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[ 2015 ] Purchased a foreclosure directly from developer - Grandview Las Vegas

jcordova2819

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My wife and I have been considering purchasing a timeshare for a while now, but it wasn't till today that I came across this site...We just got back from vegas and after haggling for a few hours this is what we bought...

A "foreclosed" triennial, 1 br, Fixed Week 12, with "1 extra week", MF $116.00 yr. We paid $4,950 for it on 3/07/15. Location: Grandview, Las Vegas. My wife and I plan on traveling to France & Guatemala next year, and I'm wondering if I got an ok deal on this. We're both self employed and can travel anytime. I have 3 days to cancel.
 
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DeniseM

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You should absolutely RESCIND - we regularly see Grandview units given away for free on TUG.

Look through your purchase papers, and find the directions for rescinding, and follow them exactly. Don't delay because you have a very limited time.

More info. - http://tug2.net/timeshare_advice/cancel_timeshare_purchase.html
 

tschwa2

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You can essentially get the same thing for less than $300 on ebay. You may or may not get the bonus week but the bonus week is only good for travel less than 45 days in advance and only for weeks that have a fairly low demand. I doubt you will get something that will work for you going to France through RCI and without the specifics of when and where in Guatamala, RCI might not be the best choice. Basically you are going to have the equivalent of a so so week every three years but you will have to pay the MF which is fairly low and the RCI membership fee every year.

My question to you more so than the value of what you bought ($1 or less if you were to sell today) but if RCI and timesharing is going to work for how you want to travel. The fact that you have an open schedule makes it better but I am not sure where you want to travel will work with timeshare exchanging.
 

jcordova2819

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Wow! Ok. If the paperwork is dated today, does it matter if it gets to the developer after the 5 days are up?
 

Passepartout

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The only dates that matter is the date you signed the contract and the date of the rescission letter's postmark.

Sent it USPS certified w/return receipt.

Glad you found us and saved yourself $5 Grand!

Jim
 

vacationtime1

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Wow! Ok. If the paperwork is dated today, does it matter if it gets to the developer after the 5 days are up?
The relevant date is the date you mail it.

But it is best if you can prove that you mailed it on the specified date. Thus, send one copy snail mail and send another copy via certified return receipt.

(Note: it is critical that you use the rescission method specified in your purchase documents. We are all assuming it is U.S. Mail. If FedEx is specified, use FedEx, etc.)
 

jcordova2819

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Thank you all so much for your quick replies!!!! I will send it back today. I'm in Los Angeles
 

DeniseM

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But it is best if you can prove that you mailed it on the specified date. Thus, send one copy snail mail and send another copy via certified return receipt.
Why send 2?
 

AwayWeGo

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[triennial - points]

falmouth3

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Rescinded! :)
Congratulations. You came to the right place to ask questions and you didn't try to dissuade good advice by trying to rationalize why your purchase really was a good idea. We see that with some regularity. You're a smart consumer!

Sue
 

Passepartout

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See. That $15 TUG membership already paid off. Now stick around and we'll show you how to spend it better.

Jim
 

jcordova2819

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So grateful for this website and its members--a true community...
Knowledge definitely is power because I purchased the ebook series titled "winning the timeshare game.." and wow, my mind is blown right now...couple that you with you all, I feel like I have a super team of timeshare gurus are on my side. :p

I began searching on eBay for a few listings and I came across this
http://www.ebay.com/itm/WYNDHAM-CANTERBURY-SAN-FRANCISCO-301-000-ANNUAL-POINTS-TIMESHARE-FOR-SALE-/321679670739?pt=LH_DefaultDomain_0&hash=item4ae59a3dd3

I feel the points vs cost is justifiable. What can't you do with that many points? And there in lies my question. This is a "fancy" timeshare, and when looking it up, just to stay here(san fransisco) for one week will "cost" about 300,000 points. Say I didn't want to stay there though, and decided to use those points for many weekend or 3-4 night getaways, at good but not extravegent resorts here in the states, will that work?

joel
 

DaveNV

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So grateful for this website and its members--a true community...
Knowledge definitely is power because I purchased the ebook series titled "winning the timeshare game.." and wow, my mind is blown right now...couple that you with you all, I feel like I have a super team of timeshare gurus are on my side. :p

