Good or bad deal???

[iluvolives Junior Member Find all posts View Profile Close iluvolives]

I recently purchased my first timeshare on Saturday- somewhat of an impulse buy, but not one that I regret. But I do have questions about my purchase and would love some expert advice.

My husband and I enjoy skiing and stayed at a nice timeshare in Breckenridge,CO- The Grand Timber Lodge. We heard the presentation and met a few satisfied owners while visiting the onsite bar and like the idea of knowing we can come back here each year. I've always heard that you should always buy resale timeshares and not directly from the developer but the developer told us that since they have right of refusual on all deeds that they typically don't let owners sell for much under value. He also said that we would miss out on all the perks the developer gives- like a bonus week everytime you trade your 1 bedroom master. But I just saw that in the contract the bonus week is given through II- so can the developer really deny someone the bonus week because we didn't purchase through them?

We paid 29K for a biannual 2 bedroom lock out, winter/red week. Since it is just my husband and I we figure we can vacation annually by just using the studio one year and bank the master for the next years vacation. Plus it looks like we would have great trade ability because Colorado is very high demand in the winter.

Did we pay too much? The rep just made us feel like we would be missing out on all sorts of "perks" if we didn't go through them. He also said if we ever want to upgrade we would get a better deal having gone through the developer.

Any thoughts or opinions would be great. Most of the resale I've seen for Grand Timber Lodge are spring and summer weeks which we don't want, but there are a few winter weeks and I don't know if I should cancel my contract and go that route, or just stick with the developer .

Thanks!!

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

Rescind now. You will find a resale for the season you want somewhere. In this market, there will be more resales than ever. You can get a "bonus" week through II, you are right, you don't need to have bought from the developer for that. $29,000 is too much, no matter what they told you.

Following the rescission instructions in your contract to the letter. Then do some research. You can always change your mind later, but you won't

[iluvolives Junior Member Find all posts View Profile Close iluvolives]

Do you think I will have problems getting a good deal since the resort can use their Right of Refusal? Even some of the resale I see are in the 20K range (still a savings of 9K which is great) but at what point would they let the resale go through and refuse the purchase? There were people buying places there for 80K so it's a pretty pricey place in general.

[bnoble Senior Member Find all posts View Profile Close bnoble]

Rescind rescind rescind!

Don't worry yet about ROFR at this resort---there are lots of beautiful Colorado ski resorts. Don't spend $30,000 on impulse ever.

After you do your research, if you decide this resort is the right one for you, you can figure out how to get the best deal. This probably isn't it.

[iluvolives Junior Member Find all posts View Profile Close iluvolives]

Thanks for the input- I will rescind tonight, I believe our contract gives us 5 days. Any good reccomendations for trustworthy websites to start looking for resales?

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

Rescind rescind rescind!

Don't worry yet about ROFR at this resort---there are lots of beautiful Colorado ski resorts. Don't spend $30,000 on impulse ever.

After you do your research, if you decide this resort is the right one for you, you can figure out how to get the best deal. This probably isn't it.

I agree -- too soon to worry about ROFR. The resales listed at $20K are undoubtedly negotiable, and you will figure out ROFR when and if you need to.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

I've seen every-year ski weeks at Grand Timber Lodge go for $10-15K resale. Probably less now. Comparing the $29K for your biannual -- that is a savings in the range of $40K or more!

Rescind. You can still buy there. You have all types of time to learn what is out there to make an informed buying decision, before next ski season.

Also -- there is an unwritten rule regarding timeshare salespeople: if their lips are moving, they are most likely lying (or at the very least not representing the whole truth). They will say almost anything for that sales commission.

Kurt

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

Thanks for the input- I will rescind tonight, I believe our contract gives us 5 days. Any good reccomendations for trustworthy websites to start looking for resales?

Drop everything and rescind immediately.

[iluvolives Junior Member Find all posts View Profile Close iluvolives]

I rescinded the offer this afternoon- Do you know if I will hear directly from them regarding the cancellation? I'll have verification once they sign for the letter, but I wasn't sure if I have to talk to them about my reasoning after too.

I feel much better about the idea of timeshare now that I see some of the prices of resales and can get what I had already convinced myself I wanted for 29K for much much less. Thanks for the input!

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

probably not (hear from them). And you don't need to give them any reason.

Jya-Ning

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

I rescinded the offer this afternoon- Do you know if I will hear directly from them regarding the cancellation? I'll have verification once they sign for the letter, but I wasn't sure if I have to talk to them about my reasoning after too.

I feel much better about the idea of timeshare now that I see some of the prices of resales and can get what I had already convinced myself I wanted for 29K for much much less. Thanks for the input!

Good job! If you followed the rescission instructions in the contract, there is no need to talk to them again. Of course, you will most likely get a call from the sales staff wondering why you rescinded, and they may try to entice you with a different, "better" deal. Be strong! Don't give in!

Like I said earlier, you have plenty of time to find a resale that will fit your needs, and save you a bundle. Breck is a great place to ski and vacation (I was just there last weekend), and I'm sure you will find something great.

Good luck!

Kurt

[iluvolives Junior Member Find all posts View Profile Close iluvolives]

Thanks Kurt

Did you stay in a timeshare in Breck? If so, which one and how was it. We were in Breck last week Wed-Fri and it was our first time- we loved it. That's why a timeshare makes sense to us- even if we could never rent it out or resell it we would be happy to go to Breck every year.

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

Thanks Kurt

Did you stay in a timeshare in Breck? If so, which one and how was it. We were in Breck last week Wed-Fri and it was our first time- we loved it. That's why a timeshare makes sense to us- even if we could never rent it out or resell it we would be happy to go to Breck every year.

I used to say that about Hilton Head. Then my kids got tired of it after five years or so. I also said it about Park City, where I also own. But after three winter breaks there, they wanted to something different. Still, a winter week in Breck sounds like it makes a lot of sense for you, at the right price. In fact, I traded in there for my kids spring break this year -- they're staying at Grand Timber Lodge

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

Thanks Kurt

Did you stay in a timeshare in Breck? If so, which one and how was it. We were in Breck last week Wed-Fri and it was our first time- we loved it. That's why a timeshare makes sense to us- even if we could never rent it out or resell it we would be happy to go to Breck every year.

I'm a Hilton owner, so I stayed at Valdoro Mountain Lodge (very close to Beaver Run / Peak 9 base). Hilton owners have access to unused inventory (booked at 30 days out or less) and can rent it for deeply-discounted rates. Since I live in Colorado, I can make good use of that benefit.

Kurt