Disappointed in The Timeshare Store

[Dardi]

I just had a disconcerting experience with the sale of my HHI points, and I wanted to share the information to make others aware of this issue. The Timeshare Store contacted me to say they had found a buyer for my HHI points. I accepted the offer and returned my signed contract detailing the responsibilities of both parties. One of the buyer's duties is to pay earnest money as surety that he will follow through on his commitment or forfeit this down payment as a penalty. The contract detailed the amount of this earnest money and specified how it would be split in the event of a default.

Imagine my surprise when The Timeshare Store contacted me again to report that the buyer was moving on to another contract and they were rolling the earnest money for my sale to the new contract. In fact, I had no protection.When I protested, I was told that Florida law gives buyers 10 days to rescind. My contract said I had sold my points. It did not say there is no deal for ten days but go ahead and tie your property up anyway.

So be aware that when you agree to sell your points you are bound but the buyer is not. Far from protecting the one paying their commission, The Timeshare Store will blithely dance away with the buyer to a new contract. As I was told," That's the way we do business."

Ron

 

[SSR]

I just had a disconcerting experience with the sale of my HHI points, and I wanted to share the information to make others aware of this issue. The Timeshare Store contacted me to say they had found a buyer for my HHI points. I accepted the offer and returned my signed contract detailing the responsibilities of both parties. One of the buyer's duties is to pay earnest money as surety that he will follow through on his commitment or forfeit this down payment as a penalty. The contract detailed the amount of this earnest money and specified how it would be split in the event of a default.

Imagine my surprise when The Timeshare Store contacted me again to report that the buyer was moving on to another contract and they were rolling the earnest money for my sale to the new contract. In fact, I had no protection.When I protested, I was told that Florida law gives buyers 10 days to rescind. My contract said I had sold my points. It did not say there is no deal for ten days but go ahead and tie your property up anyway.

So be aware that when you agree to sell your points you are bound but the buyer is not. Far from protecting the one paying their commission, The Timeshare Store will blithely dance away with the buyer to a new contract. As I was told," That's the way we do business."

Ron

"Disappointed in Our Potential Buyer"

(I couldn't edit your thread title, so I figured I'd do it above.)

Seriously though, that's a bummer. Not Timeshare Store's fault, however. Good luck with the re-resale...

 

[Chuck S]

The Timeshare Store is correct, it is Florida timeshare law. No matter what reseller you would use, the buyer has 10 days after signing to back out and receive a return of all funds. DVC also returns all monies if you change your mind when buying direct, if you notify them within 10 days of signing the contracts.

It is the buyer's money. If they chose to use it as earnest $ for a different contract, or have it returned to them, it is entirely the decision of the buyer.

 

[DebbieB]

Would FL law apply to Hilton Head? Whatever does apply, it should have been written into the contract.

 

[Brian Noble]

It is possible that, as TTS' offices are in Florida, Florida law governs. South Carolina has a 5-day rescind period---and that may or may not apply to resales. Florida's 10-day period *does* apply to both.

 

[delmar411]

the last statement on the contracts states the 10day rescind period. It shouldn't have been a surprise to find that out.
Buyers and sellers sign the same contract so the wording would be there on the seller's contract just as it is on the buyer's.

 

[dvcterry]

it would be no different if it were out in the bahamas for instance, we own another timeshare but it's governed under florida jurisdiction. think of it in this case, you right now are the owners, and any timeshare laws are under florida law as your closing docs indicate, not hilton head, sc. sorry that your closing did not go smoothly but the right to rescind is common in many states, many contracts are not even considered valid without that clause.

 

[skelfbsfb]

When I bought resale not through TTS, I was informed that I had the 10 day period if I wanted to cancel the contract.

 

[Disfamoffour]

We purchased an OKW resale earlier this year, signed the contract and sent in a large deposit only to find out that the owner changed his mind. The ten day period does apply to both parties.

 

[CarolAnnC]

Far from protecting the one paying their commission, The Timeshare Store will blithely dance away with the buyer to a new contract. As I was told," That's the way we do business."

Ron

With the buyer exercising their right under the law, it is not to blame TTS for selling them something else. It would not be right (and possibly illegal) to tell this buyer that they would not allow them to offer again on another contract. I see no fault of TTS in this situation..

 

[stefanospops]

Having not been party to any conversations I will say generally that it seems as if the OP did not know that the 10 day rule applied on resale as well. I know that I certainly did not until reading this post. So if there was any failure it seems that it was with informing the seller of this fact. Of course, TTS may have explained this and the OP was too excited about the offer. BUt since I wasn't there I wouldn't know.

 

[CarolMN]

Having not been party to any conversations I will say generally that it seems as if the OP did not know that the 10 day rule applied on resale as well. I know that I certainly did not until reading this post. So if there was any failure it seems that it was with informing the seller of this fact. Of course, TTS may have explained this and the OP was too excited about the offer. BUt since I wasn't there I wouldn't know.

I think the point is that this information was/is part of the contract that both buyer and seller signed. Both parties should be giving that a careful read before signing.

 

[JimMIA]

With the buyer exercising their right under the law, it is not to blame TTS for selling them something else. It would not be right (and possibly illegal) to tell this buyer that they would not allow them to offer again on another contract. I see no fault of TTS in this situation..

Not possibly illegal, CarolAnn -- clearly and definitely illegal. As others have stated:

1. It is clearly in the contract that both sellers and buyers sign.
2. And, even if it wasn't, it's Florida LAW.

OP, I know this doesn't help much, but I had a similar experience when I purchased -- the seller backed out after I'd sent my money. I moved on to a better contract.

