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Horizons Orlando - Still in rescind period; what should I do? (Merged threads)

MouseFan71

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We recently purchased a biennial 2bdrm lockoff at Horizons Orlando directly through Marriott. We purchased the Platinum level with what we thought was a floating week. We were told my our Sales Rep that a unit number and week were system generated for deeding purposes only. Is this true? We were given week 29 and I'm concerned that although it was supposedly for deeding purposes only - it will have a negative affect on trading power. We are still within our 10 cancellation window and I want to make sure we didn't get ripped off before it's too late. Thanks.
 

Dave M

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Yes, that week 29 is for deed purposes only. It has no meaning for exchange or reservation or value purposes. You can reserve any week (as long as the week you want is still available when you call to reserve) within weeks 1-17, 22-34 or 51. Best when reserving a week for deposit is to choose the week you believe other families will most want.

The only thing that matters for trading power is the power that II assigns to your week. That trading power is based on what week of the year you reserve and deposit and how early you deposit it. II doesn't care at all what week you own, because only the week you deposit has any bearing on the vacation experience that II will be able to provide to the person that exchanges into your deposited week.

You should still give consideration to other possibilities during your 10-day cancellation period. Is this really the perfect timeshare for you? Even if it is, should you forego Marriott's purchase incentives and the right to trade your use for Marriott Rewards points and buy a resale week for $$$ thousands less? The answer isn't always obvious and it isn't the same for everyone.

Many of us here have bought directly from Marriott and couldn't be happier. Others believe buying from a developer is almost always a much too expensive way to purchase.

Study and ask questions quickly....

For studying, start by reading as much info as you can in the Marriott FAQs, located at the top of the list of topics for this Marriott forum.
 

MouseFan71

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Buy from Marriott or resale

We just purchased a biennial 2bdrm lockoff at Marriott Horizons in Orlando - Platinum, we are still in our rescinding window and I'm thinking we should have purchased resale. I am 37, DH 35, DD6, DD4 and DS3, I've been reading that resale might have been a good choice given our family size. We paid $11,700 and received a 5 night free certificate - it sounded reasonable at the time but I see resales available for annual use for even less. Opinions please? Where is a good place to look for resales at this resort?
 

ginsun88

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Rescind

There's a 2BR EY platinum listing in TUG's classifed ads for 8K. You can also check Redweek.com, eBay, etc.

GL
Grace
 

tlwmkw

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On this board most people will probably recommend resale. You will save a lot of money by doing this. You won't be able to trade for Marriott reward points but many people feel that that is no great loss since they have been devalued over the years. To buy resale you can try some of the sites listed here (ie Redweek, TUG itself- the classifieds, or even ebay) or try a good broker if you are nervous of handling the transaction yourself. If you decide to do this you must act quickly to rescind.

I noted your screen name is MouseFan so I presume you love Disney. You should know that if you buy a Timeshare in Orlando you will not be able to trade into Disney Vacation Club. The timeshare sales guys often don't mention this but Disney will not allow any Orlando timeshares to trade for DVC. If you have a timeshare from anywhere else that trades well then you may be able to get DVC with some advance planning.

I bought from developer before finding resale and TUG but we've still enjoyed our vacations and chalked it up to experience. You are smart to research this now- you may save yourself a lot of money.
 

ginsun88

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This is news to me. :confused: Is this an II/DVC policy that we can read somewhere? Such an important consideration for those wanting to trade into DVC.

Thanks for sharing...
Grace
 
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coupon_casey

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Resind

We are buying a Waiohai Every year for the same price we would have bought an EOY direct from marriott
 

m61376

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We just purchased a biennial 2bdrm lockoff at Marriott Horizons in Orlando - Platinum, we are still in our rescinding window and I'm thinking we should have purchased resale. I am 37, DH 35, DD6, DD4 and DS3, I've been reading that resale might have been a good choice given our family size. We paid $11,700 and received a 5 night free certificate - it sounded reasonable at the time but I see resales available for annual use for even less. Opinions please? Where is a good place to look for resales at this resort?
I would definitely recommend rescinding now and looking at the resale market. While I personally do not think paying developer's prices except at initial pre-construction offerings and when they are offering large purchase incentives is worthwhile, regardless of whether or not you ultimately decide this is the right decision for you and your family the very fact that you are asking the question means you should rescind immediately.

Rescinding is time-limited and you can always make the same purchase next week or next month. Take the time to be sure you are buying the right thing and the right way; ask as many questions as you need to before buying.

