Bought 1BR at Sheraton Broadway Plantation

[cstgator]

And now I want to rescind!

I had never even heard of hotel-based vacation ownership and yes I may be a little naive. I'm a 22 year old corporal in the Marine Corps and my wife didn't know anything about it either.

So we listen to the presentation, and then we decide we like it. The guy shows us around the resort, and the units admittedly are very nice.

However, in the end we buy a 1BR in Silver season for 9900 bucks and only get 25800 StarOptions. Our whole deal with the SVO is that we we want to go to all the other resorts. I see posts in this forum talking about people buying Vistana Villages (I'm actually from Orlando) on the resale market for $6000 with 81000 Options! I just feel ripped off right now.

Can anyone give me some advice?

 

[myip]

And now I want to rescind!

I had never even heard of hotel-based vacation ownership and yes I may be a little naive. I'm a 22 year old corporal in the Marine Corps and my wife didn't know anything about it either.

So we listen to the presentation, and then we decide we like it. The guy shows us around the resort, and the units admittedly are very nice.

However, in the end we buy a 1BR in Silver season for 9900 bucks and only get 25800 StarOptions. Our whole deal with the SVO is that we we want to go to all the other resorts. I see posts in this forum talking about people buying Vistana Villages (I'm actually from Orlando) on the resale market for $6000 with 81000 Options! I just feel ripped off right now.

Can anyone give me some advice?

rescind now before it is too late. If you check on ebay, it may only worth $100.00 -- do your research and save lot of money... Silver is not worth it. BUY vistana village ... get staroptions.

 

[dougp26364]

And now I want to rescind!

I had never even heard of hotel-based vacation ownership and yes I may be a little naive. I'm a 22 year old corporal in the Marine Corps and my wife didn't know anything about it either.

So we listen to the presentation, and then we decide we like it. The guy shows us around the resort, and the units admittedly are very nice.

However, in the end we buy a 1BR in Silver season for 9900 bucks and only get 25800 StarOptions. Our whole deal with the SVO is that we we want to go to all the other resorts. I see posts in this forum talking about people buying Vistana Villages (I'm actually from Orlando) on the resale market for $6000 with 81000 Options! I just feel ripped off right now.

Can anyone give me some advice?

Very quickly, in your contract is a piece of paper with the recind instructions on them. Follow them to the letter and do it ASAP. You only have a limited amount of time to do this. I would send it registered mail signed receipt with proof of the day you sent it on.

Starwood is an decent company to deal with and I don't think you'll have any problems with them so long as you do things as instructed by the recind date. If you're past that date, then you'll have to learn how to best enjoy your purchase.

Good luck and welcome to TUG.

 

[cstgator]

It states I have to send a "notice of cancellation" to the Seller address listed on page one of the contract.

What exactly is a Notice of Cancellation? Do I just type it up on my computer and fax it over?

 

[Henry M.]

There should be a piece of paper in your package titled Notice of Cancellation. You should just have to fill in your name and sign it.

 

[cstgator]

There should be a piece of paper in your package titled Notice of Cancellation. You should just have to fill in your name and sign it.

It's definitely not in the paperwork.

 

[Henry M.]

Call your sales person and have him fax you one. Or call Portfolio Services and have them fax you a form. Their number is (800) 743-7654. Tell them the cancellation form was missing from your package.

 

[elaine]

also--Immediately write a letter and send certified MAIL--TODAY!

even if you can't get a "notice of cancellation"--you should write your own letter NOW that simply states that you wish to CANCEL your purchase and have a full refund---sign and date it and also send a COPY of your purchase contract. Send it certified mail, return receipt.

GET IT IN THE MAIL ASAP--do not wait!!!!

I do not know that they can force you to send "their official notice." Most state laws say notification and it can be a letter that you write---the KEY is that the letter unequivoacally states that you want to RESCIND and that you MAIL it and HAVE PROOF OF MAILING by the specified date---if you miss it by even 1 day--you are stuck!!!

Many times (not specific to Starwood, but, in general), salesmen dodge calls until the rescission period is over---or convince a buyer to "think about it" or "We'll send you a better offer" and then the time to rescind is over. You only have 1 chance to get out.

You can them call and try to get them to send you the "official rescission letter"---but better safe than sorry--and I bet the you never get it before your time to rescind runs out.
good luck.

 

[elaine]

fyi-some states do not recognize FAXes, so send via MAIL

and, some states do not recognize Fed EX, etc.--when I rescinded years ago, the timeshare dept. at the state office told me that the law said MAIL, and they did not consider a FAX or even Fed Ex to be the MAIL.
All states recognize the US MAIL---so send certified, return receipt--a pain to go to the post office--but it might be the best trip to the post office that you ever make.

 

[DeniseM]

However, in the end we buy a 1BR in Silver season for 9900 bucks and only get 25800 StarOptions. Our whole deal with the SVO is that we we want to go to all the other resorts.

25800 Staroptions is at the very low end of the scale for Starwood resorts. There are very few resorts that you can go with that many Staroptions. For instance, even the smallest unit (studio) on Maui requires 67,100 Staroptions - so you couldn't get into Maui at all.

I agree with the other posters - rescind immediately. Then take your time, do your homework, and buy at a mandatory resort.

