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Finally sold my timeshare

cissy

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I recently sold my 2 bdrm, oceanfront Ocean Pointe timeshare. I used Marriott's resale department. It took over two years, and in that time, the selling price went from $12,400 with a 40% commission to $11,400 with a 50% commission. I traded successfully for 20 years and enjoyed my stays immensely, but yearly maintenance and exchange fees became more than I wanted to spend. I have to say, I'll miss it very much, but I'm happy to be relieved of the expense.
 

Luvtoride

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Cissy, congrats on accomplishing your objective. It sounds like you got plenty of value of your ownership over 20 years. Happy continued vacations in the future.


Sent from my iPad using Tapatalk
 

bogey21

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I used Marriott's resale department. It took over two years, and in that time, the selling price went from $12,400 with a 40% commission to $11,400 with a 50% commission...

Many years ago Marriott sold 2 of my Weeks for me. One took 3 years, the other about 3 weeks. Back then their commission was only 20%. My how the world has changed...

George
 

dansimms

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I guess they have the option of adding it to the land trust, renting it, or packaging it with a Points sale as a bundle. They hold all the cards in these deals. Congratulations ! I wonder is your CPA would be able to help you take a capital loss on your taxes?
 

jme

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Marriotts:
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Waterside by Spin x 2
Sheraton Bdw Pln x2
ChurchSt/Charleston x2
I know some want no worries or hassles and decide to get rid of it totally,
but if it's a nice positive cash flow from renting it out, I don't understand selling.
That presumes one has a good week in a good season, though, which gets a nice rental fee.
A good week there might generate twice the maintenance fee, which is quite significant.
 

Fasttr

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I guess they have the option of adding it to the land trust, renting it, or packaging it with a Points sale as a bundle. They hold all the cards in these deals. Congratulations ! I wonder is your CPA would be able to help you take a capital loss on your taxes?
I believe these are all brokered resales to others, so the bundled packages are certainly possible. I don't believe they are taking these and putting them into the Trust, like they do with ROFR acquisitions.

As for taking the loss on your tax return, in the vast majority of cases, timeshares are personal use property, much like a personal use vehicle, and as such, losses on the sale of personal use property cannot be deducted.
 
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suenmike32

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I recently sold my 2 bdrm, oceanfront Ocean Pointe timeshare. I used Marriott's resale department. It took over two years, and in that time, the selling price went from $12,400 with a 40% commission to $11,400 with a 50% commission. I traded successfully for 20 years and enjoyed my stays immensely, but yearly maintenance and exchange fees became more than I wanted to spend. I have to say, I'll miss it very much, but I'm happy to be relieved of the expense.


I did the same thing 2-3 years ago only I sold them myself through Redweek and "word around the pool".
I got $10.9, $11.4 & $11,1 for each respectively. It took some work but I utilized an on line Transfer Company and each closing was only only around $325.00 each. It was a big loss on each of them, even though I bought them on the secondary market, but, we too got a lot of use over 15 years or so.
When Marriott offered 9K with 40% commission I hung up on them.
We still have one in the Carolinas that we use occasionally or trade (like now...we're in Desert Springs). Unfortunately the MF are out of hand and the occasional assessment is troublesome. Also, was never a fan of the point system.
I'm glad to be almost out.
mike
 

Superchief

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Many years ago Marriott sold 2 of my Weeks for me. One took 3 years, the other about 3 weeks. Back then their commission was only 20%. My how the world has changed...

George
Not only did MVC make commission on the sale, they will add the points to their inventory and sell them for $45K +.
 

Quilter

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I don't understand how MVC is offering these prices when they don't jive at all with advertised prices on Redweek. Currently Redweek low price is $4,800, $5,900 and $7,800 respectively for Silver, Gold, Platinum 2b OF units at Ocean point.

Can Marriott purchase the weeks from Redweek sellers for those low prices? It seems it will be a given that the cheaper weeks will eventually end up in Marriott hands via ROFR. Marriott will get control of that inventory.

Getting control of the resale inventory seems to be a tactic here. Offering something comparable to what passes ROFR persuades sellers to give Marriott a chance at gaining the inventory. Then there is another advantage to offering what would be the edge of ROFR and that's the commission. Sellers will pay the commission to avoid the hassle of DIY. Taking a week for $11K via ROFR doesn't pay commission to staff. Got to keep the staff paid so they stick around. Getting commission on $11K pays the staff and gets control of inventory all in the same transaction.

