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Marriott BUYBACKS AND TAKEBACKS [2012 / Ongoing]

Saintsfanfl

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I own 2 weeks at the Marriott Aruba Ocean Club and have been on a resale wait list for 2 years. I called in January 2015 and I was about #200 (which was the same as when I first added). They said they hadn't opened up for resales at that time.

On April 25, 2015, I received an email from the resale department in Orlando stating they are extending an offer to list my week for $6100. They get their standard 40% commission, and at closing I would receive $3660.

The offer is only valid through 4/29/15. The Open contract is for 12 months. If I find a buyer on my own prior to them, they do not get a commission. I responded that I am interested, and today received an email with contracts attached. I'm am to complete them and return with 14 days.

They had to go through a lot of people before getting to me. I can't imagine they have suddenly had a large influx of buyers. I'm willing to accept the price because there are a lot of current listings for close to that price and it removes all the hassle for me. They find the buyer, and handle the closing and no need for a ROFR. It will be interesting to see how long before they find a buyer.

I was one of those who paid full price at $9700, but it was way back in 1999. I've been to Aruba almost every year since and built a lot of memories there. In this case, I've gotten my money's worth at a top notch resort.

The list was so long because they probably weren't brokering the resales. Even now it is not listed as an option on their site. Not sure what the meaning of the list was if they, as you say, "hadn't opened up for resales". It was a pointless list designed to appease the callers.

Now that they are taking listings for the resales many people on that list already sold, disposed of through other channels, were foreclosed, or cannot be reached. An outdated list of 200 desperate owners can quickly become 10.

Fwiw when they engage you for a listing agreement a sale is usually iminent. I have never had to wait more than a few weeks and all the reports I have heard about are similar.
 

s002965

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The option for resales at the Marriott Aruba Ocean Club was listed on the drop down for their website in January of this year. They were showing prices in excess of $21,000. When I looked today, Aruba is no longer shown.

Saintsfanfl, I agree that a sale is most likely soon to come. There may indeed have been a much reduced list, as I'm sure people have not called to have their names removed once they sold by other means. We love Aruba, and have been continuing to go, but with the maintenance fees continuing to increase, it is more difficult to justify on our retirement income. We owned 3 fixed weeks at a timeshare in St. Maarten for over 10 years, so we have certainly enjoyed the islands. We live in Bradenton, FL, so now it is easier to drive to Orlando and stay in a Marriott there and enjoy the theme parks, and the Food & Wine Festival, etc.
 

SueDonJ

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[Disabled link deleted from this post, replaced with Marriott Vacation Club Sell Weeks (Official Site). The information below, from the defunct page, should still be relevant.]

The Resale Operations department provides transactional and counseling services to Owners who are interested in divesting their interest. There are several programs available to Owners:

Registration Program - All Owners are eligible for the registration program. This is a waitlist for Owners who are interested in selling; however a listing or repurchase may not be readily available. Owners are registered in date order and will subsequently be contacted when either the listing program or repurchase program is available.

Listing Program - The listing program is established at domestic resorts that are 100% sold out of developer inventory. Marriott Vacation Club will broker a transaction between an Owner and a buyer. The commission for the transaction will be 40% of the contract price.

Repurchase Program - Periodically, Marriott Vacation Club will purchase Vacation Ownership interest(s) directly from an Owner. The pricing and terms are subject to change without notice. This program is established at international resorts that are 95% sold out of developer inventory.

Right of First Refusal - In accordance with the Public Offering Statements for Marriott Vacation Club an Owner who is interested in selling their timeshare privately is required to comply with the Right of First Refusal policy. Owners must notify Resale Operations of their intention to sell. At this point, Marriott Vacation Club has the option to either exercise the option, i.e. a direct repurchase in accordance with the terms of the external contract, or waive the option, i.e. the Owner is free to proceed with the external transaction. A formal waiver will be prepared, in recordable form, and forwarded to the Owner and/or Title Company that has made the request. Requests are responded to in a timely manner and in accordance with the requirements in the Public Offering Statement.

