Developer buy back??? Please help.... [merged]

Hello,

I have purchased a timeshare at Grandview las vegas. I was one day late on rescinding. My first payment comes out in May. I was wondering if anyone knows if the developer will buy back the timeshare for a certian price.

I know we will loose out on money...but I really want to ge rid of it. I found out that as of June I will no longer have a job. I have no way to pay this thing....

Any advice on what to do would be great. Now that I won't have a job...I can't sleep at night

Thanks

I'm sorry, but the developer won't buy it back, and usually won't take it back. They don't want more inventory to sell in a bad economy.

BUT - you have nothing to lose by asking. I would call as soon as possible.

Worst case scenario is that they will turn you over to collections, and then report you to the credit bureaus. Eventually, they will foreclose, but it will take awhile.

If you are losing your job, I'm guessing that you have other financial problems as well? If so, you should get some advice as early as possible from a reputable financial planner or attorney.

WHAT EVER YOU DO, DON'T PAY SOMEONE TO AN UPFRONT FEE TO MAKE THIS PROBLEM GO AWAY - THAT'S ALWAYS A SCAM!

I can't believe that there is no way to make this go away! How to companies get away with this.

kategio said:

I can't believe that there is no way to make this go away! How to companies get away with this.

Click to expand...

Kate - Did the salesman promise you they would buy this back if you couldn't make your payments?

When you buy a timeshare it's just like financing anything else - you are legally obligated to make the payments. If you get to the point of bankruptcy, it would be included in the bankruptcy with your other debts.

However, please call and let them know you can't make the payments - you never know.

Good luck!

No,

The whole sales thing was so mean, and confusing. The sales manager called my husband and I stupid. And that me being a teacher I am smart enough to know how much money I am going to save! She was literally in my face!

It just seemed like such a good way to save money because we take a vacation once a year. I had knots in my stomach the whole time, adn really with i would have listen to my gut.

When we were signing with the verication person...there wasn't even an opportuinty to ask questions. Actually, we didn't even discuss the terms of the timeshare. She talked about how much she loved t outfit adn how pretty I was haha. And the conversation kept rolling.

I AM A FOOL! I am always so smart with money. At the time my husband and *I needed a vacation so badly and were so caught up in everyhting we made a huge mistake!

....now what....

and sorry to anawer you question...I can't remember if the sales person said that....I don't think but I am not sure...all thatw as said was that we could go to europe, thailand for like 200$

Timeshare sales people can be horrible - be sure you tell the developer that you were mislead - it can't hurt.

thank you for the help. i will keep everyone posted!!

Unfortunately, they DO give you a way to 'make it go away'. The rescission period. Once that time passes, you own it. Then the cruel truth that it isn't worth what you committed to pay sets in. I suppose you can ask, but I don't know who. It sure wouldn't be the sales and marketing department you bought from. At this stage, you may be best off to try to rent your weeks for as much as you can. Book during the best school holiday time you can get as far in advance as they will allow. Hopefully your work situation will resolve quickly and your obligations will stay (get) on track. Otherwise, if you don't see that changing, and are in downward financial spiral, think about legal help while you have something to save. Above all, don't try to live on credit cards for everyday living expenses (gas, food, utilities, etc).

Good Luck!

Jim Ricks

You are not the first person who gave into high-pressure sales tactics.
They work on marks like you. That's why they use 'em.

Bankruptcy may be a way out. It exists for folks who have debts they cannot pay becuz they lost their job. It discharges personal liabilities and gives them a fresh start.

Short of that, offer whoever holds your note a deed "in lieu of foreclosure," and say otherwise, that you are not worried about your credit score, can handle collection agencies (use caller ID and ignore them), and they will never see a dime.

The only other alternative is to honor your contract and learn to enjoy your TS.

As Jim stated you had your opportunity - one that tends to be far longer than most purchases allow IF they allow it at all.

