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Actipolis

Aug 19, 07 - 4:14 PM

Help with timeshare value

Hi all,

My name is Michelle and yesterday we got talked into buying a timeshare. I usually do a lot of research before making any decisions and actually left my license at home and unknowlingly had my checkbook. This is very unlike me. The closing is not actually complete because they do not have my license info so I think it will make it easier to get out of if it was a bad deal.

They are still in preconstruction of a new resort in the Berkshires in Mass (although some units are already built and being used). It's a 2 bedroom/2 bath split with balcony. It is really a nice place. They said demand is high and supply is low because the berkshire's prevent a lot of growth by developers in the area. So it is not over saturated. They said the value will go up to 30+ once construction is complete in a year. We bought a bi-yearly deed for 13K in a red week. Is this a good deal? The maintenance fees are 400 locked in rate every other year. The trading power should be excellent there because it meets all the requirements for a good trading power. What should I do? I was thinking of getting out of it and buying one somewhere else for <5K. I'm not sure if I would have equal trading power and I know it wouldn't be as close by.

Please any help or suggestions would be helpful. If I can find what the market value for a timeshare is in the area it would be helpful. Where can I get this info? I can then go back to the sales manager and try and get them to lower the price or I will back out.

Also what are your experiences with being able to go where you want when you want if you book let's say 5 or 6 months in advance.

I am excited to travel the world in my lifetime and with my kids in the future. I'm only 23.

wackymoma

Aug 19th, 2007 - 4:15 PM

Re: Help with timeshare value

I would rescind NOW, then look around and see where you really want to go. There are already at least two nice timeshare resorts in the Berkshires and they're not good traders or in high demand. You can get a great resale deal (for a fraction of the price you paid) at, for example, Vacation Village in the Berkshires, if you decide that's where you want to go every year.

Don't assume that because you have not provided your license number that the contract is not binding. It is. Your driver's license number has nothing to do with a real estate purchase.

Rescind NOW following the instructions to the letter. Usually they ask for a letter stating that you want to rescind, and it has to be mailed via the US Postal Service, and you should send it certified return receipt requested. That way you have the postmarked receipt to show when it was received at the resort. Timeshare contracts give you only a very few days to rescind, sometimes as few as three days. So send that letter right NOW!

Good luck!

Actipolis

Aug 19th, 2007 - 4:16 PM

Re: Help with timeshare value

Thank you for the advise! Should I stop payment on my check right away? Will this help my case?

If I had any intention of buying it I would have done some research before hand.

I'll do everything I can to get out of it. It has been < 24 hours.

Thank you!

Glitters

Aug 19th, 2007 - 4:17 PM

Re: Help with timeshare value

You did not get a good deal, you need to cancel right now. That is an outrageous amount of $ for an EOY Berks week. There will be clear instructions in the contract for how to rescind, follow them to the letter (certified/registered mail, etc...). By law you have a number of days to rescind, I'm not sure what it is in Massachusetts. Even though you didn't have your license, you should proceed as though the contract is completed (it likely is) and rescind. If you haven't yet signed anything (I'm sure they didn't let you get away with that), then don't.

That area has a lot of extra timeshare inventory, it becomes worth a fraction of what you will pay, the minute you buy, if you're lucky. The only place up there with low supply and high demand is the Ponds at Foxhollow in Lenox, and only the prime summer Tanglewood weeks. (The "Red" designation means little, btw). I know that's not where you bought.

I consistently trade into units up there, or get in on cheap Last Calls, at Vacation Village and Oak N Spruce, even in prime summer. Cheap rentals abound, too. The fixed Maintenance Fee, btw, is only until the developer sells out, then the Maintenance Fees will go up a lot.

With all the extra inventory at Vacation Village and Oak N Spruce, I was surprised to hear that Silverleaf is going to expand and build another development anyway at Snowy Owl. Well, what do they care, once they sell to the unknowing newbie, they're out of there and it's the owners' problem.

You are young, you have lots of time to enjoy your first timeshare purchase, if you don't get ripped off. You're also lucky, you found us in time! Many of our members found us AFTER their first purchase, and then learned how to buy their second one...

