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Should I Rescind?

Sophie

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Just bought a refurbished 2 BR (EOY - floating week - red period) at the Sheraton Vistana Resort 2 days ago, and after reading this thread, I am ready to exercise my right to rescind.
I have been studying about timeshare on this website and other online sources, but decided to give it a try with Starwood. Now, I am not too sure it was a sound decision. I cannot get over my fear/phobia of the MF long -term commitments.
Among other things, I was explained that I could only select one of 4 options at the beginning of the year, but could not get any combination of them:
1) use my staroptions at my home resort (7-day min stay)
2) trade my week with II external exchange
3) reserve using staroptions on a daily basis via SVN
4) convert my staroptions into starpoints (reservations as SPG)

I questioned the ability and flexibility of the reservation system, and of course was assured that, if I did not care to reserve my home resort unit (week 06) -- BTW, I did not understand why the contract would mention a specific unit, if I was on a floating 1-52 basis -- I would need to reserve 4 mo. in advance for most desirable weeks (e.g., Labor day) and less at other times.
In addition, I discussed the maintenance fee and special assessment issue. I was assured that Starwood owners in Florida were protected by law with a 3% cap on MF annual increases and that they were not affected by special assessments (right! there was a document about a refurbishment project fee for owners at Vistana Cascades Condo Association in the contract package, although I was not "concerned" by it, as a biennal purchaser with first occupancy in 2012).
Needless to say, I did not believe the sales agent, and second I have been reviewing the contract and brochures for the last two days, and find them full of limitations and contradictions. Now, this thread and the USA Today article suggest that I should not wait for the end of the week to send my rescission letter!
Just needed to share and let your know how important TUG forums are for first time buyers like me. I would also greatly appreciate to get valuable feedback and recommendations from experienced timeshare owners, especially in Orlando, FL.
 

DeniseM

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Welcome to TUG! :hi: I'm so glad you found us in time!

If you bought from the developer you should absolutely rescind - these weeks are going for pennies on the resale market - in fact someone gave me one for free.

More info. about rescinding.

Rescind and then come back and talk timeshare with us - then you can take your time and make an informed decision with no pressure - for a fraction of the cost!

BTW - you're right - you were out right lied to! :rolleyes:
 
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Sophie

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Thank you Denise,

I will mail my letter tomorrow and continue to study the topic.
TUG is a wonderful resource and I am glad the word is getting out there.

Warmest regards,

Sophie

P.S. Thank you for forwarding the thread on rescinding.
 

DeniseM

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My pleasure! Looking forward to chatting with you! :hi:

For your research, I'd start with the FAQ at the top of board. Please let us know what questions you have.
 

Sophie

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Out of curiosity, can someone tell me why I had a specific week and designated unit in my contract, while buying a floating week 1-52?
 

DeniseM

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There are no weeks at SVR that float 1-52 - someone lied to you.

Here is the Staroption chart that shows the seasons - scroll down until you find SVR.
 

Sophie

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There are no weeks at SVR that float 1-52 - someone lied to you.

Here is the Staroption chart that shows the seasons - scroll down until you find SVR.

AMAZING!!!
Even when I challenged the fact, they continued to lie to me, assuring me it was indeed a floating week contract. So, I was going to have them rewrite the contract accordingly. Won't bother, now, for sure!
 

jarta

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Sophie, ... Please rescind while you can. Learn from the stickies and posts on TUG. Then, and only then, decide whether to buy another timeshare.

It is apparent you did not understand what you were getting into because your idea of what a "float" is is very wrong. Misunderstandings like yours are why the State of Florida provides a rescission period. Use it to your advantage.

However, the fact that you did not understand what was being said does not necessarily mean that you were lied to. You just didn't fully understand the terms and that's really not your fault. The concepts are complicated for a 1st time buyer and the sales people/barracudas wanted a sale.

Listen to DeniseM and others. Rescind - and don't feel remorse or give it another thought. ... eom
 

Sophie

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My letter is ready to be mailed tomorrow, certified mail!

However, the sales agent did use the term "floating week" and asserted again that there was no "fixed week" assigned during the signature of the contract, despite the fact that it was printed black on white. Shameless!
I even made him change the week, just in case, from week 36 to week 6, arguing that I did not like the idea of owning a week in the middle of hurricane season and after the Labor Day weekend. They reprinted the whole contract on the spot, which I was not going to sign, as it changed the name of the account; hence my doubts and questioning all along... It sounded fishy. And it was not the only issue...
 

jarta

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Sophie, ... You bought a floating week. It floats during a particular period where - at 12 months out - you can reserve a unit like the one you bought. Your only competition at 12-8 months out in reserving would be other resort owners who own that type of unit at that resort in that float period. Your Starwood unit does not float all year. Just a particular period of weeks that generally is known as a "use" season.

Because of the Staroptions that come with the week you bought, you can use them like cash at 8 months out to reserve a week at a unit at your home resort during another float season or at another Starwood resort - IF you have enough Staroptions for the unit in that season and IF there is availability when you call at where you want to go.

