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Important Update Affecting Resale Purchasers (by Beck):
normanp27 wrote:anyone having any luck complaining about the upgrade? Its pretty bad I offered Vistana a Deed in Lieu of Forclosure and they would not take it back. You would think the timeshare would have to be worth more than the 1255.00 I owed.{I have since paid the %$#@} This upgrade "cost" was $1600. Why wouldn't they take it back for $1255. Anyone had any luck with the Attorney General? {This is the Attorney General phone # 866-966-7226}
I think SVO declines you offer because the association doesn't have a procedure to sell the unit. And as I previously submitted, when the developer forcloses, then takes ownership of the unit, I don't believe the developer reimburses the association for the delinquency because since they were "the only bidder" to aquire the unit they aquire it for less than the delinquency amount. This leave owners paying for the delinquencies and the developer with a virtually free unit to resale.
Another way of saying this is I believe the HOA won't take the unit back because the developer who controls the HOA ensures the HOA doesn't have a procedure to foreclose and resale the unit properly. I think the developer sets up a procedure to funnel foreclosed units to itself, leaving the cost of foreclosure to the HOA (Owners) and the "free or almost free" unit for the developer to resale direct.