Hello everyone. I am here because I am trying to help my inlaws understand what they have and consider possibly selling their timeshare. Admittedly they are older but not so wise and I feel like got taken a bit seven years ago when they purchased this timeshare because they have never fully understood what they got themselves into and have maybe used it a couple times in those earlier years. I have been designated to help. I realize before I can help them I need to understand what it is they have. I am new to timeshares so here I am asking for help from you seasoned folks.
I have spent the last 1-2 hours reading and searching and trying to figure this thing out. What I have so far:
They purchased this timeshare seven years ago at the Broadway Plantation resort in Myrtle Beach. They paid $16k upfront and have been paying yearly maintenance fees that are close to 1k this year.
I created an online account for them to get the info directly from the site.
VILLA TYPE
PALMETTO, 2 BEDROOM VILLA
USE RIGHTS
ANNUAL FLOAT
VSN MEMBER
YES
HOME SEASON
GOLD
VSN SEASON
GOLD
VACATION OWNERSHIP INTEREST
STAROPTIONS
44,000
STARPOINTS
13,500
EXTERNAL EXCHANGE COMPANY
COMPANY
INTERVAL INTERNATIONAL
So if I have been reading/understanding correctly this means that they are entitled to a week at that "home" resort each year correct? Would that only apply to the weeks that are listed on the chart under the 44k point value? Or do points only come into consideration when you are looking to stay elsewhere? I am sorry for the newbish questions but the more that I read the more that I am confusing myself and I'm hoping to just get a very basic explanation of how this works.
In a real world ballpark guess what do you think they might look at recouping in a sale and any ideas on where to start to look? I know MIL spent close to 2k trying to have someone sell it (no luck obviously) and when I found out I told her no more upfront payments so that is sort of how this fell in my lap.
It also looks like (again if I am reading this correctly) that if they do in fact sell this that unless the new owners buy another week they will not be in the svn anymore, does this mean they will only be able to stay at the home resort? Any other implications? I know the unused starpoints would not transfer. I am not even sure what they can be used for, would we be better off trying to use them up before any sale?
I truly appreciate any information you can help me with.
Stacy
I have spent the last 1-2 hours reading and searching and trying to figure this thing out. What I have so far:
They purchased this timeshare seven years ago at the Broadway Plantation resort in Myrtle Beach. They paid $16k upfront and have been paying yearly maintenance fees that are close to 1k this year.
I created an online account for them to get the info directly from the site.
VILLA TYPE
PALMETTO, 2 BEDROOM VILLA
USE RIGHTS
ANNUAL FLOAT
VSN MEMBER
YES
HOME SEASON
GOLD
VSN SEASON
GOLD
VACATION OWNERSHIP INTEREST
STAROPTIONS
44,000
STARPOINTS
13,500
EXTERNAL EXCHANGE COMPANY
COMPANY
INTERVAL INTERNATIONAL
So if I have been reading/understanding correctly this means that they are entitled to a week at that "home" resort each year correct? Would that only apply to the weeks that are listed on the chart under the 44k point value? Or do points only come into consideration when you are looking to stay elsewhere? I am sorry for the newbish questions but the more that I read the more that I am confusing myself and I'm hoping to just get a very basic explanation of how this works.
In a real world ballpark guess what do you think they might look at recouping in a sale and any ideas on where to start to look? I know MIL spent close to 2k trying to have someone sell it (no luck obviously) and when I found out I told her no more upfront payments so that is sort of how this fell in my lap.
It also looks like (again if I am reading this correctly) that if they do in fact sell this that unless the new owners buy another week they will not be in the svn anymore, does this mean they will only be able to stay at the home resort? Any other implications? I know the unused starpoints would not transfer. I am not even sure what they can be used for, would we be better off trying to use them up before any sale?
I truly appreciate any information you can help me with.
Stacy