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Newbie buying Resale

DEROS

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Hi all!

Just wanted to say that this BBS has a great wealth of information. Side note: Didn't now that BBS still existed anymore. The last one I was part of was in 1994 when 14.4k dial up was fast.

Because this BBS help me with all the useful information, I wanted to share my trip into purchasing a time share. Hopefully this will help all newbies that find this BBS.

I just finished my vacation trip to the Hilton Wiakoloa. The trip was part of a HGVC timeshare presentation of the HGVC at Waikoloa. I was always interested in owning a timeshare because I vacation 1-2 week out of the year. After answering all my question satisfactory, I was sold. I was not happy with the price, but I was told that HGVC was very protective of the secondary market and would purchase all HGVC property that was being sold. ie they would exercise the ROFR. Of course, the sales rep never said 100% ROFR just that they would protect the HGVC secondary market. The sales rep also warned me that that people are stating HGVC at Waikoloa but are actually selling The Bay Club at Waikoloa.

Needless to say I purchased a TS, 8400 pts for $41,900. I figured that if I changed my mind I had seven days. Side note: during the presentation, my wife and I had a bet to see if she would mention the cancellation policy. I won. As we were signing the paper work, the sales rep just pointed to the places to sign. When I got to the cancellation page I tried egging the sale rep by stating "What this a cancellation clause. Oh this for Florida it doesn't apply to me." The sales rep just agreed that it was for Florida and continued the signing the contract. Never mentioned that there was also a Hawaii cancellation clause. Also never showing me the last page of the contract which is the actually cancellation paper work that would need to be signed and delivered by a certain date and time. But hey that is salesmanship. Only answer the question the buyer asked.

By nature I am a cheap person. I always believe that you can purchase nice things for a deep discount. The internet is great for people like me. The first thing I did when I got to the internet was to start surfing for information and hence I found TUG BBS. I am glad I did because the wealth of information help me find a reputable resale company that had 6 HGVC at Waikoloa for $10-$15k less than what I paid and for more points.

Currently I am in the process of purchasing 9600pts at HGVC Waikoloa. Of course HGVC can exercise their ROFR but I don't care. There is 5 more on the listing that I can bid on. If HGVC want to buy them all, more power to them.

I will update as things change or when I close.

DEROS
 

Patri

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It's not clear to me. I hope you did rescind.
 

Bill4728

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By nature I am a cheap person. I always believe that you can purchase nice things for a deep discount. The internet is great for people like me. The first thing I did when I got to the internet was to start surfing for information and hence I found TUG BBS. I am glad I did because the wealth of information help me find a reputable resale company that had 6 HGVC at Waikoloa for $10-$15k less than what I paid and for more points.

Currently I am in the process of purchasing 9600pts at HGVC Waikoloa. Of course HGVC can exercise their ROFR but I don't care. There is 5 more on the listing that I can bid on. If HGVC want to buy them all, more power to them.

I will update as things change or when I close.

DEROS

Welcome to TUG

You have done well buy HGVC WaiKoloa at a deep discount. BUT if you a like me a true cheap, you may not need to buy HGVC Waikoloa at all.

All HGVC points are the same at 9 months before travel. It is only in the period between 12 & 9 months that they are different. SO if you alway want a vacation at the Waikoloa resort in a 2 bd and can always remember to book it 12 months ahead you're fine buying Waikoloa. But if you want Hilton Hawaiian Village or the Bay Club or King's Land instead of the 2 bd at HGVC Waikoloa, you'll have to make your reservations at 9 months with the rest of the non Waikoloa owners.

The points you're buying are generally much more expensive than the HGVC Las Vegas or Orlando points which can be bought for less than $14K/7000 pts. (Also the MF in LV are much less) So before continuing with the resale purchase, do a little more homework and decide what is the best price point for you and your family. But if you're paying around $2/pt buying HGVC waikoloa is fine.

Good Luck and welcome to TUG

PS HGVC does use ROFR but at about 1/2 or less than their selling prices. So don't worry about ROFR till you get way below 1/2 the developer asking price.
 
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DEROS

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Welcome to TUG

You have done well buy HGVC WaiKoloa at a deep discount. BUT if you a like me a true cheap, you may not need to buy HGVC Waikoloa at all.

All HGVC points are the same at 9 months before travel. It is only in the period between 12 & 9 months that they are different. SO if you alway want a vacation at the Waikoloa resort in a 2 bd and can always remember to book it 12 months ahead you're fine buying Waikoloa. But if you want Hilton Hawaiian Village or the Bay Club or King's Land instead of the 2 bd at HGVC Waikoloa, you'll have to make your reservations at 9 months with the rest of the non Waikoloa owners.

