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RedWeek

Citygal

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Question: Do you all trust RedWeek completely? I think I do. An unusual situation where the suggestion is that I pay a higher deposit since the closing could take longer since the seller will need to pay off his/her mortgage. In exchange, my name will be put on the upcoming rental week. That way, I get my week even if the closing is delayed. I think I'm OK with it all. Just want to make sure there are no stories about Red Week. My understanding is that they are legit and above - board. Thanks!
 

R1964

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Are you doing the purchase directly with the owner or full service red week?
 

theo

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In the final analysis, RedWeek is just a timeshare related web site, albeit generally a pretty good and reputable one --- but from whom does this referenced "suggestion" for you to provide a "bigger deposit" originate, exactly?

Is your apparent intended purchase a "full service listing" on RedWeek (one in which licensed RW affiliated agents are handling the transaction details) or is this a completely private transaction which just happens to have been advertised on the RedWeek site?

Frankly, there is not enough information or detail out on the table in your inquiry on which to offer any confident reassurances. :shrug:
 
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Citygal

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In the final analysis, RedWeek is just a timeshare related web site, albeit generally a pretty good and reputable one --- but from whom does this referenced "suggestion" for you to provide a "bigger deposit" originate, exactly?

Is your apparent intended purchase a "full service listing" on RedWeek (one in which RedWeek affiliated agents are handling the transaction details) or is this a completely private transaction which just happens to have been advertised on the RedWeek site?

Frankly, I'm not sure there is enough information or detail out on the table to offer you confident and unhesitating reassurances. :shrug:
Authorized RedWeek Agent
Licensed Broker Associate
RedWeek Real Estate LLC

They are putting it all in the contract. I get everything refunded if Hyatt exercises its ROFR. I'll share more details when I receive them. This is a full service RedWeek posting/communication. So, I am communicating with RedWeek. Sounds legit. Money is kept by the title company. I'll post again when I receive the contract. Again, I think it is legit unless someone has had a bad experience with RedWeek.
 

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Full service listing on the RedWeek website. So, I am dealing with a RedWeek agent not an imposter.
 

VacationForever

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If it is Red Week Full Service, you are indeed more covered than someone just using it as a listing website. What throws me off are 1) asking you to put in a higher deposit 2) seller has not paid off mortgage. These 2 items send red flags to me.
 

Citygal

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If it is Red Week Full Service, you are indeed more covered than someone just using it as a listing website. What throws me off are 1) asking you to put in a higher deposit 2) seller has not paid off mortgage. These 2 items send red flags to me.
I don't have their proposed contract yet. But, yes, that is what they are asking for. Instead of the $1,000 to be put in escrow, it will also be an additional $3,000. That way, my name will be put on the August week. And, they feel this is necessary since it is questionable whether the deal will close so that I can use the timeshare during its August week. If Hyatt exercises its ROFR then I get all my money back and I'll need to find another August trip. So, I guess this makes sense to protect the seller's interest as well. I just don't know the seller, people change plans, lots of things can happen, and I just want to be protected. I'm not hiring an attorney for a timeshare deal. But, I'm paying the full closing costs, including for title, which is fine. It just seemed a little strange but I haven't seen the contract yet. And, I want this deal to close. I want the timeshare and am looking forward to using it in August. It looks like paradise and it will be nice to have that for a week. :)
 

The Colorado Kid

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I've bought three Redweek timeshares and none of them had any sort of difference in the listing from what was then asked for in the contract. Just me but the scenario you are describing seems very sketchy and I would not proceed.
 

theo

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<snip>Just me but the scenario you are describing seems very sketchy...<snip>
I am inclined to agree, although there is apparently not yet even a written contract provided or available to examine or discuss.
It's not RedWeek that I find questionable or untrustworthy in this RW "full service" transaction (if that's in fact what it is). It's the outstanding loan balance and the requested deposit suddenly changing upward (by a factor of four) that give me pause. :ponder:

For starters, it would seem to me that a motivated seller with an unpaid loan balance would energetically pursue satisfying that debt before even offering the week for sale in the first place. After all, ROFR possibility aside and notwithstanding, there is not going to be any transfer to anyone (neither to a potential buyer nor to Hyatt under ROFR) until and unless that debt matter is first resolved.

