[Starwood] question regarding buying Timeshares on ebay vs. a rep from the resort

[cruzad3r]

Hello, this is my first post so i hope i articulate my question clear enough so other veteran Timeshare owners can help answer.

I found several Mandatory resort timeshares for sale on ebay at an incredible low price. I also looked through the fine print on their posting regarding usage week, available staroption, 2011 MF fees are paid, $500 or less closing cost and there are some instances where no closing cost involved, transfer title cost about 50 dollars or less and again some cases where this is paid by seller.

So my question is, how come these deals are so cheap. Assuming that i can buy a Mandatory resort, 2 BR lock off with all the MF fees, closing cost, MISC fees add up to $3K or less, that's a fraction of a price compare to what i would've paid through a developer rep.

Usually when the deal is too good to be true, there's a whole load of trouble/issue coming along with it. That's why i turn to you Vet. Timeshares owners for clarification and advice.

Thanks in advance.

 

[Passepartout]

The short answer is: yes, those eBay prices you see are legit. We have been preaching 'Buy Resale, save thousands' for years. Now I know there are certain perks in the Starwood system that only come with buying from the developer, but they are worth nowhere close to the price difference.

Welcome to TUG! Stick around, read the forums and learn before you buy any timeshares.

Jim Ricks

 

[cruzad3r]

Thanks Jim for the quick response. being on multiple forums (mostly automotive), i was afraid no one would answer me due to my "new-ness account".

is there any more information you can give me regarding this issue?

 

[vacationtime1]

There are bargains out there, but there are also traps. Take your time, research carefully, and consider visiting the resorts you are considering (this kind of on-site research is not at all painful). This BBS has a wealth of information; spend a couple of months at minimum before you jump in. Don't be afraid to ask more questions.

Prices are not going up in this economy so you need not feel rushed. It is much easier to buy than to sell.

 

[cruzad3r]

that's the point, how are people selling their TS at such low price? unless they can't pay the MF and other MISC fees, i don't see any reason to sell.

is there any tips/advice that you can give me on how to properly research resale timeshare on ebay?

 

[Passepartout]

We're a pretty friendly bunch. Lots of newbies eventually find us. Sometimes after they have spent 10X or waaay more than they needed to to buy a TS. Then they ask for help 'getting out' of a bad decision. Once a contract is signed and the cooling off period is over this is difficult.

Those eBay (and other places) sellers get their inventory from owners- some of which actually PAY them to list and help them get rid of an expensive and/or unused timeshare. They are easy to buy and can be very hard to get rid of, so be sure before you buy.

The TUG wisdom is to always buy resale. To buy where you want to use at least half the time. To never finance a TS- or any luxury good. To be comfortable that the maintenance fee will always increase, and will come due about the end of the year- along with the holiday bills.

Study the newbies and other forums that interest you. Maybe rent a TS or 2 (the TUG marketplace up in the red stripe above is a good place to do this). When you get some specific questions that you can't find the answers to (though I can't imagine anything timeshare that hasn't been covered) -try the search feature. Present the specifics and most likely someone will help. We're like that.

Happy reading!

Jim

 

[vacationtime1]

that's the point, how are people selling their TS at such low price? unless they can't pay the MF and other MISC fees, i don't see any reason to sell.

is there any tips/advice that you can give me on how to properly research resale timeshare on ebay?

Many sales result from people selling the timeshares they bought in high pressure sales presentations that they never should have bought. Other sales result from life changes: death, divorce, poor health, loss of income, etc. Unfortunately for all of these sellers, they are selling into a very weak market. Vacation properties are very cyclical and many potential buyers are afraid to buy in this economy.

eBay is tough. Many ads have errors, some innocent, others not so innocent. You need to know enough about the property in question to know if the ad is correct. Some of that you can learn here: read about the properties, the fees; ask questions. Pay the $15 TUG membership fee so you will have access to resort ratings and reviews. Read about the sellers; some have excellent reputations, others are to be avoided no matter what they are selling at what price. Mostly, take your time at the outset.

