First TS!

[MichaelN904]

Hello, I just recently bought a TS in Orlando through HGVC. Wife was sold on the idea before we even got the pricing ($29k for 4800 pts + 14,400 bonus pts). It was not a good deal in my opinion, and luckily now she's on board with rescinding (working on it now).

It appears that most people suggest buying resale TS here in marketplace. I'm thoroughly confused with the buying process. Once you see an ad you like, contact the seller, then what's the next step?

How do I as a buyer verify the validity and details of the TS?

How do we proceed with closing (title company)?

What are the drawbacks with buying from resale?

Thanks in advance.

 

[CPNY]

Hello, I just recently bought a TS in Orlando through HGVC. Wife was sold on the idea before we even got the pricing ($29k for 4800 pts + 14,400 bonus pts). It was not a good deal in my opinion, and luckily now she's on board with rescinding (working on it now).

It appears that most people suggest buying resale TS here in marketplace. I'm thoroughly confused with the buying process. Once you see an ad you like, contact the seller, then what's the next step?

How do I as a buyer verify the validity and details of the TS?

How do we proceed with closing (title company)?

What are the drawbacks with buying from resale?

Thanks in advance.

First, congrats on rescinding. Make sure everyone who signed the contract is named and signed on the rescission letter. Also, make sure it’s sent USPS Certified mail with return receipt. Get it postmarked ASAP. Follow the instructions. If you’re not sure what to include in the letter or how do send it, ask.

You don’t have to buy from marketplace, there are plenty of brokers and listings to go around. Look into redweek. They charge a membership fee but you can look for redweek verified listings. eBay is also an option. Sometimes it goes well and sometimes the deal falls through. I’ve purchased 3 from eBay this past month. 1 fell through due to miscommunication between the owner and broker. Also check timesharenation website, they usually offer free listings with free closing. Usually the listing agent will handle closing with a title company or if you buy from a private seller you can use LT Transfers. They are inexpensive and reputable.

@Grammarhero another. 29K

 

[OLRi2010]

I bought mine through Redweek, the first one at Orange Lake River Island in 2010. We use that timeshare every year and love it. It of course depends on the type of timeshare (fixed week/points) you are looking for but you can potentially purchase for much less through resale.

I think Redweek has a good, well defined process especially if you use their Full Service option in coordination with an escrow company (First American Title Insurance Co). I have relied on them for multiple purchases and would do so again.

I also purchased one through TUG market place (Quarter House New Orleans). Quarter House has a different in-house process so worked directly with the Seller and the Quarter House staff and their attorney. All went smoothly especially since Quarter House is a smaller, more "personal" timeshare resort.

I am an ongoing member of Redweek and TUG2 and consider both to be excellent resources.

 

[CPNY]

Just sold one through redweek and using LT transfers.

 

[OLRi2010]

I am not familiar with them...do you have contact info or link for LT transfers?

 

[CalGalTraveler]

@MichaelN904 Congrats on finding TUG in time and saving $29k. Now that you have rescinded, read TUG threads and research. Take your time. Picking the right resale resort and season and knowing a good resale price is key.

You also can work with recommended real estate brokers who can walk you through the process. Link below. This will ensure you don't get scammed. I recommend this for newbies with timeshares as other methods require a lot more due diligence and knowledge to offset the risk. However do your research so you end up with the best property for your situation. Good luck!

Need Name Best Broker to Buy and Sell HGVC

I have never owned HGVC but in reading posts your guys have always recommended one or two brokers. I need names for friend... George

tugbbs.com

 

[Grammarhero]

Readylegal@gmail.com

 

[LannyPC]

What are the drawbacks with buying from resale?

Very few. Usually it's something like when you can start booking. A lot of it depends on the timeshare company but whatever perks you lose by buying resale do not add up to the amount you save by buying resale.

Also, since you bought in Orlando, it sounds like that you want to vacation there often. One good option for that is to try renting first to see if timesharing is right for you. In Orlando, there are many rentals readily available where and when you want and often for less than what an owner would pay in MFs. Check out TUG's Last Minute Rentals forum where you see ads for less than $800 per week. You can also advertise there 45 days before you check in that you are seeking a rental. A fellow TUGger with a points package might be able to book something for you.