Timeshare sales tactics are terrible, meant to mislead and make a huge sale at inflated prices but none of it illegal (at least not what you agree to in writing - what they SAID isn't enforceable and likely included many half truths or worse).

Now you own it. But you may be able to talk them into taking it back if you give up your down payment (and maybe more). IF they are willing do it as no timeshare is worth on reslae anything close to what you pay a developer. Best to get out now if you can & save years of annual fees. If not then learn how best to use what you bought and treat it as a very expensive life lesson. Bought right - usually that means resale - timeshare ownership /ue can be a great value. Good luck.

I would get organized to rent the first year's week - using TUG markeplace, redweek.com, myresortnetwork.com, etc. You might as well get some income from it until you figure out a longer-term plan.

Howzzat?

kategio said:

I can't believe that there is no way to make this go away! How to companies get away with this.

Click to expand...

No disrespect or personal offense intended, but you voluntarily chose to sign a legally binding contract. How / why are you in disbelief that you can't now make that legally binding contract just "go away"?

Developer sales weasels are certainly just exactly that --- they are weasels. That said, however, you have some personal responsibilty and accountability here. You chose to sign a legally binding contract --- and then you failed to utilize the cancellation rights and period provided to you by law and overtly identified to you in writing within your contract documents.

I feel badly for you, but this is quite frankly a problem of your very own making.

Passepartout said:

At this stage, you may be best off to try to rent your weeks for as much as you can. Book during the best school holiday time you can get as far in advance as they will allow.

Good Luck!

Jim Ricks

Click to expand...

eal said:

I would get organized to rent the first year's week - using TUG markeplace, redweek.com, myresortnetwork.com, etc. You might as well get some income from it until you figure out a longer-term plan.

Click to expand...

Best advice so far, since you'll be out of work anyway....Hell, if you get REALLY REALLY LUCKY, you may be able to pay the mortgage the MF and make a dollar or two(very very unlikely)...If the mods/admins allow..maybe you could post where you bought, fixed or floating week, and which week/how many points....and we can help suggest where you can rent it and what weeks you should try to get

Ridewithme38 said:

If the mods/admins allow..maybe you could post where you bought, fixed or floating week, and which week/how many points....and we can help suggest where you can rent it and what weeks you should try to get

Click to expand...

Unfortunately, the OP bought at Grandview Las Vegas, and there are TONS of cheap rentals and last calls at that resort that she would be in direct rental competition with. Her only hope is to get in ahead of the developer for high demand weeks when the place is full.

She is definitely paddling upstream with a very short paddle. Depending on her other debt obligations and employment outlook, bankruptcy might be her best shot at a fresh start without this thing dragging her down for years.

Jim Ricks

kategio said:

Hello,

I was one day late on rescinding. ...

Click to expand...

Said WHO? It might pay to have a lawyer look over the rescind info, documentation, original contract, and their refusal to honor your legal notice. It is NV law. And 1 day - business day, legal holiday, mailing date, not counting day of signing the paperwork ....

Besides, TS sales persons and their bosses are called weasals for a reason.

Good luck ...

I Hate When That Happens.

Passepartout said:

She is definitely paddling upstream with a very short paddle. Depending on her other debt obligations and employment outlook, bankruptcy might be her best shot at a fresh start without this thing dragging her down for years.

Click to expand...

I think that just about the worst part of the timeshare biz is pressuring people to take pricey intervals they can't afford, paying high interest on the never-never plan, while leading those buyers to believe they are getting something valuable that will lock in pre-paid vacations -- all with zero opportunity to discover the truth before signing up & with minimal opportunity for course correction afterward via rescission.

I know, I know -- some people have convinced themselves that they actually get value for money by paying full freight for timeshares. But I think that persuasion occurs after the fact, when they're past the point of no return & seeking solace. I can't imagine anyone with a clear view of timeshares & timesharing signing up to pay big bux for any full freight timeshare, even though now & then someone comes along insisting that major money for developer perks & prime-season ocean view is worth the disproportionate cost.

