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Right of First Refusal on a Timeshare Sale: What Does It Mean? December 30, 2010

Posted by John Stephens in : General, Timeshare Resale , add a comment

A brief article on the community journal page of the Wall Street Journal website got me thinking about something that we don’t publicly talk about much in timeshare resale – right of first refusal (ROFR).

Essentially, a right of first refusal means the developer has the chance to buy back the week from the seller once a seller and buyer have agreed on a sale price. Once a seller and buyer have an agreement and the deal goes to the processing stage involving the developer, the developer can step in and buy the week back from the owner, for instance, if they think the sale price is too low. This allows the developer to try and maintain a certain price level for the week in order to keep the overall market value high at the resort. Also – if inventory at the resort is limited, the developer can re-sell the week through their sales team and make a profit.

Keep in mind that not all developers offer this option and in the article, the writer was talking about Hyatt timeshare. In the piece, the writer states that “Hyatt ownership transfers require a right of first refusal process in which written terms of the sale must be provided to the developer giving the developer the opportunity to replace the buyer ‘at the same terms’ if they feel the sales price is too low.” This can also be the case with Marriott timeshare and other brand names.

The reason I mention this is because of the frustration ROFR can cause both seller and, especially, for the buyer involved since the process can take weeks before the developer steps in. A developer ROFR, after all the time and effort put into the process by the seller and buyer, can lead to the buyer being out of the picture altogether and needing to start a new search from scratch. For the seller, they usually get their money one way or the other, so it’s not as significant an issue for them.

However, in fairness, a seller should contact their resort to find out if they have a ROFR policy and how it works, since there can be other issues involved such as Hyatt’s Gold Passport privileges not transferring on the resale market. And, if possible, see if the resort will give you a price range for your week at the point they are likely to enter the process. If you have an idea of which prices they are likely to buy back the week, this can help you in your negotiations and perhaps give the buyer a better idea of what they need to pay in order to get the week.

For more information about Hyatt timeshare available on the Buyatimeshare.com website, click here.

2010 VPR Fantasy Football League Ends in Controversy December 30, 2010

Posted by JConnolly in : Timeshare Resource , add a comment

Some call it luck, some call it fate. How you see it depends on your final ranking. We’re talking about the inaugural season of VPR fantasy football, which came to an abrupt end on a frozen Tuesday evening this week.

This season was marred by vetoed trades, teams that quit and pacts between teams that make reality shows look like kindergarten.

“How can a team that goes 11-4 during the season be beat in the first round by 3 points from a team that struggled to make the playoffs?” asks Connolly, captain of team Stinkfinger.

The final matchup between teams Too Easy and Kibbles & Vicks came down to the final contest, which saw the first NFL game played on a Tuesday since 1946. It was a lackluster performance by both teams, but in the end team Kibbles & Vicks pulled out the victory.

Team captain Haegle was unavailable for comment and has not been seen since the victory. Rumors of his whereabouts vary from celebrating his victory in the Bahamas to being stuck in a snowstorm in New Hampshire. Some even claim he was duct taped to a tree while skiing in Vermont and we may never see him again.

While we may never know what really happened this year, the VPR Fantasy Football League will continue in 2011. Thanks to all who participated and congrats to you, Mr. Haegle, wherever you might be.

Timeshare and Federal Reform of the Financial Sector, What Do They Have in Common? December 28, 2010

Posted by John Stephens in : News & Events, Timeshare Resale , 2comments

I had a chuckle when I saw an article last week on Barrons.com about an exemption for the timeshare industry in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law over the summer. This is the Act that will provide new federal regulations for the financial industry as a result of the economic meltdown and subsequent recession that began in 2008. 

According to the article, U.S. Congressman Alan Grayson (D-FL), now an ex-Congressman after losing his re-election bid in November, included a reprieve for the timeshare industry in the Act. He introduced an amendment that exempted the industry from new regulations requiring lenders to verify a prospective borrower’s income and employment status before approving a loan. Since a huge amount of timeshare bought through developers at resorts is sold with financing, such a provision could have been catastrophic for the industry.