From what I've heard Marriott exercises ROFR on these low Redweek weeks. A serious Redweek purchaser needs to pay prices comparable to what the OP received (before commission) to pass ROFR. I have a friend who lost 2 purchases at $9K. Another friend had $11K pass ROFR.
 
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csalter2

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I don't understand how MVC is offering these prices when they don't jive at all with advertised prices on Redweek. Currently Redweek low price is $4,800, $5,900 and $7,800 respectively for Silver, Gold, Platinum 2b OF units at Ocean point.

Jim, I am not sure where you were looking on Redweek, but I just looked and the asking prices for Ocean Pointe 2 bedroom oceanfront platinum weeks are between $12,500 and $16,000.
 

SueDonJ

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I don't understand how MVC is offering these prices when they don't jive at all with advertised prices on Redweek. Currently Redweek low price is $4,800, $5,900 and $7,800 respectively for Silver, Gold, Platinum 2b OF units at Ocean point.

I don't understand if you're asking why buyers would purchase direct at Marriott's prices when they're higher than external resale prices, or, asking why Marriott is offering so much more to sellers than what can be gotten on the external resale market?

If it's the latter, haven't we been seeing for several years now that Marriott's buybacks/brokered resales bring a better return for the sellers, IF Marriott accepts the Weeks? I know my first response to TUGgers who ask about selling has been to contact Resales Operations first.
 

bogey21

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I don't understand how MVC is offering these prices when they don't jive at all with advertised prices on Redweek. Currently Redweek low price is $4,800, $5,900 and $7,800 respectively for Silver, Gold, Platinum 2b OF units at Ocean point.

My take on OP's post is that Marriott acted as Agent, found a buyer for OP's Week and took a 50% commission for their efforts. My understanding is that in addition to their commission Marriott requires the Seller to pay for any promotional incentive (if one was necessary) to get the Week sold. In short I don't think MVC purchased those Weeks at those prices. They acted as a middle man...

George
 
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Saintsfanfl

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Not only did MVC make commission on the sale, they will add the points to their inventory and sell them for $45K +.

This was a brokered resale to a 3rd party buyer and will not add points to their inventory. When they do a buyback they do not charge a commission percentage. They only charge a flat fee for
closing costs.
 

JIMinNC

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Not only did MVC make commission on the sale, they will add the points to their inventory and sell them for $45K +.

No, as others have said, Marriott does not add these brokered resales to the Trust. These are weeks being sold to other resale buyers, probably as part of bundled packages. When Marriott exercises ROFR, those generally go into the Trust to be resold.
 

csalter2

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No, as others have said, Marriott does not add these brokered resales to the Trust. These are weeks being sold to other resale buyers, probably as part of bundled packages. When Marriott exercises ROFR, those generally go into the Trust to be resold.

That's correct! When I had my bundle of two weeks, the resale week at Ocean Pointe was bought from an owner selling there's. Marriott only brokered the deal. I saw the names of the previous owners on the paperwork from escrow.
 

jimf41

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Jim, I am not sure where you were looking on Redweek, but I just looked and the asking prices for Ocean Pointe 2 bedroom oceanfront platinum weeks are between $12,500 and $16,000.

My mistake, the Silver and Gold are correct but you are correct on the Platinum. The OP did not say what season was sold.
 

hangloose

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We have only bought, not sold, our timeshares. If in future, we choose to sell, we'll likely go through Redweek (or similar) or a trusted broker. Trusted brokers take maybe a 10-15% commission, which is far less than the huge 50% Marriott takes. Both generally help find a buyer and assist with orchestration of the sales process to a buyer.

My guess is that MVC owners, like the Cissy and others, choose Marriott Resales because they are a known trusted entity. Why not sell back to the person you likely bought from? Marriott can also provide a simple E2E transaction with little effort from the owner. A huge plus for those who don't know otherwise or don't have/want to spend the time. They just want out to stop the MFees.

Sorta like when you buy a new car from the dealership next door. They will buy your old car on the spot for less money than it's worth, but with no hassle. The owner gets rid of the old car, no need to find buyer, go through negotiations, multiple showings, etc....and dealership gets a good price for the used car and sells you a new one. Convenience has a price for many.

