Just purchased HGVC timeshare, have questions!

[Pcbd26]

Hello everyone, first off thank you in advance on any input you can give me. Here is my situation.

Yesterday I purchase a timeshare for the Anderson Ocean club in Myrtle Beach SC. I purchased a 1 bedroom during silver season EVEN years for a total of $8940 I receive 2400 points every EVEN year. I, like most of who attend these presentations go in uneducated with no intentions of buying. After reviewing everything offered and how it works, my wife and I decided to purchase. I tried to research as much as I could online on the value and how much these were going for resale. I noticed they were being listed for much cheaper than what I was getting for and asked our rep why. He stated that since HGVC has first right of refusal that those would never sell that low and HGVC would end up rebuying them. He also went on to say that if I purchased outside of HGVC that I wouldnt be able to take advantage of the point system and using all locations available through HGVC to visit, which was the main reason I was interested in purchasing to begin with. After reading through some posts on here it seems that you are able to use the points systems with resales. My questions are:

1. Is it true that you are set up with HGVC network of properties with buying resales?
2. Did I overpay for this property and is it likely I could buy on the resale market for a lower price and end up getting the same thing or better?

I am within my 7 day window of recission therefore can still get out of this if I need to.

I aplogize for the long post, but thank you again for any input.

- Evan

 

[SmithOp]

Rescind ASAP.

No restrictions on using resale points at any HGVC resort - Salesman was lying.
HGVC does not buy back all those cheap resale weeks - Salesman was lying.
Buy something better, with more points resale. 2400 points every other year will not get you much, a studio in the off-off season.

 

[PigsDad]

Please rescind ASAP. It is a terrible deal.

I noticed they were being listed for much cheaper than what I was getting for and asked our rep why. He stated that since HGVC has first right of refusal that those would never sell that low and HGVC would end up rebuying them.

Partial lie. HGVC does have ROFR, but sales go through for a much lower price than the salesperson stated.

He also went on to say that if I purchased outside of HGVC that I wouldnt be able to take advantage of the point system and using all locations available through HGVC to visit

Flat-out bald-faced lie. Resale owners (of which most of us are on this board) have full access to the point system and all of the HGVC resorts!

1. Is it true that you are set up with HGVC network of properties with buying resales?

See answer above.

2. Did I overpay for this property and is it likely I could buy on the resale market for a lower price and end up getting the same thing or better?

That price for only 2400 points every other year is a total rip-off. You wouldn't be able to do much with only 2400 points in the first place, so if you really wanted to buy into HGVC, I would recommend at least 4800 every year points (which could be purchased for less than half of what you are paying for your 2400 EOY week).

Good luck!
Kurt

 

[csxjohn]

As you can see, the above posters own HGVC and know what they are talking about.

RESCIND NOW!!!!!

 

[presley]

I would rescind just based on 2400 points every other year. That gets you half a week in most cases every other year. You would be better off paying cash for your stays and not owning in that case.

You can buy resale and have absolutely everything that you get when paying retail. The only difference is that if you buy 14,000 annual points, you have elite status if you bought all of the retail. The elite status is not worth buying all those point retail or paying the annual dues to keep those points. I have elite status, but am downgrading my account and will lose it. It won't be missed at all.

If you decide to buy resale from a broker such as JudiKoz or SethNock, they will know where the cut off is for ROFR since they sell these contracts on a regular basis. It's possible that for what you just paid, you could have 5800 annual points or even 7000 annual points.

 

[Pcbd26]

Thank you everyone for responding so quickly! I am typing cancellation letter now. You all just saved me alot of money, truly thankful for your response!



- Evan

 

[weavershome]

My wife and I purchased and rescinded. They offered 3400 eoy for about 10k with the "tempting" bonus points that of course expire and do not justify the purchase price. We were so relieved when we were able to rescind and walk away. We are about to close on 5000 annual gold float for about 1/3 of that and hilton just sent the rofr waiver. I asked many questions to Judikoz and her team about resale to be clear on what the pros and cons are.

My understanding is there are only two basic "cons" to buying resale that are very minor:
1. You can't become an elite member (not worth paying the direct price for)
2. You can't upgrade your package with more points. Meaning you have to buy a seperate timeshare to add points. You would then have two maintenance fees, etc. which is not ideal.
That being said, if you find you want more points....you could always sell the one you buy and buy a different resale with more points.

My suggestion is to continue to ask questions on this board. This site has plenty to offer in terms of myth vs reality. JudiKoz helped with this as well.

One more side note from my perspective. I felt more comfortable buying a deed that is an HGVC owned and developed property as opposed to affiliates. You can see the list on the HGVC sticky. I read that if a facility was sold off that it could potentially lose it's Club membership. There is a line about it in the member guide. Club is the main thing I wanted and I just felt it was less likely for the owned facilities to be sold. I don't think it is likely on the affiliates either but I wanted to play it as safe as possible.

Congrats on catching it and rescinding! You can now either save a bunch of money or purchase a heck of allot more points. The program has a ton of value but why pay more when you don't have to.

 

[Ron98GT]

Thank you everyone for responding so quickly! I am typing cancellation letter now. You all just saved me alot of money, truly thankful for your response!

- Evan

Follow the cancellation instructions to the letter and mail the cancellation letter Certified Mail Return-Receipt-Requested.

Buy Resale

Here is what a Resale 2200 Point HGVC Anderson Ocean Club TS is worth on eBay:

http://www.ebay.com/itm/2200-Hilton...90837294728?pt=Timeshares&hash=item5affb7d688

$10 :hysterical:

And I can't believe that Maintenance Fee's (MF's) are $640 for only 2200 points = 29 cents/point. :rofl:

That's why it's good to get a 7,000 point TS, your price/point, or MF/point, ratio is a heck of a lot better.

