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Bought Welk Resort 1.5m points from developer for $127,000. Today is the last day for cancellation

what should I do?

  • keep

    Votes: 0 0.0%
  • other???

    Votes: 0 0.0%

  • Total voters
    35
  • Poll closed .

Sunnnnie

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Hi there!

I'm so glad I found this group! I'm a newbie to timeshare and I was been sold 1.5m Welk Resort points for $127,000 last week @ Northstar Lake Tahoe resort.

If you are an owner of 1.5m points, it would be the VVIP member - Pinnacle level with lots of benefits, such as a dadicated hotline, cheap upgration, longer booking window, etc.

I searched the secondary market and found only 2 offers for resale. 1 is $80,000, the other is around $110,000. I spoke with the agent and he told me he sold two similar this year, and the sales price was around $70,000 - $90,000.

From the Welk sales team told me, and I also found from the contract:

"Welk chooses to implement two significant contractual roadblocks when purchasing private party as a protection to all owners who purchase from the developer."

1. First Right of Refusal in place, giving us the option but not the obligation to step in and remove a buyer.

2. If a private party transaction is allowed to process through, as stated in the attached Buyers Acknowledgement – “I understand that should I transfer my Ownership to an heir or family member, the Welk Platinum Rewards Loyaltyprogram and Platinum Benefits Card discount program will transfer. However, if I sell my Ownership, these programs will not transfer to the buyer…”

This means that the ALL Pinnacle Level Benefits would not be applicable to an owner who purchased on the secondary market. What's worse, not only the pinnacle but also all platinum benefit will go. Benefits such as points use, reservation window, bonus week RCI, points expiration, borrowing, and accrual would be different.

I will probably get back from a sales VP from welk and they might lower their developer price to keep me stay. Let's say it's down to $90,000.

Plus, annual VOA fee is around $5,800 this year, and with a 4% annual increase.

Why I'm buying the timeshare? I spent most of my weekends in winter at Northstar but never live in the welk ski-in-out hotel due to the expensive rental price. And also I love traveling and would like to spend more days in different destinations in the future with my lovely family. FYI, I don't have kids right now and don't have the plan to have kids in the next 5 years. I love luxury resorts and I spend around 10,000 per year traveling around.

My friends here, does it make sense to keep the ownership? Or I should just cancel the contract before it's too late?

Today is the last day to cancel, PLEASE HELP!!

If you have any experience with Welk, please share and I really appreciate all your help.
 
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Passepartout

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Rescind! You can buy on the resale market for pennies on their dollars! Cancel while you can and the Post Office is open. If it turns out that the deal you were offered, it will be available next week/month/year. Resale points are exactly the same as retail points. RESCIND! DO IT BY MAIL AND STAY FROM THE SALESROOM!

Jim
 

andysnovel

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I would never pay $127,000 for any timeshare, period. Follow the exact instructions and rescind ASAP. After you rescind, check the resale market, eBay, Redweek and see what the going rates are, check actual sales, not what the owners think it’s worth. Look into other timeshare brands, Vistana, Marriott, Hilton etc to see if the cover the areas you plan to visit!! RESCIND!!!!!
 

T-Dot-Traveller

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If you have doubts - CANCEL today .

The deal will be there (later) - if you decide it makes sense to buy .

YOU only have TODAY to CANCEL .
Do it and do further research with no deadline .

*****
You need a dated stamped receipt from (USPS or similar) that shows you mailed it within the deadline,
so send - CERTIFIED. or registered - return receipt AND keep a copy of everything for your records .
( revised to Certified / as per next post )
 
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vacationhopeful

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Certified Mail ... as registered mail is for valuable documents ... like bonds (and is expensive).

Certified Mail, Return Receipt. Send a 2nd copy REGULAR MAIL, too.

I send "Certified Mail, Regular Mail" as lawful letters all the time in my day job ... where I legally change the terms or conditions with contracts I have with different businesses and individuals.
 