I also fail to grasp how a $4k deposit (instead of the original $1k) helps to facilitate matters in any way, other than to perhaps make the underlying owner more comfortable in putting the potential buyer's name on the OP-referenced August reservation (...an act which, regardless of the deposit dollar amount, the underlying owner could still very easily reverse at any future time, it seems to me).

Absent any written contract or further details, I personally do not get a warm and fuzzy feeling about anything in this matter as described by the OP. However, OP clearly indicates some resolve to "do this deal" anyhow; those dice are certainly hers to roll. :shrug:
 
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RunCat

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Based on the info provided, I would run away. But it may be beneficial to wait and see how the actual contract reads.
 

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My guess is that the owners want to show that they will have the funds to pay of the debt. Just a hunch, but since it's in escrow, the sellers can show that funds will be there and can be transferred directly to Hyatt upon closing. Maybe that's the only way Hyatt will allow the sale to proceed? I agree that, if you proceed with this deal, you do so with caution. I guess you have to determine if the deal for this particular week is worth the risk. Is this a hard to find week or could there be more that will pop up? Is this a smoking good deal?

I bought my HGVC Flamingo off of Full Service Redweek listing. It was a struggle to get started (they had just begun the Full Service option), but they did what they said they would. The title company they used wasn't as good, but they don't use them anymore. The owners of Redweek are members here on Tug so you could always drop them a message.
 

rickandcindy23

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I would trust Redweek. Redweek is a go-between and has no reason to lie or deceive you. I wouldn't hesitate to buy a timeshare through that process. I wouldn't sell that way, but I would buy that way.

I think dayooper is right about Hyatt's process for transferring ownership. Perhaps they have to show that they have enough to pay the debt in full. If you really want this Hyatt ownership, you should go ahead with the deal. That seems like high rent for August, but it's Hyatt.

Good luck to you and let us know how it goes and what you actually bought.
 

Pathways

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Just guessing here but....

If this is a Hyatt Kaanapali Beach week it is a fixed week, (99% of resales currently are fixed weeks), so that may be a specific week which makes it attractive to the buyer.

There are a lot of weeks for sale b/c many of the sellers still have a mortgage and/or they haven't come to terms with the 'real' resale value.

Actual selling prices of these weeks should be around 12-15K for an eoy 2 bed for a good week. (I have actual experience here)

Many of these timeshare deals fall apart, so the buyer may want escrow equal to what they would easily 'rent' the August week for. And if the buyer wants the August week, they will already be making their plans - they would also want a guarantee. And if this is an eoyo - if this August week is lost, the next week is two years away.

If this is a normal timeshare float week I would walk - if as described above, I would have no issue with it.

HRC transfers (without a mortgage) are taking a LONG time! - well over 90 days
 
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dmelcher13

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Based on details posted by the OP, I assume this is the listing.

1619615931171.png


IMO the price is too high. I wouldn't waste my time and money. Other weeks are currently available directly from the developer for $30k.
 

VacationForever

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Based on details posted by the OP, I assume this is the listing.

View attachment 35024

IMO the price is too high. I wouldn't waste my time and money. Other weeks are currently available directly from the developer for $30k.
If this is indeed the listing, Redweek Verified is different from Redweek Full Service. Redweek Verified simply means that Redweek has checked ownership information against the person's listing.
 
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NiteMaire

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Based on the info provided, I would run away. But it may be beneficial to wait and see how the actual contract reads.
Considering your username, I'm not surprised you'd run :)
Full service RedWeek. I should have added that.
I would trust Redweek. Redweek is a go-between and has no reason to lie or deceive you. I wouldn't hesitate to buy a timeshare through that process. I wouldn't sell that way, but I would buy that way.
Based on this being a full service RedWeek listing and presuming the price is in line with resale pricing, I agree with @rickandcindy23
 

rickandcindy23

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So maybe the OP should call Hyatt and ask about buying direct, if the prices are similar.

I would rather buy Westin North or South Towers, oceanfront, for a lot less money, only resale.
 

Citygal

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Just guessing here but....

If this is a Hyatt Kaanapali Beach week it is a fixed week, (99% of resales currently are fixed weeks), so that may be a specific week which makes it attractive to the buyer.

There are a lot of weeks for sale b/c many of the sellers still have a mortgage and/or they haven't come to terms with the 'real' resale value.

