did I do the stupid thing?

[istone]

I still have time to get out of it.

I have a early summer 2 bedroom week at VVP. It generates around 42 TPU per year with $1021/yr maint.

We decided to swap it for a 2 bedroom in Berkley Orlando week 52 that generates 78k points/yr at I think it was $560/yr maint …… cost $17k


The drop in maintenance will eventually pay for itself but is 78k points a year + the every 4 yr bonus worth it? I know I either need to give away my VVP week or convert it at some point, I only paid $38 for it. They are "giving me" full purchase price trade for it.


What are your expert opinions?

 

[AnnieBets]

Did you look to see what the Berkeley Orlando week would be resale?

 

[pharmacistking]

I still have time to get out of it.

I have a early summer 2 bedroom week at VVP. It generates around 42 TPU per year with $1021/yr maint.

We decided to swap it for a 2 bedroom in Berkley Orlando week 52 that generates 78k points/yr at I think it was $560/yr maint …… cost $17k


The drop in maintenance will eventually pay for itself but is 78k points a year + the every 4 yr bonus worth it? I know I either need to give away my VVP week or convert it at some point, I only paid $38 for it. They are "giving me" full purchase price trade for it.


What are your expert opinions?

Considering you can get a Free Grandview 98k really easily. I would rescind.

 

[bnoble]

Rescind.

 

[RX8]

Another rescind.

The MF looks low, are you sure this isn’t an EOY. If it truly is $560 a year the HOA may not be accounting for proper reserves meaning you may be hit for a special assessment at some point.

You mention that the MF will eventually pay for itself. Do you realize that it would take 37 years to break even?

 

[TheTimeTraveler]

Rescind while you can.

If you change you mind after you rescind then you can go back and do it all over again.....


.

 

[istone]

I haven't found a Berkley Orlando resale to compare.

Yes I realize I will be dead before the maintenance fee recouping is a reality.

I've been tossing back and forth. One thing I forgot to mention is they are doing the paperwork to get the ex wife off the existing deed as well, even though I know that price is not worth the 17k.

 

[HudsHut]

Rescind., Berkley is not a known entity. There is no reason to buy it, especially at 17K!!
Edited to add: It used to be Lighthouse Key Resort and Spa

 

[Grammarhero]

I haven't found a Berkley Orlando resale to compare.

Yes I realize I will be dead before the maintenance fee recouping is a reality.

I've been tossing back and forth. One thing I forgot to mention is they are doing the paperwork to get the ex wife off the existing deed as well, even though I know that price is not worth the 17k.

If your credit score isn’t important, then getting out of a FL timeshare isn’t that important, expensive, and certainly not worth $17k. Defaulting in a FL TS, as long as you don’t object, leads to a non-judicial, anti-deficiency foreclosure, for which you can’t be sued for the deficiency balance.

 

[montygz]

I still have time to get out of it.

I have a early summer 2 bedroom week at VVP. It generates around 42 TPU per year with $1021/yr maint.

We decided to swap it for a 2 bedroom in Berkley Orlando week 52 that generates 78k points/yr at I think it was $560/yr maint …… cost $17k


The drop in maintenance will eventually pay for itself but is 78k points a year + the every 4 yr bonus worth it? I know I either need to give away my VVP week or convert it at some point, I only paid $38 for it. They are "giving me" full purchase price trade for it.


What are your expert opinions?

If you want points, give away your Parkway and buy a cheap or free Grandview contract.

Part of the cost of acquiring a "free" timeshare is the eventual cost and time spent unloading it, so you may have to pay for some of the costs of unloading your Parkview. They will be far less than $17K.

 

[theo]

One thing I forgot to mention is they are doing the paperwork to get the ex wife off the existing deed as well......

"Doing the paperwork?"

Fwiw, unless the "ex" fully cooperates, there are no magical "paperwork" processes to now belatedly and unilaterally remove her from the existing deed. That matter should have been addressed and resolved to mutual satisfaction as part of the divorce proceedings and agreement. Depending on the current nature of your relationship with the "ex", she might now want to be bought out before agreeing to relinquish her co-ownership. That would of course be even more money out of your pocket.

That observation aside, like numerous others above I would strongly recommend rescinding, without hesitation. There are plenty of better things you can do with that $17k.

 

[istone]

It wasn't mentioned in the divorce because we thought the deed was entirely in my name. She is good to sign the paperwork but I got the paperwork they mailed to her to make sure it doesn't go through an am sending of the rescind paperwork today. I was already hesitant during the presentation but they wore me down.

 

[CPNY]

It wasn't mentioned in the divorce because we thought the deed was entirely in my name. She is good to sign the paperwork but I got the paperwork they mailed to her to make sure it doesn't go through an am sending of the rescind paperwork today. I was already hesitant during the presentation but they wore me down.

Rescind and buy an RCI points contract outside of Orlando. If you want orlando you won’t be able to use points or TPUS that come from an Orlando resort for DVC. Pick up an RCI points at regal vista or Grandview

 

[RX8]

@istone Answering your title question.

You did the smart thing by knowing that you have a short rescission window and researched your purchase so that you could determine if it was the right choice for you. That you should be proud of.

Many people don’t read their contract or bother to research their purchase until it too late. These same folks end up hating their purchase and timeshares in general. Had they paid pennies on the dollar on the resale market they may very well have enjoyed the whole timeshare experience.

 

[istone]

Oh I have done this before. My current week was bought on ebay for $39. Funny story was the next time we went down there the salesperson said it was impossible and there must have been issues, which there were none, and even said "you may know computers, but I know timeshares", well he was wrong. lol

 

[rickandcindy23]

Yes, you need to rescind. Do not wait, do not hesitate. If these units start appearing on RCI, you can grab an exchange into the resort. It's obvious you like the resort and want to compare resales to resales of THAT resort, but RCI Points are pretty easy to use and will do exactly what you need to get Berkeley via exchange. Buy the Vegas Grandview unit and save thousands and have something of value that you can use to even exchange into the Disney resorts. It's just so nice to know you have that option, too.

To take your ex off of your current ownership (or deed it to your ex and buy somethng else), all you have to do is contact LT Transfers. readylegal@gmail.com They can do that for hundreds of dollars, not thousands. There are some of us here, me included, that would have loved to rescind, but we didn't know about rescission laws back then. We have owned timeshare for 40 years, and believe me, the laws didn't require the resorts to notify us of the ability to rescind.

 

[LannyPC]

Had they paid pennies on the dollar on the resale market they may very well have enjoyed the whole timeshare experience....

...or looked at the idea of renting first so they could "try before they buy"...

 

[theo]

To take your ex off of your current ownership (or deed it to your ex and buy somethng else), all you have to do is contact LT Transfers. readylegal@gmail.com They can do that for hundreds of dollars, not thousands.

Not to beat a dead horse on this particular point, but I must repeat that the full cooperation of the "ex" will be required here. OP cannot just unilaterally deed the timeshare to his ex without her full knowledge and consent ("acceptance" is a requirement for any deed to be valid). OP has already stated the (apparently mistaken) prior belief that his was the only name on the deed (some attorney was clearly fast asleep at the wheel in addressing (or failing to address) details of division of assets in the divorce proceedings).

Also, it is not at all as simple as "taking her off the deed". She is currently a equal co-owner. A new deed would have to be prepared in which she willingly "grants" under notarized signature her half-ownership to her ex-husband (...with or without monetary "consideration").