The Resale Operations department is located in Orlando, FL and services all Marriott Vacation Club Owners (domestic and international**). The hours of operation are 9: 00 am - 5: 00 pm (ET), Monday through Thursday and 10: 00 am - 5: 00 pm (ET), on Friday. Owners may contact the department as follows:

E-mail: resale.operations@vacationclub.com
Toll-Free: 866-682-4547 or 877-682-4547
Direct Dial: 407-903-6160
Fax: 407-903-5995

Right of First Refusal Requests: mvcirofr@vacationclub.com


* Proceeds will be applied to any existing loan balance. The seller's account must be current on all maintenance fee payments, loan payments, and tax payments (where applicable).
** Owners of Marriott's Phuket Beach Club, please contact Owner Services

[/quote]
 
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ilene13

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The option for resales at the Marriott Aruba Ocean Club was listed on the drop down for their website in January of this year. They were showing prices in excess of $21,000. When I looked today, Aruba is no longer shown.

Saintsfanfl, I agree that a sale is most likely soon to come. There may indeed have been a much reduced list, as I'm sure people have not called to have their names removed once they sold by other means. We love Aruba, and have been continuing to go, but with the maintenance fees continuing to increase, it is more difficult to justify on our retirement income. We owned 3 fixed weeks at a timeshare in St. Maarten for over 10 years, so we have certainly enjoyed the islands. We live in Bradenton, FL, so now it is easier to drive to Orlando and stay in a Marriott there and enjoy the theme parks, and the Food & Wine Festival, etc.

I assume you own gold weeks because in 1999 we paid 14000 for platinum weeks.
 

presley

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2 days ago I faxed in my info for Marriott to sell my timeshare. I got an email today that they believe they have a buyer. Hopefully, it works out. I don't want to go into details for fear of jinxing it, but I'll post later if the sale goes through.

I guess I jinxed it by posting that. 2 months later, found out the buyer never returned the contracts. They are being given a 7 day notice to return or lose the contract and their deposit. It will be relisted, but this really bites.
 

HS11

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I have an offer from Marriott to buy back my week, any tips on negotiating with them to get better price or waive some fees? Is that an option?
 

tschwa2

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I don't think they negotiate. It's a take it or leave it.
 

vacationtime1

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My understanding is that their offer is non-negotiable, but you can get more by allowing them to sell your week through their resale department rather than buying directly. The downside is that it takes much longer -- you get on their list of units for sale and your unit gets sold when you work your way to the top of that list.

What was their offer -- and was it for island view or ocean view? (I assume you would be selling your Waiohai, which is why I am curious.)
 

samara64

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I have an offer from Marriott to buy back my week, any tips on negotiating with them to get better price or waive some fees? Is that an option?

I believe it is take it or leave it. They set the price.
 

lepto11

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We own a gold week at Marriott Willow Ridge. I called Marriott Resales and received an offer to repurchase our week. We had 7 days to accept their offer. They state that about 120 days are required to close.
 

rbone100

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Hmmm... I don't see any Marriott St. Kitts for sale on the Marriott resale website. Does that mean that they have no inventory, not interested or have a surplus of weeks?
 

bazzap

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Hmmm... I don't see any Marriott St. Kitts for sale on the Marriott resale website. Does that mean that they have no inventory, not interested or have a surplus of weeks?
I don't know why none on the Marriott Resale website.
They do show up on the 3rd party Resale websites at various times, but I guess with only 88 units at the resort there will always be a limited amount of inventory for sale.
 

inishbofin

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MVCI Resale Buying Back Hilton Head Value Season

After several years on the list I got an offer from MVCI to buy the Value Season TS I had listed with them. Near breakeven price was reasonable to me since I had bought it on EBay years ago.
 
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media4u2

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Marriott's ROFR being exercised...

I bought a Harbour Lake week a few years ago for $3500, I think (Platinum season) to go with another HL week we purchased from Marriott at $14,500 back in their 25th Anniversary 25% off sale of developer units.

