Did I make a mistake?

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

Hi everybody,

My new wife and I attended a presentation by the Grandview in Las Vegas. To keep it short, we walked away with a one bedroom (sleeps 4 b/c living room) biennial (odd years) for week 26 and paid about $11,000. This came with a membership to RCI and includes 2 weeks vacation in addition to the week at Grandview.

After reading posts left and right telling others to rescind I am starting to think I made a mistake. It has been seven days since purchasing, is there anything I can do? Or, maybe it's worth it as long as we vacation every year. I notice that in 2013 my week contains July 4th, which I imagine is in high demand.

I already found out that before buying I should have found forums such as this and not made a spur of the moment decision...too late for that now. Either way, please someone let me know if the deal is decent or what I should think.

Thanks in advance for any help.

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Hi everybody,

My new wife and I attended a presentation by the Grandview in Las Vegas. To keep it short, we walked away with a one bedroom (sleeps 4 b/c living room) biennial (odd years) for week 26 and paid about $11,000. This came with a membership to RCI and includes 2 weeks vacation in addition to the week at Grandview.

After reading posts left and right telling others to rescind I am starting to think I made a mistake. It has been seven days since purchasing, is there anything I can do? Or, maybe it's worth it as long as we vacation every year. I notice that in 2013 my week contains July 4th, which I imagine is in high demand.

I already found out that before buying I should have found forums such as this and not made a spur of the moment decision...too late for that now. Either way, please someone let me know if the deal is decent or what I should think.

Thanks in advance for any help.

I believe it is too late to rescind on your purchase. The deal was not decent. Take a little bit of solace in the fact that many of us here learned about the resale market AFTER purchasing one or more weeks from a developer.

As one of our members has said "It is time to make lemonade from your lemon".

Stick around and we'll help you get the most out of your purchase. You may even turn out to be a happy camper with what you learn here and take many vacations and create many fabulous memories that you may not have done had you not purchased timeshare.

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

Read your contract. See what it say. Even if it says 5 days, you can also follow the direction and send out a rescind letter. Who knows, maybe they will willing to take it back.

The Las Vagas rule can be found here IOS Home

Jya-Ning

Ps. don't hold your hope too high, most timeshare company will ask you to stick the days in the contract. But you never know.

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

This is the requirement on your contract, based on Las Vegas's requirement, read it carefully and compare with your contract

NAC 119A.255 Contracts and other documents used in sale of project. (NRS 119A.190)

1. Each contract, agreement and other document used in the sale of the project is subject to the standards for advertising that are set forth in this chapter.

2. The following words must be printed clearly and conspicuously in a 12-point boldface type at the top of each contract for the sale of a time share:



This is a binding contract by which you agree to purchase an interest in a time-share project. You should examine the statement of your right to revoke this contract within 5 days which is contained elsewhere in this contract.



3. The following words or words of a similar import may not be used in a contract of sale for a project, time-share unit or interest in a project:


The purchaser agrees that no representation, oral or implied, has been made to the purchaser other than what is contained in this contract.



4. The following words must be printed clearly and conspicuously above the purchaser’s signature line in each contract for the sale of a time share:

(a) “The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day after the date of execution of the contract.”

(b) “The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.”

(c) “The notice of cancellation may be delivered personally to the developer or sent by certified mail or telegraph to the business address of the developer.”

(d) “The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.”

5. Each contract of sale of a time-share property located outside Nevada which is sold within this State must contain one of the following sentences:

(a) “This contract is to be construed according to the laws of Nevada and specifically chapter 119A of NRS”; or

(b) “This contract is to be construed according to the laws of (name of the state or country). Any purchaser solicited in Nevada retains those rights granted him under chapter 119A of NRS.”

6. A developer, real estate licensee or other agent shall not make any written or oral statement which seeks to change the true nature or legal rights or obligations of any contract or legal document approved by the Division.

7. Each major improvement which is promised in an offer must be stated in the contract so as to legally bind the developer to provide it. The Administrator will determine which improvements are considered to be subject to this requirement. With the prior approval of the Division, a major improvement which is promised in a project may be included in the contract by reference to another document.

8. The Administrator will schedule an informal meeting to attempt to resolve a question regarding an advertisement or a document as provided in NAC 119A.215.