 

[gravitar]

Don't forget, ebay timeshare sales are not binding. If you find that what you bid on and won is not as it was advertised, you can walk away.

 

[LisaRex]

I think you'd be shocked at how ignorant and/or lazy some people are.

We recently had a visitor from an owner who'd bought a Starwood unit from the developer over 6 years ago and didn't even know the name of the resort she'd bought (which she plunked down over $20M for), let alone the phase (which made a huge difference because 2 of the phases were mandatory). She'd never called SVN to ask for advice on how to land exchanges at high demand resorts. She'd never bothered to open her free II account, let alone learn the ropes or use it to optimize her ownership.

It boggles the mind, but it's true.

I know two people who own timeshares (and presumably pay the MFs every year) but never use it. I'm sure either would give the unit to me if I expressed interest in it. (I'm not.)

And then you have the people who are just too lazy or intimidated by the thought of having to sell it to strangers to try and sell it on their own. SVN won't help them. So they do a Google search, see the Google ads that scare them into thinking that they need to pay someone to get the unit off their hands, and voila! Or maybe a persuasive salesman has called them and convinced them that it's not worth anything.

FWIW, I just purchased a 2 bdrm at SVV-Bella worth 81,000 SOs for $1250. How much the owner received of that remains a mystery, but I doubt anything. I guess his ignorance is my gain.

My advice is to look for sellers who have high ratings, and use a reputable escrow company.

 

[jdds]

I have a unit for sale on ebay right now (can't say what it is!) and the reason I'm selling it is because I no longer live in an area that makes traveling to it feasible and also my job has made it difficult for me to travel every year. So, I switched up my portfolio and own every other year units and am getting rid of my annual unit at a cheapo price. The market dictates what you have to sell it for. I get so angry at some of the ebay ads because, as others said, many of the ads are riddled with errors. I tried really hard to be thorough in my ad to help sell it, but I also can't beat the companies that had people pay them to take their units off of their hands and then they turn around and sell the unit on ebay for $1!

 

[cruzad3r]

FWIW, I just purchased a 2 bdrm at SVV-Bella worth 81,000 SOs for $1250. How much the owner received of that remains a mystery, but I doubt anything. I guess his ignorance is my gain.

that's is an AMAZING price because i know the same unit with less SO (~67000) is going for $18k from the developer. Lisa, if you can send me more information about this or any tips you've used (i know there are hidden secrets ) that would be super helpful. Thanks in advance.

I have a unit for sale on ebay right now (can't say what it is!) and the reason I'm selling it is because I no longer live in an area that makes traveling to it feasible and also my job has made it difficult for me to travel every year. So, I switched up my portfolio and own every other year units and am getting rid of my annual unit at a cheapo price. The market dictates what you have to sell it for. I get so angry at some of the ebay ads because, as others said, many of the ads are riddled with errors. I tried really hard to be thorough in my ad to help sell it, but I also can't beat the companies that had people pay them to take their units off of their hands and then they turn around and sell the unit on ebay for $1!

if you want to hit me up with a PM about this, i'm more than happy to talk to you in term of buying.

I truly appreciate everyone chiming in and helping a new potential owner like me. - Jake

 

[C30NY]

I just passed on an EOY 81K at Bella with 81,000 staroptions for $600. I worry that I will have a hard time using StarOptions at WSJ & HRA, and the rest of my travel (WLR, Vegas, etc...) seems like it can be done with exchanges for lower MF's. I wish I could have grabbed a HRA from the sightings board today!

 

[cruzad3r]

anyone buy TS on ebay that want to recommend the seller? is it's against forum TOU, you can simply PM me. however, i'm not sure why it would be against forum TOU (term of use) though.

 

[grgs]

anyone buy TS on ebay that want to recommend the seller?

You could review this section of TUG:

http://www.tugbbs.com/forums/forumdisplay.php?f=56

If there's a particular seller you're looking at, you can search TUG and see what others have said.

Glorian

 

[cruzad3r]

thanks - there are sections on this forum that i haven't even discover yet!