Actual selling prices of these weeks should be around 12-15K for an eoy 2 bed for a good week. (I have actual experience here)

Many of these timeshare deals fall apart, so the buyer may want escrow equal to what they would easily 'rent' the August week for. And if the buyer wants the August week, they will already be making their plans - they would also want a guarantee. And if this is an eoyo - if this August week is lost, the next week is two years away.

If this is a normal timeshare float week I would walk - if as described above, I would have no issue with it.

HRC transfers (without a mortgage) are taking a LONG time! - well over 90 days
Why do so many of the deals fall apart?
 

CPNY

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Pathways

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Why do so many of the deals fall apart?
No different than a developer sale and then rescinding.....It looks soooo good and offers are made b/c the resort and the week look perfect. Then a buyer sees a misrepresentation, or additional expenses, or whatever, you name it. Cold feet creep in and then a buyer doesn't return the contract on time, or the deposit and then ...... - it's off.

HKB is probably my fave timeshare - but I will probably never use my weeks myself. We are just a couple - don't need the 2 bed. So I will always rent them. For 1 wk MF at HKB I can stay at the Westin for 3-4 wks. If the cost didn't matter, I would be at HKB for a month easily.

I recently had a purchase deal available for a great week in a 3 bed at HKB. Hard to turn down. But reality set in that I would hardly ever utilize all three bedrooms. And the rental income is not that much more than the mf's. That's the drawback to HKB, and it's a HUGE one for me - no lock off's.
 

Citygal

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No different than a developer sale and then rescinding.....It looks soooo good and offers are made b/c the resort and the week look perfect. Then a buyer sees a misrepresentation, or additional expenses, or whatever, you name it. Cold feet creep in and then a buyer doesn't return the contract on time, or the deposit and then ...... - it's off.

HKB is probably my fave timeshare - but I will probably never use my weeks myself. We are just a couple - don't need the 2 bed. So I will always rent them. For 1 wk MF at HKB I can stay at the Westin for 3-4 wks. If the cost didn't matter, I would be at HKB for a month easily.

I recently had a purchase deal available for a great week in a 3 bed at HKB. Hard to turn down. But reality set in that I would hardly ever utilize all three bedrooms. And the rental income is not that much more than the mf's. That's the drawback to HKB, and it's a HUGE one for me - no lock off's.
I'm reading inconsistent information about the beach. I'm going. I just hope that it is an easy beach. I just want to walk in with my float and enjoy gentle waves. I hope that they won't knock me over, that I won't have a hard time exiting the water, and that I won't worry about my daughter. Just sharing. I plan to rent a car for a few days instead of the whole week given the expense these days. I'll have food delivered, though the prices are 3X what I'd pay at home (I need to see if I can use my SHIPT account there though). I'll splurge on one luau. If you have any recommendations do let me know. I appreciate your advice.

If I love it as much as I think I will and assuming my deal goes through, I'd like to pick up a second week. What do you think the odd year Westin's go for? Are they a good deal?

I think that buying a Hilton EOY isn't such a good deal because you pay the $180/year membership every year, so you are losing out (unless you own additional properties). Whereas, from what I gather, you only pay the Hyatt membership on your ownership year (so, every other year for an EOY property). Not sure about Westin.

Again, appreciate your thoughts. Fingers crossed we get through ROFR as I'm dreaming of Hawaii in August before my daughter starts high school. This will be my first timeshare. It would be nice to understand how to make some money, though that is not my goal and I'm not sure I want to deal with the hassles (rental issues and taxes). Then again, if it's super easy, why not? :)
 

byeloe

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Westin charges the club fee of $155 on their EOY contracts (mandatory resale or developer purchase)
 

Pathways

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I think that buying a Hilton EOY isn't such a good deal because you pay the $180/year membership every year, so you are losing out (unless you own additional properties). Whereas, from what I gather, you only pay the Hyatt membership on your ownership year (so, every other year for an EOY property).
Others have pointed out already in another thread that that is incorrect. HRC will charge a fee in the off year also - Currently at HKB it is 157.00 and some change, so only about $22 less that Hilton.

Fingers crossed we get through ROFR
Don't know what your price is, but the going price for an EOY 2 bed week is 12-15K and those are passing ROFR. Unless you are below that, no need to worry.
 

Citygal

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I'm below but not if you include closing costs and the MF which I'm paying for this year since I'm using it in August.
 
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