For every 1 like that, however, I suspect there are dozens & dozens more like kategio who find themselves snookered into a financially damaging situation.

So it goes.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

AwayWeGo said:

I think that just about the worst part of the timeshare biz is pressuring people to take pricey intervals they can't afford, paying high interest on the never-never plan, while leading those buyers to believe they are getting something valuable that will lock in pre-paid vacations -- all with zero opportunity to discover the truth before signing up & with minimal opportunity for course correction afterward via rescission.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

Click to expand...

This is what bothers me most about some of the posts on here that say "You signed for it, its your responsibility"...These high high pressure sales tactics aren't really something the average person knows how to deal with...and with the lack of True information given out....it definitely borders on fraud, i can't blame someone for signing a contract while basically under duress....i don't even get how its legally binding

OK Looking into it a bit...Grandview is mostly 2br lock offs...Fixed or Floating weeks(Did you get RCI Points in the contract?) and usually around $700 a year MF, This allows you to 'lock-off' the rooms and rent them individually, not including the mortgage on the property(How much is that a month?) Thats about $350 you need to make per rental week + what ever your mortgage is...That seems to be possible

Now what i don't know and others may...What are the most popular weeks in Vegas(In case your a floating week)? Are there any exchange companies that let you rent your exchanged weeks(So you can rent other locations)?

Ridewithme38 said:

This is what bothers me most about some of the posts on here that say "You signed for it, its your responsibility".......i don't even get how its legally binding

Click to expand...

The short answer here is, IT ISN'T. Not for at least 5 business days. Not to side with the developers, 'cause they generally ARE weasels, but State Gov't regulation allowing buyers a reasonably amount of time before the contract they sign becomes valid and enforceable is really pretty fair. More fair would be BOLD PRINT at the top of the contract saying YOU HAVE 5 DAYS TO BACK OUT OF THIS UNFAIR CONTRACT would be better, but you have to take what you get.

Still better would be if timeshares held the value that people 'invest' in them and didn't have to find that they lose 90+% of their value before the ink is dry. Personally, I wonder if it will ever get back to where resales were worth 1/2 of retail prices. That's about where they were when I bought my first resale TS and felt so smug about it.

Still, I wish the OP well. We stayed at Grandview on a $259 week last month and saw an endless parade of salesweasels and their marks around the place. I knew what they were getting into, but there is just no way to warn them.

Jim Ricks

Golf Shirts.

Passepartout said:

We stayed at Grandview on a $259 week last month and saw an endless parade of salesweasels and their marks around the place. I knew what they were getting into, but there is just no way to warn them.

Click to expand...

What's needed are bright neon-color golf shirts, 100% cotton, emblazoned front & back . . .

BUY TIMESHARES RESALE
SAVE THOUSANDS
tug2.net​

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

Ridewithme38 said:

This is what bothers me most about some of the posts on here that say "You signed for it, its your responsibility"...These high high pressure sales tactics aren't really something the average person knows how to deal with...and with the lack of True information given out....it definitely borders on fraud, i can't blame someone for signing a contract while basically under duress....i don't even get how its legally binding

Click to expand...

Despite how we "feel" about the tactics - and lets be clear, they suck to put it in nearly to be censored terms - the fact is that a contract entered into by two willing parties is binding. Timeshares aren't the only ones sold with pressure (have you been through a Kirby Vacuum pitch, maybe one of those dinners, "safety" seminars where they are selling pricy smoke/fire detection systems or even a high pressure insurance/investment presentation- they are all alike and while the underlying product or service may have a value it probably isn't a good value purchased under these plans) but they do tend to set the bar for high cost/low intrinsic value. It is well known that these are questionable ways to buy anything but once you commit they are binding. Many rules/regulations/laws have been put in place to help protect the buyer but you can only do so much to stop people from making very bad decisions. It is a cost of a free marketplace.

