Original Message:
Many questions, a few answers... (by KC):
sherryc101 asked numerous assorted questions:
========================================== Re: >> Does anyone have any advice on how to ensure that the conract is indeed cancelled? <<
If you do a search on contract cancellation, you will easily find many posts on the subject. In short summary, however, follow the cancellation instructions EXACTLY as stated in your contract (the law requires that you were provided with those cancellation rights and instructions, in writing, at time of purchase). Also, make CERTAIN that you meet the time dealine for cancellation (I seem to vaguely recall that it is 5 days in Massachusetts). Keep copies of anything and everything you send. If you retain your certified mail receipt, then you have legal proof in hand for future use that you actually met the deadline. If you fail to meet the deadline, then you are just plain out of luck --- you own it. ===================================
Re: >> ....Holiday resale. I looked them up on the BBB and seem to be legit. Should I be leary of them besides the steep closing costs? I replied on Redweek and have not recieved any responses yet<<
BBB "rating" means little or nothing, but Holiday IS indeed a legitimate resale entity. Their closing costs are higher than average, but not obscene. Holiday tends to be very slow in closing transactions. They also have a tendency to have inaccuracies in facts and details in their ads; check and verify EVERYTHING. As with many commercial entities, Holiday insists on using THEIR closing company (although YOU as buyer pay the closing costs). There is really no way around that particular "arrangement" if you buy from Holiday (it's not an uncommon practice with commercial resellers, who also make some money on those closing costs). If you are concerned about not receiving a prompt email response (it could be a computer problem at your end, at their end, or anywhere in between), Holiday usually also lists a toll free phone number in their ads, so it's certainly easy enough to just make a phone call (have their ad / listing number in hand first, to save time). ====================================
Re: >> Has anyone purchased from a private seller on Redweek and if so, any advice on what to ask or look for? Can scams occur on Redweek? <<
Anyone (whether honest or not) can advertise weeks for sale or rent on RedWeek if they simply pay the advertising fee, just like anywhere and everywhere else. For what it's worth, I have personally both bought AND sold a few weeks on RedWeek in recent years and had no problems at all as either buyer or seller. There is certainly nothing inherently "untrustworthy" about a "private" seller --- and far more often than not the best prices are found in private sales, since there is no one collecting a commission in a private transaction. Just make sure that you FULLY understand what you are buying (float vs. fixed, deeded vs. RTU, any date "blackouts" on "float" reservations, etc.) and remember that, as buyer, due diligence is YOUR personal responsibility. Also, I suggest that if you buy from a private seller make sure that YOU, as the buyer, get to choose and use a closing company of YOUR OWN choice (often not even an option with a commercial reseller, such as Holiday). If a private seller insists on "handling it all themselves" or insists on using only one particular closing company, tell them "no thanks, goodbye" (unless THEY are paying the closing costs to a reputable closing company which is acceptable to you). If you are paying the closing costs as the buyer in a private transaction, then it should be YOUR choice of a closing company. There are several good closing companies (and numerous lousy ones) around. Figure on paying $300 at a minimum for closing costs, no matter WHO you use. If the resort charges a "transfer fee", be aware in advance that this "transfer fee" cost is NOT ever included in the basic closing costs and is generally your separate responsibility, to be paid directly to the resort. That "transfer fee" can be anywhere from zero to $500, but is generally somewhere in the $75 range. You can easily learn that "transfer fee" cost info in advance with a phone call made directly to the resort or to its' management company.
Hope some of this helps you. Don't be in a big rush to buy and THOROUGHLY DO YOUR HOMEWORK FIRST. The timeshare resale market is currently at rock bottom in this weak economy, but the truth is that SOME weeks at SOME places are virtually worthless, even in the best of times. And, regardless of cost, I recommend that you NEVER buy a "weak" timeshare week in the unrealistic hopes of somehow later magically "exchanging" an inferior week for a much better one. The world of "exchanging" is very rapidly changing these days --- and NOT for the better. Remember too that annual maintenance fees are "forever or until you sell or die, whichever happens to occur first". ;-) Good luck.