Just bought WKV resale, now what?

I just purchased a WKY EOY Platinum one bedroom resale. It's an odd year usage but since I already made all my travel plans for this year, I don't think I will be able to go.

By the time, escrow is completed, the platinum season will be almost over with weeks 50 to 53 leftover. So what should I do?

1. Ask seller to reserve a remaining platinum week if any and rent it
2. Ask seller to reserve a remaining platinum week if any and bank it with II
3. Wait until transaction is completed and then make a reservation with Starwood to bank it with II

Not sure what is my best option. As usual, all advice from Tuggers are much appreciated.

Thanks!

WKV

Congrats! I was watching and VERRRY tempted. You got a nice buy!

Thanks! I really appreciate it. I needed some re-assurance on the purchase. I wasn't too sure as I keep going back and forth betwen WKV or SDO or buy nothing......

Now I just need to figure the best way to use and enjoy it.

tough one. not sure why you bought a EOY odd and not be able use it since you will now have to wait until 2011 (take it from someone who bought WPORV EOY odd in 2007 and it seems like ages before we will finally be able to go - this Sept) - why not have waited? was the price too good to pass up?

renting after spring break is a bit tough after spring break - esp if you haven't done it before.
you could try a SVN exchange and then rent that...

i think banking it is the way to go, but I don't know much about II - so other tuggers will chime in

aeroflygirl said:

Congrats! I was watching and VERRRY tempted. You got a nice buy!

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was there an eBay WKV auction that I missed?

I would ask the seller to reserve a great Platinum week (51 or 52). Then I would start advertising it for rental ASAP. If the seller is cooperative, it should be easy to manage.

If it doesn't rent and you don't want to wait, or you don't want to wait, when you become the owner, have Starwood bank a previously deposited week in II so that you won't get dinged by a late deposit.

I would not have the owner bank a week into II. It is not always easy to have II transfer the banked week to your new II account, and it becomes less powerful as a trader.

Congrats on your purchase!

I would not bank it with II - since WKV is a mandatory resort, Starwood gets to pick the week that is deposited, so you could end up with a really crummy deposit. Asking the current owner to reserve a week for you to deposit with II will not change that - Starwood will still choose the week. Plus, you can't rent an II exchange.

If you can reserve Thanksgiving, Christmas, or New Years week at WKV, they would probably be good rentals. If not, consider trying for a Staroption exchange to another Starwood resort for a popular week and renting it. Holiday weeks will rent the best.

i'm sure someone will correct me if i'm wrong here, but because of the way starwood "bulk deposits" their weeks w/ II, isn't it possible that upon calling do deposit a week they would be able to still assign you a deposit from your platinum season for this year? I know II has the right to pick the week, but does it have to be within the season you own (I'm sure the answer is in a sticky somewhere but wanted to throw it out there)? Point is I'm not sure you'd lose as much trading power as it would appear (ie, wouldn't be considered a "late" deposit) if you use II, so it may be worth exploring that option, can't hurt to ask. You could then use the II pref period to try and get into your resort or another starwood resort next year, especially if you don't need to go during the peak season. The fall is also a wonderful time to be in scottsdale if you can travel then.

In general, Starwood does not deposit high season weeks into II - they save them for owner reservations. With a week in the SVN, you do not have the right to choose the week you get. Some owners have reported success in asking what weeks have already been bulk deposited and negotiating for the best week available. However, with an SVN week, Starwood can even deposit a week from a different resort, so you don't have the "right," to get any particular week. It just depends on how helpful Owner Services chooses to be.

While the Platinum season at Kierland is almost over, you will have the ability to make reserations anywhere within SVN. Are you yourself not able to vacation anywhere that SVO has a property in 2009?

Granted, you'll still want to make that reservation as soon as possible, since choice locations/dates may be full.

But I just wanted to ensure you knew you're not limited to only Kierland and only during weeks 1-21 and 50-52.

malyons said:

i'm sure someone will correct me if i'm wrong here, but because of the way starwood "bulk deposits" their weeks w/ II, isn't it possible that upon calling do deposit a week they would be able to still assign you a deposit from your platinum season for this year? I know II has the right to pick the week, but does it have to be within the season you own (I'm sure the answer is in a sticky somewhere but wanted to throw it out there)? Point is I'm not sure you'd lose as much trading power as it would appear (ie, wouldn't be considered a "late" deposit) if you use II, so it may be worth exploring that option, can't hurt to ask. You could then use the II pref period to try and get into your resort or another starwood resort next year, especially if you don't need to go during the peak season. The fall is also a wonderful time to be in scottsdale if you can travel then.

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At this stage in the year, bulk deposits are going to be minimal at best for the weeks of relative demand. Still, I suggest to contact the Owner Services and see what they have available. You dont have to make a decision in the same phone call. Perhaps take down what they have and come back to the post and we can share what the best for deposit would be.

Renting will also be tough but as Denise has said, getting a holiday week reserved is your best angle.

The ULTIMATE would be to use it yourself even if for just a few days....maybe get a larger unit than your deeded one bedroom and get a two-bedroom for a long weekend.

BBTMom said:

1. Ask seller to reserve a remaining platinum week if any and rent it

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If you don't mind a little work with renting, I think you'll do fine with New Years week. It's not as good as Spring Break, but you should be able to rent it for mf + a little more.

Glorian

DavidnRobin said:

was there an eBay WKV auction that I missed?

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I guess so:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=110381131580

Congrats, BBTMom. I think you got a very good deal!

