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seeking advice on NEW SVO direct purchase WSJ [Update - Rescinded]

runtown

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Hello

I have just begun my 10 day review period for an every ODD year "fixed/float" week 49 "platinum" Westin St John building 34 1 bedroom, 2 baths, TOP floor with balcony.

I paid SVO Direct pricing (as on the most recent Non Owner pricing sheet dated Dec. 15th). I was given 50,000 SPG's (vs. the 40K that is lited on the sheet). Should I cancel, and review after-market VOI's for sale?

I already see one advertised that seems to be an extremely comparable unit/bldg, but is ANNUAL (vs every odd year) and is 35% less expensive. Same property, same (or very similar) building/unit, same "platinum" rating week (though a different time of the year). Would I really be getting *much* more for *much* less if I cancelled and bought the resale? Or does the SVO Direct purchase I am reviewing seem like a decent deal/entry point into the VOI market? Would I have to pay any extra fees to join SVN if I purchased post-market? I had no idea the post-market resales were so abundant. I looked around on TUG, but did not JOIN until today, which gave me more access to more info.

Thanks! My inclination is to cancel, though that's assuming that the listing I found is a good, solid listing (no liens, and that there are no hidden problems that I'd have to face purchasing resale)

"runtown"-(I'm a new tug bbs user)
 

aliikai2

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If you just bought retail, rescind now!!

There are several mandatory resorts that you can buy twice to 3 times the annual points for less that 25% of what you are paying Starwood.
The section where you want to be ready and asking questions is the Starwood area,
http://www.tugbbs.com/forums/forumdisplay.php?f=51

Greg
 

Gophesjo

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Agreed - find a Starwood 'Mandatory' resale (where the Staroptions must transfer to the new owner - regardless of where they purchase; details in Starwood thread sticky), AFTER you have rescinded!

PS - welcome to TUG!
 

runtown

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Thanks - rescind letter signed, sealed & ready for USPS via registered mail.

Thank you both for your quick responses.

My "rescind" letter is actually already printed and signed and ready to go. It is ready for the post office, and I will of course use registered mail. Rather than waiting until I get home to do it, I will send it tomorrow morning from the St John USPS.

Would it make sense to have the letter notorized? Or is that overkill?

I am planning on making an offer on the resale WEJ listing that peaked my interest (nearly identical, but MUCH more attractive pricing, fixed/fixed (which I want), mandatory property, etc). I will make the offer after I get confirmation that my request to rescind has been received via registered mail and formally processed.

If I want to make the offer on the comparable property, I'll take my SVO questions to the Starwood area (Thanks Aliika and gophesjo)! I think I understand the SVN/SVO system - it's as easy as navigating your way through MVA and NJDMV :) - but I am sure specific questions will come later.

If I run into any questions about how to rescind, I will take them to the appropriate area as well. (That's actually where I got the idea to have the rescind letter printed and ready to go - written and addressed EXACTLY as specified etc.. That forum has already proven to be extremely helpful).

Thank you both once again - and to the TUG online community!
 

runtown

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Recission complete

Thanks again for the advice. I will share my experiences in the recission/cancellation BBS.

-runtown-
 

runtown

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my experiences BUYING and CANCELLING my Westin St John VOI contract

Hello

First off, thanks to the two members gopherjo and aliiki- and to Denise - for the guidance and advice. I'm sure something like what I'm about to post is posted many times every month, but here it goes again.
___
I do NOT recommend BUYING, RENTING, SELLING, or RENTING OUT any timeshare or VOI (Starwood or otherwise), without first;
a) JOINING TUG2.net
b) MAKING USE of your TUG membership by reviewing FAQ's, reading the experiences of other members,
c) and seeking advice on the TUG forum.


___

At Westin St. John this past week, I signed, AND cancelled a contract to purchase a VOI. The purchase was in fact exactly what I want and have been considering for years, except for the price.

I must point out that the time share sales office reps did NOT pressure me to buy, or to not rescind. They were in fact kind, patient and understsanding. Keep in mind, though, that I actively sought out the VOI purchase on my own, (vs. "roped in" to purchases via a 'no obligation seminar'). Also, when I walked in to notify them of my cancellation/recission, I made it very clear from the beginning that ANY attempt to "change my mind" would be futile -at best- that my recission was already submitted IN WRITING exactly as per the contract and via registered USPS mail, and that I was simply stopping by as a courtesy to inform them.

I recommend that ANYONE who makes a direct purchase should IMMEDIATELY prepare their recission documentation JUST IN CASE - even if you are at the time extremely thrilled with what you purchased - or thought you purchased. If you have difficulty preparing this recission/cancellation letter, that's the FIRST SIGN that you likely made an erroneous purchase, or were not prepared for exactly what you purchased.

Here is my recission letter. It is based off of Denise's but I added a little more detail - some of which might help others on the board looking to cancel, though other detail might just be specific to my situation. I sent it registered mail and faxed a copy over using the fax number I received from the sales office. I retained all original documents, and kept the fax confirmation sheet as Denise advised.

DATE: DD MONTH YYYY
my address as on the contract

RE: Cancellation of contract number <insert FULL contract number here> (copy of first page attached).