Last year, I decided to purchase another week at either Harbour Lake (we love this location, especially for kids, and it seems to trade well, also) or Grande Vista (where my wife and I like to stay in our January excursions away from Pennsylvania winters). For the Grande Vista unit, I wanted platinum, 2-bedroom, with Florida Club membership attached (so we could book into West Palm Beach's Ocean Pointe with the Florida Club).

I started in January when I found a Harbour Lake unit on sale for $2000. I eventually made the deal at $1850 plus about $1000 for closing costs, etc. I was ecstatic. Marriott's resale site had a Harbour Lake listed at $8400.

Within two weeks, I was notified that Marriott had exercised ROFR (Right of First Refusal) and had purchased the property out from under me.

Then I made a deal to purchase another Harbour Lake unit for $3000. Again, Marriott exercised ROFR.

My next venture was to try to get a Grande Vista unit for $4500. Again, ROFR took the property from me.

Finally, I offered $5200 for a Platinum Grande Vista unit w/ Florida Club membership attached. That was a higher-than-asking-price offer for the unit, because I was convinced of the value of the Florida Club and also pretty sure that Marriott had targeted me: they were not going to let me buy another 3rd party week (we owned 4 other Marriott weeks in addition to the 3rd party HL purchase). Sure enough, Marriott exercised ROFR.

So I'm here to tell you that YES, Marriott is exercising ROFR frequently. In my case, I think my name on the contract was bringing up a red flag because they didn't want me buying up weeks. But the four sellers I worked with were probably pretty happy because they ended up with a sale of their property, some of which had been on the market for almost two years.
 

toddc2

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If you could, please add it to the database. Link in my signature.

Hey dioxide45,

Are you still maintaining this database? I tried to access it a couple of time and keep getting a server error.

I'm specifically interested in MOC 1/2 OV buyback offers.

Todd
 

channimal

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Marriott Resales - Worth it?

Before the howls of "No!" .. I'm not thinking of buying but rather going through Marriott to sell my Harbour Lake unit. Seems like to market has picked up and would be a great time to sell.

Has anyone used them lately and do you feel like you got a good deal as compared to open market?
 
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tschwa2

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Contact Marriott resales and find out what they are offering both as a direct buyback and a brokered resale. You aren't obligated when you ask. When you get the answer, you can decide if it is a good enough deal to take.
 

SueDonJ

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Before the howls of "No!" .. I'm not thinking of buying but rather going through Marriott to sell my Harbour Lake unit. Seems like to market has picked up and would be a great time to sell.

Has anyone used them lately and do you feel like you got a good deal as compared to open market?

I agree with tschwa2, it's definitely worth contacting them and asking if/what they're willing to offer. In many cases it has been more than what's available on the external market; if it's not, you're under no obligation to sell through them.

Good luck!
 
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AlmostRetired

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Marriott's Generous Offer for a Monarch Unit

I am not looking to sell and I value my timeshares at 0 as an asset in a net worth view.

Over an 18 months period, I called Marriott Resale on a number of occasions looking for a second summer Oceanfront unit is the Azalea building at the Monarch. I purchased a second unit early in2015 a few doors down from my first unit. The second unit has a very nice ocean view but is considered a garden view. The Monarch only has oceanfront and garden views. I had a little down time today so I thought I would call the sales department and let then know I was no longer looking for a unit. While I had them on the phone, I thought I would ask if Marriott was repurchasing Monarch units. I let them know I was not looking to sell. It was explained to me that there are 3 options to get rid of a unit. BTW, my first unit purchased 20 years ago was Marriott resale, the second unit was a private resale.

Option 1 - Go through resale and the price Marriott is asking is 15,000 for a garden view. The owner gets 9000. In the last rolling 12 month period of time, they sold 3 summer weeks.

Option 2 - Sell on your own

Option 3 - Marriott will buy it and the owner will get 2150 after all fees. BTW, I would have gotten more than this when I had this unit listed on redweek before deciding to use it.

