Length of Resale Process

OK, thanks for clearing that up.

Back to the original "Length of Resale Process" question, I am buying an interest at Valdoro resale. The seller is a "friend of a friend," so we have no broker, realtor or any other 3rd party involved. We are dealing with a title company in Breckenridge. We drew up a contract and sent it to the title company on July 25. We received the title insurance commitment yesterday, and the woman we are dealing with tells us that she will mail us the closing documents the week of August 11 (because she is taking vacation next week). HGVC has no ROFR for Valdoro, so that cuts down a lot of the time, but it looks like we should be done in just a couple of weeks after we signed the contract (and it could've been quicker but for her vacation).

As far as I know, no ROFR doesn't mean you skip that process. Even though HGVC Flamingo doesn't have ROFR, I had to get the waiver letter from Hilton, and it took almost 4 weeks to get it.

If you happen to still have that waiver letter, I would be very interested to know what it says--specifically, what exactly Hilton is waiving. If there is no ROFR, then legally what other right could Hilton possibly have that would affect an owner's ability to transfer title to someone else?

I'm in the middle of closing on a Flamingo unit, and also needed a letter from HGVC. It's variably called a Waiver or Estoppel letter. In my case, the escrow company called it a waiver, but the title at the top of the form says "Estoppel". Four weeks is about right in my experience, too.

Although there's a line where Hilton can agree/disagree to waive ROFR, neither "Yes" or "No" was checked on my form. IMHO, this reflects the fact that Hilton recognizes they don't have ROFR for this unit.

But the form is used for other purposes during closing. In it, Hilton is verifying what the seller actually owns, the annual fees, and whether the owner is up-to-date with those fees. The escrow company needs all that information to know what monies must flow between buyer and seller and to guarantee that there's no misunderstanding in what's being conveyed. That is, it's essential to completing the closing.

HTH,
Bob

Very helpful, thanks! I'll follow up with the title company on this.

Bearbacker said:

I could be wrong, but I interpreted Andy08's question to be that she wants to use the 2 BR for one week with kids (which would use all 7,000 points in platinum season), and also be able to take a trip in the same year with no kids (which would require additional points). In order to be able to do that each year, you obviously need more than 7,000 points each year, so if you own an interest with 7,000 annual points, you would have to purchase an additional interest. Each interest has its own maintenance fees, so if you own 2 interests, you will have 2 maintenance fees. If, instead, you purchase a single interest with more points, then you will have only 1 maintenance fee each year.

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Yes, that is exactly was I was asking. Thanks for the responses. I didn't think about Open Season. Can open season be used at affiliate resorts? It would be sweet if open season were 60 days out instead of 30. That would give me enough time to book a reservation and get plane tickets at a decent price.

So in order to take 2 vacations, one with the kids and one without the kids, Hubby and I would basically need to own two interests. I thought I might be able to get by with purchasing a 3 bedroom platinum season but book a 2 bedroom for vacation with the kids (spring break) and then use the remaining 1 bedroom later that year (summer) with hubby.

Andy08 said:

So in order to take 2 vacations, one with the kids and one without the kids, Hubby and I would basically need to own two interests. I thought I might be able to get by with purchasing a 3 bedroom platinum season but book a 2 bedroom for vacation with the kids (spring break) and then use the remaining 1 bedroom later that year (summer) with hubby.

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Right idea...not exactly the way it works in practice, but you are on the right track. Points can be played with a bit. You can try to make a reservation using fewer points for that second vacation through RCI. You could try to do the same for the spring break, but availability probably won't be there through RCI. If it's just you and your husband for the summer trip, you could use less points booking a studio instead of a 1 bdrm, or you might possibly book in a silver season, if availalbe, &/or you could borrow points from future years.

Working the system is an art you can learn quickly here from Tuggers.

Question for Blues

How is your recent ebay coup proceeding? Have you passed Hilton's ROFR at the Flamingo?

I am not Blues, but there is no ROFR at Flamingo.

pianodinosaur said:

How is your recent ebay coup proceeding? Have you passed Hilton's ROFR at the Flamingo?

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Sorry, I was gone for a long weekend.

The closing company reports that they now have all the paperwork they need for closing. This includes the Estoppel from HGVC and the seller's recorded deed. The closing agent is preparing the closing docs for us and the seller, and we should all have the docs sometime this week.

As noted above, the Estoppel from HGVC has a line for ROFR, but on our transaction neither "yes" or "no" was indicated. Hilton doesn't have ROFR on Flamingo.

-Bob