 

[Passepartout]

You might consider buying from a TUGger. Another thing to consider: Paying $15 to join TUG. Members have access to reviews of thousands of TSs and the Sightings and Distressed listings. There are some little seen jewels there only available to members.

It seems like you've caught the TS bug. I'd caution you to not jump right in. Take a while learn about TS. Rent a few. Many can be rented for less than their underlying MF. Prices are not about to make a huge leap. There is no hurry and if you hold out you can get exactly what you and your family can enjoy for a long time.

Jim

 

[LisaRex]

that's is an AMAZING price because i know the same unit with less SO (~67000) is going for $18k from the developer. Lisa, if you can send me more information about this or any tips you've used (i know there are hidden secrets ) that would be super helpful. Thanks in advance.

I just searched "Sheraton Vistana" (don't include "villages" because some people don't include it in their listing) and searched for offers that were for either Key West or Bella, EOY odd. Then I made sure that the seller had sold a lot of properties and had a great rating.

I bid on a few properties before getting the one I own. I used e-snipe to avoid getting in a bidding war. I set the price I was comfortable with and then let the e-snipe software do the bidding. I recommend this so that you don't get into a bidding war, especially with a shill bidder.

There are (or were) also a few modestly priced SVV units on Redweek. But you have to pay the $9.95 fee to join before they'll allow you to see the ads. Be prepared to send emails to the owners verifying that they are in a mandatory phase and that they own a platinum week.

Good luck.

 

[cruzad3r]

so the back story is this:

during the summer i was down in florida and i sat through their sales pitch. i want to buy something that i can give my children when they're older so they can enjoy, at the same time enjoy it while i can as well. so i'm serious about making this investment. with that in mind, i didn't commit at the end of the sale for one reason: i didn't know what TS is all about. I didn't know what I should ask for or how to negotiate. SO i decline but at the end, they hook me in with an explorer package. this is to lock in the price and added some extra Starpoints as reward if i close.

So now that i've done my research, i understand more about TS (all thanks to you kind folks and this forum) i want to explore my option. Part of me want to buy from resale then make another purchase from the developer to re qualify and become the Elite status. AGain the benefits of converting to starpoints and waived fees are very enticing.

I know that if i buy from Mandatory resort, all those SO are transferable. TO this point, there's a nice unit on ebay that i think is very reasonable to buy. so now you understand why i ask about buying TS on ebay vs. the developer.

 

[C30NY]

I sat through a presentation at lagunamar and regardless of the unit and how many options I purchased, they were going to give me 3*. At the same time I asked about requal and they said the developer purchase had to be greater than $30k to qualify for a requal. Not sure if you heard the same thing. So anyway...unless you are buying big and requalifying big, I'm not sure you will get to 4 or 5*...and even then the debate about it's 'worth' are continuing, and im no where near qualified to debate that. Your goal may also be to just have a lot of SO's yearly to spend.

I guess it's gonna boil down to where you are trying to go, is trading with the starwood preference in II with a non-mandatory and possibly lower MFs an option (flexibly and availability wise), and your ultimate goal.

You are doing good learning here first. I have learned a tremendous amount from the boards and continue to do so daily.

Good luck and let us know how you make out!

Jase

 

[LisaRex]

If you requalify a purchase, you don't have to buy a mandatory property. In fact, your best bet is to buy a much cheaper voluntary resort, such as Platinum SDO, and requalify it when you make your developer purchase.

However. Do not get lured by salesmen. There is very little gain from achieving elite status, unless you want to go all the way to 5 star.

My advice is to dip your toe in before diving in. There is absolutely no rush. The economy is still in the tank, timeshare prices are dropping, and MFs will be due in a few weeks.

 

[DeniseM]

i want to buy something that i can give my children when they're older so they can enjoy, at the same time enjoy it while i can as well. so i'm serious about making this investment. with that in mind,

I would not buy for this reason - period. If you want to own and use a timeshare now, for yourself, and for your children as guests - it's a great plan. But do not buy something with the intention of handing it down to your kids. To be quite honest we get a regular string of new heirs here who are unhappy to be saddled with dad's timeshare as an inheritance. Remember - you will also be saddling them with the obligation for paying the maintenance fee for all eternity.