HHI is a very high demand location. Summer is a very high demand period. Everyone can have an opinion on which property is the best property and I certainly have my own. The undeniable fact is the Monarch is the only Ocean front Marriott property in Sea Pines, Sea Pines is one of the nicer areas in HHI and as such, the Monarch is a pretty good choice. A Garden view gets about 2500 DC points (I think since my oceanfront gets 3525 ) so a guestimate when bundled with a DC points sale, the unit might get 15000 (or $6 per point).

I have to separate Marriott the timeshare experience and Marriott the sales company. The sales company continually takes advantage of people who are desperate to unload their weeks or DC points. When a person takes advantage of the desperate it speaks to their character. When companies do it, it speaks to their corporate culture.
 
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bogey21

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Option 1 - Go through resale and the price Marriott is asking is 15,000 for a garden view. The owner gets 9000. In the last rolling 12 month period of time, they sold 3 summer weeks.

I have to separate Marriott the timeshare experience and Marriott the sales company. The sales company continually takes advantage of people who are desperate to unload their weeks or DC points.

At one time I owned 4 Marriott Weeks. I used Marriott to sell 2 of them. Back when I sold the commission was 20% which I considered reasonable as the selling price with Marriott minus 20% was more than I could get on my own. 40% is gouging.

George
 

SueDonJ

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... I have to separate Marriott the timeshare experience and Marriott the sales company. The sales company continually takes advantage of people who are desperate to unload their weeks or DC points. When a person takes advantage of the desperate it speaks to their character. When companies do it, it speaks to their corporate culture.

IMO, MVW's corporate culture is focused exactly where it should be, on making sure that the timeshare owners are given exactly what their ownerships entitle (no more, no less) and that the shareholders' expectations aren't diminished. No doubt many on this site disagree but I think that as long as MVW isn't taking away from the timeshare owners something that's entitled - which a return on investment isn't entitled - regardless of how much money they're making in the process, they're okay in my book. I'd much rather the current situation than one where the company feels cutbacks are necessary and/or the shareholders are bailing.
 

Luvtoride

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let the buyer beware...

I agree with Sue. This business does consist of two parts, 1) being the operations/ servicing of the Vacation Clubs and delivering the Owner experience that we expect and the 2) Sales and growing the business.

Especially among the veteran members here who have learned to use their ownerships in the way most advantageous to our lifestyle and vacation needs, I doubt that many of us view this as an appreciating investment to make money off of by selling.

Our individual circumstances may change, causing TS ownership to not be as prominent in our lives or affordable (can't get away from those MFs) and unfortunately, the market doesn't leave a good way out. We can't expect that the seller is going to facilitate a resale market that will create profits or break-even for the owners who need to get out or who change their minds as to the appropriateness of ownership. I'm not sure what business model would guarantee full value years in the future (although Best Buy did have that Technology obsolesence guarantee with the funny commercials a few years back).

As 16 year time share owners, who have continued to add to our portfolio and use what we have purchased, I am generally pleased with the quality of the ownership experience that Marriott provides. I wish I could say the same things for some of the cars I've owned, the expensive bed I purchased or the sub-par appliances I have owned.
All of those company's were trying to sell me in order to make a profit for their owners too!
 

AlmostRetired

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Missing the connection

I am happy with my 20 years of Marriott timeshare ownership. As I posted, I value my timeshare as 0 dollars so the fact I just purchased another, suggests I do not look at it as an investment. what my unit can sell for has no impact on me. I do not consider this a justification for the sales side taking advantage of people desperate to sell by offering prices they could turn around an package at maybe six times higher just because they can or charging 40% commission because they can. I am sorry but I do not get the connection. How is taking less than a 500% markup when someone is desperate to sell have any impact on operations or usage experience.
 

tschwa2

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They may be charging 40% commission and only sold 3 garden view summer weeks in the last 12 months, but I doubt anyone else (agency or individual) was able to sell 3 garden view summer weeks at a price that the owner received $9000.
 
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