Author	Comment
Actipolis Aug 19, 07 - 4:14 PM	Help with timeshare value Hi all, My name is Michelle and yesterday we got talked into buying a timeshare. I usually do a lot of research before making any decisions and actually left my license at home and unknowlingly had my checkbook. This is very unlike me. The closing is not actually complete because they do not have my license info so I think it will make it easier to get out of if it was a bad deal. They are still in preconstruction of a new resort in the Berkshires in Mass (although some units are already built and being used). It's a 2 bedroom/2 bath split with balcony. It is really a nice place. They said demand is high and supply is low because the berkshire's prevent a lot of growth by developers in the area. So it is not over saturated. They said the value will go up to 30+ once construction is complete in a year. We bought a bi-yearly deed for 13K in a red week. Is this a good deal? The maintenance fees are 400 locked in rate every other year. The trading power should be excellent there because it meets all the requirements for a good trading power. What should I do? I was thinking of getting out of it and buying one somewhere else for <5K. I'm not sure if I would have equal trading power and I know it wouldn't be as close by. Please any help or suggestions would be helpful. If I can find what the market value for a timeshare is in the area it would be helpful. Where can I get this info? I can then go back to the sales manager and try and get them to lower the price or I will back out. Also what are your experiences with being able to go where you want when you want if you book let's say 5 or 6 months in advance. I am excited to travel the world in my lifetime and with my kids in the future. I'm only 23.
wackymoma Aug 19th, 2007 - 4:15 PM	Re: Help with timeshare value I would rescind NOW, then look around and see where you really want to go. There are already at least two nice timeshare resorts in the Berkshires and they're not good traders or in high demand. You can get a great resale deal (for a fraction of the price you paid) at, for example, Vacation Village in the Berkshires, if you decide that's where you want to go every year. Don't assume that because you have not provided your license number that the contract is not binding. It is. Your driver's license number has nothing to do with a real estate purchase. Rescind NOW following the instructions to the letter. Usually they ask for a letter stating that you want to rescind, and it has to be mailed via the US Postal Service, and you should send it certified return receipt requested. That way you have the postmarked receipt to show when it was received at the resort. Timeshare contracts give you only a very few days to rescind, sometimes as few as three days. So send that letter right NOW! Good luck!
Actipolis Aug 19th, 2007 - 4:16 PM	Re: Help with timeshare value Thank you for the advise! Should I stop payment on my check right away? Will this help my case? If I had any intention of buying it I would have done some research before hand. I'll do everything I can to get out of it. It has been < 24 hours. Thank you!
Glitters Aug 19th, 2007 - 4:17 PM	Re: Help with timeshare value You did not get a good deal, you need to cancel right now. That is an outrageous amount of $ for an EOY Berks week. There will be clear instructions in the contract for how to rescind, follow them to the letter (certified/registered mail, etc...). By law you have a number of days to rescind, I'm not sure what it is in Massachusetts. Even though you didn't have your license, you should proceed as though the contract is completed (it likely is) and rescind. If you haven't yet signed anything (I'm sure they didn't let you get away with that), then don't. That area has a lot of extra timeshare inventory, it becomes worth a fraction of what you will pay, the minute you buy, if you're lucky. The only place up there with low supply and high demand is the Ponds at Foxhollow in Lenox, and only the prime summer Tanglewood weeks. (The "Red" designation means little, btw). I know that's not where you bought. I consistently trade into units up there, or get in on cheap Last Calls, at Vacation Village and Oak N Spruce, even in prime summer. Cheap rentals abound, too. The fixed Maintenance Fee, btw, is only until the developer sells out, then the Maintenance Fees will go up a lot. With all the extra inventory at Vacation Village and Oak N Spruce, I was surprised to hear that Silverleaf is going to expand and build another development anyway at Snowy Owl. Well, what do they care, once they sell to the unknowing newbie, they're out of there and it's the owners' problem. You are young, you have lots of time to enjoy your first timeshare purchase, if you don't get ripped off. You're also lucky, you found us in time! Many of our members found us AFTER their first purchase, and then learned how to buy their second one...