Imagine a developer not being able to sell a week to a prospect at the sales table because they could not verify their financial and employment details on the spot. What would happen to the timeshare industry? Thankfully for the developers, they’ll never have to find out due to Grayson’s intervention and exemption of the timeshare industry from these new laws.

The reason I had to laugh was because there is a sector of the industry that operates every day without such financing – it’s called the timeshare resale industry. Timeshare sold on the secondary market is conducted, in the majority of cases, without third-party financing unless the buyer organizes his or her own financing prior to the sale.

People looking to buy timeshare on the timeshare resale market have already done their homework, know what they are looking for and can often take as much time as they need to close the deal. They don’t need anyone dangling a finance carrot over them to make a quick sale. You can find plenty of those deals by clicking here.

Maybe if the amendment had not gone through, the transparency and market forces that dictate prices on the timeshare resale market would have been introduced into the new sale dynamic. Thanks to Grayson, we’ll never know.

Hawaii Timeshare protests are causing headaches for Hilton December 23, 2010

Posted by John Stephens in : Hawaii timeshare, Hilton Grand Vacation , add a comment

Most of the time, the thought of taking a vacation at a Hawaii timeshare conjures up visions of relaxing on fantastic beaches, soaking up the sun or perhaps catching an “awesome” wave. Side note: remember when it was only the surfers that used words like “awesome”? But that’s a topic for another blog.

Visitors to Hawaii who are planning to stay at a timeshare are now being met with a new type of welcome. According to the Honolulu Star-Advertiser, members of a local hotel workers union, Unite Here Local 5, are handing out anti-timeshare flyers at the Honolulu Airport and the Ala Moana Center in protest against Hilton regarding a labor dispute with the Hilton Hawaiian Village resort.

Negotiations have been underway since May, when the previous labor contract expired. Hilton has reportedly offered higher wages and full benefits to the workers, but the union has said the offer doesn’t meet their needs and is looking for more jobs and better job security from the company.

So far, Hilton has not commented on the situation, and can you blame them? In the current economic climate, for Hilton to offer better wages and full benefits when the majority of the hospitality industry has seen both reduced over the last two years seems to be fair, to say the least.

While Hawaii’s hotel occupancy rate stands at a solid 71.2% statewide and visitor numbers were up 14% in October year over year, keep in mind that 2009 was the bottom of the barrel for tourism and the numbers had nowhere to go but up. Room revenue is still down 20% from 2006 levels and it’s the revenue that pays the bills or, in this case, wages. The point is, while the union may be looking at the improving visitor numbers and translating that into leverage for their side, the money doesn’t appear to be there, yet.

Timeshare occupancy rates have held steady at about 80% nationally, which speaks to the strength of the product and the loyalty of owners to continue taking their vacations in the midst of the recession. It is the timeshare industry that has almost single-handedly kept the hospitality industry afloat in Hawaii when the bottom fell out over the last couple of years.  Hawaii is a notoriously pro-union state, and we don’t pretend to know all the inside details of the negotiations. But, hopefully, these parties can get together to work out their differences without involving the very visitors that are paying all of their wages.

Meanwhile, smart timeshare buyers continue to look at the bargains available in Hawaii and you can find some great deals on Hawaii timeshare by clicking here and reviewing the products advertised on Buyatimeshare.com.

BuyATimeshare.com Contributes to Toys for Tots December 22, 2010

Posted by JConnolly in : Timeshare Resource , add a comment

For their annual gift exchange this year, Buyatimeshare.com got in the Holiday spirit and helped the needy children of Tampa Bay by donating to the US Marine Corps “Toys for Tots” program. The Tampa office started collecting toys from Nov. 29th thru Dec. 17th. This year at our Annual Christmas Party, each employee drew a name and brought an unwrapped toy that reminded them of that person. All toys were then donated, along with all the other donated toys the employees at Buyatimeshare.com had gathered. December 17th was the final day for donations and the toys were driven to the Toys for Tots donation headquarters on Gandy Blvd. The volunteers were very appreciative and thanked Buyatimeshare.com for the generous donation. Buyatimeshare.com was happy to be a part of bringing smiles to the needy children of Tampa Bay for the holidays!