 

[cstgator]

and, some states do not recognize Fed EX, etc.--when I rescinded years ago, the timeshare dept. at the state office told me that the law said MAIL, and they did not consider a FAX or even Fed Ex to be the MAIL.
All states recognize the US MAIL---so send certified, return receipt--a pain to go to the post office--but it might be the best trip to the post office that you ever make.

Alright, I just did that. I sent it via Registered First Class mail (7.90 to register it), and it should get there no later than Friday (I bought the unit on Sunday). I'm in coastal North Carolina and the letter is sent to Orlando, so I'm confident it'll get there on time.

 

[Bill4728]

Just to make you feel a little better. It doesn't matter when they receive it only when you mail it. So if you bought Sunday, and you mailed it today, you have successful rescinded your purchase. Good Job!!

Now if you want to buy a Timeshare, please spend a little time and reseach your purchase before buying. The salesmen will tell you that their offer is only good today. IT IS A LIE!! They will make the same offer next week and next month. But in general it better to buy resale and you can save >$10,000.

Good Luck and thank you for your service to our country!

 

[DavidnRobin]

Alright, I just did that. I sent it via Registered First Class mail (7.90 to register it), and it should get there no later than Friday (I bought the unit on Sunday). I'm in coastal North Carolina and the letter is sent to Orlando, so I'm confident it'll get there on time.

Glad to hear. Fax it to them also (can't hurt). When we rescinded - I sent them our notification every way possible. Luckily - with SVO - they are flexible in how they are notified, but of course it is better to do it by the method stated. There should have definitely been a rescind notice letter in your paperwork.

As to buying - many here (me included) would recommend (if you decide on the SVO/SVN system works best for you) buying resale - and buying a SVO mandatory resorts (we own 3). Vistana Villages is a good place to start if you are close to Orlando - do your research and be patient. Good luck.

 

[cstgator]

Glad to hear. Fax it to them also (can't hurt). When we rescinded - I sent them our notification every way possible. Luckily - with SVO - they are flexible in how they are notified, but of course it is better to do it by the method stated. There should have definitely been a rescind notice letter in your paperwork.

As to buying - many here (me included) would recommend (if you decide on the SVO/SVN system works best for you) buying resale - and buying a SVO mandatory resorts (we own 3). Vistana Villages is a good place to start if you are close to Orlando - do your research and be patient. Good luck.

I actually called the SVO Portfolio hotline and got connected to the lady in charge of cancellations. She stated that nowadays there is no cancellation later in the package, that people should now just make their own letter and send it to them.

Possibly a ploy to make it seem like you cannot rescind your purchase.

 

[tomandrobin]

Whew, I was getting tense reading the first couple of posts!

You definately did the right thing! Starwaood is a great system, but silver week at the Sheraton in Myrtle Beach is not a good buy from the developer.

Take your time, read through the posts here and you'll be fine.

Good Luck on you future resale purchase!

 

[timeandenergy]

Good thing is that now while you do your research, you have all the offical starwood books/binders. They came in handy when I was searching for my resale. Not all sites and resale listers tell you how many staroptions go with the week they are selling. However as long as the told me the deed week or range of weeks, I could confirm in the binder what season and staroptions went with it.

I went through the same process as you. I purchased from the developer, rescinded, and now own 2 mandatory Vistana Village properties. $6000 for 81,000 staroptions at VV is on the low side, but it is doable. I did one of mine for exactly that price. The other was a little higher.

I was even blessed this year to be able to confirm 2 premium 1BR units at Harborside for 4th of July week (of course I called the minute the lines opened 8 month ahead of schedule). My family is so looking forward to this. Doing internal exchanges (using starOPTIONS) into some resorts can be very difficult during busy vacation seasons (like summers and holidays.) However, this is again doable especially if you can travel off-season.

Anyway, I'm glad you found TUG just like I did. There is a lot of good information here.

 

[Henry M.]

I'm glad you were able to confirm with Portfolio Services what you need to do. I have found Starwood to be a good company even if what you had purchased was not a good value. I don't think it was a ploy and perhaps you'll be back after you've examined all the alternatives.

I do like my timeshare ownership and hopefully you will find the right property for you. As other have said, resale purchases are the most cost effective. If you are interested in Elite status with Starwood you can always alternate a resale purchase with a developer purchase to get the resale qualified. However, the first purchase should be resale and probably at a mandatory resort. Even if you intend to go to Myrtle Beach, it might be better to buy say at the Westin Kierland Village and trade in. You can buy SBP for a song. I've seen units go on eBay for just a few hundred dollars. I would buy a minimum of 81,000 StarOptions for maximum ability to trade into at least a one bedroom unit anywhere.

 

[myip]

You are very lucky.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&rd=1&item=320073401014&ssPageName=STRK:MEWA:IT&ih=011

Even at $99.00, the silver week on ebay didn't get a buyer.

BTW: SHeraton Broadway sales tactic is the worst. I won't be surprise if they didn't give you the cancellation form. They gave me a VOI that is useless. I will never buy another timeshare from Broadway Plantation's salesperson. They lies to me.

 

[DeniseM]

Just one more thought - be sure you buy where you want to go most of the time - exchanging gets harder all the time.