Why do people mess with TTS?

[loribell]

I have seen so many listings on TTS that have been up for a very long time with too high of a price and no reductions at all. Are these people serious about selling? Have they asked for help in arriving at a price?

I listed and sold five contracts in the last two years. I discussed the listing price with the agent and considered their advice. I lowered my price by a dollar every week or two on the three contracts that did not sell at the asking price.

If you are just messing with the agents and have no desire to sell, find some other hobby!

Well maybe it is a mistake on TTS part. I listed a contract with them and changed my mind about selling it. I called, emailed, returned a phone call when they had a buyer to let them know to remove the contract. The last time I checked it was still listed. This was over a year and a half ago.

So it isn't always a hobby. Sometimes it is an agent not doing their job.

 

[tjkraz]

AMy only observation is whether the broker is up front with potential buyers about the feasibility of a contract with that low of a price/point getting by ROFR.

Is there any reason to think they are not being up front with buyers?

 

[Deb & Bill]

My question is just the opposite. What possesses a buyer to offer an outrageously low offer on a small contract? I just had a buyer offer me $15 a point less than what I was asking. That's just plain insulting.

 

[BWV Dreamin]

My question is just the opposite. What possesses a buyer to offer an outrageously low offer on a small contract? I just had a buyer offer me $15 a point less than what I was asking. That's just plain insulting.

There have been reliable sources that have stated Disney is not ROFR'ing at this time. Contracts lately have been passing at very low rates, so now buyers are testing the waters to see how low they can get a contract. Depending on the seller, its not that far fetched to see those low offers accepted.

 

[bobbiwoz]

My question is just the opposite. What possesses a buyer to offer an outrageously low offer on a small contract? I just had a buyer offer me $15 a point less than what I was asking. That's just plain insulting.

People want their best deal, and figured "no harm in asking." Ideas like that are presented here all of the time. Was it your first offer? Does the broker have to tell you about every offer?...probably.

Bobbi

 

[Deb & Bill]

People want their best deal, and figured "no harm in asking." Ideas like that are presented here all of the time. Was it your first offer? Does the broker have to tell you about every offer?...probably.

Bobbi

We've already had two contracts on these points, but after ROFR passed, both buyers backed out of the contract. Our reselling agent said this was a first for her. I was really surprised that she even called us about this offer because we had told her that we were pretty firm on our price, but there was a little room for negotiation. But not $15 a point worth.

There have been reliable sources that have stated Disney is not ROFR'ing at this time. Contracts lately have been passing at very low rates, so now buyers are testing the waters to see how low they can get a contract. Depending on the seller, its not that far fetched to see those low offers accepted.

But their offer was just plain insulting to me. Plus on our reseller's site, there were multiple contracts in our point range and price range that didn't have pending offers. Maybe this buyer asked our reseller to make an offer on all of these to see if anyone would bite.

 

[DisDaydreamer]

Maybe this buyer asked our reseller to make an offer on all of these to see if anyone would bite.

I think you nailed it. If I were a buyer that is certainly what I would do.

 

[loribell]

My question is just the opposite. What possesses a buyer to offer an outrageously low offer on a small contract? I just had a buyer offer me $15 a point less than what I was asking. That's just plain insulting.

I agree! I know it is different but when we sold our previous house the buyer offered us a ridiculously low price. I countered with a higher price than what we listed at.

 

[ACDSNY]

My question is just the opposite. What possesses a buyer to offer an outrageously low offer on a small contract? I just had a buyer offer me $15 a point less than what I was asking. That's just plain insulting.

I agree...we've had an offer like that too! They even wanted us to cover all closing costs and maint. fees.

I'd rather pass it on to a family member or friend for nothing instead of giving it away to a stranger just looking for a bargain basement price.

 

[Dean]

It is TTS option to refuse any listing they want. They know certain ones will not sell and there is a certain amount of cost to them in listing a given contract. My guess is it's an overall business philosophy. That seller that lists today at $90 a point may reduce it later and generate a commission. Plus I doubt they want any negative publicity that a potential seller might generate if snubbed.