So, there is a possibility you could end up at your home resort all year or another Starwood resort all year. But, it's only a possibility. And, it has nothing to do with being a 1-52 float unit.

You were deeded a particular week and a particular unit for recording purposes only. You must look to your "use" period to determine what the "float" period is.

But, since you also probably do not understand what I am talking about, please do yourself a favor, follow through and rescind. Then, learn what the terms mean through TUG discussions. They are good discussions. And, until you understand the process fully, please stay away from timeshare sales presentations. They are opportunities to be taken advantage of because you do not understand what is being said (or not said). ... eom
 

Sophie

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There is no mention of a "use" period in the contract. The only time the word "floating" appears is in the SVN pre-confirmation checklist ("Vacation Ownership Type: Floating"), which is manuscripted, initialed by the buyer, and signed by a manager.

There is more to my desire to rescind than what was discussed in this thread. Whether it is a floating or fixed week at this point is not the decisive criterion. I actually discussed that matter on the spot. What bugs me the most is:
1) the MF and special assessment issues
2) the cost of the unit and its characteristics
3) the low amount of staroptions and starpoints for the cost
4) the lack of flexibility in the use of staroptions vs. starpoints vs. external exchange
but above all, it is simply that I have trust issues, am reactive to the lack of transparency in the transaction, combined with my insufficient knowledge of the product (was interested in HGVC and did not look into Starwood prior to the presentation), and the threads on TUG convinced me that I was not ready for such a commitment.
 

LisaRex

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You are wholly correct to rescind.

I honestly wouldn't advise anyone to buy a TS in this economy. As more people walk away from their TSs, the remaining owners are left holding the bag for their delinquent MFs in addition to their own MFs. It's ugly and going to get uglier.

Instead, I'd pay the $15 to join Redweek.com and rent units directly from owners or take advantage of the great rates that can be had directly from the developer.
 

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Sophie,

First and foremost RESCIND!!!!! SEND THAT LETTER! Make sure it is specifically as instructed on the contract and many send it EVERY way mentioned on the contract (ie. fax and certified letter (with signature receipt)

Secondly, CONGRATULATIONS!!! You just saved yourself a lot of money and stress and heartache!

What phase of the resort is the contract for? What size of unit? How many Staroptions do they give you for that unit! (I have a Fountains II that has an odd number of options that makes things really difficult at times)

To answer your question: You always get a specified week for deed purposes (only), that is no surprise. They have to for real estate law purposes. Only in a pure points based "club" like Worldmark do you not get a deed to a specific week.

Do you realize that SVR weeks are going for $1 on Ebay?

If you really want the flexibility of Staroptions you can buy SVV (mandatory phases) or WKV resale and still pay ~25-50% of what is on your contract and get the same if not more SO and trade value. (Make sure you buy the HIGHEST value season as MF are set by sq ft - ie. a silver 2BR LO with 67000 options pays the same as platinum with 96000!!!) I would recommend a minimum of 81000 options.

Probably for less than what you paid with a little patience you could get a platinum season WKV that will trade better when deposited and get a LOT more So/$!!! Orlando gets VERY POOR trade value in II compared to WKV ( often for the same $$$)!!! There are just tooooooooo many TS in Orlando. Most times you can rent for less than you would pay for MF in any given year (with the exception possibly of school holiday weeks).

Keep reading and learning you are so much better off than you were but I would suspect have much further to go (almost all of us do, especially us newbies).

Come on back! As you have experienced these are fantastic people who have the patience to answer newbie questions again and again (but please read the stickies) and they will help you immensely and give it to you straight and honest with no commission based agenda.

WELCOME!
 

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4) the lack of flexibility in the use of staroptions vs. starpoints vs. external exchange

It sounds like this type of timeshare ownership may not be for you.

None of the major hotel-based systems (Marriott Starwood Hilton) will let you trade part of your timeshare use for hotel points. Also you cannot trade part of your week with RCI or Interval International because they only want full 7-day periods. The only way to both use your home resort and deposit a week for external exchange within the same year is to own a lockoff (SVR doesn't have lockoffs) and use one half for trading. Another option would be to buy an EY (every year) timeshare and trade one year and occupy the next.

You do not have to decide at the beginning of the year how you will use your timeshare unless you want to exchange for Starpoints. However, timeshares generally work better if you can either plan well in advance or travel during off-season.

Have you looked into Worldmark or one of the other points systems? These are somewhat more flexible as far as how you use them and may work better for you.
 

Sophie

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There is no mention of a "use" period in the contract. The only time the word "floating" appears is in the SVN pre-confirmation checklist ("Vacation Ownership Type: Floating"), which is manuscripted, initialed by the buyer, and signed by a manager.