I began searching on eBay for a few listings and I came across this
http://www.ebay.com/itm/WYNDHAM-CANTERBURY-SAN-FRANCISCO-301-000-ANNUAL-POINTS-TIMESHARE-FOR-SALE-/321679670739?pt=LH_DefaultDomain_0&hash=item4ae59a3dd3

I feel the points vs cost is justifiable. What can't you do with that many points? And there in lies my question. This is a "fancy" timeshare, and when looking it up, just to stay here(san fransisco) for one week will "cost" about 300,000 points. Say I didn't want to stay there though, and decided to use those points for many weekend or 3-4 night getaways, at good but not extravegent resorts here in the states, will that work?

joel

Joel, we're glad you found Tug in time to rescind your purchase at Grandview. You'll find Tug is an enormous resource of friendly and willing folks who are happy to help educate others in the do's and don'ts of timesharing. Some Tuggers have been doing this for more than 20 years, others are total newbies. As you stick around and participate, you'll learn who to ask the right questions, and how to filter the most from the answers you receive.

To answer your latest question, points are basically points. It doesn't matter so much where you own them, as much as it does the points you need to stay where you want to stay. The trick is buying points at a resort with manageable maintenance fees, so the price per point become most affordable. Others who have more experience with them will certainly be able to offer more hands-on experience for you.

One piece of advice I'd like to offer you is that (as you have already probably figured out) it is MUCH easier to get into a timeshare than it is to get out of one. Don't move too fast. I strongly advise you to read and study and ask questions to learn as much as you can ahead of time, but don't get in a hurry or decide too quickly what sort of timeshare is best for you. There are bargains around every corner, many free for the taking (the Seller often pays all closing costs) so it's definitely a Buyer's market. If you don't take the bargain you see today, there will be two more of them tomorrow. There is no shortage of great deals waiting out there, if you're patient and have a clear understanding of what you're looking to buy. Some folks never buy anything, and stick with renting timeshares from owners who offer them at very enticing rates.

Most importantly, don't buy anything until you fully understand your options. Not only are there Weeks and Points, with annual, biennial, and even triennial contracts, there are Clubs and Mini Systems and Brand-Name ownerships (Hilton and Marriott, for example) that each offer their own appeal. If you educate yourself and buy smart, you can set yourself up for a lifetime of great and very affordable vacations. You just have to know what to look for.

Have a seat and keep reading. You're in the right place. :)

Dave
 

JudyS

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So grateful for this website and its members--a true community...
Knowledge definitely is power because I purchased the ebook series titled "winning the timeshare game.." and wow, my mind is blown right now...couple that you with you all, I feel like I have a super team of timeshare gurus are on my side. :p

I began searching on eBay for a few listings and I came across this
http://www.ebay.com/itm/WYNDHAM-CANTERBURY-SAN-FRANCISCO-301-000-ANNUAL-POINTS-TIMESHARE-FOR-SALE-/321679670739?pt=LH_DefaultDomain_0&hash=item4ae59a3dd3...
....To answer your latest question, points are basically points. It doesn't matter so much where you own them, as much as it does the points you need to stay where you want to stay. The trick is buying points at a resort with manageable maintenance fees, so the price per point become most affordable. Others who have more experience with them will certainly be able to offer more hands-on experience for you...
To clarify, the eBay ad the OP links to appears to be Wyndham points, not RCI Points. 301,000 isn't a huge amount of Wyndham points -- I think it will get about 10 days in a typical 2-bedroom at during high season. Plus, it looks like almost all of this year's points are used up on this ownership, so the new buyer will be paying this year's MF of $1,164.84 and getting almost nothing for it. Plus, there's closing fees of about $800.

With the current bid of $1,136.00, this already costs about $3200. I don't own Wyndham points and I'm not sure what they're going for right now. But, I can't see spending $3200 on a timeshare unless I was sure I wanted it. There are loads of nice timeshares out there for $500 or less, including closing fees.

In general, even when it comes to RCI Points, I don't agree that "points are points." It's important to own at a well-managed resort that is unlikely to hike annual fees a lot. Plus, many RCI Points resorts have special booking privileges into resorts managed by the same company.
 

jcordova2819

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Hmm...Very interesting.

Thank you Dave and JudyS for your advice and insight. I will definitely learn more and ask more before making another timeshare decision.
 

