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Should I buy a resale right after sending letter in to rescind?

percheazy

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Hey everyone I just joined the forums today after reading through all of them for the past couple of days.

Long story short I just purchased a Wyndham Club Access by the developer on Sunday. As soon as I had gotten home I started researching and typed a rescind letter with my signature on it and sent it certified mail on Monday. After all the research i've done, i'm still very interested in getting resale for Wyndham points. I'm just wanting to get opinions on whether it would be a good idea to buy one now. I found a resort for $5 per 1000 points with a deed and would really like to jump on it since its for over 150k points.

Also, would you need to do a credit check for closing on any resales? I'm just not wanting to have another hard inquiry on my report since they went inquiry happy when I had signed up with the developers.

Thanks guys
 

VacationForever

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Cannot comment on Wyndham's price. As long as you pay in full for a resale purchase there is no credit check. In fact, I have not come across anyone who has not paid in full on a resale purchase. So, no... no credit check on buying resales. You do want to make sure you do due diligence in buying in the private market. Lots of honest sellers and brokers but you owe it to yourself to make sure you don't get scammed.
 

percheazy

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Any advice for making purchases from resale? I'm not going to lie, the people at the developers have gotten me really pumped and excited for vacationing since I am already spending $2500 on a vacation for 2 in New York for 4 days (Travelocity) and had plans to spend the exact same amount for a trip to Disneyworld next year. Once I found this place, I sent my letter as quick as possible and started searching everywhere for a better deal (basically everywhere that's not the developer) and am looking forward to saving money on my vacations from now on.
 

bizaro86

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I'd spend some time researching. It's exciting to find out about timeshares, but you should probably spend a bunch more time researching exactly what is the right choice for you. Timeshares are easy to buy, but can be hard to sell, and there is always another deal coming along.
 

Dave Landry

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When you have dates for Disney just post on this site and rent what you need from an owner. May even get a better price than owning without the commitment. Continue reading about how everything works on here then when and if you decide to purchase you will have a good idea what you want and why.
 

VacationForever

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You should look at the various timeshare systems and decide which one meets your needs the best. Some are more luxurious, some less so. Some have lots of locations, some much fewer. Some have high maintenance fees, some lower. Some are owner and resale friendly in terms of benefits are not stripped, some are not. Take your time and choose wisely.
 

percheazy

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Yeah I thought about that as well. I have a couple trips planned up. The only thing I was wanting from the timeshare is being able to have a little more reliability in getting better deals. Since it's just me and my wife and we get 6 weeks of PTO a year, we have a better shot of traveling on off seasons when points are low and we have the ability to travel more often. We also like the Last Minute Calls through RCI since we'll be able to travel even more if we happen to use up all our points. I feel like I can get my family some last minute calls as well.

I live in the south and have so many resorts near me that I believe we'll have a good shot at saving money each year by buying a timeshare.
 

jwalk03

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I would spend more time researching, and also rent from existing owners to stay at different places that may interest you. There are so many different options available, maybe after you have tried it you will decide Wyndham isnt right for you and you like Marriott or Hyatt or Hilton better. Who knows. No need to rush- prices are not going up.
 

bogey21

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Long story short I just purchased a Wyndham Club Access by the developer on Sunday. As soon as I had gotten home I started researching and typed a rescind letter with my signature on it and sent it certified mail on Monday. After all the research i've done, i'm still very interested in getting resale for Wyndham points. I'm just wanting to get opinions on whether it would be a good idea to buy one now.
I'd wait until you receive an acknowledgement that your rescind letter was received and you are off the hook on your original purchase. Otherwise if you buy a resale and for some reason your rescind doesn't go through, you might end up owning double.

George
 

taterhed

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Hey everyone I just joined the forums today after reading through all of them for the past couple of days.

Long story short I just purchased a Wyndham Club Access by the developer on Sunday. As soon as I had gotten home I started researching and typed a rescind letter with my signature on it and sent it certified mail on Monday. After all the research i've done, i'm still very interested in getting resale for Wyndham points. I'm just wanting to get opinions on whether it would be a good idea to buy one now. I found a resort for $5 per 1000 points with a deed and would really like to jump on it since its for over 150k points.

Also, would you need to do a credit check for closing on any resales? I'm just not wanting to have another hard inquiry on my report since they went inquiry happy when I had signed up with the developers.

