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I think I just bought my first timeshare...

prickler

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Rescinded on a grandview timeshare that I overpaid for a year ago at retail price, but my girlfriend and I have been wanting to try out the timeshare thing ever since. After doing quite a bit or research (mostly from TUG) I finally took the next step and put in an aggressive bid on ebay at a cliffs at peace canyon annual 2 bedroom in las vegas and won.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=260671497057&category=15897&sspagename=rvireg:1:1

I think I got a pretty good deal for my first timeshare and look forward to learning from the communal knowledge here on TUG while I get my feet wet.

I'll try not to get too excited until the transfer is finalized and the deed actually shows up in my name.

Any opinions or advice would be greatly appreciated.
 

MichaelColey

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Welcome! Looks like you got a good deal to me. Far better than from a developer. It's already converted to points, has a good number of points available, your cost per point is under a penny, and it sets up a good base for adding a PFDable resort in the future if you need more points or the flexibility of possibly using weeks.
 

fishingguy

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Congrats on the new TS. We are in the last stages of closing on our first property and can share a few things:

1. You'll want to carefully review all the documentation that is sent to you in the closing process, to ensure that everything that was in the eBay listing gets included. This includes the purchase contract with the seller, vesting documents, your contract with the closing company, Estoppel letter, any closure agreements between you and the seller for the closing company, draft warranty deed, etc. Don't be afraid to email or phone the seller or closing company when you identify a problem or have a question.

2. Many closing companies used in eBay sales are doing a high volume of closings at any specific time. Because of that, people are extremely busy and are juggling many things at once. This makes them prone to making mistakes; typographical errors, sending the wrong info, missing things, incorrectly spelled names, and so on. In addition, you might even have a difficult time getting a hold of them on the phone or in answering your email -- just remain vigilant and stay on top of them. (Any mistakes made along the way, can lead to additional delays and corrections that need to be made later.) Don't let them proceed to the next step until you are totally happy and always ensure any ommissions/mistakes get corrected before you sign anything. [Wading through all the "To Wits", "Witnessths", etc. is not my idea of a fun time, but it is necessary!]

3. Ensure you keep copies of emails, faxes, notarized documents, receipts, etc. in a folder. You'll need them for reference when reviewing things throughout the process.

4. While you are waiting for the next step to occur, search the TugBBS archives for more info. It's a good way to learn and helps you get ready for what's coming next.
- - - - - -
One of the 1st things you'll want to consider, is what to do with the 76,500 points that expire in March 2011. You have the option of extending them with RCI for an additional year (and a fee), or using them; but won't have a lot of time to decide.
 

Tommart

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Smarter than I was. I bought my first from the Developer

You handled this perfectly.

You took your time, and did the research.

You found something that works for you.

The maintenance fee appears reasonable.

You resisted the temptation to buy an undesirable T/S for $1.

Good work.

Tom
 

rickandcindy23

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You got a great deal. Congratulations, and welcome to TUG.

You have a lot of vacations to take by March! :rofl:
 

timeos2

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Good work

Rescinded on a grandview timeshare that I overpaid for a year ago at retail price, but my girlfriend and I have been wanting to try out the timeshare thing ever since. After doing quite a bit or research (mostly from TUG) I finally took the next step and put in an aggressive bid on ebay at a cliffs at peace canyon annual 2 bedroom in las vegas and won.

Any opinions or advice would be greatly appreciated.
You should be a poster case for how to correctly become an informed timeshare buyer/owner. You wisely rescinded from the potential purchase of a not bad timeshare presented at the whirlwind pace of the carefully scripted on site sales pitch that ends with you knowing all the wonderful possibilities of timeshares but little of the downsides or how to get the best value out. And of course at a cost that is many times higher than the ownership could be obtained for with a better chance to actually shop around for a deal.

By stepping back, using your rights to rescind and then studying the actual market at your pace you have uncovered how to best obtain the use (resale) and how / when / where it is best to base your little part of it that you will be comfortable with.

Great job. Enjoy your new points and vacations and join in the fun here too.
 

prickler

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Thanks for all the responses!!

I was really turned off by the whole timeshare idea after I realized all the lies and sales tactics I fell for at the grandview presentation upon further research. I didn't know any better at the time and boy was I gullible. It was that same ongoing research that made me realize that I could make time sharing work for my family. (Thanks to you guys)

I sure hope that the deed transfers quickly being that 76,000 points are set to expire in march. Any idea how long the process typically takes for a resale transfer?

Anybody have advice on what I should do with those points on such short notice? I live in Northern California and hope to find somewhere within driving distance to stay at before the points go to waste. Will there be anything worthwhile by the time I get my RCI account set up?

The girlfriend is already getting big eyes even though we said we weren't going to vacation again until next summer. :eek:
 

MichaelColey

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It typically takes a couple months for most resale closings, but it can be somewhat less or considerably longer. The deed has to be prepared and submitted. Once it's filed and the certified copy is sent back, they start the transfer process with the resort. Some counties take longer than others, some resorts take longer than others, and some closing companies take longer than others. A good closing company will set proper expectations and keep you updated at each step along the way.
 

Jennie

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Thanks for all the responses!!

I was really turned off by the whole timeshare idea after I realized all the lies and sales tactics I fell for at the grandview presentation upon further research. I didn't know any better at the time and boy was I gullible. It was that same ongoing research that made me realize that I could make time sharing work for my family. (Thanks to you guys)

I sure hope that the deed transfers quickly being that 76,000 points are set to expire in march. Any idea how long the process typically takes for a resale transfer?

Anybody have advice on what I should do with those points on such short notice? I live in Northern California and hope to find somewhere within driving distance to stay at before the points go to waste. Will there be anything worthwhile by the time I get my RCI account set up?

The girlfriend is already getting big eyes even though we said we weren't going to vacation again until next summer. :eek:
You could ask the seller if he has any points he is willing to let you use until your deal is finalized, at which point you could transfer the same number of points back to his RCI Points account. There's no harm in asking. Many of the large sellers have points attached to weeks they acquired and have not yet been able to sell. They would rather let you use them as a good will gesture than let them go ot waste.

This would work only if you have a friend or contact who has an RCI Points account and would be willing to share with you his/her username and password so you can enter his account at the RCI website and search for desirable weeks . If you saw something you'd like to reserve, you could put it on hold and then ask the seller to transfer the required amount of points into your friends account in order for to obtain the week. Trouble is that in order to place a unit on hold and/or finalize it, the person allowing you access to their RCI Points account would also have to be willing to give you his credit card info to pay the exchange fee. A guest certificate in your name would also have to be obtained but you could wait until closer to the check-in date to purchase it, when you are sure you are going.

There's no charge from RCI for having Points from seller moved into or out of your account, when you get one, or in or out of the account of the friend allowing you access to their account to conduct searches.
 
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prickler

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That would be great but unfortunetly I don't know anybody who has an rci account as this is all new territory to me.

I've considered trying to sell the points at a discounted rate, but I'm not sure anybody would be overly interested in points that expire on such short notice.

Besides my girlfriend is really excited about using the points to go somewhere. She is very much a travel addict and one of the reasons we purchased the timeshare. It might be tough to convince her.

I would just hate to see the points go to waste, and not having access to rci yet isn't helping!
 

letsgobobby

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what do 76,500 RCI points get one?
 

chriskre

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Enchanted Isle resort.
Smarter than I was. I bought my first from the Developer

Tom
Don't be so hard on yourself Tom, most of us did this the first time around especially since the internet wasn't really that popular when I bought mine.:crash:
 
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