Good luck and welcome to TUG:wave:
 

MouseFan71

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Yes, I am a Disney nut and I was made aware of the regional restrictions before we purchased. That's the reason for our biennial purchase - 1 year at Horizons, 1 year at Disney. We considered buying Horizons Branson so we could exchange into DVC but we really love Horizons Orlando and wanted it to be our home resort. I'm okay with limiting my Disney trips, my family is sick of going every year and they really enjoyed SeaWorld and some of the other things Orlando has to offer. I did find a resale for the same exact thing we purchased, it was $6500.00 less. I'm a little concerned about canceling with Marriott and then losing the resale due to ROFR. Does anyone know how often Marriott exercises this option? They are in the process of building new villas at Horizons so I thought they may not want to deal with resales because they have so many new units to sell.
 

tlwmkw

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MouseFan

They may exercise ROFR but you never know. If you offer 60% of Marriott price then you should be safe- you can try a lower offer if you want and then see what happens. There is a Marriott ROFR site that has many recent purchases and what price they did or didn't pass for. Dave M can probably post the link (I don't know how to do that).

tlwmkw
 

TheTimeTraveler

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Rescind While You Can!

If you have the chance to rescind and you're actually thinking about it then you should do so immediately. How soon should you do this? IMMEDIATELY!

If, after you do rescind, you wish you hadn't, then you can go back and buy it all over again.

IF IN DOUBT TOSS IT OUT!

My personal opinion? Buy resale! More bang for your buck!

Best of luck.
 

dioxide45

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The best advice is to recind. You can always recind now and then do your research and still buy from Marriott later and get the same "deals". You only have 10 days to recind, you should take more time than that to research a purchase of this magnatude. Once the 10 days are up, you can't change your mind.
 

MouseFan71

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Wow, I knew this board would be a great asset, you guys rock. Thanks for all the info and that ROFR spreadsheet is a great tool. Hubby and I are going to sleep on it tonight but I'm fairly certain we will be rescinding with Marriott and looking for a comparable resale.
 

Beverley

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Recind with a fax receipt for proof within the 10 day period. This may not be a consideration, but in case it is, the resales I have bought were cash purchases. If financing was important, check it out first.

Beverley
 

luv2vacation

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I bought my first Marriott week, preconstruction, through Marriott, so it wasn't too bad of a deal. Went to recently purchase another week. After pricing with Marriott, I priced resales. I made an offer, which just passed ROFR. Guess what? I am paying $19,500 less than what Marriott is charging for the same week, just under half. So don't be afraid to put in an offer that makes you happy. Marriott is very hit-or-miss with ROFR. Like you suggested, a lot of it depends on how many units they already have laying around waiting to be sold.

So rescind now, shop around, and if, after all of your research, you still want to purchase from Marriott, their offers will still be there. In fact, even shop around with different Marriott sales centers, or call corporate sales, sometimes you get better incentives that way.
 
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MouseFan71

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The letter is in the mail. After a lot of discussion last night we decided to rescind and try our luck on the the resale market. I just couldn't imagine laying poolside at Horizons and finding out the person laying next to me paid $6000 less for the same vacation. Thanks to all of you for knowledge and insight, you really helped us make a decision we feel very good about. I'm so thankful I found you before it was too late.
 

sernow

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...helped us make a decision we feel very good about.

And that is the most important thing, regardless of whether you ultimately purchase from a developer or go the resale route.
 

timeos2

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See. It doesn't prop it up if you aren't scared to try a market bid

I bought my first Marriott week, preconstruction, through Marriott, so it wasn't too bad of a deal. Went to recently purchase another week. After pricing with Marriott, I priced resales. I made an offer, which just passed ROFR. Guess what? I am paying $19,500 less than what Marriott is charging for the same week, just under half. So don't be afraid to put in an offer that makes you happy. Marriott is very hit-or-miss with ROFR. Like you suggested, a lot of it depends on how many units they already have laying around waiting to be sold.

So rescind now, shop around, and if, after all of your research, you still want to purchase from Marriott, their offers will still be there. In fact, even shop around with different Marriott sales centers, or call corporate sales, sometimes you get better incentives that way.
GREAT work. That is a wonderful savings and obviously you weren't afraid to make a market offer not the falsely inflated, manipulated bid some think necessary. And now you have what you wanted at a realistic price. Congratulations. Those who would play the silly game by bidding higher read and learn.
 
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