The important thing in any contract is to know what you are agreeing t in writing. THAT is clearly in front of you, on paper, and if it isn't in there it doesn't count (oral representations are specifically given zero value).

Trying to pass the obligation/costs to others after YOU sit and make a terrible decision is not going to fly. If you decide to make a commitment then undoing it is also your problem. No one forced you to attend or sign the papers. If you do then deal with the consequences. Period. And learn from the bad choices made and the often high cost to get out of them.

timeos2 said:

The important thing in any contract is to know what you are agreeing t in writing. THAT is clearly in front of you, on paper, and if it isn't in there it doesn't count (oral representations are specifically given zero value).

Click to expand...

I've mentioned just crossing things out in the contract put in front of you before...But many people have said...That wouldn't make a difference because the information in front of you doesn't include HUNDREDS of pages of BOD/HOA language....How can anyone be held to a contract in which it would be IMPOSSIBLE to know what they are signing on for?

Ridewithme38 said:

I've mentioned just crossing things out in the contract put in front of you before...But many people have said...That wouldn't make a difference because the information in front of you doesn't include HUNDREDS of pages of BOD/HOA language....How can anyone be held to a contract in which it would be IMPOSSIBLE to know what they are signing on for?

Click to expand...

It is not impossible as thats why there is hundreds of pages of detail. If you don't agree - don't sign. If you don't understand then get a lawyer to explain it BEFORE you sign. If it's too much to read - DON'T SIGN! Simply signing and hoping will never work and there is ALWAYS the option to wait. Just don't sign until you know what you are signing. That is how contract law works. As far too many here know if you ignore that and sign anyway YOU are bound and that is as it should be or no contract would ever be enforceable. They are and you are bound by what you agree to in writing.

Actually crossing things out - while technically not binding in many case- would tend to show your intent to make the contract less one sided and would tend to help you win a case if it ever got that far. So it isn't a bad idea to make a few changes - initialed by BOTH sides or it's still not binding - hat may ultimately get you out if that is your desire. Without at least that effort then you won't win the case.

Flawed logic...

Ridewithme38 said:

These high high pressure sales tactics aren't really something the average person knows how to deal with...and with the lack of True information given out....it definitely borders on fraud, i can't blame someone for signing a contract while basically under duress....i don't even get how its legally binding<<

Click to expand...

Without even addressing my strong disagreement with your particular logic, I'll merely state (again) that contract cancellation rights and instructions are provided, in writing, right there along with all of the other contract documents (as is overtly and specifically required by law).

Accordingly, regardless of the "stress" or "duress" of the presentation itself, what would you proffer as a credible explanation or justification for not bothering to read (or act upon), in the privacy and comfort of your own home, the provided contract cancellation instructions until nearly a week later?

Personally, If I had signed a contract (for anything) for big money, I'd be reading (...and then re-reading, and then reading over again) all of its' contents --- and I would be doing so pronto.

But maybe that's just me....

theo said:

Accordingly, regardless of the "stress" or "duress" of the presentation itself, what would you proffer as a credible explanation or justification for not bothering to read (or act upon), in the privacy and comfort of your own home, the provided contract cancellation instructions until nearly a week later?

Personally, If I had signed a contract (for anything) for big money, I'd be reading (...and then re-reading, and then reading over again) all of its' contents --- and pronto.

But maybe that's just me....

Click to expand...

I would also, i also bring a black sharpie with me to any contract negotiations, but thats just me....I may tend to under estimate the Average American...But i think most of them still believe in magic and what they are told being accurate without having to read the book or contract....Even so, Duress is a Legal term and a Valid reason to have a contract go up as invalid...the TS sellers are smart, BUT being held for hours without food or water, being screamed at and threatened...any one of those things SHOULD make a contract invalid

PLUS from what i've been reading here...Most of the contract just states the cost...and to defer to the BOD/HOA documents for more information...while NOT providing you with the HOA/BOD contracts...You can't read what you don't get