The points you're buying are generally much more expensive than the HGVC Las Vegas or Orlando points which can be bought for less than $14K/7000 pts. (Also the MF in LV are much less) So before continuing with the resale purchase, do a little more homework and decide what is the best price point for you and your family. But if you're paying around $2/pt buying HGVC waikoloa is fine.

Good Luck and welcome to TUG

PS HGVC does use ROFR but at about 1/2 or less than their selling prices. So don't worry about ROFR till you get way below 1/2 the developer asking price.
This is cheap in the long run because Waikoloa is just a 30 min hop from Ohau. Just encase I can't afford the plan trip to the mainland; I want to know for about $300 round trip for a family of 4 I can still vacation away from Ohua. (Need to get away from the traffic and tourist) If openings are available, vacations in the other islands of Hawaii, using the super ferry and taking my SUV.

Yes people, there is a difference from Ohau Island and the Big Island, especially when it comes to the amount of tourist.

The price for the resale is about $2k more than Developers cost.

DEROS
 

JudyS

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...Just wanted to say that this BBS has a great wealth of information. Side note: Didn't now that BBS still existed anymore. The last one I was part of was in 1994 when 14.4k dial up was fast....
There are tons of forums all over the web; most of them just aren't called BBSs anymore.

I don't know much about HGVC, but you did the right thing to buy resale.
 

DEROS

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Update

Just got word today that HGVC waived the ROFR. So, off I go to the closing of the deal. For the people who are contemplating buying resale, this is what I saved:

9600pts platinum HGVC@Waikoloa $27000. Developers cost: $51,000

I originally purchased 8400pts at $39,000 from the developer, which I rescinded.

As you can see, I saved a significant amount of money and got more points buying resale. The only thing I gave up from the developer deal was 20000 bonus pts and pts towards the elite status. I could live with that.

Hopefully the closing goes smooth.

Deros
 

timeos2

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Just got word today that HGVC waived the ROFR. So, off I go to the closing of the deal. For the people who are contemplating buying resale, this is what I saved:

9600pts platinum HGVC@Waikoloa $27000. Developers cost: $51,000

I originally purchased 8400pts at $39,000 from the developer, which I rescinded.

As you can see, I saved a significant amount of money and got more points buying resale. The only thing I gave up from the developer deal was 20000 bonus pts and pts towards the elite status. I could live with that.

Hopefully the closing goes smooth.

Deros
Great job! You got the resort you wanted, far better value than you what you were about to pay retail. Congratulations.
 

DEROS

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End of the Journey

Everybody,

Just wanted to bring closure to this tread. I finally closed on my TS at HGVC Wiakoloa. All in all it was not a bad first experience. What I bought was 9600pts Platinum Season for $27K plus closing (~$29K total). I purchased the property from RE/Max Time Share Resale Pro which I found here in TUG BBS. Other than the long process (4+ mths) and hurdles, the closing was fast and efficient. So, I want to thank Karina Warner from Re/Max for keeping me inform on a timely basis and Melenia Furumori Old Republican Escrow and Title of Hawaii for understanding my special situation and fixing the escrow paper work so my wife could sign the paper work in my absents. (I am deployed in South West Asia). I don't want to forget thanking the members of TUG BBS which provided a lot of insight(directly and indirectly) in timesharing and TUG BBS that provided a central repository of information. BTW, I do plan on being a full member of TUG BBS.

Resale is the best way to go. I saved $12K and got 1200 pts more a year than my original deal with HGVC. (8400pts, $41K) Some would say that I could have done better but I bought something that strokes my ego (buying HGVC-W vs. Las Vegas) and the relative safety of a national recognized real estate company (Re/Max), while saving a lot of money. Also, as a bonus (I have to check with HGVC), I believe the previous owners left 8200pts for use in 2007. I was reading the Estoppel 8200 pts balance for 2007 and 9600pts balance 2008. However, the previous owners could have used it or converted to HHonors point before the closing, which would not bother me because it was not in the original contract/offer.

I already got my member number, so all I have to do is call HGVC and get my online account going. I tried registering online but it is now working for me.

The first trip looks like Carlsbad, CA hopefully in the new Maribisa resort. I told my son that I would take him to Lego land when I come back.

Deros
 

Bill4728

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Congrats on your purchase.

What a nice resort and a beautiful area of the Big Island. We still talk about our stay they last year.

Be sure to "rescue" your remaining 2007 points so you can use them in 2008.
 
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