For me though, I'd rather put in a little bit of work...and save 40% on commission. If you own an excellent resort, week and season...it shouldn't be hard to find a buyer. OceanPoint 2BR OF is a great week...especially if Plat season (?).
 

Superchief

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This was a brokered resale to a 3rd party buyer and will not add points to their inventory. When they do a buyback they do not charge a commission percentage. They only charge a flat fee for
closing costs.
Thanks for the clarification.
 

jimf41

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Can Marriott purchase the weeks from Redweek sellers for those low prices? It seems it will be a given that the cheaper weeks will eventually end up in Marriott hands via ROFR. Marriott will get control of that inventory.

From what I've heard Marriott exercises ROFR on these low Redweek weeks. A serious Redweek purchaser needs to pay prices comparable to what the OP received (before commission) to pass ROFR. I have a friend who lost 2 purchases at $9K. Another friend had $11K pass ROFR.

As Carlito pointed out Plat weeks, and I'm assuming we are talking about a Plat week, are listed between $12,500 and $16,000. If you can sell it for that great, it's much better than MVC buying it on a brokered deal. If those prices are artificially high asking prices then list it at $9,000 and let MVC ROFR it. Either way you come out ahead as far as I can tell.

I've never sold one of my weeks and don't plan to so I'm not much of an expert on this stuff but it just seemed odd the difference between Redweek ads and what MVC was actually paying. The ease of transaction factor is much better with MVC I'm sure but not worth thousands IMO.
 

JIMinNC

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For me though, I'd rather put in a little bit of work...and save 40% on commission. If you own an excellent resort, week and season...it shouldn't be hard to find a buyer. OceanPoint 2BR OF is a great week...especially if Plat season (?).

Since Marriott no longer lists resale prices online, I don't know what the situation is now, but as I recall from back in 2014 when we did our bundle deal with MVC, I calculated that the Seller of the week we bought as part of the bundle probably netted out better selling through Marriott and paying their high commission than selling at a lower price through a third-party broker but paying a lower commission. Traditionally, the MVC price was quite a bit higher than comparable external resales.
 

TXTortoise

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I can't find it at the moment, but in a prior example using Maui (which may be an outlier), and the Marriott resale values when they use to list them online, I found that the net to seller could be very close using either method. Marriott being the least painful transaction and broadest marketing footprint.

For example:

Marriott 2BR OF in Lahaina Tower -

Marriott Direct - $55K, less 50% commission, net $27,500.
Broker - $32K on Redweek, less 20% commission(worst case), $25,600. (I've seen and used broker fees from 6-20% on high-value weeks).
 

BocaBoy

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We have only bought, not sold, our timeshares. If in future, we choose to sell, we'll likely go through Redweek (or similar) or a trusted broker. Trusted brokers take maybe a 10-15% commission, which is far less than the huge 50% Marriott takes. Both generally help find a buyer and assist with orchestration of the sales process to a buyer.

My guess is that MVC owners, like the Cissy and others, choose Marriott Resales because they are a known trusted entity. Why not sell back to the person you likely bought from? Marriott can also provide a simple E2E transaction with little effort from the owner. A huge plus for those who don't know otherwise or don't have/want to spend the time. They just want out to stop the MFees.

Sorta like when you buy a new car from the dealership next door. They will buy your old car on the spot for less money than it's worth, but with no hassle. The owner gets rid of the old car, no need to find buyer, go through negotiations, multiple showings, etc....and dealership gets a good price for the used car and sells you a new one. Convenience has a price for many.

For me though, I'd rather put in a little bit of work...and save 40% on commission. If you own an excellent resort, week and season...it shouldn't be hard to find a buyer. OceanPoint 2BR OF is a great week...especially if Plat season (?).
Historically, Marriott has been able to resell weeks for much more than the rest of the external market, so even after the 40% commission the seller would usually net more by using Marriott. I did not realize that their commission has now been increased to 50%, which could change the economics of how attractive a sale brokered by Marriott would be, especially since their resale prices have been reduced from a few years ago.
 

bogey21

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I did not realize that their commission has now been increased to 50%...

Boca - I'll bet you, like me, remember the days when Marriott's commission was only 20% and the prices they sold your Week for were at the top of the market...

George
 
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