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New HGVC owner, advice appreciated!

CPNY

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Hi, I just came across this forum, and now realize I should’ve done my research before the presentation lol. I’m still in my rescission period and would really appreciate any advice. I wasn’t expecting to buy but the HGVC program seemed like it would fit my needs well and the perpetuity seemed very valuable to me. I asked the sales folks about resales and they acted as if RedWeek, resales etc are all scams. How can one be certain resale packages are legit? I bought 3400 gold annual points with an 8k point sign on bonus for $20k (Technically for the Tuscany resort in Orlando, but apparently that only matters for the home week early booking window) Looking at resale values on here and RedWeek, that seems like a lot but I looked at the reservation system and it looked like I could use points to cover my two big annual vacations plus a short one or two during low demand seasons. How can I ensure apples to apples when looking at resale packages? Thank you!!!
Rescind now stop going back and forth. Rescind now and get your money back now. You don’t have much time. You’ll be saving 20K then buy resale.

did you rescind yet? Do you know what to do? Send it certified USPS and have it postmarked before the end of the rescission period. You don’t have much time
 

Balke1

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The first thing you need to research is HGVC's Right of First Refusal (ROFR) policy for resales. Basically all resale units submit a contract to HGVC listing what is being sold and for how much. The seller or the closing company takes care of this. HGVC then has the option to buy that property for that exact price from the seller, as a priority over the buyer. If they pass up on the opportunity then the sale continues with the original buyer, often referred to as "passing ROFR". This process can take 30 days or more at times. The ROFR process is a way for HGVC to buy back properties on the cheap and resell them to others at highly inflated prices (like your 'almost' purchase from the presentation you went to :O ). It also has the benefit of keeping the resale prices from sinking to zero.

I haven't kept up with ROFR stats in a while but HGVC tends to go in waves - periods where they exercise ROFR on almost everything followed by periods where nothing seems to get snatched up by HGVC. The best properties at insanely low prices always get snatched up by HGVC though. So if you see a historical sale of a platinum 3-bed in Hawaii or NYC for a really cheap price, chances are that one did not pass ROFR. Same thing with eBay sales that seem way too low - I really doubt it passes ROFR.

There are a few timeshare realtors out there that are really good at knowing what properties and what prices will pass ROFR. Judi's name comes up often, there are others (see GT75's post #7 above). My first TS was bought through Judi. My other two through eBay a few years later. You can't go wrong using a realtor on your first purchase. It definitely gives you security and piece of mind knowing you are not being scammed. And honestly the price you pay through a realtor is really close to going it alone. And it's still resale so WAY CHEAPER than buying direct. I highly recommend going this route for your first purchase too.
Thank you!!
 

Balke1

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Rescind now stop going back and forth. Rescind now and get your money back now. You don’t have much time. You’ll be saving 20K then buy resale.

did you rescind yet? Do you know what to do? Send it certified USPS and have it postmarked before the end of the rescission period. You don’t have much time
yes, overnight with signature required as well as snail mail, all postmarked well before the 5 day deadline. Holding my breath now...
 

CPNY

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yes, overnight with signature required as well as snail mail, all postmarked well before the 5 day deadline. Holding my breath now...
The snail mail.......was it certified? USPS certified mail with proof is key. Did EVERYONE who’s signature is in the contract sign the rescission letter? That’s also key
 

Hobokie

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Thank you for the information. What are the high level steps for purchasing on eBay? I just want to make sure I don’t make a glaring error like I was about to do buying retail.
Ha, since I'm the one who opened the eBay can of worms.... I will say I 100% agree with the folks recommending you buy through a broker. I, in essence, bought through a broker who just happened to list on ebay, but I want to reiterate that I CALLED THEM and chatted with them about the unit PLUS I had researched the seller/broker on here (TUG) and seen good reviews, hence I felt ok taking the chance... Also, I was buying a small contract (3500 annual studio plus platinum Elara), so I thought "eh, smaller risk? But honestly, I don't recommend the "jump in" strategy, like others have said, TAKE YOUR TIME! I waited a solid year from idea inception (should we buy a timeshare???) to the time I placed my bid. I studied over 60 hrs on this forum, not even kidding ya... TAKE YOUR TIME, research :) In the meantime, maybe rent to see if you even like the feel/accommodations?
 

Balke1

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The snail mail.......was it certified? USPS certified mail with proof is key. Did EVERYONE who’s signature is in the contract sign the rescission letter? That’s also key
I sent it overnight fedex delivery with signature required. Should I send another one certified?
 

CPNY

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I sent it overnight fedex delivery with signature required. Should I send another one certified?
I would. Some systems may reject fedex or UPS. It is common practice to send USPS certified mail. Obtain proof of the mailing. Spend the 10-20 bucks or however much it is and resend it. Overkill is better than losing 20K! Include the contract numbers, you’re exercising your right to rescind effective the date you sent it. HGVC is reputable so you shouldn’t have a problem. Don’t call the sales office to ask about status, they will lie or try to talk you out of it. They don’t have to tell you that they accepted your rescission. But you’ll get your money refunded.
 

Balke1

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I would. Some systems may reject fedex or UPS. It is common practice to send USPS certified mail. Obtain proof of the mailing. Spend the 10-20 bucks or however much it is and resend it. Overkill is better than losing 20K! Include the contract numbers, you’re exercising your right to rescind effective the date you sent it. HGVC is reputable so you shouldn’t have a problem. Don’t call the sales office to ask about status, they will lie or try to talk you out of it. They don’t have to tell you that they accepted your rescission. But you’ll get your money refunded.
thanks!! I’ll follow up to this thread with an update when I have one. Thanks for all the great info.
 

