Newbie Help, Please!

[Dgreen]

Hi Everyone! I'm new here and I'm so glad I found you in time to cancel my Harborside At Atlantis timeshare. Last week, we (husband and I) purchased a Phase II, 1 bedroom unit, week 49 (float), Odd year for $12,800 ($13,586 total).

We stayed at Riu, but did the Harborside "90 minute" tour and really liked what we saw and now that we know about resales, we can make a better decision.

Here are my questions:

1. Besides losing the 70,000 Starpoints they gave us, will we be losing out on any other amenities by purchasing a resale?

2. If we buy a Phase II unit, can we reserve a unit from Phase I (facing the Marina)?

3. Can anyone recommend a reputable timeshare seller or title company?

4. What could we expect to pay for a 2 Bedroom/2 Bath Lockout in the Platinum season? Or a 3 Bdrm/3 Bath Lockout?

Thank you for all the great information you all have shared in the forum, thus far!

 

[Passepartout]

Rescind in haste. Learn about TS. Buy (resale) again at leisure. I'll let others answer your questions, but first, save yourself the thousands. Rescind if you haven't waited too long.

Jim

 

[Dgreen]

Thanks, Jim! I'm sending the letter off today (4/10/12). We signed on 4/4/12. Should I send it certified mail?

 

[ampaholic]

Well, this 2 bedroom might go for as little as a dollar

Same week 49 but 2 bedroom and 95,700 Staroptions.

Just sayin ....

 

[Passepartout]

The explicit instructions for rescission will be in the contract you signed- including what means to use to send it. Usually it's USPS. We recommend certified with receipt signature returned to you. They don't make it too easy to find, but rest assured, it's there.

As to your other questions, there are other ways to get into Harbourside at lower cost than owning there and paying their high MF's.

But first things first. Rescind.

Jim

 

[theo]

Are you still within allowed rescission period?

Thanks, Jim! I'm sending the letter off today (4/10/12). We signed on 4/4/12. Should I send it certified mail?

Yes, you should definitely send your cancellation letter by certified mail, in order to obtain a date stamped receipt from the USPS counter, thereby independently documenting your actual date of mailing. Date of their receipt at the other end does not matter, likewise "return receipt". The green return receipt card may give you some peace of mind to get it back signed, but is not a critical issue even if you never get it back later. What matters most is meeting the legal deadline for mailing of your cancellation letter. While I do not know the Bahamas rescission period, there is certainly no doubt that, 6 days later, you are perilously close (if not already beyond) whatever their rescission period might be. In most instances, it's 5-7 days. Do it NOW!

 

[Dgreen]

Thanks, Rick! We would most likely be traveling with 6-8 people in our group during the week prior to Easter (Week 12, next year). We were sold week 49 and were told we could reserve any week we wanted, if available, but now I understand a wee bit more about that.

My husband wants to just keep what we have and not have to deal with canceling and buying from a stranger, but I'd rather save a few thousand and get a better week and bigger unit.

 

[Dgreen]

Hi Theo,

We have 7 calendar days to rescind the contract. Thanks for the advice!

 

[theo]

You are definitely the "smarter half"...

<snip> My husband wants to just keep what we have and not have to deal with canceling and buying from a stranger, but I'd rather save a few thousand and get a better week and bigger unit.

I read $13,586 above --- not just "a few thousand". I'd suggest reminding hubby that the "deal" you got (which was really not much of a "deal" at all) can be had any day of the week. Cancelling your developer purchase merely involves sending one very brief letter, one time; that's certainly not too much bother in my book to avoid unnecessarily tossing away $13, 586....

Ampaholic has already provided you with a real and current example of just how little you can actually pay in the resale market for virtually the same thing. As far as the concern about "buying from a stranger", bear in mind that the services of an independent, third party closing company can be enlisted to verify and handle all closing details (and escrow of funds) for a very few hundred dollars. We're not talking about a back alley drug deal here...:ignore:

In the end it's your money and your decision.

 

[ampaholic]

I read $13,586 above --- not just "a few thousand". I'd suggest reminding hubby that the "deal" you got (which was really not much of a "deal" at all) can be had any day of the week. Cancelling your developer purchase merely involves sending one very brief letter, one time; that's certainly not too much bother in my book to avoid unnecessarily tossing away $13, 586....

