Signed contract Wed with developer????

[bdodson]

Well went on my first timeshare pitch determined not to buy- guess what- I bought- could go into the reasons but let's just say the devloper broke the united front my wife and I had and won one of us over.

That night as I mulled over our signed contract I got on the internet and found you guys- Then I wiped the tears from my eyes as I realized I just paid $13,500 for 4100 points at HGVC Orlando.

With not much sleep wed night, I put a plan together and dug deep into the contract and found the loop hole- I had 10 days to cancel- Thursady morning at 8:00 am I stood at their door with my cancellation letter of the contract. I handed her the letter and her pretty blue gift bag and bottle of wine and said no thanks.

I am going to fax a copy and send certified letter as well Monday to to make sure they didn't lose the first one.

After reading your posts I am currently evaluating an offer for 8,400 points at same resort for only 1500 more ($15000) from a reseller.

What was I going to do with 4100 points and seven kids, wife and myself on vacation- stay in a studio?

So now for the big question should HGVC not buy back the unit under their first right of refusal clause--

How do these points convert in the RCI system?

I can't afford to fly much w/ 9 of us so I will be using the local resorts for a while in NC and SC. I can't seem to get a chart of the local timeshares for this area showing points?

Again thanks for saving me mega bucks- more diapers and milk for the young ones!!!!!

 

[johnmfaeth]

Make sure you send the letter exactly as specified in the contract and your in good shape. The "recission" period is determined by state law and they are good at honoring it.

Now spend some quality time learning what's what using this discussion board. It is a wealth of info.

Then you can make an educated decision and buy resale for much less or decide that th eextra benfits of buying from the developer are worth it (almost never are).

Either way, please become a member. It's the best investment you can make if you want a timeshare.

Good luck and welcome!

John Faeth

 

[bdodson]

Became member today. $15 for thousands of saving- great ROI

 

[urple2]

Well congratulations on dodging the bullet with the developer.

My purchase of HGVC resale was 1.28 a point and went through the ROFR from HGVC.

The HGVC exchange through RCI goes like this:

CLUBPOINT VALUES FOR
RCI EXCHANGE RESERVATIONS
RCI VACATION
RESERVATIONS CLUBPOINTS
REQUIRED
3 bedroom red =5,800
white =4,000
blue = 2,900

2 bedroom red =4,800
white = 3,400
blue = 2,400

1 bedroom red = 3,400
white = 2,400
blue = 1,700

you can also choose days and weekends


Seeing that you appear to live in NC and stated that you didn't want to spend alot on airfare, etc. You may want to consider other Timeshare ownerships that have resorts closer to you such as Fairfield, Bluegreen , etc.

Good luck with your endeavors

 

[taffy19]

Well went on my first timeshare pitch determined not to buy- guess what- I bought- could go into the reasons but let's just say the devloper broke the united front my wife and I had and won one of us over.

That night as I mulled over our signed contract I got on the internet and found you guys- Then I wiped the tears from my eyes as I realized I just paid $13,500 for 4100 points at HGVC Orlando.
Again thanks for saving me mega bucks- more diapers and milk for the young ones!!!!!

You are so lucky and SMART to find this web site in time. We have bought from developers more than once and wished we were as lucky as you to find this forum.

Rescind your contract but do it exactly as it is spelled out in your paperwork. After that, read and educate yourself before you buy a re-sale. The more you know, the more you will enjoy your timesharing experience.

 

[rickandcindy23]

Congratulations for rescinding your purchase. This is the best decision you could have made. We love HGVC in Orlando and trade into that resort easily and cheaply. So many resorts, so little time.

 

[riverdees05]

As stated by the other members, be sure to do your resind by the numbers and exactly as stated in your contract. It is best to overdo it than underdo it, based on the money you can save buying resale.

Also, take your time before you buy resale. There is no big rush.

 

[grest]

Welcome, bdodson! You'll find here an amazing group of people who will help you in ways you won't believe. Glad to have you join us.
Connie

 

[Patri]

But you could have kept the gift bag and wine!

 

[m61376]

Welcome to Tug!

Give yourself a pat on the back! Then reread your contract and send the certified letter- that way you will have a record which hand-delivery doesn't give you. By law they have to honor the recision, so you will get your money back.

This place is an incredible resource for Timesharing 101. Start with reading through the materials on buying a timeshare, peruse through the different forums and ask lots of questions. Before you take the plunge and try to negotiate a resale price get a good feel as to what will suit your needs best and then what the bottom-line pricing should be. Keep in mind that asking price on a resale rarely is selling price; in fact, selling price may be a fration of the asking price- so the best thing to do is get a feeling for what you should be paying, and then keep on looking for a negotiable seller.

Join Tug for $15. This will give you access to the resort reviews. You mention wanting to go to places within driving distance because of family size/airfare. It would probably be very helpful for you to read the myriad of reviews of the different properties to see if HGVC is the best purchase for you.