Glorian

yep - goes to show how a poorly done auction can end up with a lower bid than would normally be had (this happened in our favor for our 1st WSJ villa bought on eBay.) My simple search didn't catch it because a bad Title - in addition the eBay auctions on the Starwood Owner Resources also did not catch it.

anyway - congrats - I am sure Judy at SmartChoice that lurks here is shaking her head - seller likely lost a few $1000 because laman38's poor listing (again...)

this goes to show that if you decide to sell on eBay - make sure the auction is listed properly. And - not in this case - do not use a reserve or high starting price - it is amazing how many go unsold because of this - and how many go lower than they should based on a poor listing.

added: ...or how important it could be to use a broker who is familiar with SVO TSs (such as Judy or FredM or James or Syed - or other Tuggers I may not know who are in the TS biz)

What do do? What is your first use year? If the first use year is 2009 (and everything points to that being the case) you will be asked, as part of the closing, to reimburse the current owner for the 2009 MF. That means use or lose those 2009 StarOptions. I'm not quite sure why you didn't think of this prior to bidding, but you should not waste the 2009 Staroptions you will be paying for.

You might force the sellers to give you a first use 2011 on your deed. However, you run the risk that the 2008/2009 MF are not being "reimbursed" from the closing. If they are merely unpaid with the proceeds of the closing being earmarked for the payment and they are deleted from the closing, they will probably stay unpaid and you, as new owner, will still be responsible down the line for the unpaid 2008/2009 MF. However, for that price, if everything checks out, get it closed!

IMO, Best option - #1 (and change plans). Next best option - Go to Hawaii sometime this year by spending your 2009 StarOptions to reserve a week (and change plans). Next best option, let Starwood deposit your 2009 week in II and then hope to use it for a 2-br somewhere nice during the next 2 years (no change of plans). Using II, you might even draw a 2-br at WKV in 2010 (but probably not in Platinum season). If you can only get a 1-br at WKV in 2009 Platinum season through II, you are even and bought yourself some time.

Plus, don't forget to make the Platinum WKV reservation for 2011 as soon as the clock is running on the 12-8 month window where you compete only against other Platinum WKV owners for a 2011 reservation at WKV. That means start right after January 1, 2010.

Please, please do not wait until 12 months before weeks 50-53 in 2011 to get started. You could get badly burned. Up to 50% of the units in weeks 51 and 52 are sold as fixed at WKV.

You bought at WKV (at a great place and at a great price) because, I assume, you want to go there. So, go in 2011 and enjoy somewhere else in the meantime! ... eom

the auction lists that the 2009 MFs are to be reimbursed to the seller.

DavidnRobin, ... I meant what I said. The ad can say what it wants. Sometimes the reimbursement is not made. All that's made from the escrow is a payment of the delinquent MF, the seller doesn't get the money - and the buyer never knows because it's the same to him/her.

If the MF is not paid, it does no good to ask the seller to make any type of reservation (like for weeks 51-53). The unpaid Starwood MF prevent the seller from making a reservation until there is a disbursement from the escrow. By then, Pagan is ready to note the new ownership in Starwood's files.

And, that's why I recommended against asking for a 2011 first use. ... eom

I understand - I guess I am a handshake kinda guy... (but maybe that is just me)
MFs were paid from what a read in the auction ("All fees are current with mortgage paid in full" - "2009 maintenance fees have been paid in full; therefore you will be responsible for the reimbursement of these fees at the auctions end") ... if not, all bets off.

It would suck if the seller realized that they could get more after the buyer starts [messing] around with them... and relisted a more correct auction ad. I am not attorney but my advice would be take the excellent deal and run.

best

DavidnRobin, ... "I guess I am a handshake kinda guy..."

Really? Did you buy your home without a written contract? Did you rent your apartment without a written lease? What counts in timeshares is the contract and the deed - not the ad. eBay even makes the ad include a proviso that the winner has not entered into a contract by winning the bid.

Any successful bidder should read the contract very carefully. When I won an auction on eBay concerning my WKV unit, the agreement I was first asked to sign did not contain an escrow and the seller was listed as the "timeshare selling agent" as assignor of a contract negotiated between the seller and another "timeshare listing agent." Also, the person who placed the eBay ad wanted the check made out to his company.

None of that happened. I refused to close without escrow instructions and a bonded, licensed closing company. The check went there. Moreover, the contract was altered as to the seller and changed from a quit claim deed to a warranty deed covering the exact description of the property and use as was on the original deed from Starwood. Again, the seller was changed to the owner - not the assignee of an earlier contract to sell. (Later, I had my agent at Starwood check to see that the owner on the contract was the owner still listed on the WKV records.)

With those changes, the deal went through smoothly. As best I could determine, the property had been listed with a "post card" listing company. The seller became desperate for money and signed an agreement to sell the timeshare to the "post card" company for a net amount after closing. The "post card" company never took or recorded a deed, paid off the mortgage and may, or may not, have paid any delinquent MF. I didn't care to know the sordid details. Much of the quirkiness of the deal involved protecting the "commissions" earned by the two companies involved in the listings - the post card one and the ebay one, neither of whom were licensed. All I wanted was a warranty deed signed by the last recorded owner and a title insurance policy from the closing company - which I required to be licensed and able to issue a CT+T title insurance policy - and which I paid extra for.

Would I buy on eBay again? Yes, if I needed another unit and the price was right. But I'd again be very, very careful about what I signed.

Your advice about getting this "purchase" closed is certainly sound. The price is pretty darn low. My further advice is: just be careful you are getting what you think you are getting on eBay. ... eom

please - gimme me a break, and some credit.
I have purchased 5 resale SVO VOIs (one on a sketchy eBay auction).
out.

What To Do Now?

BBTMom said:

Not sure what is my best option. As usual, all advice from Tuggers are much appreciated.Thanks!

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Congrats on what appears to be an outstanding deal!

I suggest you make a modest costing improvement to your purchase by becoming a TUG member!