mac5u
TUG Member
On June 13, my wife and I visited Spinnaker Resorts in Hilton Head Island. As far as sales presentation go, it was pretty laid-back. We were presented with an offer we both thought was a decent deal compared to other sales presentations we had seen.
Getting a good deal from a developer probably does not happen. Still, our offer was affordable, less than I had expected to pay, and at a newer resort. The maintenance fees were reasonable. The loan terms were surprisingly reasonable: 12%. Now, I have credit cards that charge higher but those I pay off every month if i use them. But still, I was half-expecting 17-19% when they showed me the installment contract.
I knew about re-sales prior to the trip. I even looked at TUG from time to time but the problem we found was that either the units for sale were at resorts which were rated in the mid 8s or below at HHI, or for the better properties, the asking prices were really high.
We arrived home and I started thinking about it some more. I decided that if we were diligent and patient, we could probably find a property in our price range at a resort of our liking at HHI. In South Carolina, the Rescission period is 5 days following the sale.
I followed the instructions on the purchase contract and mailed the letter along with the page of the contract outlining the rescission details. For the letter, I used the sample format found elsewhere here at TUG and modified it slightly with some language found at Nolo.com. I sent it Certified with Return Receipt on the 4th day after contract signing.
After I received the signed Receipt for the letter, I also called the Verification Officer who handled our contract paperwork and left her a voicemail. I sent her an email too.
On June 29th, I called my credit card company to dispute the charge. It turns out they don’t need the notification to be in writing but I was given an email address to scan and email any supporting documentation I thought would be helpful. I also called my bank and asked about the procedures for placing a stop on an ACH.
A couple of hours later, I was called by someone in the sales department. It was probably a coincidence as I do not think my disputation notice to the credit card company would have made its way that quickly to Spinnaker.
He said he had our letter asking for the contract to be cancelled. We spoke for a few minutes. I was very complimentary of our sales agent – really, he was an O.K. guy. I was asked why we wanted to cancel. I simply said we had changed our minds. He said, OK, the contract is cancelled. I asked if we would get something in writing. He said no; just that everything would be refunded, the whole thing unwound as if it had never happened. This included the ACH authorization for the monthly loan payment.
That went a lot better than I expected.
Before hanging up, he asked me how many bedrooms the unit had that I had purchased. I told him we had been shown both a 2 and a 3 BR unit and had purchased the 2 BR with use every third year. He asked me if he offered me a three BR, if that would change things. I told him no, to just cancel.
I mention this last part because at this point, I wondered, after hanging up, just how good of a deal I might have been able to get. I know, I know, I am negotiating with a trained negotiator. It is better to do as I did and just conclude the call. No remorse.
Getting a good deal from a developer probably does not happen. Still, our offer was affordable, less than I had expected to pay, and at a newer resort. The maintenance fees were reasonable. The loan terms were surprisingly reasonable: 12%. Now, I have credit cards that charge higher but those I pay off every month if i use them. But still, I was half-expecting 17-19% when they showed me the installment contract.
I knew about re-sales prior to the trip. I even looked at TUG from time to time but the problem we found was that either the units for sale were at resorts which were rated in the mid 8s or below at HHI, or for the better properties, the asking prices were really high.
We arrived home and I started thinking about it some more. I decided that if we were diligent and patient, we could probably find a property in our price range at a resort of our liking at HHI. In South Carolina, the Rescission period is 5 days following the sale.
I followed the instructions on the purchase contract and mailed the letter along with the page of the contract outlining the rescission details. For the letter, I used the sample format found elsewhere here at TUG and modified it slightly with some language found at Nolo.com. I sent it Certified with Return Receipt on the 4th day after contract signing.
After I received the signed Receipt for the letter, I also called the Verification Officer who handled our contract paperwork and left her a voicemail. I sent her an email too.
On June 29th, I called my credit card company to dispute the charge. It turns out they don’t need the notification to be in writing but I was given an email address to scan and email any supporting documentation I thought would be helpful. I also called my bank and asked about the procedures for placing a stop on an ACH.
A couple of hours later, I was called by someone in the sales department. It was probably a coincidence as I do not think my disputation notice to the credit card company would have made its way that quickly to Spinnaker.
He said he had our letter asking for the contract to be cancelled. We spoke for a few minutes. I was very complimentary of our sales agent – really, he was an O.K. guy. I was asked why we wanted to cancel. I simply said we had changed our minds. He said, OK, the contract is cancelled. I asked if we would get something in writing. He said no; just that everything would be refunded, the whole thing unwound as if it had never happened. This included the ACH authorization for the monthly loan payment.
That went a lot better than I expected.
Before hanging up, he asked me how many bedrooms the unit had that I had purchased. I told him we had been shown both a 2 and a 3 BR unit and had purchased the 2 BR with use every third year. He asked me if he offered me a three BR, if that would change things. I told him no, to just cancel.
I mention this last part because at this point, I wondered, after hanging up, just how good of a deal I might have been able to get. I know, I know, I am negotiating with a trained negotiator. It is better to do as I did and just conclude the call. No remorse.