What should I watch for in buying a "second-hand" Westin fractional ownership?

[zeke013]

I am new to the board (Post #1 - YEAH!) and have perused the board a ton - unfortunately after having purchased an Ocean Front WKORV-N villa. . . directly from Starwood.

But, the good news is that I can stop any further hemmoraghing from what I've learned on this board. We are considering an EOY island view room to allow friends/family to travel with us.

I see a bunch of different sites selling a bunch of different things for a bunch of different prices from a bunch of different people.

Any thoughts on where I should start looking? Things to watch out for? Do I contact Starwood to confirm ownership/payment of maint. fees, etc.?

Any warning signs a noobie ought to watch out for?

Thanks! And keep up the good work. I wish I'd found this site earlier!

 

[johnmfaeth]

Hi Zeke,

With an expensive purchase like a Westin, it really adds a lot of safety to the deal to use a quality timeshare closing company which which check out the "due diligence" items as well as keep your purchase money in escrow until AFTER your new ownership is recognized by Starwood along with a $0 account balance. Be careful, many of the large closing companies/escrow agents disburse sooner (once the transfer "package" is sent the resort) so they can "book" the closing fee income sooner.

And learn, learn, learn before doing anything.

John Faeth

PS. Please join our family as a paying member and also spread the word.

 

[zeke013]

Thanks John - Got a referral to an established timeshare closing company?

PS : I will do both!

 

[DeniseM]

Welcome to TUG and the Hotel Board.

Just so you know, "fractional," and "timeshare," are not interchangable. Fractional usually means that you have purchased a block of weeks, rather than just one. Even if you buy another week, you will own timeshare weeks, not a fractional.

I am going to assume that you must be past the recession period? If not, rescind ASAP!

Starwood isn't going to give you any info. about another owner, but, as John said, if you use a reputable escrow company, they will take care of that.

BTW - John owns a TS escrow Co. (He is just being appropriately decreet on the board.) You can click on his name and email him off the board for more info.

Let us know how thing go!

 

[zeke013]

Thanks for the quick catch-up on terminology! I hadn't realized I was mixing terms.

As far as rescission - I assume your concern is on price alone? Or is it something more site-specific? And thanks for pointing out the closer in our midst!!

 

[DeniseM]

Thanks for the quick catch-up on terminology! I hadn't realized I was mixing terms.

As far as rescission - I assume your concern is on price alone? Or is it something more site-specific? And thanks for pointing out the closer in our midst!!

Yes - price. There is a 2 bdm. ocean view WKORV unit on ebay right now for about $29K.

Also - since you are interested in IV, if you are flexible about when you can travel (don't need high season all the time) you might consider buying resale at a cheaper resort and using Staroptions to exchange into the WKORVN for a 2nd week. The down side is that you won't get a great view, but if you are buying IV anyway, it really doesn't matter as much. However, if you need high-season reservations (whenever the kids are out of school) it's best to buy where you want to go. Good luck!

 

[Bill4728]

Thanks for the quick catch-up on terminology! I hadn't realized I was mixing terms.

As far as rescission - I assume your concern is on price alone? Or is it something more site-specific? And thanks for pointing out the closer in our midst!!

Since you bought from Starwood, you need not be concerned about some of the other things. BUT if you can rescind DO SO NOW!! learn all about starwood and learn about mandatory vs voluntary resorts.

READ the starwood advice atricle link then ask any question you might have.

Welcome to TUG