Is this add-on info correct?

[cascadecupcake]

I'm so confused now.

Called this morning and added on because I thought I thoroughly understood the terms. Now I'm worried I don't.

I have a 230 point OKW contract with June UY.

I purchased 120 points for SSR for $87 per point and was told I would have 220 points sitting in that account come June.

Is that incorrect? Will I have 120 points in the SSR and the 100 add'l in my OKW account?

Also, what is this thing with the 2004 points? They weren't offered to me. Could I have gotten the 2004 points but just a $5 per point incentive instead of the $8. (knowing that these would have to be used by 5/31/05)

Please help if you know these answers!

 

[JimMIA]

Two comments:

1. If you are not satisfied with what you did, under Florida law you have ten days after signing to cancel any real estate purchase. If you find, for example, that you wished you'd gotten '04 points, cancel and re-do the deal.

I don't know if this is possible, but I'd sure try to make banking of the '04 points a condition of the new contract. I'd be willing to bet with your very close use year they'd let you bank them - especially if it meant not losing a $10,000 sale.

2. Yes, I believe those 100 bonus points go in your original account, not in the add-on if it's a different resort. I'd be very attentive to the expiration of those points as well.

 

[pumpkinboy]

I think the best way to clarify this would be to Ask your Guide directly. I expect that you would not be able to get your 2004 points, since this is Phase II, and that you're getting this sweetener as compensation. But I'm sure your guide can answer any questions better than those of us speculating here on line.

Good luck, and let us know what you find out.

 

[EdTreo]

Check this post for more info:

here

 

[eileenfk]

Two comments:

1. If you are not satisfied with what you did, under Florida law you have ten days after signing to cancel any real estate purchase. If you find, for example, that you wished you'd gotten '04 points, cancel and re-do the deal.

.

How much, of the deposit, can they (the broker and/or seller) keep, if the buyer cancels within the 10 days?

- Eileen

 

[GoofyBanker]

When I talked to my guide I understood him to say that the 100 points could be used now or banked but was to be used in conjunction with the 120 point purchase, at least that is how I understood it.

 

[winjos]

I called my guide last week, received the paperwork, and noticed a discrepancy. I called Quality Assurance and it turns out that the state of California was not included in the "older" SSR buildings and therefore I cannot get the '04 points with the $5 off promotion. Instead, I will be receiving '05 points (120 SSR & the 100 developer points) this coming September (our UY) @ $8 off per point. So, you need to talk to your guide to see exactly what you are eligible for and when you can bank everything.

 

[JimMIA]

How much, of the deposit, can they (the broker and/or seller) keep, if the buyer cancels within the 10 days?

- Eileen

NONE. Zero. Zip. Nada. You get the entire deposit back.

After the ten days, you would lose it all, unless you were able to work something out.

Bear in mind that the ten days begins when you sign the contract. I recently had a contract for 290 OKW points at 74, which was the full asking price for the contract. I became uncomfortable with the ethics of the seller, and told the realtor that I was cancelling on the tenth day if the seller had not accepted by then. Sure enough, the seller came back and said they wanted more than their original asking price! Instead of even responding, we canceled and applied the deposit to another contract at 73...which has passed ROFR and is now awaiting closing.

 

[wtpclc]

DOn't have an answer for you, just had to say Go Griffins!