Thanks guys
ABSOLUTELY!!!! BUY NOW. ACT NOW AND WE'LL THROW IN AN ALL EXPENSES PAID VACATION TO XXX AND AN EXTRA 40,000 BONUS POINTS! :wall:

NO NO NO.

That's exactly what got you INTO this position in the first place!

Read my three statements:
  1. You are excited about spending time with family/friends, enjoying vacations and having a better and/or cheaper resort. Great!
  2. You are eager to immediately have access to all the great benefits and resorts you were 'promised' at your presentation. I understand!
  3. You feel that ANYTHING is a bargain compared to the developer pricing and you're eager to buy now, before you miss these bargains! Best deals ever!
Now, read my three suggestions to you:

  1. You are excited about a vacation with family in one of these great resorts: Super, now go rent one and try it before you buy it. RENT and try. Think of it as a test drive. Oh, and don't just drive 1 car (brand) before you buy, go test several that fit your budget, needs and vacation goals.
  2. You are eager to enter the world of timeshares NOW! Again, good for you. Enter that world: rent a room/villa at a resort. Then, rent one at a different brand/resort. Get going! No need to 'buy to try...' you can often rent near the cost of maintenance fees (not peak weeks or hard-to-get resorts of course).
  3. Pay attention: Once you buy, it may be difficult to sell or give-away. You do not (probably) have the necessary knowledge to determine what is a good fit, a good value and has the right features and locations to fit your needs. BEFORE you sign on the bottom line (again), take time to find the best resort/brand/location and size for you!
Buy once, buy smart, and don't rush into something you'll regret!

Cheers.

edit: just to be clear: I'm not advising for or against Wyndham and I'm not suggesting you shouldn't buy a timeshare.....just that you should take time to make sure you make the right decisions based on knowledge and not just impatience....
 
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schoolmarm

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Buy re-sale! If you like to go to NYC, Wyndham and two others are the only timeshares. Wyndham also has lots of resorts near Disney. Since is it just the two of you, you wouldn't need a big unit (VIP upgrades are not of interest to me either, it is just me). If you have flexible travel plans you can book lots of places with either a deed (which I prefer, get a low maintenance fee resort) or Club Wyndham Access. You can buy re-sale for very little. My 154K packages were $700 for Sedona and $300 for Bali Hai (this one was stripped of points for a couple of years, but the MFs are SO LOW that it was still a very good deal for me). My 154K package from Wyndham in 2008 at National Harbor was over $22K and would be over $30K today. What is is worth? Wellllll, since it is low MFs, maybe a couple of thousand.

If you buy resale and you don't like it YOU can always re-sell it or rent your points out. I think that you will like the flexibility of Wyndham.
 

percheazy

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Yeah I've been looking into other timeshares as well and so far I'm liking Wyndham the most.

Does anyone know if logging into Wyndham website stop the rescind letter from cancelling? I had signed up after sending the letter to see what Wyndham points have to offer me but am now wondering if that's looked at as voiding my cancellation letter.
 

Braindead

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Yeah I've been looking into other timeshares as well and so far I'm liking Wyndham the most.

Does anyone know if logging into Wyndham website stop the rescind letter from cancelling? I had signed up after sending the letter to see what Wyndham points have to offer me but am now wondering if that's looked at as voiding my cancellation letter.
The only way Wyndham can stop your cancellation or rescinding is for you to NOT send your cancellation letter.
The letter is all that matters. Date of mailing is what matters as far as your rescission period but no need to wait till the last day if you have you have made your decision to rescind. Send certified USPS track the delivery and print the tracking as proof of delivery.
 
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Dave Landry

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Yeah I've been looking into other timeshares as well and so far I'm liking Wyndham the most.

Does anyone know if logging into Wyndham website stop the rescind letter from cancelling? I had signed up after sending the letter to see what Wyndham points have to offer me but am now wondering if that's looked at as voiding my cancellation letter.

No. That should not have any effect on your cancelation letter. You can always call and make sure it's being processed but I've always been told it's best to just wait as you might talk to someone who will talk you out of csncelling
 

TUGBrian

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congrats on rescinding in time and discovering resale! may your future vacations be enhanced by the thousands of dollars you just saved!
 
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