 

[elaine]

did you get some type of receipt from HGVC for rescission?

If you did not get an acknowledgment of your rescission letter--I would put something in the mail tomorrow---and GET A RECEIPT from the Post Office. A simple letter stating that you hand-delivered a rescission letter to the sales office and that you are following up to reiterate that you are canceling the contract is fine.
HGVC is a very reputable company and your hand-delivery is probably fine--but what if it didn't make it into your file, or got lost in a stack of stuff and you have no PROOF that you actually rescinded? Better overkill and safe vs. sorry. good luck with future purchases.

 

[bdodson]

Not only did I get a receipt when I hand delivered -I just finished doing Certified mail with receipt.

Thanks for your help.

Now I need more help- I need to rent someone's timehare in Williamsburg VA. until I make my final decision on what to buy. How do I find someone willing to rent?

Bob

 

[Dave M]

To find a rental, look in the TUG Classifieds (link at the top of this page) and at the various sites listed in the "Frequently mentioned resale and rental sites" thread located at the top of the list of topics for the Buying, Selling, Renting forum. Also consider placing a free "Want to Rent" ad in the TUG classifieds.

 

[elaine]

there aer several on TUG who rent at wllmbg-post an ad on "wanted to rent"

several tuggers have points that can be used at various wllmbg resorts--put your date range in a "wanted to rent" ad on the BB and they will see your ad and get in touch with you--I have rented in wllmsbg at several including Greensprings and Governor's Green--both of which I found very nice.
Governor's Green is thru FF points and I like this one the best.
Also, if you rent thru someone with points, you do not have to stay a full week.

 

[chessietwo]

bdodson..Tug is great!!! I wish I would of been a member 9 years ago and 4 purchased timeshares later!!! I could of saved a lot of money and fustration.
It's important to read the paperwork when you purchase, most people leave the presentions "thinking about all the wonderful places they plan to go to" that they forget to read all the papers they just signed, and know when you have to cancel.

 

[bdodson]

So it hit's me- Why would I buy a Timeshare if all these people are willing to rent theirs for something close to the maintenance cost? It looks like I can go about anywhere and any time thru rental? Do I need to outlay the inital cash for a timeshare? I am not getting it?

Bob

 

[Patri]

No, you really don't need to purchase one, and many timeshare owners are reaching that consensus. You may have to be a little more flexible if you want a specific place at a specific date, but if one or the other has leeway you'll be able to line up your vacation! (And actually that sentence is true even if you are trading through RCI or another company. Can't always get what you want.)

 

[rickandcindy23]

So it hit's me- Why would I buy a Timeshare if all these people are willing to rent theirs for something close to the maintenance cost? It looks like I can go about anywhere and any time thru rental? Do I need to outlay the inital cash for a timeshare? I am not getting it?

Bob

I wonder how many of these people are renting out weeks that do not belong to them. Very risky, to rent an exchange.

We have an acquaintance just rented a week from Redweek and received an RCI confirmation and guest certificate for his $1,200 rental. I was amazed at the deal he got on a two bedroom Kauai week, but we now know why. It is against RCI's and II's rules to rent exchanges. I could make SO much money, if I did that, but I do not want to risk my renter appearing at the resort, exchange confirmation in hand, and have their reservation denied and my exchange privileges taken away as a result. My advice to this person was not to divulge how he got the week. Loose lips sink ships.

I think there are more and more people using the system in this way and should the exchange companies crack down on these rentals in a big way, this could become very embarrassing and costly to all parties involved.

 

[Carol C]

So it hit's me- Why would I buy a Timeshare if all these people are willing to rent theirs for something close to the maintenance cost? It looks like I can go about anywhere and any time thru rental? Do I need to outlay the inital cash for a timeshare? I am not getting it?

Bob

Williamsburg is fairly easy to trade into and to find rentals, so really there's no pressing need to buy there. If you're always going to Williamsburg, I think you can easily find rentals, especially via Fairfield points owners. Fairfield points members *own* the points and can use them to get into any Fairfield resort, including Williamsburg, and then they can turn around and rent it out because it is their week. It is *not* a rental of an exchange via an exchange company.

One more idea (speaking of Fairfield)...if you visit their website and sign up for their newsletter expressing interest in Williamsburg, they'll offer you a deeply discounted stay in exchange for you attending their sales presentation. I think it would be 3 nights, 4 days, something shorter than a week. If you do this, of course being a savvy TUGger now you'll listen to the sales pitch and say "no".

 

[bdodson]

Boy am I impressed with you folks-Straight shooters for once. All for a $15 membership- I wish my yr2000 investment in the stock market paid off as well. Oh well- I am off to look at rentals to get a feel for the market in Williamsburg.

Thx

Bob