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dayooper

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Recind! As stated above, send your letter to the address in your packet through certified mail today. Make sure anybody who signed the contract signs the recession letter. Do not delay, get that letter in the mail today.

They may try and call you with all sorts of outrageous things. They may tell you that you will be in trouble with the law, they will may give a sob story on how they need the commission money or they may try and sweeten the pot. With this in mind, don’t answer calls from them.

Once your recession is finalized, check out the resale market. Research the different systems and get something for a decent price.
 

Panina

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First welcome and congratulations, you found us in time to save your money. Rescind, don’t think about it any longer.

Then start reading everything here on TUG and you will save the tens of thousands that you were going to spend and get what you need for pennies on the dollar on the resale market....and all the information to learn is here on tug free.

If you want to show your support for this wonderful site you can get a full official membership for $15.
 

Passepartout

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Sunnnnie, they have fed you a bill of goods that this Pinnicle level has some special perks. Well, it does, but maybe with a value of a few hundred $$$, NOWHERE NEAR $127,000! What a sale like this would do is give the salesweasel a huge bonus check here at year's end. Expect a full court press to save this sale. PLEASE rescind by mail to save yourself the anguish. The instructions and address are in your contract. After that is done and you get back your down payment, come back. We can show you how to get those ski-out units for WAAAY less cost.

Have a happy trip to the Post Office, and a Happy New Year!

Jim
 

SmithOp

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Consider this also, they sold you something that has no value if you want to sell later, that clause #2 makes it worthless for resale if the benefits will not transfer.

We sincerely hope that A) you did not finance this and B) you RESCIND the purchase in time.


Sent from my iPad using Tapatalk Pro
 

mjm1

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We are former Welk owners. RESCIND IMMEDIATELY.

You should do more research about what system (Welk, Marriott, Hilton, Vistana, Disney, Diamond, Wyndham, etc) would be best for you. TUG is a great place to get a lot of great information.

While we enjoyed our Welk ownership while we had it, we found that we like Marriott and Vistana better for our needs. The offer you received will still be available to you later if you find that to be the best for you.

Congratulations on finding TUG. RESCIND.

Best regards.

Mike
 

sue1947

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Hopefully, you have already posted the rescind letter. To put the finances in perspective, I traded into Northstar in early October for the equivalent of about $600 in maintenance fees and exchange fees for a 2 BR unit.
I think if you pencil out those extra benefits, you'll find they are mostly smoke and mirrors. They always give them a lofty name like Pinnacle (or platinum or elite etc depending on the system) to make you fee special, but there's really not much there. Do more research to find out which system is best for you and then buy resale.
Sue
 

rickandcindy23

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That is a lot of money to spend on something not worth the paper it is printed on.

Contact TriWest in that area about a resale, if you like Welk properties. The owner is a member of TUG.

I think you should look at resale, maybe Hilton, maybe Westin or Marriott. If you like the internal trading system, look at Westin Kierland resale for a great purchase that will cost you 10% of what you were going to spend on that purchase you were making. Hilton can save you even more.

So glad you found us in time.
 

Sunnnnie

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Thanks all for your reply!!

Update: I sent the cancellation letter today via certified mail with return notice.

I also faxed the letter since this is another way to cancel (Read from the contract)

I signed the purchase agreement on Dec 22nd, there is a 7 calendar days period to change your mind. Hopefully I can get all refund.

Do I need to email the sales person and title officer for the cancellation? They sent me couple emails today regarding to the potential discount. They don't know I rescind today.
 

RX8

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Thanks all for your reply!!

Update: I sent the cancellation letter today via certified mail with return notice.

I also faxed the letter since this is another way to cancel (Read from the contract)

I signed the purchase agreement on Dec 22nd, there is a 7 calendar days period to change your mind. Hopefully I can get all refund.

