ROFR On the strip

Cyberc · Sep 5, 2014

A few days ago I stumped opon a gold 1br at the strip worth 3.400 annual.

Price 1000$ including costs.

My initial thought was that if I get to keep it it's great if not too bad.

Now I keep thinking what are my chances to actual keep it? - I say they are slim but am I correct or wrong?

Any thoughts?

Regards.

Jason245 · Sep 5, 2014

Cyberc said:
A few days ago I stumped opon a gold 1br at the strip worth 3.400 annual.

Price 1000$ including costs.

My initial thought was that if I get to keep it it's great if not too bad.

Now I keep thinking what are my chances to actual keep it? - I say they are slim but am I correct or wrong?

Any thoughts?

Regards.

Have you caught the TS bug?

you seem to be buying HGVC units up left right and center.

Based on everything I have read here, I doubt you would have problems picking up a 3500 point unit for $1k and having it pass the ROFR.

From what I have read, the ones that generally can't pass ROFOR are Plat for anything less than $1/point.

Cyberc · Sep 5, 2014

Jason245 said:
Have you caught the TS bug? you seem to be buying HGVC units up left right and center.

Based on everything I have read here, I doubt you would have problems picking up a 3500 point unit for $1k and having it pass the ROFR.

From what I have read, the ones that generally can't pass ROFOR are Plat for anything less than $1/point.

TS bug

good one. I actually only purchased two and cancelled one of them because of the high MF. I now own at the vilamoura.

I have asked a lot about different resorts. The more you know the better.

I read that If you pay below 1$/pts on a plat 2br hilton would buy it back. But since this upfront cost is so low I could not help wondering if they indeed would buy it back anyway.

But I do hope you are right

Regards.

Jason245 · Sep 5, 2014

Cyberc said:
TS bug good one. I actually only purchased two and cancelled one of them because of the high MF. I now own at the vilamoura.

I have asked a lot about different resorts. The more you know the better.

I read that If you pay below 1$/pts on a plat 2br hilton would buy it back. But since this upfront cost is so low I could not help wondering if they indeed would buy it back anyway.

But I do hope you are right

Regards.

How many vacations to hgvc properties have you been too?

I don't know your financial position, but if I told my wife I was buying up timeshares prior to her having good experiences at hgvc properties..... She would probably beat me with a stick...

Seth Nock · Sep 6, 2014

ROFR and The Las Vegas Strip

We have had our last few 3,400 point 1 bedroom Gild units bought back at the Strip. Prices were $2,000 and above + closing costs. The 3,400 point Strip property is their "Entry Level" purchase. That sales floor is 1 of the most profitable. They want the "Entry Level" units to help make sales there.

If you move forward, use a credit card for the payment and confirm that you will get your deposit back if and when it gets bought back. Make sure you are not paying any cancellation fees for the escrow company to run your deposit and ROFR.

Ron98GT · Sep 6, 2014

Seth Nock said:
We have had our last few 3,400 point 1 bedroom Gild units bought back at the Strip. Prices were $2,000 and above + closing costs. The 3,400 point Strip property is their "Entry Level" purchase. That sales floor is 1 of the most profitable. They want the "Entry Level" units to help make sales there.

If you move forward, use a credit card for the payment and confirm that you will get your deposit back if and when it gets bought back. Make sure you are not paying any cancellation fees for the escrow company to run your deposit and ROFR.

Interesting, resale price over 50% of points for 3400, Vegas, Gold. Thanks for posting.

Seaport104 · Sep 6, 2014

Jason245 said:
From what I have read, the ones that generally can't pass ROFOR are Plat for anything less than $1/point.

Based on my own experience, Hilton RFOR on my purchase of 2BR Platinum for LV on the strip at $7,500.

Seth Nock · Sep 6, 2014

ROFR and The Las Vegas Strip

Seaport104 said:
Based on my own experience, Hilton RFOR on my purchase of 2BR Platinum for LV on the strip at $7,500.

They bought back some of our Strip 7000 point units as high as $12,000. They are more aggressive with that property.

Cyberc · Sep 13, 2014

Thanks everybody for your replies. I've used my cc and according to contract I'll get all my monies back in case of rofr.

Currently I'm waiting for Hilton to excise or not. If they use all 30 days I still need to wait approx 25 more days.

Once I'll know more ill post an update. I can't stop thinking that weather or not they excise is more a lottery than not.

Regards.

Cyberc · Oct 7, 2014

Just wanted to give a small update.

