LilMsFoodie
TUG Member
We paid $5600 for our eoy gold FC Grande Vista unit. Marriott sold each for 3050 with a net of $1840 each. Zero effort on my part is worth their commission. Also, I would never get that price on Ebay.
We paid $5600 for our eoy gold FC Grande Vista unit. Marriott sold each for 3050 with a net of $1840 each. Zero effort on my part is worth their commission. Also, I would never get that price on Ebay.
Thanks for all the informative replies! I think I will go w/ Marriott.
LMF: You have mail!
Smooth Air
I have not had extensive experience but I have sold Marriott's through buybacks and brokered resales. Marriott pays like a closing on a house, which is at settlement and prior to deed recording. I got my money at the same time on both the buyback and the brokered resale. I had two of each and in my experience both were the same. It's the same department doing the work. I have to put Marriott buyback as well as resale above ebay because ebay is just a sales channel and does absolutely zilch in aiding the process. It's like putting an ad in a newspaper. How long it takes depends on the closing company, the buyer, and the county. With Marriott you don't have to worry about anything.
If you are referring to the average time to make an initial on an average unit then I agree with the list.
I agree with your list on the order of prices from highest to lowest. I also agree with your list of what is fastest, except I don't know how anything could be faster than a Marriott buyback. You just pick up the phone and if they want to buy it back they will send you the documents and it is done with no risk.
From what I have read here, Marriott can sometimes take a while to get all their ducks in a row and get the paperwork out to the seller.
For that first step it might be true but once the paperwork is returned to Marriott they trigger an ACH the same day, provided electronic payment is chosen. You don't have to wait for the deed recording or the resort transfer in order to be paid. The process is actually very fast as far as payment is concerned.
This is how fast I got paid on two recent Marriott brokered sales.
Paid in 30 days from signed contract
2/18/14 - Buyer Signed Contract
3/08/14 - Closing Documents Mailed to Seller
3/20/14 - Electronic Payment Received
Paid in 35 days from signed contract
2/26/14 - Buyer Signed Contract
3/19/14 - Closing Documents Mailed to Seller
4/02/14 - Electronic Payment Received
It is true you will get paid quicker if you require an ebayer to prepay in advance directly to you but I think that is too much to ask. If a 3rd party escrow is used where resort transfer is required before payment is released then there is no way the payment can beat Marriott Resales. I'm not sure if a 3rd party escrow waits that long but from my experiences I wouldn't be comfortable buying from an unknown individual ebayer unless my payment is released to them post resort transfer. I obviously wouldn't care if it is near free but for any moderate amount of cash I wouldn't risk it and I wouldn't expect someone else to.
So it would seem that a Marriott buyback would eliminate much of the part up to where your timelines start? It seems though that for a Marriott brokered resale, your name could sit on a waiting list for a long time, possibly years. Though a buyback, if accepted would eliminate that wait.
My list was based on when you first put the unit up for sale and when you get your cash. I suppose that a Marriott buyback could be faster than EBay.
Correct, but there are units where there is no wait list. I was assuming no wait but I know that is unrealistic for most units.
Here's a few impressions that I have from the sale of three Marriott weeks.
MGC 2br---buyback, fast and clean as has been stated. Received 60% of sale price within two weeks.
MGV 2br EOY Plat---brokered sale by Marriott. Got the distinct impression that Marriott will not list a unit unless they have buyers. Tried to sell this six months ago and was refused, but placed on a wait list. Once I moved up to a listing they sold it within ten days. Had two buyers for it.
They do routinely list weeks without a buyer, but they do limit the size of the wait list. I waited two or three years after getting my Sabal Palms week officially listed (not wait listed) a few years ago (pre-DC) and I very slowly moved up the list for two or three years as they sold a few or people made other arrangements. The list was about 25 active listings in total plus a wait list. I had been on the wait list before for a year or so I think.
Finally, they offered me a very attractive buyback when they started buying back weeks for DC. Sabal Palms was a sold out resort with no ROFR so I got a good price--much higher than they would give today. I was number 10 or 11 on the list at the time so I assume they offered buybacks to everyone ahead of me at essentially the same time. I think the reason you got a buyer so soon was because their buybacks had essentially eliminated the wait list.
