deposit, rent or something else?

[yumdrey]

I have purchased WMH, it's in closing process now. Seller gave me compliment 2008 reservation, week 46. I didn't expect it, but it's just happened. What can I do with this reservation? Is it too late to deposit into II? If I deposit it into II, the trading will be very poor? I have never used starwood property with II, I've only used my worldmark, so I have no idea what's going to happen?
Is it still good to deposit into II for future year use? or do you recommend me to rent the unit or for something else?
What can be the best solution? I know I cannot use this year's book for myself.
Thank you!

 

[stevens397]

Hi-

1. Read all of the FAQs on the top of the board. We are extremely fortunate to have the best moderator on TUG and she (DeniseM) has done an incredible job of organizing the important information. As a new owner, that is where you must start.

2. You can deposit to II. I also just completed a purchase of WMH and I'm on hold right now with II trying to get the account set up so I can deposit it. While you may have week 46 reserved, you can probably move it to a later date. You don't want to deposit your week less than 60 days before your reservation as it will seriously affect your ability to get future reservations.

It's a great resort and you'll love it. Like me, you got 2008 usage and can't use it. Set up an interval acct, deposit the week (change the date if needed) and you'll get some great trades.

Welcome aboard and good luck. And read those postings at the top of the thread!

 

[yumdrey]

Thank you stevens!
I have been considering purchsing westin resorts for awhile, and have read all the sticky above the forum
Still confused for many things, but really don't know what to do with this week 46. It is still NOT under my name, so the usage is very limited. I needed some advice from experience owners or II traders.
Stevens, did you check the availability for 2008? Can I move the reservation to December?

 

[DeniseM]

Congratulations on your purchase! Until the deed is in your name, you can't deposit it or change the reservation. However, the owner could change the reservation for you.

Week 46 isn't likely to be a hot rental, but Thanksgiving, Christmas, or New Years weeks might be rentable, if available and the owner is willing to work with you.

If you deposit in II you will have 2 years to use the exchange and if you've read the stickies you already know about the 3 day priority in II for other Starwood resorts, so you could get a very nice exchange for it in the future.

Do you have any idea how soon your week will close?

 

[clsmit]

Deposit it and go somewhere fun! Since it was "free", you can share the fun with a relative as a present, too.

 

[LisaRex]

If it's still in the previous owner's name, can he still deposit it? I get the impression that the previous owner "owns" the week but gave it to the OPer as a little bonus for buying the TS from him. So I'm not sure he can do anything with it other than use it himself.

 

[DeniseM]

He can't -

Until the deed is in your name, you can't deposit it or change the reservation. However, the owner could change the reservation for you.

 

[yumdrey]

You are right, I just realized that I cannot deposit this into II until the deed is recorded under my name.
I think I have no option other than use it for myself but I don't think I can use it. Well, I was so excited for this free offer yesterday and now a little disappointed
Thank you everyone anyway!

 

[DeniseM]

You are right, I just realized that I cannot deposit this into II until the deed is recorded under my name.
I think I have no option other than use it for myself but I don't think I can use it. Well, I was so excited for this free offer yesterday and now a little disappointed
Thank you everyone anyway!

As I stated above, if the seller will work with you, you can still rent it, but the seller will have to contact Starwood to put the Resv. in the renter's name for you - I've done this myself.

Also - you can have the seller cancel the Nov. reservation, and deposit the week yourself, as long as it closes before Jan. 1.

You need to find out from the closing Co.when they estimate closing will be complete - they should work with you on this so you don't lose the 2008 week. I would call them today and explain the situation and ask for their advice. Then I'd call every week for an update until it's done.

See the email addy in owner's resources for sending the recorded deed to Starwood yourself, this can often really speed things up.

There are also links there to check and see if the deed has been recorded.

When did you mail the closing Co. the paperwork?

 

[LisaRex]

The owner might be insulted if the OPer asks him to put the reservation in a renter's name. He gave the gift to the OP. If he wanted to rent it out, he could have done that himself. So if I did rent it out, I'd ask permission first.

"I really appreciate your kind offer. Unfortunately, I just don't think I'll be able to get to California then! (However, I'm sure I could find someone else to use it or rent it out if that wouldn't offend you...) Let me know your thoughts on this."

 

[CeeWoo]

The owner might be insulted if the OPer asks him to put the reservation in a renter's name. He gave the gift to the OP. If he wanted to rent it out, he could have done that himself. So if I did rent it out, I'd ask permission first.

"I really appreciate your kind offer. Unfortunately, I just don't think I'll be able to get to California then! (However, I'm sure I could find someone else to use it or rent it out if that wouldn't offend you...) Let me know your thoughts on this."

You're a good person Lisa!

 

[DeniseM]

The owner might be insulted if the OPer asks him to put the reservation in a renter's name. He gave the gift to the OP. If he wanted to rent it out, he could have done that himself. So if I did rent it out, I'd ask permission first.

"I really appreciate your kind offer. Unfortunately, I just don't think I'll be able to get to California then! (However, I'm sure I could find someone else to use it or rent it out if that wouldn't offend you...) Let me know your thoughts on this."

Excellent point!

 

[grgs]

This is a Gold season unit, correct? It would probably be hard to rent out any week other than Thanksgiving--which is probably all gone anyway. I think renting the week when you don't have control would be a hassle.

I suggest you ask the seller to move the reservation to week 50 (or whatever the latest week he can get is). After closing is completed, and ownership is transferred, you can deposit the unit into II. Even if you have it's a late deposit, you should be able to snag something good in flexchange. This was the situation I was in last year with a Sheraton Vistana resale; I opened escrow in late Sept., and was able to get everything completed in time to make a late deposit. Fortunately, I was able to make a nice trade in flexchange.

Glorian

 

[James1975NY]

I would wait until the deed is recorded and the ownership has transferred in Starwood's database.

From there, I would cancel the reservation and then contact owner services for a bulk bank....you specifically want to ask them for the BEST "full deposit" with the most expiration regardless of what Starwood resort it is from.

This is a FREE week. You only concern should be to get a "full deposit" versus a "late deposit" week so that you have maximum tradability.

 

[James1975NY]

I would wait until the deed is recorded and the ownership has transferred in Starwood's database.

From there, I would cancel the reservation and then contact owner services for a bulk bank....you specifically want to ask them for the BEST "full deposit" with the most expiration regardless of what Starwood resort it is from.

This is a FREE week. You only concern should be to get a "full deposit" versus a "late deposit" week so that you have maximum tradability.

Sorry.....I assumed that the deal CAME with 2008 occupancy....is that stated in the sales contracts or do your contracts state 2009 occupancy? If the contracts state 2009 occupancy....take what you can get.