It seems the broker or closing company forgot to ask for my signature on one document which is needed and on top of that the document regarding the rofr was faxed to Hilton, but never arrived.

I know that we all are humans, but come on how do you forget important papers and the missing fax maybe an honest mistake, but why not checkup on if the fax arrived or not.

Is this common that brokers or closing companies work this unprofessionally?

Regards.

1Kflyerguy · Oct 7, 2014

Wow, that's really frustrating! Did the closing company figure this out on their won, or was it only discovered because you followed up to find out the status of your purchase?

Cyberc · Oct 7, 2014

1Kflyerguy said:
Wow, that's really frustrating! Did the closing company figure this out on their won, or was it only discovered because you followed up to find out the status of your purchase?

Yes very much indeed.

I did a followup today, and was told that there wasn't any news yet. Later they wrote me again and asked me to sign the missing document so they could send the waiver to Hilton.

From there we had a few mails going forth and back, and they admitted that they had forgot about it, and the original fax never was received.

/regards

SmithOp · Oct 7, 2014

Cyberc said:
Just wanted to give a small update.

It seems the broker or closing company forgot to ask for my signature on one document which is needed and on top of that the document regarding the rofr was faxed to Hilton, but never arrived.

I know that we all are humans, but come on how do you forget important papers and the missing fax maybe an honest mistake, but why not checkup on if the fax arrived or not.

Is this common that brokers or closing companies work this unprofessionally?

Regards.

Very typical of the eBay sellers.

Cyberc · Oct 8, 2014

SmithOp said:
Very typical of the eBay sellers.

Maybe so, but this wasen't purchased from ebay, but directly from the broker.

/Regards

aamista · Oct 8, 2014

Cyberc said:
Maybe so, but this wasen't purchased from ebay, but directly from the broker.

/Regards

Can you tell me the broker name? Even on PM

Cyberc · Oct 8, 2014

aamista said:
Can you tell me the broker name? Even on PM

I used Sumdayvacations.com not impressed so far.

/regards

aamista · Oct 8, 2014

Cyberc said:
I used Sumdayvacations.com not impressed so far.

/regards

You signed the documents online? And they forget that too?

Cyberc · Oct 8, 2014

aamista said:
You signed the documents online? And they forget that too?

Yes signed online, but the missing one I needed to sign the old fashion way.

/regards

Cyberc · Oct 8, 2014

Just got an email from the closing company and Hilton waived their rights.

According to the closing agent she asked them to rush the decision so they answered back the same day.

The agent has not gotten the actual waiver or estoppel yet only and mail from Hilton where they agree to waive their rofr rights.

So i should now be the owner of a 1br gold week at the strip. I didn't expect them to waive their rights for the price I paid.

/regards

1Kflyerguy · Oct 8, 2014

Cyberc said:
Just got an email from the closing company and Hilton waived their rights.

According to the closing agent she asked them to rush the decision so they answered back the same day.

The agent has not gotten the actual waiver or estoppel yet only and mail from Hilton where they agree to waive their rofr rights.

So i should now be the owner of a 1br gold week at the strip. I didn't expect them to waive their rights for the price I paid.

/regards

Congratulations on your purchase!

Cyberc · Oct 8, 2014

1Kflyerguy said:
Congratulations on your purchase!

thanks

JSparling · Oct 10, 2014

Jason245 said:
How many vacations to hgvc properties have you been too?

I don't know your financial position, but if I told my wife I was buying up timeshares prior to her having good experiences at hgvc properties..... She would probably beat me with a stick...

That's why I didn't tell mine......:whoopie:

JSparling · Oct 10, 2014

If Hilton says they are exercising their ROFR can the seller then stop the sale and try to sell it again at a higher price? Let's say I went under contract on a unit for $1,000. Hilton then exercises ROFR. Can I offer the seller $2,000 at that point and we can try again with Hilton?

PassionForTravel · Oct 11, 2014

No if they exercise its theirs and there is no do over.

Ian

ROFR On the strip

Cyberc

Jason245

TUG Review Crew: Expert

Cyberc

Jason245

TUG Review Crew: Expert

Seth Nock

Ron98GT

Seaport104

TUG Review Crew

Seth Nock

Cyberc

Cyberc

1Kflyerguy

TUG Review Crew: Veteran

Cyberc

SmithOp

TUG Review Crew

Cyberc

aamista

Cyberc

aamista

Cyberc

Cyberc

1Kflyerguy

TUG Review Crew: Veteran

Cyberc

JSparling

TUG Review Crew

JSparling

TUG Review Crew

PassionForTravel

TUG Review Crew