I think you are saying much the same thing as I am. You go on the wait list if they have all the active listings they want (maybe 25-30). As things drop off the active list they add replacements from the top of the wait list. They keep the active list a manageable size because otherwise they would be doing a lot of listing paperwork that will never be used, because the listing agreements are for one year and then a new one needs to be entered.I think the distinction is that there is a waitlist and then there is also a list for weeks actually listed with Marriott Resales. The waitlist is just a list of people that have called in showing an interest to sell through Marriott Resales. It could be a short list, an empty list or a list a mile long that takes two or three years to get through. Once you get to the top of the list, they contact you again to actually list your week. Not long after that where they have an actual buyer.
I am the original poster here.
All of your replies have been extremely helpful. Thank you very much to each of you.
Now I have a follow up question. What would you consider to be a reasonable Offer from Marriott for each of my 2BR Platinum Oceanside(not Oceanfront) weeks: 10K? 9? 8? 7?
I will have to deduct withholding tax from the ultimate sale price b/c I reside in Canada & am therefore "non-resident" US. However, as I understand it, I can apply for a refund of that withholding amount after sale.
Looking forward to hearing from you.
Smooth Air
12k net after Marriott fee and 10% wh tax on sale price?i
Ok. For some reason, I thought the 10% WH tax was on the Sale Price.
Ok.....So I called Marriott . $7,800 per week: 2BR Platinum Oceanside (not Oceanfront)
From that , I have to deduct $500 Admin Fee plus $780 which represents the 10% withholding tax leaving a paltry $6,520 net per week in my pocket.
I need to re-consider my decision to sell Ocean Pointe at this time in this dismal market.
As suggested up thread, perhaps I shd rent out my weeks if I am unable to use them. The rental fees would recoup the Annual MF's. For example, if I lock off and rent each week as 2 separate reservations, with 2 separate confirmation numbers, for Studio and 1BR units, then the rental market during prime Platinum weeks such as Christmas/NewYears, Presidents Week, March Break would easily garner $800 for the Studio and $1500 for the 1BR. That is $2300. MF for 2014 was $1365 per week which includes Florida Club Fee. So, following the rental route, I would actually make $935 per week (less PayPal or some such fee and lock off fee and any other ancillary costs to be borne by me as Owner). Did I get that right??? Seems too good to be true so I must have used faulty reasoning......have I???
So........Tuggers.....what do you think?
Looking forward to your comments & suggestions.
Oh! Happy Easter/Passover to those celebrating.
Smooth Air
Ok.....So I called Marriott . $7,800 per week: 2BR Platinum Oceanside (not Oceanfront)
From that , I have to deduct $500 Admin Fee plus $780 which represents the 10% withholding tax leaving a paltry $6,520 net per week in my pocket.
I need to re-consider my decision to sell Ocean Pointe at this time in this dismal market.
As suggested up thread, perhaps I shd rent out my weeks if I am unable to use them. The rental fees would recoup the Annual MF's. For example, if I lock off and rent each week as 2 separate reservations, with 2 separate confirmation numbers, for Studio and 1BR units, then the rental market during prime Platinum weeks such as Christmas/NewYears, Presidents Week, March Break would easily garner $800 for the Studio and $1500 for the 1BR. That is $2300. MF for 2014 was $1365 per week which includes Florida Club Fee. So, following the rental route, I would actually make $935 per week (less PayPal or some such fee and lock off fee and any other ancillary costs to be borne by me as Owner). Did I get that right??? Seems too good to be true so I must have used faulty reasoning......have I???
So........Tuggers.....what do you think?
Looking forward to your comments & suggestions.
Oh! Happy Easter/Passover to those celebrating.
Smooth Air
Di, do you mean to add the buyback info if I proceed and sell to Marriott or now?
Saints fan, thanks for the tips.
The alternative route to buyback, takes such a long time.Could be years b/f my weeks make their way to the top. I suppose I can rent my weeks during that waiting period.
Smooth Air