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I recently won a bid on ebay for 150,000 annual Holiday Inn Club Vacations points (deeded) at the Myrtle Beach location. These sell new for $33K. I plan on going through with the purchase, but it seem to good to be true. The maintenance fees are an avg $719 per year. The thing is, my purchase price was................................$1.25 with a free closing. Am I missing something? Total purchase cost is $1.25 plus the $719 for 2012 fees.
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You are probably not missing anything. Someone wanted to get out from their maintenance fees. Just make sure that the unit is actually paid in full with no outstanding assessments or back fees due.
Enjoy the purchase. From what I am learning (I own at Desert Club Las Vegas which has just been purchased by Orange Lake/Holiday Inn), the Holiday Inn Club points are double RCI points and the yearly membership fee gives you an RCI points account with access through a Holiday Inn portal.
Have fun with it!Jacki
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Holiday Inn Club Vacations Resale issues
The week I am buying is for HICV Points. Does anyone know about rules HICV may have on resales. I have heard bad stories about Marriott resales. Will I only have access to my home week, or will I be able to use it any any of the HICV locations?Comment
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In my experience. Holiday Inn points do not transfer via resale.. What you will receive is the underlying ownership deeded at South Beach Resort..
I ran into a big problem with this when Orange Lake first took over the resort, as South Beach was sold as RCI points and Orange Lake did not want to even allow the rci account to be transferred to the buyer.. Tried to get the manager at South Beach to help, and he seemed very frustrated but was unable to do anything. The seller finally had to have an attorney send a letter to Orange Lake, but while they were "considering" the buyer decided it wasn't worth the trouble and cancelled.
Prior to that I had a similar issue with a sale of Marcus points sold out of Lake Geneva. Orange Lake simply refused to allow the Marcus points to transfer, attempting to force the buyer into paying for a "conversion fee" to get their first version of disguised rci points.
Since then I haven't been willing to touch anything dealing with Orange Lake and points. Some transfers go through, others don't.. To me, it's not worth the risk of having a buyer end up with something they don't want or can't use.my travel website: Vacation-Times.org.
"A vacation is what you take when you can no longer take what you’ve been taking."
~Earl WilsonComment
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Well We'll See
Famous last words... Its to good to be true... I'm in on the deal. Everything looks legit. The deed is actually for 150,000 points. I put my money in escrow. Worst case seniaro I cancel at closing and lose my $1.25. Wish me luck
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You were just told by a professional above that your points will not transfer on resale.Originally posted by Mongoose View PostFamous last words... Its to good to be true... I'm in on the deal. Everything looks legit. The deed is actually for 150,000 points. I put my money in escrow. Worst case seniaro I cancel at closing and lose my $1.25. Wish me luck
So it may look legit to you, but apparently it is not.
You need more then luck for this to work out.Comment
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Since he only has $1.25 it seems like a safe experiment.. I wouldn't pay any closing costs until you've seen a resort estoppels from Orange Lake and you've been able to call the resort directly and confirm that the Holiday Inn points can be transferred to you without an additional fee or qualifying purchase from the developer.
Hopefully this will work.. The fact that there were problems transferring at this specific resort in the past always baffled me, since the deeds that I've seen were written as UDI point interests (which made defining the underlying ownership impossible if the developer did not honor the rci points transfer). Hopefully they have had the time to complete the "consideration" of owner transfers at this resort.
The buyer will definitely get something when this is done.. I'm interested in seeing how it turns out! Thanks Mongoose for agreeing to be the subject of the experiment.. Please remember to follow up again and share your experience!my travel website: Vacation-Times.org.
"A vacation is what you take when you can no longer take what you’ve been taking."
~Earl WilsonComment
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Called the resort.
I called the resort and spoke with the manager. She assured me that there should be no issues with the transfer. We'll see. Thanks for you post.Comment
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Who are you buying from . . . who is the eBay seller?
As it has not been said yet, I will.
Post Card Companies charge timeshare owners who want to get rid of their ongoing obligation thousands of $$$ to take them off their hands. They do that through various legal maneuvers such as power of attorney (rather than actual deed transfer), but the short of it is that they already have their money.
So, they normally don't care what they get on Ebay, as long as they get rid of them.
It is surprising that there is not a closing company involved, with about a $400 closing fee. No fee, no title search.
caveat emptorRCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dickComment
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Got It!
Ok the deal is done! I closed on the HICV deal for 150,000 annual points. The total deal with all fees cost me $101.25. I just reserved my first stay today, 2 nights at the HICV Gatlinburgh TN. That still leaves me 110,000 points good for a week in a 2 bedroom unit. Not to Shabby.
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Good for you! Enjoy your purchase!JackiComment
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did you call South Beach Resort and they gave you that answer or the home base in Florida? .Comment
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