Buy a Timeshare Supports Efforts to Improve Timeshare Resale Best Practices December 21, 2010

Posted by John Stephens in : ARDA , add a comment

Many of you involved with timeshare may not realize that there is a national association charged with advocating on behalf of the industry. The American Resort Development Association (ARDA) is the non-profit group that works with the companies involved in timeshare and undertakes lobbying efforts with state and local governments to improve the regulatory standards that govern how the industry operates. And because timeshare is regulated by the states, this can be a very tedious process.

ARDA, of which BuyaTimeshare.com is a member, has been working with its members for over a year to establish a model timeshare resale act that the group can offer to states as a template to use to develop regulatory standards governing timeshare resales. In November, the ARDA Board of Directors approved the much-debated model act, which will now be available for ARDA staff to use beginning with the 2011 legislative season.

For people looking to sell timeshare or buy timeshare, living in states with a lack of regulation can leave them open to operators looking to take their money and not provide the promised services to those consumers. There are definite regulatory gaps that need to be plugged and BuyaTimeshare.com supports efforts by ARDA to improve consumer protection guidelines.

“Some companies are telling consumers that they have a buyer waiting to buy their timeshare, then the consumer pays them upwards of $3,000 to pay closing costs and nothing happens,” said Wesley Kogelman, president and CEO, BuyaTimeshare.com. “No seller should pay closing costs in advance of a sale and, in the majority of cases, the buyer pays the closing costs anyway. And sellers should never do business with a company who says they have a buyer waiting.” 

If you are looking at advertising your timeshare for sale, you should do your homework on any company you’re thinking of using for your advertising. For example, ask them how they plan to attract buyers who are looking to buy timeshare.

“In the case of Buy A Timeshare, we spend an enormous about of time and money on internet search engine optimization, which is why we rank on page one of Google for word searches such as ‘timeshare’,” said Kogelman. “Last month alone over 800,000 people searched for the word ‘timeshare’ on Google and anyone doing business online must rank on page one to have any chance of success.”

So far in 2010, we have received over $52 million in legitimate offers from people looking to buy timeshare or rent timeshare from our advertisers. Our company tracks every inbound offer, verifies it by contacting the person making the offer, and forwards the qualifying offer directly to the owner.

“The key to the success of any business in the resale sector is finding buyers,” said Kogelman. “We rank number one for organic searches on Google, Yahoo and Bing for the term ‘buy timeshare’, so consumers looking to buy the product are going to find us.”

BuyATimeshare.com Adopts Recycling Program December 17, 2010

Posted by JConnolly in : Timeshare Resource , add a comment

BuyATimeshare.com takes environmental issues very seriously! In an effort to reduce our carbon footprint, the Tampa office recently adopted a Recycling Program for Aluminum and Plastic. Since we have previously gone paperless, there is not even a need to recycle paper! BuyATimeshare.com believes in making a difference for the future and conserving energy to save our planet! Did you know that recycling one aluminum can saves enough energy to run a 100-watt bulb for 20 hours, a computer for 3 hours, or a TV for 2 hours! Did you know that there were 36 billion aluminum cans that were land filled last year, which had a scrap value of more than 600 million! (Someday we’ll be mining our landfills for the resources we’ve buried.) BuyATimeshare.com prides itself in great customer service and its commitment to community improvement. We will continue to look for additional ways to make the world a better place for future generations.

Nottingham Village at Friar Tuck Resort Spa and Timeshare Closed December 10, 2010

Posted by Bryan Connelly in : Timeshare Resource , 6comments

On September 7, 2010 both the Nottingham Village and Buckingham Village vacation resorts were gated from those who had timeshare interest in the resorts. In the throes of Bankruptcy proceedings, The Friar Tuck Inn of the Catskills has been officially closed. The price of those shares often cost $8,000 or more. Some owners have invested a significant amount of money in these shares, while continuing to pay hundreds of dollars in annual maintenance fees.

Mark Ehrlish, a court-appointed trustee has been placed in charge of handling the bankruptcy sale. “The resort is closed,” he said. “I don’t know when it will be re-opened.” The judge has made it very clear that all the timeshare are closed. And while many owners are concerned about the future of their ownerships, it would seem that Friar Tuck is unable to locate any of it owners.