As far as requalifying, there is little value in it unless you are going all the way to 5 Star elite which is an expensive proposition. Paying $20,000 just for the privilege of converting to Starpoints and waiving a few fees isn't a good value.

This is my advice - forget everything the sales people told you, and start fresh doing your homework here on TUG. Timeshare sales people will say whatever they think it takes to make the sale - they have a tendency to glorify the perks of buying from the developer, way beyond their actual value. (Including buying from the developer to requalify.)

 

[Passepartout]

As far as requalifying, there is little value in it unless you are going all the way to 5 Star elite which is an expensive proposition. Paying $20,000 just for the privilege of converting to Starpoints and waiving a few fees isn't a good value.

This is my advice - forget everything the sales people told you, and start fresh doing your homework here on TUG. Timeshare sales people will say whatever they think it takes to make the sale - they have a tendency to glorify the perks of buying from the developer, way beyond their actual value.

Cruzad3r, re-read what DeniseM has said. It's what I was alluding to in post #2. There are some perks for buying from a developer, but they aren't worth the cost. Not by a mile.

I'd also point out that Starwood is not the only quality TS outfit out there. Do your homework. Buy on your terms, not theirs.

Good Luck!

JIm

 

[AwayWeGo]

Were The Timeshare Sellers' Lips Moving When They Said Buying One Is An Investment ?

i'm serious about making this investment.

No way timeshare ownership is an investment.

Not only that, timeshare ownership is also not prepaid vacation accommodations, even though the full-freight timeshare sellers like to plant the idea that by buying what they're selling you're "locking in" future vacation costs at today's rates.

The reason timeshares aren't prepaid vacations is that timeshare ownership alone -- mox nix whether you pay a little or a lot or even if get your timeshare(s) el freebo -- gets you nothing.

Even when your timeshare deed is all paid off & you own your timeshare free & clear, before you can check in when you show up, your ongoing maintenance fees have to be all paid up. Ditto any special assessments, which timeshare owners sometimes get socked with. Typically, annual maintenance fees go up over time.

It's those on going timeshare maintenance fees year in & year out that are the true cost of timeshare vacationing. You don't have to show up & check in every year, but you have to keep on paying those maintenance fees come hell or high water.

Buy timeshares resale. Save thousands of dollars on exactly the same thing, or the equivalent, or something even better than the full-freight timeshares.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[cruzad3r]

so what is the true benefit of owning a timeshare?

for those who have their timeshare for a long time, do you see a true benefit? obviously you're paying for your stay with the MF so it's not really free and the idea of deeded TS really means nothing if you can only stay there once a week.

 

[YYJMSP]

so what is the true benefit of owning a timeshare?

for those who have their timeshare for a long time, do you see a true benefit? obviously you're paying for your stay with the MF so it's not really free and the idea of deeded TS really means nothing if you can only stay there once a week.

IMHO, timesharing is a state of mind, and only works if you are flexible in your travel plans and dedicated to actually taking the time off to enjoy what you bought.

For us, it gives us the feeling of pre-allocated (not pre-paid!) vacations each year that we try to maximize the perceived value (to us, not necessarily to others) of what we pay that year in return for ~8 weeks of holidays.

Excluding the up-front purchase costs, I estimate we set aside about 20% of our net income as out-of-pocket towards holidays. We pretty much book all major transportation and accommodations on points of some kind, some earned elsewhere, some converted from our SVN ownerships.

We get bigger/better rooms in the destinations that we want to go to (both on the villa side in SVN and on the hotel side in SPG), and are happy with the current costs. We are staying in much nicer rooms than we used to, for about 50% more per night cost (including our up-front purchaes costs) as compared to what we used to pay for regular hotel rooms.

I'm confident that some of our friends would pee themselves if they knew how much we put towards holidays, but on the other hand, they're always excited to hear about our latest trip.