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Just put in rescind notice, now we need advice!

Azdro716

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First off, thank you all so much! I bought a 2BR 5K gold week from HGVC last Thursday. I came across this site, because I wanted to see how easy it was to convert to RCI points. Seeing all the rescind advice, we had the letter in certified mail monday am! A few questions.

1)We liked the HGVC point system and not having it be locked in to certain weeks. We have famliy that have long held a Marriott property. Do they offer a similar option? If not, we will stick to the easy of use of the HGVC.
2) Most importantly, what are reputable and recommended sites for HGVC resales? Not doing this in front of someone will take some trust. I signed up for this site's marketplace, in addition to redweek. Am I missing any?
3) I think I saw a ROFR.net site on here. Is there a pt/$ threshold hilton will typically exercise ROFR?
4) Given this is a long haul purchase i think well save most money starting off with lowest maintenance fees. Is it true Las Vegas typically has the lowest fees?
5) Once a seller approves a bid, how long does the process take?


Anything I am missing? I really want ease of use, low fees, 2 bedroom resale probably from HGVC. Im thinking it will take around 5K, to both get an offer approved and through the ROFR. Should I aim lower? I dont want to rush again(I am still so mad we bought initially direct). I really dont want to use Ebay, or craigslist. Any recommended trusted sites would be great.


Again thank you all so much, I dont want to jinx it, but we followed the instructions and should be fully out soon. You all probably saved me upwards of 20K!
 

jwalk03

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Marriott's similar option is the Destination Points program. Spend some time researching before making a decision on either and learn the pros and cons of each system. Might also be a good idea to rent from existing owners at a few resorts that interest you to see which you like better prior to making a re-sale purchase.
 

HudsHut

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Welcome to TUG! Congratulations on finding us in time to rescind.

Before making another purchase, I agree with above. You're not yet ready to select the system you want, so do some more research. Can you name the areas in which each system has resorts? Where do you want to vacation? Which system matches your travel destinations more closely?

This in one reputable broker:
http://www.sellingtimeshares.net/seth-nock-licensed-broker-selling-timeshares-inc/
 
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Azdro716

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Marriott's similar option is the Destination Points program. Spend some time researching before making a decision on either and learn the pros and cons of each system. Might also be a good idea to rent from existing owners at a few resorts that interest you to see which you like better prior to making a re-sale purchase.
We have stayed at 3 Marriott properties and the Parc Solei Hilton. They seemed to be very similar in quality. For me it would come down to price, maintenance fees, and ease of use. I do like marriott does seem to have a larger footprint, especially in the Caribbean. We really will vacation everywhere, Phoenix, Orlando, Caribbean, Europe, Hilton Head. Is there a site, or forum that compares the two companies, specifically how treated as a resale purchaser.

Adam
 

vacationtime1

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Marriott's similar option is the Destination Points program. Spend some time researching before making a decision on either and learn the pros and cons of each system. Might also be a good idea to rent from existing owners at a few resorts that interest you to see which you like better prior to making a re-sale purchase.
This is excellent advice. OP has already done The Most Important Thing (rescind) correctly; the next step is to research extensively before buying. Prices are not going up, so you have as much time as you need.

imho, renting before buying is the way to go. That way you can learn what you like and what you don't like without committing your money. You will get tons of sage advice here, but it is worthless if it doesn't get you to the right TS for your family.

Details (part of research): buy the highest season wherever you buy. MF's are based on unit size (at least for HGVC, Marriott, and Vistana), so for a bit more upfront cost, you will get more points to use for the same MF's forever. For HGVC, this would be 7000 points vs. 5000 points. And yes, Las Vegas has the lowest MF's in the HGVC system, although there is much to be said in favor of buying where you want to vacation.
 
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Azdro716

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This is excellent advice. OP has already done The Most Important Thing (rescind) correctly; the next step is to research extensively before buying. Prices are not going up, so you have as much time as you need.

imho, renting before buying is the way to go. That way you can learn what you like and what you don't like without committing your money. You will get tons of sage advice here, but it is worthless if it doesn't get you to the right TS for your family.

Details (part of research): buy the highest season wherever you buy. MF's are based on unit size (at least for HGVC, Marriott, and Vistana), so for a bit more upfront cost, you will get more points to use for the same MF's forever. For HGVC, this would be 7000 points vs. 5000 points. And use, Las Vegas has the lowest MF's in the HGVC system, although there is much to be said in favor of buying where you want to vacation.
What is a target price for a 7K property? Is $5,000 about what it will take? Should I wait for an even lower deal? I often see people discussing bargain basement deals, but are those at properties outside of a Marriott or a HGVC?
 

