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HGVC Flamingo @ Vegas

Discussion in 'Buying, Selling & Renting Timeshares' started by Trishbrig, Nov 12, 2018.

  1. Trishbrig

    Trishbrig TUG Member

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    Hi All

    I came on here in October and got some very useful advice on selling a timeshare(I am based in UK) so not up to speed on all the ins and outs of selling in US.

    I have been advised by the broker I choose that it will take 6 months to sell, however it was suggested initially that it would sell quickly. It is 4800 points in platinum week, I have all of this years points and only want 3,000 dollars, which I was advised was a fair price.

    I would like to know if 6 months is correct, , if 3,000 is a reasonable price because I will have to pay 2019 maintence fees and broker fees so effectively I might as well give it away.

    Would be grateful for your thoughts and ideas on the situation.

    Thanks for reading this
     
  2. SmithOp

    SmithOp TUG Member

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    HGVC King's Land 2BR Premier 14.4K Points.
    If a broker is handling the sale have them include 2019 fee reimbursement in the sales contract.

    That is a good price for your contract, you could probably have sold it yourself here in the Tug Marketplace.


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  3. RX8

    RX8 TUG Member

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    It is likely that the broker is including the ROFR process and closing in the six months estimate. If the broker advised $3000 was a fair price just know that if a quicker sale is more important to you than the proceeds then having a price that is slightly better than fair would improve your chances.
     
    Last edited: Nov 12, 2018
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  4. dayooper

    dayooper TUG Member

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    Location:
    The Land of Ice and Snow
    Resorts Owned:
    HGVC at The Flamingo
    This was our timing on our purchase of a Flamingo interval from earlier this year. We purchased a 7000 pt 2 bedroom platinum this year off of Redweek. It went on the market in May. Was talking to another buyer when we inquired in the beginning of June. We signed our contract in July and we signed the closing paperwork in late September. We paid the closing costs and the seller paid the broker fees. We paid $4500 plus the closing costs.

    There is no ROFR at the Flamingo, but it still has to be sent to Hilton for them to review.
     
  5. Panina

    Panina TUG Review Crew: Expert TUG Member

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    If you gave this away for free with usage to start 2019 on Tug and asked the taker to pay closing costs I believe it would be taken fast and your obligation would be gone quickly. At 4800 points price point is on the higher side especially if buyer has to pay closing costs. Important to ask broker how much it is, some have processing fee. I have seen up to 4800 points given for free at other hgvc properties but the mf were more then Flamingos.
     
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  6. dayooper

    dayooper TUG Member

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    Location:
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    I believe this would be taken within a day (minutes, actually) from when it's posted. The only issue I would see in this situation is the 2019 MF's. It wouldn't close fast enough to have them billed to the new owner. Would Hilton still process the transaction with the MF's past due (after Jan1)? Would the seller have to pay those and have the buyer reimburse or would Hilton allow the transfer to go through and bill the new owner?

    I also think you could sell it quickly here on TUG. Have the buyer pay all closing costs and make a nice tidy sum from it. Even if you pay closing costs, use LT transfers and that would be under $300.
     
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  7. Panina

    Panina TUG Review Crew: Expert TUG Member

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    You can have Lt Transfers collect 2019 mf as part of the closing to pay Hilton directly if it closes in time or reimburse seller if they they paid it. Not sure when and how much the late fee is, seller can always pay that as part of the closing.
     
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  8. SmithOp

    SmithOp TUG Member

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    Location:
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    I purchased through a broker a few years ago in October. The sales contract showed buyer paid the following year fees with no points in current year. The fee was collected in escrow and paid to HGVC along with the various transfer fees. It closed the first week of Jan. HGVC wants to see a sales contract and will honor the terms.

    The only screw up was club fee since I owned other contracts and paid the club fee on one of those. They charged me club fee in the escrow, even though I provided my HGVC account number. The new contract showed up fine and I ended up with a credit of the extra club fee for a year until the next bill came.


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  9. Trishbrig

    Trishbrig TUG Member

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    Thank you all for your input, I appointed broker as I was out of my depth with it all, so am reliant on what they advise, but you have given me pointers to raise with them.
    Many thanks again
     
  10. bevans

    bevans TUG Member

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    Location:
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    Lucky for you the Flamingo platinum's have value and you will not have to give it away. The location is great for new Years and as an owner I have reserved Home Week there for New Years many times and easily rent it for double maintenance. Since there is no ROFR people like to buy them as they know what ever the agreed upon price is it will go through.
     
  11. dayooper

    dayooper TUG Member

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    Are you by chance using Redweek? There's a new Flamingo 1 bedroom platinum listed for $3000. If it is, see if you can use a different title company. First American was good, but they were very expensive. See if you can use LT Transfers. They have a great reputation here on TUG and it would cost several hundred dollars less.
     
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  12. Panina

    Panina TUG Review Crew: Expert TUG Member

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    I am a buyer using Redweek closing service as the seller listed with Redweek. Slower then they need to be. Seller paid closing costs. I had to ask where it is at as their last correspondence was they were waiting for seller signed documents. Now I am told it goes to review. If I had to pay for closing I would ask to use LT Transfers. Usually done less then two months even with waiting a few weeks to get to your file. This one I am closer to 3 months already.
     
  13. Trishbrig

    Trishbrig TUG Member

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    Sorry only just picked this up, That sounds like my timeshare, I didnt know I could chage brokers without incurring costs or having to bap them full fee. Not sure what LT is or how to go about changing.
     
  14. dayooper

    dayooper TUG Member

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    You are using their full service listing, correct? You may be stuck with that. You can always contact your broker and check and see. I would also contact LT Transfers to get the cost of what they would want to transfer the interval. Here is the link to their website: http://www.lttransfers.com/

    Good luck and keep us informed on how the process is going!​
     
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  15. Trishbrig

    Trishbrig TUG Member

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    Thank you for the link, that will be very useful, my broker advises no sale no charge , but approx 1500dollars if sale goes through and now suggesting I lower price,but what with 2019 MF I might as well give it away. I am not sure if I decide not to sell with them that I am restricted to what I can do, will need to check. On another issue, I have all of 2018 points left and wonder if I extend them would a new owner be able to use them, as obviously this would make it a little more saleable.

    This site and its users are a mine of useful information. Thank You all
     
  16. dayooper

    dayooper TUG Member

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    You can include the 2018 points in the sale if you extend them. You can also ask for reimbursement of the 2019 MF's from the buyer at the time of the sale.
     
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  17. Peter Murphy

    Peter Murphy Guest

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    Yeah, I agree with that.
     
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