My question is just the opposite. What possesses a buyer to offer an outrageously low offer on a small contract? I just had a buyer offer me $15 a point less than what I was asking. That's just plain insulting.

I guess that's a philosophical difference. The truth is low ball offers are often accepted or lead to a better deal in negotiations that might have been generated otherwise. I bought my BWV contract $4 a point below the then ROFR price. I've bought timeshares simply by paying that years maint fee and often for pennies on the dollar compared to the purchase price. It's the sellers job to educate themselves and they have the option to just say no if they don't like a price offered. Certainly any agent should let the seller know the lay of the land and that a given offer is so far below that it has no real chance of being accepted but they are obligated to present any and all offers. With timeshares in general and often with DVC, the buyer is far more educated than the seller in most instances.

Well maybe it is a mistake on TTS part. I listed a contract with them and changed my mind about selling it. I called, emailed, returned a phone call when they had a buyer to let them know to remove the contract. The last time I checked it was still listed. This was over a year and a half ago.

So it isn't always a hobby. Sometimes it is an agent not doing their job.

Sometimes those that have websites leave them up for looks. Generally you have a contract with a length included and once the contract is expired, you can cancel. They should remove it after that. But if you were under contract and legitimately had it listed, and they had a buyer, how did that go. I remember a similar thread where they all of a sudden found a buyer when the seller called to remove their listing and tried to hold the sellers feet to the fire to pay their commission and costs. We were never certain if there was a real buyer or not and if I recall correctly, they and someone from the TSS and the poster went offline and settled it without posting the details.

 

[Brian Noble]

That's just plain insulting

Remember:

It's not personal, Sonny. It's strictly business.
--Michael Corleone

 

[bonybroad]

Don't be "insulted" by low offers.
This is real estate, plain and simple.
You should see some of the offers made on houses during this market.
The real estate "gurus" are spouting their "wisdom" to everyone, make ridiculously low offers to determing the seller's motivation.
It takes a lot of work for me to convince my clients to not be insulted by low offers.
Counter or reject. Don't take it personally. Keep your goal in mind, and don't worry about someone else's goal!!
Just some friendly advice from someone who has been experiencing the tank on real estate prices in general!

 

[loribell]

Dean it has been quite a while so my mind is a little foggy on it but I believe it had already been listed for 6 months when I called and told them to remove it. It was another 3 or 4 months before they called with a buyer. I told them then that I had already told them to remove the listing. It is still there.

The more I think about it I think we actually listed with them during the fall of 05. I can not believe they still have it up there.

 

[Dean]

Dean it has been quite a while so my mind is a little foggy on it but I believe it had already been listed for 6 months when I called and told them to remove it. It was another 3 or 4 months before they called with a buyer. I told them then that I had already told them to remove the listing. It is still there.

The more I think about it I think we actually listed with them during the fall of 05. I can not believe they still have it up there.

IF the offer came after the cancelation and you followed the correct procedure for cancelation in your contract, you'd have no obligation other than possibly to prove you cancelled if need be. That's one of the reasons I like to use email, gives an easy "paper" trail.

 

[Dean]

Don't be "insulted" by low offers.
This is real estate, plain and simple.
You should see some of the offers made on houses during this market.
The real estate "gurus" are spouting their "wisdom" to everyone, make ridiculously low offers to determing the seller's motivation.
It takes a lot of work for me to convince my clients to not be insulted by low offers.
Counter or reject. Don't take it personally. Keep your goal in mind, and don't worry about someone else's goal!!
Just some friendly advice from someone who has been experiencing the tank on real estate prices in general!

Good advice. I'd say the variance on timeshares is far greater than on houses. It's unlikely you'd give $200K for a house and get an offer of $10K but that % difference between purchase price and market value is common with timeshares if not the norm.