With the market being what it is right now, I think there are a lot of bottom-feeders out there, and probably a lot of people making offers they can't really afford.

You're probably going to have to kiss several frogs before you find a prince or princess.

 

[Deb & Bill]

I just had a disconcerting experience with the sale of my HHI points, and I wanted to share the information to make others aware of this issue. The Timeshare Store contacted me to say they had found a buyer for my HHI points. I accepted the offer and returned my signed contract detailing the responsibilities of both parties. One of the buyer's duties is to pay earnest money as surety that he will follow through on his commitment or forfeit this down payment as a penalty. The contract detailed the amount of this earnest money and specified how it would be split in the event of a default.

Imagine my surprise when The Timeshare Store contacted me again to report that the buyer was moving on to another contract and they were rolling the earnest money for my sale to the new contract. In fact, I had no protection.When I protested, I was told that Florida law gives buyers 10 days to rescind. My contract said I had sold my points. It did not say there is no deal for ten days but go ahead and tie your property up anyway.

So be aware that when you agree to sell your points you are bound but the buyer is not. Far from protecting the one paying their commission, The Timeshare Store will blithely dance away with the buyer to a new contract. As I was told," That's the way we do business."

Ron

I had buyers back out twice on a single contract. However, I was lucky enough that they backed out after ROFR was passed (more than 10 days after signing). So I got half of the deposit - twice (the real estate company got the other half). And I still have my points.

 

[srberubenh]

I just had a disconcerting experience with the sale of my HHI points, and I wanted to share the information to make others aware of this issue. The Timeshare Store contacted me to say they had found a buyer for my HHI points. I accepted the offer and returned my signed contract detailing the responsibilities of both parties. One of the buyer's duties is to pay earnest money as surety that he will follow through on his commitment or forfeit this down payment as a penalty. The contract detailed the amount of this earnest money and specified how it would be split in the event of a default.

Imagine my surprise when The Timeshare Store contacted me again to report that the buyer was moving on to another contract and they were rolling the earnest money for my sale to the new contract. In fact, I had no protection.When I protested, I was told that Florida law gives buyers 10 days to rescind. My contract said I had sold my points. It did not say there is no deal for ten days but go ahead and tie your property up anyway.

So be aware that when you agree to sell your points you are bound but the buyer is not. Far from protecting the one paying their commission, The Timeshare Store will blithely dance away with the buyer to a new contract. As I was told," That's the way we do business."

Ron

The buyer is really the one at fault. I am waiting to close on a resale contract. Once we made our deal, I saw a couple of better deals within the 10 day cancel period. However, I did not feel right cancelling and moving onto another contract or asking the seller to give me a better deal. We had an agreement and I wanted to stand by that. Not everyone works this way obviously. I tried to do what I would hope a buyer would do if I was the seller. The cancellation policy was included in our contract so everyone knew it was part of the deal.

 

[CarolAnnC]

Not possibly illegal, CarolAnn -- clearly and definitely illegal. As others have stated:

1. It is clearly in the contract that both sellers and buyers sign.
2. And, even if it wasn't, it's Florida LAW.

OP, I know this doesn't help much, but I had a similar experience when I purchased -- the seller backed out after I'd sent my money. I moved on to a better contract.

With the market being what it is right now, I think there are a lot of bottom-feeders out there, and probably a lot of people making offers they can't really afford.

You're probably going to have to kiss several frogs before you find a prince or princess.

I think you misread my post Jim. I was saying it might be illegal for TSS to not sell the folks who backed out another contract. Might be morally questioned by some (the OP for example), and also legally an issue.

I am so glad all my resale contracts went so smooth. And I have to add that I have purchased previously at TSS (very happily), among others.

 

[Dean]

SC is 5 days and that would apply for HH for retail. Reading the Statues, it would not appear to apply to resale buyers from what I see. Using FL law for discussion, it would be a violation not to allow the buyer to cancel (still ? SC) but there is no obligation to cont to work with the buyer. Obviously we don't know specifics but a company would be within their rights to hold to principle and refuse to work with the buyer going forward if they cancelled without appropriate reason and a better deal would not qualify IMO.

The the OP, it would seem that the contract should have included any applicable cancelation options, theirs likely does and likely states 10 days for simplicity. If so and you and the buyer signed the contract, the longer period would apply even if not legally required for HH.

 

[Jason@dvcstore]

With the buyer exercising their right under the law, it is not to blame TTS for selling them something else. It would not be right (and possibly illegal) to tell this buyer that they would not allow them to offer again on another contract. I see no fault of TTS in this situation..

The Timeshare Store, Inc.® says Thank You. The good news for this seller is that the property sold once and, hopefully, it will sell again soon.

Jason

 

[bumbershoot]

I think I can see the part that the OP has a problem with. I think the OP felt that the earnest money would revert to them and the sales company. After all, why have earnest money if the buyer can back out, right?

So the missing part (either in contract, discussion, and/or understanding) would be *when* the earnest money kicks in, so to speak.

Obviously, it must kick in 11 days? Free and clear to cancel from either side for 10 days, but after that the buyer is penalized, is how it seems it is.

 

[Dardi]

Yes, Bumbershoot, my problem is that I was told there was a buyer for my points and that there was earnest money. I was not told that there was no deal for ten days and that the buyer was free to continue shopping and that The Timeshare Store would help him. I realize this is all legal. I realize they must follow Florida law. I had used The Timeshare Store in the past to both buy and sell and was impressed with their service. I am just disappointed in the way they are "representing" the seller in their role as agent for both parties. As the commercial says, you shouldn't treat new friends better than old friends.
Ron