Casa Ybel owners should not make a mountain out of a molehill. The FGH Association currently owns 3 unit weeks that have gone through foreclosure. These units are currently listed for sale through Hilton Grand Vacations Realty and if they do not sell before July, they will be offered for sale in a closed bid sale to other owners. At our annual meeting this week we accepted bids on 4 other units that had been duly advertised.

As of April 27, 50 unit weeks had been referred to our attorney for collection. This is less than 3 per cent of our total unit weeks and the vast majority of these owners will pay their fees and taxes before their week of occupancy, (they can't use their week if they have not paid up). There are four additional units that are tied up either in Probate estates or bankruptcy that will be resolved when the court consents.

Association owned weeks are listed for rental and any revenue is returned to our treasury.

To summarize the situation, we have very responsible owners who do an excellent job of staying current with their obligations. A competent Board of Directors and an efficient attorney whose combined efforts have been working very well to make certain that our delinquency rate stays very low.

Lynn L Perkins,President FGH.

Do we have a requirement to sell or rent troubled weeks through Hilton, our management company?
We are good customers of Hilton. For the annual fees paid by Casa Ybel to Hilton last year (a couple of Millions),I feel the reported 2010 sale (a loss of $20,000 in our 2010 budget ) for a few units valued at $32,000, was extremely high.
It sounds like more than 60% in commissions.
Likewise IJK lost their complete value of inventory to sales cost in 2010, say 100% commissions?
As a board member I never recalled to have any influence in these type of expenses, it was done, and
never discussed till the Budget approval showed up?

I would never allow this in my own business.

Carl

The amount of unpaid maintenance fees and late payment fees appear on the closing statement as expenses deducted from the sales proceeds, but in fact it is not an expense as those sums are received by the association. Any amount that appears on the profit line is an actual gain (profit) to the association over and above the unpaid fees, etc.

By moving quickly with the foreclosure action we usually recover most if not all of the unpaid fees.

My question about selling weeks returned due to non-payment and the calculation of late fees to be paid by the the lost owner was really my question.
My input from lost owners were the late fees adding up to thousand of Dollars of legal fees that made it impossible to ever buy back his unit and be an owner again.
What legal protection do we need when we have the unit in hand already?
If it costs $20,000 to sell a few units I would offer free space on web to offer these units for sale with no commission? The association would be $20,000 richer to help overcome bad times.
It's all new to me with these tall fees due to the fact we now live in times of hardship galore.
Can the board find some solutions as is done in our
real estate to save homes, to help us not to loose
vacation homes the same way?
Respectfully
Carl J Appelberg

Lynn you might give up on carl understanding the situation as you can see he does not understand factual information. His whole post was a dig at hospitatilly and the board.w49