Do I need to email the sales person and title officer for the cancellation? They sent me couple emails today regarding to the potential discount. They don't know I rescind today.
Please do not email or call the salesperson. They will throw many lies at you hoping to save their commission.
 

RX8

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This amount may be a record for being able to rescind in time.

I wouldn’t believe what the secondary market “agent” told you about this amount of points being sold for $70k to $90k on the resale market. That agent was probably affiliated with one of the listing companies who charge an upfront fee to list a timeshare on their website. They have zero interest in your timeshare being sold. They just want the upfront fee and will mislead a seller by trying to convince them their timeshare will sell for many times the actual value.

Case in point - There was 1.1M Welk Points that sold on eBay for $8500. Granted, not quite 1.5M but close enough and just 10 cents on the dollar from what the agent told you. That was one bid and was a best offer. That was probably a stretch even at that amount.

Congrats for saving $127,000.
 
Last edited:

Panina

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Thanks all for your reply!!

Update: I sent the cancellation letter today via certified mail with return notice.

I also faxed the letter since this is another way to cancel (Read from the contract)

I signed the purchase agreement on Dec 22nd, there is a 7 calendar days period to change your mind. Hopefully I can get all refund.

Do I need to email the sales person and title officer for the cancellation? They sent me couple emails today regarding to the potential discount. They don't know I rescind today.
Happy to hear you rescinded. Timesharing has been wonderful for me and my family. Once you learn all about it here, you will make an informed decision on what works best for you plus save lots of money.
 

T-Dot-Traveller

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I signed the purchase agreement on Dec 22nd, there is a 7 calendar days period to change your mind. Hopefully I can get all refund.
Do I need to email the sales person and title officer for the cancellation? They sent me couple emails today regarding to the potential discount. They don't know I rescind today.
Rescinding is your legal right . They are required to give the refund .

It is like returning a clothing purchase to a store - you have no need to give a reason ,
and no need to be in contact with the salesperson .

DO NOT CONTACT THE SALESPERSON
 

dayooper

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Thanks all for your reply!!

Update: I sent the cancellation letter today via certified mail with return notice.

I also faxed the letter since this is another way to cancel (Read from the contract)

I signed the purchase agreement on Dec 22nd, there is a 7 calendar days period to change your mind. Hopefully I can get all refund.

Do I need to email the sales person and title officer for the cancellation? They sent me couple emails today regarding to the potential discount. They don't know I rescind today.
The salesman are trained to get you to sign that contract. They will say anything to get you to sign and keep that contract. Don’t give them the opportunity to do so.
 

Passepartout

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YAAAAY Sunnnnie! You won!
It can take a bit of time to see your refund of the down payment. Consider sending back their promotional materials. Sometimes there is a charge for that stuff.

Once you get paid back, if still interested, check eBay and the TUG marketplace. Educate yourself about timeshares. Welk is good, but hardly the 'best of the best'. We suggest you rent a couple of times in the hotel branded TSs like Marriott, Hilton, Westin, Hyatt to be able to tell the difference. There are a couple of good, reputable brokers who are TUG members and won't put their profit over your cost. They also have experience getting their sales through Right of first Refusal which some developers use to prop up resale prices.

Welcome to TUG!

Jim
 

TUGBrian

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holy smokes i just saw this...127k...thats gotta be close to a record! congrats!!!
 

Sunnnnie

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holy smokes i just saw this...127k...thats gotta be close to a record! congrats!!!
I heard the resale Broker said currently there are two sellers selling 1.5m points from Welk.

he said the seller bought the points from the developer at a price nearly $220,000
 

TUGBrian

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unreal
 

TUGBrian

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previous record i saw was a 66k marriott rescission back in 2013....

thats nearly double...incredible.
 

dayooper

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@Sunnnnie Check out what Tuggers are saying about each of the different systems in the Tug forums. So much knowledge there. Don’t forget Your Tug membership. The reviews are better than anywhere else on the net.

Congrats again!
 
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