Talent312

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You must mail it to the address stated in the contract (not the sales office).
They are not the folks who process rescissions.
So, do not accept calls from the salesman trying to save his commission.

State law on rescinding likely specifies U.S. Mail (thus FedEx is not effective).
You should get proof of mailing; hence, the suggestion for certified mail.

If you do it right, HGVC will honor it. By all reports here over the years,
they are a stand-up company and will do the right thing (as they must).

.
 

Balke1

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1. RESCIND, now!
The scam is the absurd prices that the timeshare systems charge for a retail-sale.
A 3400-point unit is quite a low number of points and limits your flexibility.
HGVC resale buyers get the same benefits as a retail, except only counting for elite.
You should only have to pay $0.50-$1.00 per point. Some sellers are very motivated.

2. Get an Estoppel.
For a fee ($70), HGVC will issue an "estoppel" which shows the status of the seller.
It's not the same as title insurance (expensive), but shows if it's paid up to date.
The closing agent should supply that to you.

3. HGVC is a good system.
Apart from the sales division, the system is very flexible and consumer friendly.
Resorts are uniformly high quality, well-staffed and well-maintained.
Thanks for the info! Do I need to request an estoppel from the seller or closing agent or is that “standard”? Based on experience, what amount and duration of resort days do you think I could realistically get with 7k platinum points (Studio would suffice). I usually take two weeks off in summer, one in winter and long weekends here and there. Thx again!
 

GT75

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Do I need to request an estoppel from the seller or closing agent or is that “standard”?
The broker or the transfer company should handle it.

what amount and duration of resort days do you think I could realistically get with 7k platinum points (Studio would suffice).
Depends, but this is fairly typical (standard point values).

Screen Shot 2020-09-20 at 7.39.43 AM.png
 

alwysonvac

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As others have stated, take some time to do some research. ;)

Don’t make any decision based on what you heard at a timeshare presentation. There are lots of folks that buy timeshares without understanding the pros /cons and whether it will work for them.

Here’s a link to the HGVC documents:
2020 Club Rules & Fees (link)
2020 Point Charts and Open Season Cash rental rates (link)

Just keep in mind, the one-time Purchase price is just one factor to consider. The ongoing ever increasing fees are just as important to consider (maintenance fees, club dues, reservation fees, banking fees, exchange fees, etc).

The sales folks are known to stretch the truth. For example
- 401v is an awful idea. Don‘t hoard Hilton hotel points. They will continue to lose value overtime.
- Open Season cash booking only apply for HGVC resorts (not Hilton hotels) and the cash rates vary by locations, unit size and season.
- RCI Last Call is the low cost cash getaways reserved 45 days or less. These weeks are normally the leftovers (the lowest demand weeks). You generally won’t find a top resort or a high demand week under Last Call. For example, you’ll won’t find ski resort during ski season or beach resorts during the summer. You can find last call in overbuilt timeshare areas such as Orlando and Las Vegas. Here’s a link to one of many TUG discussions (link)
- Use HGVC points for HGVC resort stays. HGVC allows you to apply your points towards other options such as cruises but it doesn’t save you money. You’ll most likely end up paying more out of pocket using HGVC points vs paying cash.
- Timeshares exchanging requires planning. If you‘re thinking of visiting timeshare locations via RCI, it is important to understand that exchangers only have access to what is deposited and not all weeks are deposited. The number of deposits vary by resort. Some destinations will be harder to exchange into than others. It depends on supply and demand. 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). One should expect high owner occupancy during this time which generally means less exchange deposits (NOTE: Some timeshares owners would rather rent their high demand week than deposit it with an exchange company). 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 during the summer) and even then you may not snag a week at your requested resort. With RCI, it's wise to always research the properties that are listed in the RCI Directory to make sure it meets your vacation needs in terms of location, quality, amenities, etc. Depending on the RCI choices, you may decide to visit this location via some other means (hotel/resort stay, etc).


In any event, I’ll repeat what I have posted many times before...
Whatever you decide, don't put all of your future vacation dollars into timesharing.
This will give you the flexibility in the future to choose the best way to visit your desired destinations. There might not be a timeshare at the location that you want to visit or if there is a timeshare it may be very hard to get an exchange. You may also want to visit a destination in an entirely different way via a cruise, hotel/resort stay, special discounted travel package, tour company, beach house rental, etc.

I also don't believe that one should put all of their eggs into one basket.

HGVC and timesharing in general doesn't satisfy all of my vacation needs so I don’t spend all of my vacation money in timesharing. It’s only part of my annual vacation budget.

Good Luck and Welcome to TUG ;)
 
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vacationtime1

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Thanks for the tips. I am looking in the ballpark of 5k to 7k annual points in the HGVC program. I also read another thread in this forum about getting in low with MVC and then renting points for reservations to avoid upfront capex. I’m not sure which way to go but eBay looks like it has more HVGC than MVC listings.
Marriott is another world (which you can explore on the Marriott forum), but there is no free lunch. You can buy certain Marriott weeks cheaply (resale, of course), but that won't get you into its points system.

Both Hilton and Marriott are excellent systems but do your research before buying either.

My universal advice for prospective timeshare purchasers is to rent a couple of time first. It will help you decide what is important to you and what you are willing to pay for: quality level (HGVC and Marriott are both at the top), size of unit, location, amenities, view, etc.

Take your time; resale prices are not going up.
 
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