Just Rescinded - Thanks, TUG BBS!

Hi folks,

A real newbie here who fell for the pitch when visiting the Hilton Grand Vacations Club, Parc Soleil in Orlando. In doing more research, I will say that I'm still very impressed with the HGVC program/resorts/exchanges as far as how it fits our family and how we would vacation, and would still like to buy int HGVC - but NOT retail! Thanks to all the good advice and experience posted on this board, I got out just in the nick of time (followed instructions in Denise M's post on rescission and faxed/certified-mailed my letter on day 9 of the 10 day rescission window). I will now sit back and take a deep breath, and start perusing the For Sale ads on this site, ebay, and other sites, in a relaxed, unpressured manner . Amazing how close I came to spending way more than I ever needed to for a timeshare, esp. in this economy.

Couple of questions about buying resale, esp. for those familiar with the Hilton program -
1) If I find an HGVC timeshare I like and make an offer, how likely is it that Hilton will exercise ROFR and nix the sale? I'm looking at HGVC resorts in Orlando.
2) What are closing costs typically for resale, as a percentage of the purchase price?

I'm sure I'll have more questions to come but y'all have helped me out tremendously already, so THANKS AGAIN!

Rich G

Timeshare Closing Service Fees (Deed Preparation & Recording, Etc.).

rgong said:

What are closing costs typically for resale, as a percentage of the purchase price?

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Hi, Rich. Welcome to TUG.

Closing costs vary widely -- $75 to $350 just in my (limited) experience.

Resort transfer fees also vary -- $0 to $100 or so in the inconsistent world of timeshare resorts.

Sometimes it's possible to catch a deal. For example, last year we bought a dinky triennial off-season eBay points timeshare for $162 -- free closing, free resort transfer, 3 years of maintenance fees prepaid (i.e., free to us). RCI Points transfer fee was $100, which we paid. So it goes.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

congrats on rescinding! now do yourself another favor, don't buy for a few months, and read up on this site.

rescission completed!

Downpayment was credited back to my credit card today

Not that I had much doubt that the rescission would go through since I was (barely) within the time window and I followed HGVC's instructions AND the instructions I found on this board, but it's always good to see the evidence. Thanks again, TUG!

Good work - thanks for the post

rgong said:

Downpayment was credited back to my credit card today

Not that I had much doubt that the rescission would go through since I was (barely) within the time window and I followed HGVC's instructions AND the instructions I found on this board, but it's always good to see the evidence. Thanks again, TUG!

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Congratulations! Wise wise move. If you feel timeshares fit your lifestyle it is a great way to vacation. Find a nice owner controlled resort in a high demand time you would use or that would be easy to rent (fees not too high, in demand unit size & use period) and purchase resale to get a great value out. Again, congratulations.

Congratulations on learning about TUG!!!!!
Great group with a lot of information. Many are wise with years of experience.

Every time a buyer rescinds a contract from the developer, an angel gets its wings.

I just did the same thing. Faxed the rescission and plan to FedEx hard copy tomorrw (proof that they received it) An angel is getting its wings. Thanks to TUG and some helpful people out there. I will take a few months to decompress

jtchan83 said:

I just did the same thing. Faxed the rescission and plan to FedEx hard copy tomorrw (proof that they received it) An angel is getting its wings. Thanks to TUG and some helpful people out there. I will take a few months to decompress

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jtchan83. Please make sure you follow the rescission instructions to the letter. If it says to send via US Mail registered receipt (many do), make sure you don't exclude that from any other methods of notification you choose. Postmarks matter in a contractual issue and the other methods (Fedex, fax, emails, phone calls) may not be accepted if you don't follow the contract as well.

Just a word to the wise.

The OP asked how likely Orlando is to be ROFR on the resale market. That depends on the package and the price. Orlando has quite a bit of inventory so you don't hear much about it being exercised there, but get a low enough price on a platinum points package and they might do so.

Just closed on an HGVC resale. Here were the approximate costs:

HGVC Transfer fee - $399.00
Closing Service Fee/Recording Fee/Doc Prep Fee - $300-$400.00
Title Insurance - $150.00

I also just backed out from Global connections after reading on this site. it looked too good to be true and from what i gather it was. my question is now where do i find these grat deals that everyone says you can find? Not sure where to even start. We love to travel just would like to find a better price to do more of it. Lots of info to digest on this site. Timeshare or vacation club?

Vacation Clubs are not well-regarded here. They have no under-lying membership, so when the company goes bankrupt, they have your money and you have nothing. Also - most of their inventory is the leftovers from the other exchange companies - you won't get high season or prime resorts.

Because of the economy, anyone can pick up a nice timeshare on ebay for $1 these days - or a real dog. The way you know the difference is by doing your homework first. My suggestion is that you take your time - 6 mos. minimum before you buy, because what you would buy today, and what you will buy in 6 mos. is probably completely different.

I would start off reading the newbie forum, and the Advice Page (link in red bar - top of page.)

Here are some questions for you to answer to get you started:

New buyer questions:

1) Where do you want your home resort to be?
2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time?
3) What are your 5 top trade destinations?
4) How many people do you usually travel with?
5) Can you travel any time, or are you locked into the school schedule?
6) Can you make firm plans 12 or more mos. in advance?
7) Can you vacation for a full week at a time?
8) How much can you afford to spend upfront, without financing?
9) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
10) Are you a detail oriented planner?
11) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do?

You can click on "quote" and answer them in the window that pops up.

drslyr4 said:

my question is now where do i find these grat deals that everyone says you can find?

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There are a few places to look right here on TUG. Check out the Bargain Deals forum here. Look at the TUG Marketplace here. Check eBay. Google "timeshare resales."

But don't buy anything right away until you spend some time studying all the info on TUG and asking questions. It is truly a buyers' market so take your time and shop around.

Thanks for the info. I have alot of reading to do to see what will work for us. i will become a member here.

Drslyr4

hilton grand vacation club

I can see how it easy to get caught up in the HGVC hype. the places are nice indeed.. We stayed at the HGVC-Seaworld couple years ago and for doing a tour got a nice freebie.

They make it sound real nice while you are there for sure. I just kinda sat back and listened to the speal making note of what was "stretching of the truth" and what was just fiction.

At the end I just said no, no, no, no and got my prize. I just hinted a couple time i was a regular user of TUG (it kinda like a drug) and that kinda got the dogs off.

One thing to remember about Orlando is the trade back restrictions they have. might do a bit more reading or search on that here on tug so you are not taken by supprize when it happens if you buy into the orlando area.

merry christmas to yo.. you save the farm on this one..

wackymother said:

Every time a buyer rescinds a contract from the developer, an angel gets its wings.

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What a great way to put it!