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I think buying a "foreclosure" unit from the developer is basically the same thing as buying a unit from the developer that has never been sold before. Just because the unit has never been sold before, of course, does not mean the unit has never been used. Of course it has been used - very frequently. In Hilton Head, it's probably been used every week since the place was built. An unsold unit is probably used as frequently as any other unit. A "foreclosure" unit just means the developer obtained it back and is selling it again. When I went to a timeshare presentation last year (didn't buy THAT time) and ended up telling them I wasn't interested, they then offered me a "better deal" on a "foreclosure" unit. I think they were trying to give the impression that it would be a good deal, similar to buying a foreclosed, abandoned house. The price was lower, of course, because I was indicating no interest until then, but the "foreclosed" unit probably was identical to the units they had already tried to sell me. Maybe in a different building or a different floor, but all the units are the same at this resort. This was Grandview - the same place where the OP bought his "foreclosed" unit and then had the wisdom to rescind the deal.

I tracked the deed history of a specific unit in Hilton Head I am interested in. The county recorder there has a web site where you can look up all filed deeds, and the deeds contain the actual prices that people paid to the developer. (The developer is probably hoping that people never stumble across that web site because the prices for the same things are all over the board - I guess some people do not hold out for the best deal they can get.) For this particular unit, a couple bought from the developer in 2003 for $12,500 (3 BR triennial unit at a Gold Crown resort), which I am assuming was the first sale for this property. (I'm assuming that because of the timing with respect to when the resort was built and because I could find no prior deeds for the unit). Apparently they failed to pay their maintenance fees (all the gory details are in a filed notice of lien, notice of auction, etc.). The unit went up for auction in 2010, and the developer "won" the auction and title was transferred back to the developer. The next deed for this unit is in 2014 from the developer to another buyer for $16,300. This buyer paid approximately the same amount as other buyers paid around the same general time (although, again, the prices are all over the board). The developer more than made up for the unpaid maintenance fees (many, many times over). They are still selling units at this place, and unless to try to track the deed history, there is no way of knowing whether you are buying a "new" unit (which has been used all along of course since 2003) or a "foreclosed" unit (which also has been used the same way).

Bottom line is that it makes no difference whether it is a "foreclosed" unit or a "new" unit. There is also no way of knowing (unless you do a deed search) whether the developer is selling someone a "foreclosed" unit to begin with (without telling them of course) and then trots out another unit (saying it is a good deal because they "foreclosed" on it).

The real bottom line, of course, as we all know (knew too late in my case), is that there is no such thing as a good deal when buying for a developer, whether it is a "new" unit or a "foreclosed" unit.
 

TUGBrian

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congrats on saving yourself 5 grand!

Welcome to TUG!
 

VegasBella

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Just out of curiosity, does calling a resale a "foreclosure" increase sales opportunities? When I saw "foreclosures" advertised at one of my resorts I felt it devalued the brand. I wanted them to just advertise sales or resales, not foreclosures. What do you guys think?
 

LannyPC

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Just out of curiosity, does calling a resale a "foreclosure" increase sales opportunities? When I saw "foreclosures" advertised at one of my resorts I felt it devalued the brand. I wanted them to just advertise sales or resales, not foreclosures. What do you guys think?
Just like in regular real estate, when a potential buyer hears "foreclosure", he might view it as a distress sale that the owner (or lien holders) will let be sold for minimal amount just to try to satisfy some of the debts owed.

So maybe some poor sap who is getting roped into one of these TS sales presentations will think that he is getting a bargain by buying a foreclosure. And the sales person might use that as one of his many lines in order to make a sale.

Just a personal thought and opinion. :shrug:
 

Ace

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If the developer actually advertises that they have "foreclosure" units for sale, my bet is that is just another way of attracting potential interest for people to get sucked in. They're just trying to get people in the door, which is a big part of the battle for them. If I went to my favorite resort and saw them advertising "foreclosure" sales, it wouldn't make any difference to me, and in my mind, it wouldn't devalue the brand, mainly because I know there is no difference between those units and any other unit. If someone gets sucked in and buys from the developer, they likely will end up paying the same as they would pay for a non-foreclosed unit. It's not like someone is going to come along, see me at my resort, and think any less of me because I am staying at a place where there are "foreclosed" units for sale. OK, they may think that, but do I really care what someone I will probably never see again thinks of the place? It's not like the place will really go downhill because of this advertising tactic, is it?
 
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