 

[CPNY]

Hello, I just recently bought a TS in Orlando through HGVC. Wife was sold on the idea before we even got the pricing ($29k for 4800 pts + 14,400 bonus pts). It was not a good deal in my opinion, and luckily now she's on board with rescinding (working on it now).

It appears that most people suggest buying resale TS here in marketplace. I'm thoroughly confused with the buying process. Once you see an ad you like, contact the seller, then what's the next step?

How do I as a buyer verify the validity and details of the TS?

How do we proceed with closing (title company)?

What are the drawbacks with buying from resale?

Thanks in advance.

Make sure HGVC is what you actually want though. I will say, at least you’ve started with a good system. But look into vistana mandatory resorts, Marriott or Wyndham. If you want orlando for DIsney then DVC is the way to go. People always say, “buy where you want to go”. I disagree. Buy into a system that allows points to book other resorts in the network, since you can always utilize the exchange company for other options. HGVC, Vistana (Mandatory resorts within the network), DC Points also referred to as DP (destination points) by Marriott, DVC, Wyndham, etc... with that being say buy into a system that has be locations you would mostly travel to. For me, being that vistana has Bahamas, St John and Mexico, that works for me. These systems all deal with points as do certain resorts that convert to RCI points in which you can book resorts in RCI.

 

[TheTimeTraveler]

I am not familiar with them...do you have contact info or link for LT transfers?

www.LTTransfers.com





.

 

[MichaelN904]

Great thanks for all the quick replies thus far. For us, there's no one place we like to go all the time (aside from Disney for now). But even in Orlando, there's no one resort/hotel we stay at, whichever is cheapest for the value is where we book. I like the point system which allows the flexibility and HGVC has plenty of options in most of the areas where we'd like to visit. Additionally, the RCI conversion is a big plus.

I think I'll be searching for HGVC resales online. So what I've gathered thus far is the resale value is generally .50 to $1 of the annual points being sold, and the FROR has a higher likelihood of being waived towards the end of the FY (fall).

 

[CPNY]

Great thanks for all the quick replies thus far. For us, there's no one place we like to go all the time (aside from Disney for now). But even in Orlando, there's no one resort/hotel we stay at, whichever is cheapest for the value is where we book. I like the point system which allows the flexibility and HGVC has plenty of options in most of the areas where we'd like to visit. Additionally, the RCI conversion is a big plus.

I think I'll be searching for HGVC resales online. So what I've gathered thus far is the resale value is generally .50 to $1 of the annual points being sold, and the FROR has a higher likelihood of being waived towards the end of the FY (fall).

Excellent sounds like you have what you want in mind. Do some research however, I think the HGVC If you own in Orlando can get you into DVC. Generally if you own in Orlando you can use RCI points to book a DVC. This does not apply to Wyndham since they book through a portal. The same may hold true for HGVC. But I’m not sure.

someone posted here earlier they were giving away 5000 HGVC in Marco island (I think) for free. I think someone took it. You may be able to get these points fairly cheap. Some may say to buy smaller point contracts this way they are easier to sell if you want to downsize.

 

[MichaelN904]

@CPNY

How would one give away their TS, wouldn't that be subjected to FROR as well?

 

[CPNY]

@CPNY

How would one give away their TS, wouldn't that be subjected to FROR as well?

I’m not familiar with HGVC, if they have ROFR then yes it is subject to that as well. spend time In the Hilton forums and ask a ton of questions.

 

[SmithOp]

@CPNY

How would one give away their TS, wouldn't that be subjected to FROR as well?

Consider all the different point contracts with HGV, there are high and low seasons, studios up to 4br units, 52 weeks in a year. Even HGV doesn’t want the small low season point packages back. They use them to get buyers ‘in the door’ then sell them bigger point contracts, its a constant churn to upgrade owners at ‘update meetings’. They want the desirable platinum every year point levels back and will exercise ROFR. They will pass on a 1600 point every other year studio unit, people have to pay to give those away.




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[tselios]

Hgvc is not how I would go to Disney.
Used to be 5000 points were worth $5000.00 resale.
Then it was 50 cents on the dollar.
I just saw 2 hgvc 5000 point timeshares for free.
Value at Hilton just keeps getting worse.
Do not recommend.


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