(Added to NAC by Real Estate Div., eff. 12-3-84; A by R135-01, 12-13-2001)

Good luck

Jya-Ning

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Newlywed,

Don't feel bad. I bought a bluegreen from the developer and then rescinded and then I bought resale and then believe it or not after owning 3 resale timeshares i bought my Disney from the developer.

It's not the end of the world, just that you paid retail instead of getting it in a garage sale price. Most people pay retail. At least you did your part to stimulate the economy.

I'm sure that after you learn to use your timeshare and if you stick around this forum you will be buying 2 or 3 more resales before you know it and you'll be hooked on vacationing.

Welcome to the forum.

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

Welcome newlywed...and congratulations on your recent nuptials. So you may have made a not so great deal...now just focus on making the best of it. There is a lot to learn here about doing just that. Learn all you can and have fun with your new timeshare.
Connie

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

We are owners with what is now DRI. I remember the day many years ago when we made our purchase. Yes, we were naive and purchased from quite a friendly sales rep (boy - they must take classes in empathy!). I knew I wanted a TS and knew a points system worked best for us rather than a set week. But it was still quite the scary deal. Back then, it was a lot of money for us. And the MFs are now three times what they were when we purchased. But we have learned to use the system to make the most of what we have (you will too). I don't regret the purchase. Yes, I now would have preferred to buy resale, but didn't know that was an option back then. We will definitely consider the resale route next time. Please take time to read the posts here. Everyone is VERY friendly and will help you in any way they can. It may take some time to learn to use what you have for the most vacation value, but once you learn the ropes, you'll be happy you made the plunge. WELCOME and congrats on your wedding. May you have many great TS vacations together in the future.

[falmouth3 Senior Member Find all posts View Profile Close falmouth3]

I don't think you'll find too many people here who don't enjoy their timeshares to the fullest. My husband and I love our TS vacations. People with families also find that they are a more economical way to vacation.

Don't worry at this point about what you spent. Instead, read as much as you can here so that you can maximize your usage of what you have.

Congratulations on your recent marriage and welcome to TS4MS.

Sue

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

Thanks to all of you for your replies. I'm sooo glad that you all are willing to help others like myself out. The best I can do now is be happy with what I have and enjoy it....I mean really, how hard can it be to enjoy vacationing! I may have paid more than necessary, but I'm glad to have stumbled into the world of timeshares. My family is a long line of work-a-holics and when I saw this deal I thought "This is a good way to start my marriage, where I have to go on vacation and take time to spend with my family." And I still feel this way, so.....thanks to all of you. I look forward to learning from you and sharing my experiences also

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

My family is a long line of work-a-holics and when I saw this deal I thought "This is a good way to start my marriage, where I have to go on vacation and take time to spend with my family." And I still feel this way,

That's one of the definite advantages of Timesharing. A lot of workaholics are also very frugal, so Timeshares motivate them to actually take a vacation. That was part of the reason we invested in timeshares as well. And with timeshares, the greater cost over time is usually the yearly fees, so if those work for you the initial purchase price is often a lesser consideration (hence the many people who know about resale but still buy at developer prices!).

With your attitude you should do very well. Good luck!

[EileenSRN Member Find all posts View Profile Close EileenSRN]

My family is a long line of work-a-holics and when I saw this deal I thought "This is a good way to start my marriage, where I have to go on vacation and take time to spend with my family." And I still feel this way, so.....thanks to all of you. I look forward to learning from you and sharing my experiences also

We took only 1 vacation that didn't involve visiting relatives and staying in their homes for ~17 years. Came into timesharing thru the back door (it was a "gift" my Mom couldn't use any more), and never looked back. The resort is very nice, South Point is right next door and "M" has THE best buffet! What can be bad? We also bought from a developer for our Starwood, and bought 3 on ebay - soon to be 4 (I hope). Learn to use it to explore the country. Just try and pay it off before the kids come....
Eileen

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

No mistake

Hello Dear,

No mistake

[Mybobalong Member Find all posts View Profile Close Mybobalong]

Newlywed,
Since it's too late to rescind...Don't look back, look forward and think of all the wonderful vacations the two of you will have! You may even be adding more resale weeks in years to come.