Check out Las Vegas. 7K points sell for around $1+/point = $7,000+ and MF's for an annual are around $1000/year (1/2 for an EOY) = 14 cents/point

http://www.ebay.com/itm/Hilton-Gran...91209848258?pt=Timeshares&hash=item43cd75a5c2

http://www.ebay.com/sch/i.html?_fro...gvc+las+vegas+7000+points&LH_Complete=1&rt=nc

 

[Trudyt623]

I can see how the op was taken in by the Anderson. I have stayed there and loved it! But, as we all know, resale is best.

 

[clotheshorse]

Thank you everyone for responding so quickly! I am typing cancellation letter now. You all just saved me alot of money, truly thankful for your response!



- Evan

Yes, try Seth N. I recently purchased from him, almost double the points you said you purchased for 1/8 of what you paid. Buy Resale!

 

[Ron98GT]

Yes, try Seth N. I recently purchased from him, almost double the points you said you purchased for 1/8 of what you paid. Buy Resale!

4800 HGVC Points, for $1,000, from a broker I don't think so. That's less than 25 cents/point, which are eBay prices, not broker/agent prices.

 

[Jason245]

Hello everyone, first off thank you in advance on any input you can give me. Here is my situation.

Yesterday I purchase a timeshare for the Anderson Ocean club in Myrtle Beach SC. I purchased a 1 bedroom during silver season EVEN years for a total of $8940 I receive 2400 points every EVEN year. I, like most of who attend these presentations go in uneducated with no intentions of buying. After reviewing everything offered and how it works, my wife and I decided to purchase. I tried to research as much as I could online on the value and how much these were going for resale. I noticed they were being listed for much cheaper than what I was getting for and asked our rep why. He stated that since HGVC has first right of refusal that those would never sell that low and HGVC would end up rebuying them. He also went on to say that if I purchased outside of HGVC that I wouldnt be able to take advantage of the point system and using all locations available through HGVC to visit, which was the main reason I was interested in purchasing to begin with. After reading through some posts on here it seems that you are able to use the points systems with resales. My questions are:

1. Is it true that you are set up with HGVC network of properties with buying resales?
2. Did I overpay for this property and is it likely I could buy on the resale market for a lower price and end up getting the same thing or better?

I am within my 7 day window of recission therefore can still get out of this if I need to.

I aplogize for the long post, but thank you again for any input.

- Evan

I just got a 4800 point EOY at the bay club (closing in process). I will gladly sell it to you for $4470 once my closing is over (Half of what you paid for half the points). I will even pay for the closing.

That being said, I won it off EBAY and my cost was $.01 with closing included. They don't seem to have/excercise ROFR and it is an affiliate resort.

I recommend you do some additional research on HGVC and buying opportunities on the resale market. After months of research and reading everything I could on this forum, that is what I decided.

 

[clotheshorse]

4800 HGVC Points, for $1,000, from a broker I don't think so. That's less than 25 cents/point, which are eBay prices, not broker/agent prices.

Yep, it was an every other year to supplement my current annual contract.

 

[Mob514]

I have 8400 HGVC points yearly if you are interested

Hello.
I am thinking of selling my HGVC points. I have a 3 bedroom at the Sunset Cove in Marco Island week 32. My parents bought it in February of 2006 and when they converted to Holiday Inn, or Summer Bay (i'm not sure what they converted to) my parents were Grandfathered in, so they are still part of the HGVC.

They have given us the timeshare, as they aren't traveling much anymore. We have used it several times at the gorgeous HGVClubs in Orlando. We are now looking to travel to the Caribbean and skiing in the northeast and there aren't any HGVClubs in these locations. Yes, we have full exchange with RCI, but lets face it, we all know its hard to get what you want with RCI.

They paid over 40K for the timeshare, and we know we are not going to get that much but we are considering all offers. We are not desperate to sell becuase we have a large family and someone can use it every year, but we will consider any reasonable offer. maintenance is about 1400 a year

 

[alwysonvac]

I have 8400 HGVC points yearly if you are interested

HGVC membership doesn't transfer to new owners of Sunset Cove.
See this thread for details - http://www.tugbbs.com/forums/showthread.php?t=205142

 

[alwysonvac]

With exchanging, the early bird gets the worm

They have given us the timeshare, as they aren't traveling much anymore. We have used it several times at the gorgeous HGVClubs in Orlando. We are now looking to travel to the Caribbean and skiing in the northeast and there aren't any HGVClubs in these locations. Yes, we have full exchange with RCI, but lets face it, we all know its hard to get what you want with RCI.

With RCI you need to plan ahead and have flexibility.

If it's a RCI Points resort, you need to start checking online at the 10 month mark. I've noticed high demands/peak weeks popping up at RCI Points resort at the 10 month mark. If it's a RCI Weeks resort, you need to submit an ongoing request. Some resorts can deposit up to two years in advance.

If you become a TUG member (for only $15) you can get access to the TUG Sightings forum and TUG Reviews Database.
For example: http://tugbbs.com/forums/showthread.php?t=199733

With exchange requests, it's best to be as flexible as possible on your requested unit size (there is more competition for larger unit sizes) and travel dates (like any time in 2015) and even then you may not snag a week at your requested resort. There will be lots of exchange competition at destinations were most folks want to visit (beach areas in the summer, major city, ski resorts during ski season, national park areas, etc).

The number of deposits by each resort varies. You will have no idea how many weeks are actually deposited in RCI (it could be a 1, 10, 30, 60 or 100), what time of year they make deposits, which weeks do they deposit (Winter, Spring, Fall or Summer week) and where you are in the exchange queue (there could be several folks already ahead of you requesting the same location with equal trading power).
NOTE: Some of us try to determine availability based on past sightings posted on the TUG Sighting forum.

Good Luck