Gentlemen:

Regarding contract "#####-##LL-######" for purchase of a timeshare resort at property <insert name of Property here> from <insert name of "Seller" here>; I am formally exercising my legal right to cancel this contract. I expect, as explicated in section <insert section number of cancellation clause in your contract here> of the subject Purchase and Sale Agreement, a refund in full of my deposit and closing expenses, in total $<instert dollar amount here>. Furthermore, do not make any additional charges to my credit card. In the unlikely event of any discrepency processing with this contract cancellation, an electronic copy of this document will have be provided to <insert credit card company name here" in advance, and for their records.

Please confirm my legal recission in writing.

Sincerely
<sign>
name, last name
address

___

I am now actively looking at reslaes. If I decide to make an offer or purchase a resale, I will follow my own advice above (b) and (c) :) in BLUE.

THANKS TUG! I hope this post helps!
-runtown-
 

woodyd70

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Just Wondering

I think you made a great decision, BUT, I am wondering why if you were actively seeking ownership and not "roped in" and possessed a pre-determined attitude towards purchasing at WSJ...........

Why did you take the tour? and why did you purchase and then cancel over the price? It seems like you knew what you were looking for?

Just wondering, again........I think buying resale is "for sure" the way to go, but honestly, I am a bit confused as to why you went about it the way you did, it seems an awful waste of your time, reps time, cost to do and undo, etc........... Did your self confessed "years of research" never lead you to TUG? It just seems that your years of research didn't really pay off, did it?
 
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PamMo

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I think you made a great decision, BUT, I am wondering why if you were actively seeking ownership and not "roped in" and possessed a pre-determined attitude towards purchasing at WSJ...........

Why did you take the tour? and why did you purchase and then cancel over the price? It seems like you knew what you were looking for?

Just wondering, again........I think buying resale is "for sure" the way to go, but honestly, I am a bit confused as to why you went about it the way you did, it seems an awful waste of your time, reps time, cost to do and undo, etc........... Did your self confessed "years of research" never lead you to TUG? It just seems that your years of research didn't really pay off, did it?
Runtown, I'm glad you found TUG and were able to rescind your purchase, and thank you for sharing your story. Please don't be offended by well-meaning, but sometimes very blunt advice and comments. TUG is a great community where everyone shares their ideas on getting the most out of timeshare ownership. (Sometimes NOT owning is a good thing, too.) We aren't the least bit shy about sharing our opinions.

Woody70, I can understand why Runtown took the tour, and even bought the week. You can do all kinds of research on a resort and know everything there is to know about amenities, unit sizes, seasons, views, etc - but not know about the resale market. Runtown wanted a pretty specific unit/week at WSJ, talked with sales, and Starwood happened to have just what he wanted in their inventory. THEY sure aren't going to tell him how much money he'd save buying resale! I bet the majority of TUG members and guests have bought a developer week at least once. I'm just glad Runtown discovered TUG in time to rescind. :clap:
 

woodyd70

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I too am glad they found TUG, I was just a bit confused as to how years of research could leave such a big hole in understanding.

Agreed
 

runtown

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I think you made a great decision, BUT, I am wondering why if you were actively seeking ownership and not "roped in" and possessed a pre-determined attitude towards purchasing at WSJ...........

Why did you take the tour? and why did you purchase and then cancel over the price? It seems like you knew what you were looking for?

Just wondering, again........I think buying resale is "for sure" the way to go, but honestly, I am a bit confused as to why you went about it the way you did, it seems an awful waste of your time, reps time, cost to do and undo, etc........... Did your self confessed "years of research" never lead you to TUG? It just seems that your years of research didn't really pay off, did it?
"years of research?" - no (misquote, I think.... Did I type that??? )... "considering for years" yes.... consideration if WSJ was the place for me, and if it was within my price range, and if going x times per year (or every other year etc) was feasible...

I never had preconceived notions specific to WSJ's sales office, but a preconceived notion about *any and all* time share sales entities.

I never did take "the tour" - I pretty much walked right into the sales office (with an appointment that I made the day prior) and said "this is the type of unit I want, time of year... show me a unit and draw up the paperwork - thank you". When they said "no... thank YOU" - I thought to myself, they oughtta wait 10 business days before thanking me for anything :)

actually didn't take much of my time, and I actually enjoy this kind of thing (believe it or not lol). My "purchase" is sort of analagous to going on a job interview primatily to brush up and refine interview skills.

I am in no way offended, and am only 100% appreciative of the suggestions and questions and "calling me out" on what seemed not to make sense. I totally understand that you can't "help" or advise someone if they don't seem to give the whole story, or may have posted an inaccurate version of their actual scenario.

PamMo is right - I never really considered the resale market at all! never occured to me. PRICE was (and is) less the concern. I "signed" for the privilege of having 10 days to finalize my decision and to do more consideration, which in this case is what brought me to TUG, and what intro'd me to other side of (aka resales).

thank you both again for your advice, questions, and *especially* for calling into question something I said in my post that seemed not to add or up make sense.

Happy holidays everyone!
 

Jaybee

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Runtown, Happy holidays to you, too, and welcome to Tug. I'm happy that your recission went well.

Count us as people who have signed for a timeshare, knowing full well we shouldn't have let ourselves be pressured into it, and being well aware of the resale market. That was in Mexico, and they are relentless, but I can only plead insanity,,and all the cerveza they gave us. :(
 
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