Just bought Westin Laguna Mar directly. Should I rescind?

[Scubadiverpalau]

We have stayed at a number of Westins on the cheap 4 night deals they offer to lure you in. We always have a great experience and vacation minimum of 2 week per year in various places. Two things are really tripping me up about our purchase though- and maybe there should be more. The first is the price since clearly the resale market is much better but also the issue that it is a voluntary resort. Since we like to vacation at places like Mexico, Hawaii, St John and Colorado ski resorts should we actually have purchased at a mandatory resort in order to have better access to other locations? I don't really understand the voluntary verses mandatory classifications and what it ultimately means. Also, in order to get the best owner benefits is it best to purchase from the resort directly and are the benefits worth it? We purchased 81,000 options. We also have options to purchase hotel points supposedly at a discount but I haven't looked into the real value of that yet. We were tempted to do the elite level at 162,000 points for the benefits but ultimately didn't want to be locked into that many days until we retire. Kids are only 11 and 13 and we are 7 years away from an early retirement. Should we have purchased a lower option package from the developer and then bought more on the resale market? or vice versa? bought on the resale market first and then direct from developer? Sorry if these questions are confusing, it's because I'm confused. Thanks for any and all advice and insights. My apologies if I didn't post this in the correct spot.

 

[dayooper]

@Scubadiverpalau there are many reasons in your post on why you should rescind. I’ll touch on a few.

Reason #1 you should rescind is that you are confused and aren’t sure you bought the right thing. I’m guessing you put down quite a chunk of change on this purchase. If you aren’t understanding the system, how do you know if it will work for you? That purchase will always be there so if you rescind now, you can make sure that the system is right you.

Reason #2 You paid way too much. No matter what the cost is and what you lose in buying resale, it’s not worth buying developer. If you don’t like what you lose, you can always look at other systems that might be more resale friendly. Now, I’m not sure what you lose from Westin buying resale, but it’s still not worth the extra money. You have one chance to rescind and a lifetime to buy from a developer. Save the thousands and rescind

Reason #3 if You think you made a mistake, once that rescession period ends, you are stuck with it at least until you loan is paid off. The only way you can get rid of the unit that has a loan is allowing it be foreclosed on and the credit hit that goes along with it.

When you do rescind, send your letter to the correct address by USPS certified mail with return receipt. Make sure all parties listed as buyers sign the letter. You can search Tug to find examples if you can’t find yours. Send that letter ASAP!

Timesharing can be a get good thing when bought resale. I can take my family of five to places and resorts I couldn’t before. Being able to cook saves money and since I bought resale, we can take a great vacation for just our maintenance fees.

Good luck and get that letter in the mail today!

 

[SandyPGravel]

You might want to ask a moderator to move this thread to the Vistana forum, since that is where you purchased.

I don't really understand the voluntary verses mandatory classifications and what it ultimately means.

Vol vs Man is just how the resorts are classified in the original documents when the association was created. (Mandatory retains the benefits of the vacation club when bought resale, whereas voluntary does not.) This distinction isn't relevant when buying from the developer, but is relevant when trying to get rid of your timeshare to someone else. Yes, you want a mandatory resort, purchased on the resale market. The only benefit you lose is the ability to change your week in the timeshare into a couple nights in a hotel. Bad value to do that.

If you look at the stickies at the top of the Vistana forum you can get a lot of answers.

I would rescind and do some homework. You can ALWAYS buy from the developer later, no matter what they told you in your meeting.

Good luck and welcome to TUG (where you will get lots of advice).

 

[DeniseM]

100% RESCIND!

 

[Scubadiverpalau]

You might want to ask a moderator to move this thread to the Vistana forum, since that is where you purchased.



Vol vs Man is just how the resorts are classified in the original documents when the association was created. (Mandatory retains the benefits of the vacation club when bought resale, whereas voluntary does not.) This distinction isn't relevant when buying from the developer, but is relevant when trying to get rid of your timeshare to someone else. Yes, you want a mandatory resort, purchased on the resale market. The only benefit you lose is the ability to change your week in the timeshare into a couple nights in a hotel. Bad value to do that.

If you look at the stickies at the top of the Vistana forum you can get a lot of answers.

I would rescind and do some homework. You can ALWAYS buy from the developer later, no matter what they told you in your meeting.

Good luck and welcome to TUG (where you will get lots of advice).

