my Willow Ridge Platinum 1 bedrooms. We own Platinum.
 

samara64

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Has anyone been hit with the Marriott salesperson reneging on a deal to take back two weeks in exchange (for zero value, just gets person out of Maintenance costs on two low value Bronze and Silver weeks in return to purchasing points for a new DC points buyer?
My sister in law went in for a new presentation in Orlando and was offered the above deal (we as well were offered a similar deal on a Bronze Summittwatch we own but declined it as we are actively using it). However she cannot get the Marriott salesperson to answer his emails.
The points purchased deal has gone through and she is paying for them, but is getting really mad on this apparent issue. Just wondered if she is the only one here affected by this type of switch or what??:eek::doh::doh:

Why not cal Marriott resales at 866 682 4547. They should be able to help if it is a $0 buy back. I think they will do it.

She has to call since if you do not own the weeks, they will not tell you.

Please let us know how it went.
 

SueDonJ

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I would love to do this. Would they sell my weeks at Custom House if I bought resale? If so, I need to get out of mine and just enter an OGS for the dates I want to travel. We have 1 annual and on EOY even. I would absolutely LOVE to get out from under those maintenance fees, and the weeks have no better trading power than my Willow Ridge Platinum 1 bedrooms. We own Platinum.

MVC Resales Operations - Sell Weeks

It's a simple process to find out, just use the contact info or "Request Information" button on that page. Whether the Weeks were purchased direct or on the external market is completely irrelevant, and getting a quote from them does not commit you to any buyback or take-back offer.
 
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Saintsfanfl

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If you want to know how much your proceeds or trade in value would be on a brokered resale go to the "Buy Weeks" section and look up your resort and unit. They give 60% of that list price. If your resort is listed but not your unit type it likely means they are out of that inventory type and would take the listing immediately.

They do not broker all locations. For example they will not resell a Willow Ridge unit.
 

dioxide45

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If you want to know how much your proceeds or trade in value would be on a brokered resale go to the "Buy Weeks" section and look up your resort and unit. They give 60% of that list price. If your resort is listed but not your unit type it likely means they are out of that inventory type and would take the listing immediately.

They do not broker all locations. For example they will not resell a Willow Ridge unit.

Do you know why they won't resell Willow Ridge Lodge? I understand that they aren't licensed in Nevada for resales, does the same hold true in Missouri?
 
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