Resale Question

[jkrischt]

Has anyone purchased a resale recently?

We just purcahsed a resale at WKORV and everything has gone extremely smoothly. Except I haven't heard from Starwood yet. The escrow company said they sent all the documents to them and Starwood is currently taking about 30 days to process them. Tomorrow will be 30 days from our closing. Does anyone know about how long they take to get you in their system? I thought I remember someone saying a week or 2 in another post (obviously not true), but I don't really remember...

Thanks!

 

[davidahn]

How long & how much?

Can I ask how long the whole process took, and how much your closing cost was?

I'm in the process of buying a WKORV, the broker is Timeshare Broker Services in FL, they're quoting $850 closing with Transfer My Timeshare for escrow, and 10-12 wks estimated. Anyone have any experience with either of these?

David

 

[DavidnRobin]

That is a lot for a TS closing - you should be able to get it done for about $350.

Back when I went thru this - I contacted the Title person at SVO directly - and with lots of sweetness/understanding - was able to make sure they got to it in a timely fashion (a few weeks). Not sure if that is still possible.

 

[dss]

I bought from the DEVELOPER in early January and am still not in the system.

 

[GrayFal]

Has anyone purchased a resale recently?

We just purcahsed a resale at WKORV and everything has gone extremely smoothly. Except I haven't heard from Starwood yet. The escrow company said they sent all the documents to them and Starwood is currently taking about 30 days to process them. Tomorrow will be 30 days from our closing. Does anyone know about how long they take to get you in their system? I thought I remember someone saying a week or 2 in another post (obviously not true), but I don't really remember...

Thanks!

My resale week took 7 weeks and several phone calls from me before it showed up on MyStarCentral.

 

[GrayFal]

Can I ask how long the whole process took, and how much your closing cost was?

I'm in the process of buying a WKORV, the broker is Timeshare Broker Services in FL, they're quoting $850 closing with Transfer My Timeshare for escrow, and 10-12 wks estimated. Anyone have any experience with either of these?

David

WAY to high.....

I paid $275 plus some recording fees..... used JRA and was extremely satisfied.
Janet was great. http://timeshareresaleclosings.com/index.html

 

[davidahn]

Already committed.

The broker already got my offer accepted at $57.5K WKORV OFD with '08 usage, and I've already paid the $1K deposit; I just have to pay $850 for closing. I think the extra $500 is worth it since these are the only WKORV OFD's I've found at <$60K. What do you think?

David

 

[falmouth3]

I'm in the process of buying a WKORV, the broker is Timeshare Broker Services in FL, they're quoting $850 closing with Transfer My Timeshare for escrow
David

Are your first year's maintenance fees and/or resort transfer fees included? That closing fee is very high, otherwise.

 

[davidahn]

Are your first year's maintenance fees and/or resort transfer fees included? That closing fee is very high, otherwise.

Sue

No, I'm paying the 1st year fees so I can have usage the first year. (It wouldn't be fair for the seller to pay and NOT use it.)

David

 

[lprstn]

I paid $350 for my closing with Timeshare Transfer so yours seem high. Also, when I bought my Sheraton some years ago, I only paid $350.

 

[LisaRex]

I paid half of $500 closing fee ($250 each) when we transferred title through Transfer my Timeshare. You can attempt to get it lowered, but I think you got a pretty good deal and you might not get a better one, even with the higher fees.

 

[DeniseM]

Are your first year's maintenance fees and/or resort transfer fees included? That closing fee is very high, otherwise.

$850 wouldn't pay half the MF!

 

[DavidnRobin]

I sure hope WKORV OF Dlx VOIs hold their value in the high $50s.
I sure wish I had the same $ tree as the other david... ours just blossomed by 10% on Friday, but still not enough to justify the 'math' for the intended TS purchases/Elite status...
{cryptic by design}

 

[davidahn]

Clarification

I paid half of $500 closing fee ($250 each) when we transferred title through Transfer my Timeshare. You can attempt to get it lowered, but I think you got a pretty good deal and you might not get a better one, even with the higher fees.