Thanks for the clarification with the issue surrounding a mandatory resort. That's what I was understanding but I guess I just needed someone to confirm that I was interpreting it correctly. Of course it isn't touched on in the sales pitch nor did we know to ask. My husband wants to keep the timeshare but based solely on this issue we just have to dump it asap, not to mention the resale market is cheaper.

 

[SandyPGravel]

we just have to dump it asap

I hope you mean "rescind" this, because whatever money you have committed to for this you will not get back if you try to sell it. You have a few days to legally rescind it and Vistana will have to take it back. Make sure you follow the rescind instructions in the Vistana forum stickies and you will be A-OK.

How many days do I have to rescind with Starwood?

*This is just a general guideline - check the form in your purchase paperwork for specific dates.

Harborside Resort Atlantis - 7 days
Sheraton Broadway Plantation - 5 days
Sheraton PGA Resort - 10 days
Sheraton Steamboat Resort Villas - 5 days
Sheraton Vistana Resort - 10 days
Sheraton Vistana Villages - 10 days
Westin Desert Willows - 7 days
Westin Lagunamar Ocean Resort Villas - 5 days (Mexico)
Westin Ka'anapali Ocean Resort Villas North - 7 days
Westin Princeville Ocean Resort Villas - 7 days
Westin Nanea Ocean Villas - 7 days
Westin Riverfront Villas - 5 days
Westin St. John - 10 days

Lagunamar is beautiful. I've been there a couple times. Can't complain about the ocean view!!

 

[Scubadiverpalau]

I hope you mean "rescind" this, because whatever money you have committed to for this you will not get back if you try to sell it. You have a few days to legally rescind it and Vistana will have to take it back. Make sure you follow the rescind instructions in the Vistana forum stickies and you will be A-OK.

How many days do I have to rescind with Starwood?

*This is just a general guideline - check the form in your purchase paperwork for specific dates.

Harborside Resort Atlantis - 7 days
Sheraton Broadway Plantation - 5 days
Sheraton PGA Resort - 10 days
Sheraton Steamboat Resort Villas - 5 days
Sheraton Vistana Resort - 10 days
Sheraton Vistana Villages - 10 days
Westin Desert Willows - 7 days
Westin Lagunamar Ocean Resort Villas - 5 days (Mexico)
Westin Ka'anapali Ocean Resort Villas North - 7 days
Westin Princeville Ocean Resort Villas - 7 days
Westin Nanea Ocean Villas - 7 days
Westin Riverfront Villas - 5 days
Westin St. John - 10 days

Lagunamar is beautiful. I've been there a couple times. Can't complain about the ocean view!!

Yes. I do mean rescind. Thanks!

 

[Scubadiverpalau]

100% RESCIND!

Thanks. I see that you are a moderator. Would you mind moving this post for me as someone suggested the Vistana forum would be better? Thanks

 

[DannyTS]

100% rescind. You are probably paying 25-30k for 81,000 options. It is not worth it. After you rescind you have time to weigh your options.

1) you can go with a voluntary resort and then buy from the developer. You end up with more options for less money and possibly access to Marriott resorts as well in the future (speculation)

2) buy a mandatory resort that has to be part of the VSN (the internal exchange) so you will automatically have Staroptions. The 2 of the most common are Westin Kierland (more money upfront and lower maintenance fees) or Sheraton Visitana Villages (Bella) (not expensive, a bit higher maintenance fees). Both platinum season.
Normally this would be a very good option. Now that MVC owns Vistana, there is speculation of the future of the Staroptions and the mandatory resorts, especially for those buying after the merger. I am not too concern (I own SVV Bella) but you have to factor that in.

By the way, during the presentation, did they hint you would be able to access the Marriott resorts in the future? I am curious because i attended a presentation at lagunamar last year and this was their theme.

 

[CalGalTraveler]

Absolutely rescind. The value will drop like a rock once you pass the rescission period. Tell your husband to look at Redweek or Tug listings if he doesn't believe you. Voluntary resort means it will fall more than mandatory values because it will be harder for anyone who buys your unit to trade. Redweek has Lagunamar resales listing from $500 - $9,000 so you could save more than half and put the rest in the bank.

 

[Joshadelic]

Let me make this as clear as possible. One word answer...

YES!

 

[Scubadiverpalau]

I mailed the notice to rescind today via certified mail! Thanks for all the responses.

 

[vacationtime1]

I mailed the notice to rescind today via certified mail! Thanks for all the responses.

YAY! Another success story.

Brian -- add it to the stats.

 

[TUGBrian]

id add it if he would mention how much he saved!