According to a recent bankruptcy court filing, there were 3,498 “alternative year ownership interests” in the timeshares. Ehrlich maintains that a full list of timeshare owners’ names and addressed could not be found—leaving the exact number of owners unknown. When asked how letters were being sent out to timeshare owners, he said that he did not know and only had a list of about 40 owners.

Ehrlich said that just days before the September bankruptcy filing, a fire allegedly took place in the Friar Tuck business office, where many of those documents may have been kept. Many of those shares continue to be unaccounted for. It is unknown how the fire was caused or what exactly was lost in it. No county emergency service records regarding the incident have been released.

Contrary to the belief of many buyers of the timeshare, no deeds were issued indicating property ownership. “Many things that were told are not true,” Ehrlich said. “I don’t believe the shares were even really issued.”

Vacation More Often With Buy A Timeshare.com and Marriott Aruba Surf Club December 5, 2010

Posted by Bryan Connelly in : General, Marriott Timeshares, News & Events, Timeshare Rental, Timeshare Resale, Timeshare Resource, Travel , add a comment

Every year, hundreds of thousands of Americans visit Marriott’s Aruba Surf Club. Aruba has always been a popular vacation destination for couples, families and friends who are looking for fun in the sun. Aruba has a warm climate and some of the most fantastic water sports and nightlife on the planet. At BuyATimeshare.com we help thousands of couples and families find their idea vacation property or just secure an inexpensive timeshare rental.

Even with the cold winter months approaching, it has not stopped anyone from enjoying a sunny vacation with Marriott’s Aruba Surf Club. Affordable package deals and can be found at BuyATimeshare.com and if you shop our website you will find the timeshare retreat that is right for you. Even struggling families are able to take a vacation this year because they found BuyATimeshare.com.

In addition to the unbeatable prices you will find on resale market, you will find owners looking to negotiate the sale of their own timeshare. And with the innovative Live Help button on every ad, you can start chatting with a specialist for instant information. Several websites will offer a ‘package deal’ to typically promote a product such as an airline or a hotel. At BuyATimeshare.com we believe the same luxury vacations found at Marriott Aruba Surf Club can be available online and for thousands of dollars less than buying from the resort.

Find a spectacular vacation deal from Marriott and the many other timeshare available for less with Buy A Timeshare.com and the many timeshare owners motivated to sell now. Call now or log on to find a perfect vacation property at Marriott’s Aruba Surf Club. Because if you can find affordable vacationing, you will travel more often.

Wesley Kogelman and Buy A Timeshare.com Help North Ridge Church and its Fill the Bus Food Drive December 1, 2010

Posted by Bryan Connelly in : Charity, Customer Comments, General, Marriott Timeshares, New Features, News & Events, Timeshare Rental, Timeshare Resale, Timeshare Resource, Travel , add a comment

In addition to contributions made to the NH Food Bank Wesley Kogelman has teamed up with his local church. Located in Derry, New Hampshire, the NorthRidge Church is hosting the January 2011 Fill the Bus Food Drive.

President and CEO of the local advertising firm BuyATimeshare.com, Kogelman and his company help timeshare consumers. His team allows people to market their properties online and offers a marketplace of affordable vacations for buyers and renters. They are one of the few firms who specialize in timeshare resales.

With a recent food drive resulting in over 3500 pounds of donations, Kogelman is excited to see just how much a school bus will hold. NorthRidge Church fills every seat in their 72-seat passenger bus with bags of groceries. They are delivered to the Salvation Army Food Pantry and Chester Food Pantry following the Holiday rush. Last year both emergency food pantries were depleted over the holidays. The NRC Bus rolled in right after Christmas packed with groceries donated by their church members. They completely filled both pantries just before the sever winter power outages.

Pastor Mike Mills of NorthRidge Church expresses the need for The NRC bus and the importance of contributions from patrons and businesses alike. “We are looking forward to filling up the North Ridge Church Bus again this January. With so many groceries to deliver in our community, we are grateful to Wesley Kogelman and his company for their compassion to help us fill this bus. That means filling a lot of hungry tummies in Southern New Hampshire this January.”