There is more to my desire to rescind than what was discussed in this thread. Whether it is a floating or fixed week at this point is not the decisive criterion. I actually discussed that matter on the spot. What bugs me the most is:
1) the MF and special assessment issues
2) the cost of the unit and its characteristics
3) the low amount of staroptions and starpoints for the cost
4) the lack of flexibility in the use of staroptions vs. starpoints vs. external exchange
but above all, it is simply that I have trust issues, am reactive to the lack of transparency in the transaction, combined with my insufficient knowledge of the product (was interested in HGVC and did not look into Starwood prior to the presentation), and the threads on TUG convinced me that I was not ready for such a commitment.
 

pointsjunkie

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Out of curiosity, can someone tell me why I had a specific week and designated unit in my contract, while buying a floating week 1-52?

all my floating weeks have a specific week and designated unit on the contracts. that is the way they keep tabs on what is sold. they can't sell more blocks than they have.

each unit has 52 owners.
 

Captron

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Cascades at SVR has lockoffs, there may be more but I am sure about these at least.
 

Sophie

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Here is the edit of the double posting I could not validate.

I am all for transparency, so here is the info on the deal I got for those who would like to know:
2 BR Biennal (even year- first year of occupancy in 2012) at Sheraton Vistana Resort - Cascades (SVR - SV1) - Phase 17
Home resort season: Prime (or Red) - Sunday to Sunday
Unit valuation: 76 000 Staroptions / 32 000 Starpoints (conversion due betweeen Oct 1 of prior year and March 31st of year of use)
Redemption fee to starpoints: $99
Vacation Ownership Type: Floating - Week 06E Unit 2755 recently renovated at SVR Cascades. No Special assessment residual charges for biennal purchasers with first occupancy in 2012.
Price: $11,700.00 - MF: 694.23 on annual base or $345.61 biennally - Estimated Ad Valorem Taxes: $69.42 annually.
Possibility to convert to annual for an extra $6,200.00 by January 2011.
Closing costs: $550 (officially $550 - but settlement charges in purchase contract = $258.34)
Incentive package:
25 000 SPG Starpoints + 76 000 Staroptions (requires payment of 10% of purchased price prior to use) + 12 getaways on II + SPG gold status + $400 or 20 000 points per referral + $100 cash back prior to the presentation + 50% off my next two hotel reservations.

And to reply to some of you: No, I didn't know about SVR units going for $1, Redweek.com, and Worldmark. More to explore!
I have been browsing TUG since I took HGVC presentation at Parc Soleil in Nov 2009.
We have a 4 y.o., so that is why I will need access to Orlando for a while, but so far I have been able to get good hotel deals outside of the WDR area. In addition, I signed up for both HHonors and SPG last year, because I also travel for conferences at least twice a year. Any suggestions are most welcome.
 

Sophie

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For more flexibility (using staroptions and starpoints in the same year), the sales agent suggested having two EOY units, one even and one odd, and borrowing for the next year instead of consolidating annually within 12 mo.
I did not even try to reflect on opr challenge that statement. However, he failed to mention that it requires to be current with the MF of the next year.
 

LisaRex

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For more flexibility (using staroptions and starpoints in the same year), the sales agent suggested having two EOY units, one even and one odd, and borrowing for the next year instead of consolidating annually within 12 mo.
I did not even try to reflect on opr challenge that statement. However, he failed to mention that it requires to be current with the MF of the next year.

He probably also failed to mention that when you borrow from the next year, you can't reserve a year in advance. Or 11 months in advance. Or 10 months in advance. (Are you getting the picture?) No, you have to wait until the 90 day window opens up.
 

Sophie

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Yep, that too, and a bunch of other restrictions embedded in their new brochure and the tiny printouts on the back of each page of the purchase agreement...
 

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Rescind

Sophie

Don't waste your time trying to make Starwood/Vistana (or any other developer purchase) meet your needs. Just rescind and start researching other options.

The best way to approach this is to sit down and figure out what your short term and long term vacation needs are. You can use that as a starting point to determine what, if any, timeshare system will work for you.
 

AwayWeGo

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[triennial - points]
Fixed Week On Deed But Floating Week In Actuality.

Out of curiosity, can someone tell me why I had a specific week and designated unit in my contract, while buying a floating week 1-52?
I don't know specifically about Vistana Orlando, but just a little ways up Rt. 535 not far from Vistana Orlando I own a deeded 3BR week 10 unit at another timeshare where I have no special claim at all on that unit or that week.

That's because the use rules for that timeshare, which are incorporated by reference in everybody's deed, specify that all weeks are floating, some 1-52 (Diamond Time) & others during quieter seasons of lower demand (Emerald Time).

I'm pretty sure something similar is the case at other floating-week timeshares as well.

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

Sophie

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Sophie

Don't waste your time trying to make Starwood/Vistana (or any other developer purchase) meet your needs. Just rescind and start researching other options.

The best way to approach this is to sit down and figure out what your short term and long term vacation needs are. You can use that as a starting point to determine what, if any, timeshare system will work for you.

Just came back from the post office. I did send my letter certified mail, following the instructions in my purchase agreement. There was no option to send a fax in addition to regular mail. A big relief. Hopefully, I will get my deposit back before payment is due on my credit card.
I think I could make good use of a TS, but I did not feel confident I was getting my money worth at the SVR. Plus, there were too many errors (e.g., wrong starting date for MF & Taxes) and limitations attached to my contract. I am interested in the resale market, and was wondering if I would be happier with a HGVC rather than a Starwood TS as a start.
 
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