We are considering selling our MVCI Timeshare in Arizona but it seems to us that the process is very unfriendly. No room for negotiation, very low return on our investment at the amount offered and no help from the corporate MVCI office. The "Customer Advocacy Manager" told us that the repurchase is not a buyback program, but an offer for us to get out of a contract of continued payments of maintenance fees on our property. WOW. The offer to buyback our week was at just 25% of the purchase price. Not exactly what the sales pitch offered. Has anyone sold back to Marriott or an outside party? Did Marriott invoke their right of first refusal if you did try to sell outside?
We were told the repurchase price is preset with no room for negotiation. I even tried asking for Rewards Points instead of dollars to make the event more palatable nut was told that isn't possible?
We love using Marriott. Stayed in Marriott's in London and Grand Cayman in the last 12 months. Just looking for an equitable way to dispose of the timeshare in Arizona that we really don't use and still be a loyal Marriott customer.
Thanks in advance for any feedback you might have.
In addition to selling through Marriott Vacation Club, there are are other ways to sell an MVCI timeshare week. There are real estate brokers who specialize in timeshares. Good brokers charge a percentage (such as 10%), not upfront fees of any kind. They should know all about ROFR levels for various MVCI weeks (although this is more significant for the buyer than for the seller).
The key is NEVER to use a company that charges an upfront fee. A broker's financial incentive should be to successfully sell a week, not to pocket as many upfront fees as possible.
Some sellers use direct selling, such as listing on eBay. Personally, I would be wary of doing so, but it seems to work for people know how to avoid problems.
californian, we were in the beginning. Lately we've become less and less happy with it. The resort suffers from overcrowding issues while, declining quality of dining, and issues with poor upkeep. We probably would have kept it if we could actually use our points at the DVC units in the Grand Californian at Disneyland, but there's so few units there that it's nearly impossible. So we felt it wasn't worth it, especially since the money we'd be saving would allow us to better our financials and/or travel more
Generally getting any money out of timeshares is complicated. Depending on the week and place, you can find ones that are sold on eBay for less than $100. The main reason is that a lot of the maintenance fees alone can equal the cost of a nearly week to stay at the condo if you can negotiate well. And maintenance fees-,which as far as I can tell go, on forever and aren't known to ever go down. I hope kharada46 got a great deal and that DVC is an exception to this rule. I'd say if you got 25% back, I'd think of it as a win, especially if you can sell in the moment. Frankly, I don't think I came across any stories where anybody has ever sold their timeshare for more than they paid. I haven't looked in a while but there was a time when I was looking mostly out of curiosity but also a bit of intrigue trying to figure out of Marriott points program somehow meant that you didn't have to pay a maintenance fee. If I have something incorrect here, I'd love to hear otherwise. I'm here to learn.
This is true homoviator. Luckily DVC is a little simpler in that they run on a point system that basically lets you book as if you're booking a hotel and the points are simply the currency. We actually recovered 100% of our monies, except for the realtor fee and a couple of other minor fees from Disney.
I think that true of any maintenance/HOA fees; they always go up, never down. Doesn't matter if it's a timeshare, condo, etc.
I would log on to www.tug2.net and register. (for free) You can ask any question about timeshare that you want. The members are very helpful about values, options, and advice. You can list your timeshare on Tug but you need to join to do that. Registration is free. Joining is a measly $15.00. They will tell you what your timeshare is worth. You can also check out auctions on ebay, or other listing sites. Many listing sites are only that - listing sites. And many units are priced unrealistically. Ebay has a listing of "completed auctions" where you can see what things actually sold for.
There are also timeshare brokers (ask Tug) who will guide you through the sales process and help you with realistic asking prices. Getting something above Marriott's offer may be difficult. Marriott can also broker your sale. Only problem is they charge a 40% commission. (Yikes!)
Unfortunately, your investment has paid off in photographs and memories. Timeshares depreciate faster than cars. That is something that the sales guys/girls conveniently pass over in the presentation. Good luck
Marriott Vacation Club is not an investment. There is no promise of any great return when you purchase. I really don't know why people do not understand this when they purchase. It is not a condo. It is not real estate. It is a vacation club.
The key that I have found is that you have to know how to use the Vacation Club. I have maximized my vacation club and I have been all over the world for far less than I would have if I did not own a vacation club.
One does not make profits on vacation clubs.
I have also earned tons of Marriott Rewards points and feel I have gotten a good deal.
maddashin, you definitely have the right attitude about timeshares. But just for clarity, many of the MVCI interests are technically a deeded interest in real estate. MVCI points are a deeded interest in Orange County, Florida as part of the land trust. Other properties also often have a deeded interest. Some do not, such as Aruba where the government only allows a long-term lease. I mention this as those who own timeshares should be careful to make sure the deed is titled appropriately. I put my MVCI beneficial interests in a revocable living trust to avoid the potential need for probate to transfer them if Spouse and I both died. Just something to consider as probate for an investment that's probably only worth a few thousand dollars can be a huge headache and expense. I have clients who learned this the hard way. Once, one of my clients had to pay a lawyer in Hawaii about $25,000 to probate a timeshare deeded in Hawaii that was worth about $10,000. You get the picture!
While I have you on the phone.....I am getting up there in age and need to make sure that my timeshare goes to my son. I really have not researched the easiest way to get it to him. If I were to leave it to the grand kids it would not be worth anything. Therefore, I would rather just pass it on to someone in the family.
I own a week with a lock off in Ft. Lauderdale.
I have destination points that are not paid for yet. How do I pass them along.....what if not completely paid for if I die. I have to read all the fine print.
Decluttering all the **** I have accumulated in this house as we speak to get out of a house that has far too much junk! LOL.
If it's a deeded interest, you can will it to your son in your will, or you can add him to the deed. Florida doesn't have transfer on death deeds, so you can't use one of those. Destination points might be beneficial interests in the Marriott land trust depending on how you got them and whether title passes after payment on the contract or not. Contact your sales rep to find out. For Ft. Lauderdale, not sure if that's a deeded interest. Would depend on terms when you bought. If you do a property search in Orange County for the land trust under your name, you might actually be able to find the deed if there was one recorded. I imagine Broward County would work the same if the Ft. L property is a deeded interest.
We are decluttering here too as part of a home improvement project, and I know just what you mean!
Try using Redweek. I purchased two separate weeks in Aruba on this site and I use it rent my weeks when I don't use them. It is a cheap and effective site where you can sell, rent out, or purchase and rent a week. I like it and continue to use it.If I was going to sell one of my weeks, I would use this site.
Note, I would not expect to recoup your full purchase price or even close to what you paid. For example, if I were to fo through Marriott direct which still sells deeded property in Aruba, it would have cost about $25,000 plus. I purchased my weeks on Redweek for $3,000. For me, this was a great purchase and I don't mind paying the maintenance fee for a week at this beautiful resport in Aruba. Good luck !
taxman193, I agree re maintenance fees. Ours are about $1800/yr., but it would cost about $500-600 a night to stay at one of the timeshares we typically use during busy season if we were paying cash. So it's not a bad deal. But honestly the real reason we bought was to force us to take at least one big vacation as a family each year, and so far it's worked really well for that purpose.