On resales, what does this mean?

[snyderla]

If it says, for example, "20 points available now, all 50 coming on Oct.2004", does that mean I can use all 70 after Oct 1st, or do I have to use the 20 before then, and the 50 after?

Thank you
Lori

 

[lillasmom]

That means that you could have 70 points to use now(if you borrow the points from next year to use this year), 20 now and 50 points to use next use year, 70 points to use in October, depending on closing and ability to bank the points left over from this year. When the listings are reported, people like to know what's available. It all has to do with use year, banking and borrowing. Do you have info on that?

 

[CarolMN]

Unless the 20 points (from the 2003 use year) are banked, they must be used before 9/30/2004 or they will be lost.

With an October use year, the 50% banking deadline is June 30. If the contract is for 50 points, the owner can bank up to 25 points if he does it by 6/30/2004.

If the owner waits until July, he can only bank 12 points (25% of the total).

He can't bank at all in August and September.

If he does bank, those 20 points can be used for a stay that occurs between 10/1/2004 and 9/30/2005.

Anyway, if the seller is on the ball, he will bank those 20 points before the end of June. If he doesn't, they really aren't worth much since they would expire 9/30/2004.

If it were me, I would not consider the 20 to have any value at all for the purpose of making an offer unless they were banked. Availability is very limited when you get within 60 days of arrival.

Best wishes -

 

[snyderla]

Thank you very much for helping to clear that up for me. It makes a big difference when trying to consider what is a great deal and what isn't.

Thanks again...
Lori