I've seen resale WKORV OFD's up to $70-105K (though at least one person told me they got one for $53K), and I just rescinded a $105K deal with SVO, so I'm not gonna quibble over $350 vs $850 at this point.

$850 wouldn't pay half the MF!

The transfer fee has nothing to do with the MF. I'm paying the broker for bringing me the deal (granted, a little extra). I'm paying the MF to get usage of '08.

David

 

[DeniseM]

The transfer fee has nothing to do with the MF. I'm paying the broker for bringing me the deal (granted, a little extra). I'm paying the MF to get usage of '08.

I know, I was just letting Sue know that the WKORV MF's are much higher than $850... I'm an owner there too...

 

[DavidnRobin]

There are plenty of Tuggers who paid closer to $50K - one went unsold on eBay for $49.5K not too long ago - I agree $350 might not be worth squabbling about - but $7K is... (at least until we hit the Lotto... or we get a bunch more Fridays like last...)

 

[davidahn]

Money Tree

I sure hope WKORV OF Dlx VOIs hold their value in the high $50s.
I sure wish I had the same $ tree as the other david... ours just blossomed by 10% on Friday, but still not enough to justify the 'math' for the intended TS purchases/Elite status...
{cryptic by design}

David, congratulations on your blossoming money tree!

I think they will hold their value, especially once the developer WKORV and WKORV-N's sell out (unless SVO keeps raising MF's dramatically, then prices will bottom out REALLY fast).

I understand it's hard to justify! This is just another toy for me, and any justification is weak at best. But for now, my wife is buying it, so I'm going platinum for SPG upgrades. We'll see if it ends up being worthwhile, but I can get 365K SP's plus Platinum status by doing 2 WPORVs + ExpPkg + SPG AmEx, worth $12,775 (@ $35/1K), and hoping the Platinum will get us some nice upgrades in Europe when we go later this year (worth another $5-10K?). We also use about $100K/yr on our AmEx, will probably double that next year, so that will keep our SP's going for hotel travel. But we really loved Maui, and with these 4 weeks we'll have 4-8 weeks in Maui/Kauai a year (using lockouts) or 8-16 weeks a year in any other SVO resort with SO's. How can you beat that? (We thought of buying a condo, but at $2-4M + $20-40K/yr taxes + $20K/yr in utils/maint, a timeshare sounded MUCH more practical. Guess practical is relative!)

The bottom line is that travel for pleasure, and luxury timeshare resorts especially are NOT practical. They are luxuries, by definition impractical, so the best we can do is find the balance between our need for pampering and our willingness to part with money. There are far more practical AND impractical things you could do with your money, however!

David

 

[readyalready]

The broker already got my offer accepted at $57.5K WKORV OFD with '08 usage, and I've already paid the $1K deposit; I just have to pay $850 for closing. I think the extra $500 is worth it since these are the only WKORV OFD's I've found at <$60K. What do you think?

David

I think you just saved 47k and should run with it. I was quoted up to 90 days for a Starwood transfer, I'm prepared to accept the worst. My concern for you is that we are getting late enough in the year that your window for actually getting a OFD is closing, will they make the reservation for you while you wait for closing to be completed? I suspect that IV would be a big old bummer for you...

 

[davidahn]

Darn It!

There are plenty of Tuggers who paid closer to $50K - one went unsold on eBay for $49.5K not too long ago - I agree $350 might not be worth squabbling about - but $7K is... (at least until we hit the Lotto... or we get a bunch more Fridays like last...)

Did you get a big bonus on Friday?!?

If only I knew about that $49.5K OFD then! Or if I was guaranteed that such a deal was right around the corner! I'd wait. But we're still near the beginning of the year, and I still have a chance to rent or use this in '08; that's worth $7-10K right there! BTW, the next time you see an OFD for $50K, LET ME KNOW!!! I'll owe you a big one.

