Coral Sands Purchase? Help Please!

[Tuscansun]

Stayed at Coral Sands in August. Sales rep offered us EOY week 51 for $12000. He would take our Waterside (EOY, floating weeks 1-6) and give us $4000 credit. We would pay absolutely nothing for the transfer fees and Waterside would be gone within 90 days and we would not be responsible for Waterside 2016 maintenance fees. The purchase includes 2 RCI bonus weeks annually and the sports package.
We really enjoyed the property and could see our family going there at least twice a year. btw, sales guy said we could stay there during the summer using our bonus weeks (now wondering if that is actually true or not).
The problem: Salesperson lied. We have to pay transfer company $419. They said that there is no way the transfer would be complete before the end of the year and we would have to pay the 2016/2017 Waterside maintenance fees. Coral Sands agreed last week to send us a maintenance waiver form for Coral Sands mfs 2016/2017 to help us offset the fees we will incur at Waterside. They also agreed to reimburse us for the $419 transfer fee. All of this is verbal and we have yet to receive any paperwork. They also told us that they would let us out of the contract if we choose.
Please advise, thank you!

 

[GreenTea]

I would get out of it for sure. I am not familiar with the property but looked on Redweek and lots of Coral Sand properties are for sale...some for $1

 

[RuralEngineer]

Coral Sands

you can buy coral sands resale for a $1. Developer does not add any additional value. Island links is a nice resort.

stephen

 

[tschwa2]

I would push as hard as you can to get out of it. Bonus time requires you to pay another full MF's which is probably around $1000. You can only reserve bonus time 60 days out (it may be 90 days) either way, most summer weeks are already gone. Week 51 is probably busier than weeks 49-50 and 1-6 but that is about it.

Transferring Waterside is going to be difficult. Not only do they require you to prepay $1500 in MF for annual units and $750 for EOY, they will not transfer a unit unless they get signed affidavits and do a credit check on the new owners. They will not transfer any unit to an LLC of any kind.

 

[Karen G]

Get out of this contract while you can.

 

[tschwa2]

Like there other lies, they probably won't let you out of the contract at this point but you should push for that first. If they won't do that than go for the MF;s waiver with full use and reimbursement of all fees related to Waterside.

 

[Tuscansun]

The bonus weeks are available to use at the cost of $250 for the week, either use them or lose them each year. This was the perk that I liked the most because we could potentially stay at any one of the Coral timeshares multiple times a year (they have a 1 in 4 rule), but as an owner that rule doesn't apply. There would be no additional mf's.

Does anyone know if a resale at Coral Sands comes with the sports package and the developer bonus weeks?

 

[tschwa2]

Those bonus weeks are rci bonus weeks. I believe the restriction with those are 45 days or less and a fairly low tpu's in the rci system.

Unless you luck on something, summer will never be available in Hilton Head.

 

[GreenTea]

Does anyone know if a resale at Coral Sands comes with the sports package and the developer bonus weeks?

I wouldn't think developer weeks would but you can book a week or buy a sports package for a lot less than the $12K.

 

[tschwa2]

The bonus weeks will typically save you about $0-$60 off the typical RCI last call. It will be 98% the same inventory. Occasionally a gem might fall through and be available for exchange but not getaway for a very last minute cancellation.

Sports package might save you $0- $30 per person per round vs calling up and finding other available specials. If you are going during week 51 you are likely to find equal or better specials available.

 

[tschwa2]

Also wanted to mention that Reba makes resale even harder than waterside. Week 51 would have $0 resale value. You would have to pay $1500 as a transfer fee of which $1000 goes toward future MF's and $500 into Reba's pocket. I would imagine you would need to pay at least another $1000 in pre-paid MF to find someone willing to take it from you. So you would be looking at a minimum of $2500 and probably at least 1-2 years to find a taker.

Your waterside week isn't particularly good but I think you could give it away for around $1500 out of pocket.

Buying a dead of winter Hilton Head week with the expectation of getting to use it in the summer is a bad bad idea.

For $12,000 you could probably get a summer deeded Marriott Ocean side/view unit with MF's that are not much higher.

 

[Tuscansun]

I'll be contacting Coral tomorrow to get out of the contract. I'll probably be listing my Waterside here on TUGS in the near future if anyone is interested in a free timeshare at Waterside (3b/3b) with sports package, let me know. Thank you for all of the input.

 

[elaine]

If you have not signed any paperwork and they do not have any $ or credit card from you, then a verbal no-go is probably fine. If you signed any paperwork, you should send a letter stating thatyou are rescinding any agreement to purchase/trade your week and make sure to get a receipt from the post office that you mailed it. There is a set time to rescind--anywhere from 3 to 7 days, so don't put it off.
I own EOY Coral Reef (points) that I bought on ebay years ago to use for trading. I have been happy with it--but the maintenance fees are $200+ more than Waterside. Word to the wise--only buy prime season if you want to travel prime season. Good luck.

 

[tschwa2]

I am sure the OP has a signed contract and is way past the rescission date.

The only hope he has if the various trade in points (that aren't working out) were a part of the original contract. My feeling is they were verbal promises only and he may very well end up being the owner of 2 off season weeks in HHI from two different developers that will be very difficult to get rid of without defaulting.

 

[TUGBrian]

certainly hope you are within your rescission period and are able to get out of that deal!