TUGBrian

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congrats on finding us in time to rescind and save a fortune!
 

PigsDad

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What is a target price for a 7K property? Is $5,000 about what it will take? Should I wait for an even lower deal? I often see people discussing bargain basement deals, but are those at properties outside of a Marriott or a HGVC?
Target for 7000 point 2BR Platinum season would be $6-7K I would say. Another broker that comes highly recommended for HGVC sales is Judi Kozlowski (http://judikoz.com).

Personally, I have bought from both Seth Nock (recommended above) and Judi, and both are very easy to work with. From start to finish, my purchases have taken around 6-8 weeks.

Kurt
 

Azdro716

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Target for 7000 point 2BR Platinum season would be $6-7K I would say. Another broker that comes highly recommended for HGVC sales is Judi Kozlowski (http://judikoz.com).

Personally, I have bought from both Seth Nock (recommended above) and Judi, and both are very easy to work with. From start to finish, my purchases have taken around 6-8 weeks.

Kurt
Thank you. So glad to have this resource.
 

Azdro716

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congrats on finding us in time to rescind and save a fortune!
Throughout the site I see people mentioning they got amazing deals, some even free. I can only assume these are smaller places/companies? Are these types of deals ever found at marriot or HGVC? Assuming they would get snatched up in the ROFR? Are there HGVC that do not have ROFR? And if so, do they trade and treated similarly to the other locales?
 

TUGBrian

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not at all, you can find resales at prices you wouldnt even believe in nearly all timeshare systems.

while its true that the nicer ones do tend to hold a bit more residual value than others (DVC is a great example of the exception to the rule here)...compared to what you were about to pay buying new from the developer...the savings in buying resale will astonish you.

as in with all Timeshare questions, the answer is "it depends"

can you pick up an HGVC or Marriott ownership for free? absolutely!

would that free timeshare be right for your needs given what you were expecting when you bought retail? perhaps...perhaps not...it all depends!

its certainly not going to compare to the ones suggested above, as there is a reason they still have residual resale value and the $1 ones dont (at least for marriott/hgvc/etc)

when comparing a system like wyndham for instance...there is very little tangible/value difference between a $500 resale, and a $25,000 retail purchase.
 

Azdro716

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not at all, you can find resales at prices you wouldnt even believe in nearly all timeshare systems.

while its true that the nicer ones do tend to hold a bit more residual value than others (DVC is a great example of the exception to the rule here)...compared to what you were about to pay buying new from the developer...the savings in buying resale will astonish you.

as in with all Timeshare questions, the answer is "it depends"

can you pick up an HGVC or Marriott ownership for free? absolutely!

would that free timeshare be right for your needs given what you were expecting when you bought retail? perhaps...perhaps not...it all depends!

its certainly not going to compare to the ones suggested above, as there is a reason they still have residual resale value and the $1 ones dont (at least for marriott/hgvc/etc)

when comparing a system like wyndham for instance...there is very little tangible/value difference between a $500 resale, and a $25,000 retail purchase.
How can i get a marriott or HGVC for free? Again, isnt ROFR an issue? Is that feasible, or is it only possible if its one of the destinations without ROFR?
 

TUGBrian

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PigsDad

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How can i get a marriott or HGVC for free? Again, isnt ROFR an issue? Is that feasible, or is it only possible if its one of the destinations without ROFR?
Just speaking for HGVC, the free or close to free deeds are most likely low-point, high maintenance fee deeds.

Since the MF for HGVC deeds are set by unit size, a Silver or Bronze week will cost you the same in MF as a Platinum week. So in the case of a standard 2BR, the Platinum week would give you 7000 points, where a Silver is only 3500, and a Bronze is 2500. So an owner of a Bronze 2BR would be paying almost 3X the MF per point each and ever year, vs. the Platinum owner. That make those weeks a very poor value, and when you can rent a week for less than the MF, the value of that week is usually $0.

Fortunately, most HGVC deeds do have value.

Kurt
 

GT75

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Just speaking for HGVC, the free or close to free deeds are most likely low-point, high maintenance fee deeds.
I would give you the same advice as @PigsDad. You must always consider the total cost of the TS (initial buy-in plus yearly MFs). Since normally MFs are due January 1 for most HGVC, it is also a good time to purchase (sellers want to unload prior to the next MF bill). We also (Marriott too) are collecting the MFs per resort which you can find here (https://www.tugbbs.com/forums/index.php?threads/hilton-grand-vacations-club-2018-maintenance-fee-list.263776/)
 
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