 

[davidahn]

Grabbing Dates

I think you just saved 47k and should run with it. I was quoted up to 90 days for a Starwood transfer, I'm prepared to accept the worst. My concern for you is that we are getting late enough in the year that your window for actually getting a OFD is closing, will they make the reservation for you while you wait for closing to be completed? I suspect that IV would be a big old bummer for you...

Thanks. I'm actually going to add $3K to my deposit to have the seller reserve a peak week for an OFD for me to rent out once it closes. I think any summer week July or August should do? What do you guys think?

 

[readyalready]

Thanks. I'm actually going to add $3K to my deposit to have the seller reserve a peak week for an OFD for me to rent out once it closes. I think any summer week July or August should do? What do you guys think?

I'm a bit of a noob but thought that you only had the option of guaranteeing your view if you reserved in the 8-12 month window. Since it is past that for July and Aug, I wonder if you are out of luck. You need a Starwood sage to tell you if can still get one that soon if one is available. If you are then I would shoot for Thanksgiving.

 

[myip]

Did you get a big bonus on Friday?!?

If only I knew about that $49.5K OFD then! Or if I was guaranteed that such a deal was right around the corner! I'd wait. But we're still near the beginning of the year, and I still have a chance to rent or use this in '08; that's worth $7-10K right there! BTW, the next time you see an OFD for $50K, LET ME KNOW!!! I'll owe you a big one.

Here is OF for $49,900. -- I guess you own me a big one...


http://www.transactionrealty.com/html/BestBuy.htm#HAWAII

Westin Ka'anapali (NORTH) Ocean Villas Resort, Lahaina, Maui --Five Star I.I. rated

* Reduced Price! Two Bedroom Two Bath Lockout Ocean Front Unit. Floating Annual Usage. 2008 maintenance fees are approx. $1,598.00. Eligible for 148,100 StarOptions annually in the SVN internal exchange. Buyer's maintenance fees and vacation usage begin in 2008, which is presently unassigned. Priced at $49,900.00

 

[readyalready]

Here is OF for $49,900. -- I guess you own me a big one...


http://www.transactionrealty.com/html/BestBuy.htm#HAWAII

Westin Ka'anapali (NORTH) Ocean Villas Resort, Lahaina, Maui --Five Star I.I. rated

* Reduced Price! Two Bedroom Two Bath Lockout Ocean Front Unit. Floating Annual Usage. 2008 maintenance fees are approx. $1,598.00. Eligible for 148,100 StarOptions annually in the SVN internal exchange. Buyer's maintenance fees and vacation usage begin in 2008, which is presently unassigned. Priced at $49,900.00

I think he is looking for a Deluxe unit, that one appears to be a mere regular.

 

[davidahn]

Noob Too!

I'm a bit of a noob but thought that you only had the option of guaranteeing your view if you reserved in the 8-12 month window. Since it is past that for July and Aug, I wonder if you are out of luck. You need a Starwood sage to tell you if can still get one that soon if one is available. If you are then I would shoot for Thanksgiving.

You're right, no guarantees, but depending on the dates, you may still be able to get it; I'm more of a noob since I haven't taken delivery of any intervals, but when you book it, do they confirm the room class? If so, my seller can get me a week within a range, right? But Thanksgiving is good too. Thanks.

 

[DeniseM]

From 12 - 8 mos. out you are guaranteed your deeded view IF still available. After 8 mos. you are making a Staroption exchange, you have no right to a particular view, and you could get any old view - even Island/Highway View.

If you own OF, you definitely want to reserve a week at least 8 mos. out! After that you cannot guarantee a renter an OF view, and the rental value will be much less. However, I would not expect $7 - $10K.

Have you had a chance to read the Starwood FAQ at the top of the forum?