Ampaholic has already provided you with a real and current example of just how little you can actually pay in the resale market for virtually the same thing. As far as the concern about "buying from a stranger", bear in mind that the services of an independent, third party closing company can be enlisted to verify and handle all closing details (and escrow of funds) for a very few hundred dollars. We're not talking about a back alley drug deal here...:ignore:

In the end it's your money and your decision.

I agree $13,586 is real money in my budget.

As far as "buying from a stranger goes"... I would recommend several months of studying the market prior to any purchase.

I have purchased several timeshares from CJ timeshares and have been well served by them - you can research an eBay reseller here on TUG as well as other Starwood Resorts and your OPTIONS.

Study = money saved

lack of study = money wasted

Easy Peasy

 

[Dgreen]

The rescission letter is in the mail! Thanks, Theo, Rick & Jim, for all your help! Now, the research begins...

 

[theo]

Yessa!

The rescission letter is in the mail! Thanks, Theo, Rick & Jim, for all your help! Now, the research begins...

Good decision, good job --- and a good plan for the future (...research now, buy later).

 

[ampaholic]

Here is a free one in bargain deals. :whoopie:

 

[yumdrey]

I do own one summer (gold plus) week and one spring (platinum) week, and I bought both of them from the resale market.
Dave H (a TUG member) is a manager of a reputable closing co. which handles Harborside closing.

 

[Talent312]

The rescission letter is in the mail! Thanks, Theo, Rick & Jim, for all your help! Now, the research begins...

I would send a copy of the letter by regular mail with delivery confirmation only (no signature required). Why?

In some offices, front desk peep are not authorized to sign receipts and may refuse to accept certified mail. That doesn't invalidate the notice, but creates an unnecessary issue.

 

[MOXJO7282]

I hate buying resale because usually the first year you get screwed with getting a good week unless the seller is smart and reserves a good week to go with the resale. Most don't for some reason so you end up getting screwed. Its just the way it is because resale is the only option these days for most people. If you're buying a fixed week then that is moot of course.

As for the week you need, even though some of the 1bdrms resale pricing is so attractive I'd suggest buying a 2bdrm prime week because it will be so much more valuable than a 1BDRM as only so many are looking for those, while 2BDRM prime at a place like Harborside will have very high demand from families who need the 2nd bdrm.

 

[ampaholic]

I hate buying resale because usually the first year you get screwed with getting a good week unless the seller is smart and reserves a good week to go with the resale. Most don't for some reason so you end up getting screwed. Its just the way it is because resale is the only option these days for most people. If you're buying a fixed week then that is moot of course.

OMFG - Talk about short sighted ....

Perhaps with the thirteen large she is saving she could just rent a "good week"? Perhaps even rent it from you Joe?

 

[Beefnot]

OMFG - Talk about short sighted ....

Perhaps with the thirteen large she is saving she could just rent a "good week"? Perhaps even rent it from you Joe?

baaaaahahaha!

 

[tschwa2]

I hate buying resale because usually the first year you get screwed with getting a good week unless the seller is smart and reserves a good week to go with the resale. Most don't for some reason so you end up getting screwed. Its just the way it is because resale is the only option these days for most people. If you're buying a fixed week then that is moot of course.

OMFG - Talk about short sighted ....

Perhaps with the thirteen large she is saving she could just rent a "good week"? Perhaps even rent it from you Joe?

Not to mention to buy the week the OP really wanted a 2 bedroom unit that could be reserved for next Spring break would be in the neighborhood of $33,000 plus closing, etc from Starwood its good that you recinded.

You wouldn't have had enough StarOptions (SO's) to reserve outside of your season or in a bigger unit and an EOY one bedroom couldn't bank and borrow enough to get one. You would have no priority above 8 months in which everyone in SVN with enough SO's could book.

One bedroom EOY silver weeks at ATlantis have no resale value (as in if you are lucky you would pocket $500 and you may have to pay the $1000-2000 transfer fee and possibly some MF to get rid of it).

If you want to go next year bite the bullet and rent and take your time to learn about the system. The banking of points is new with Starwood and it may take a year or two to see how it affects the availability of resorts like Harborside booking with SO's.

 

[Dgreen]

Thanks for all the great advice

 

[Neddas12]

[Duplicate post deleted - for the sake of continuity, please post in your original thread. - DeniseM Moderator]