Purchasing resale

[TEK224]

Does anyone know...?

1. If you purchase resale (thru the Timeshare Store, for example), can you pay for your purchase with a credit card? Or only check/m.o.?

2. If there are banked points as part of the resale, do you have to pay anything extra for them?

3. Do you pay the maintenance fees at the time of purchase or when they are due at the beginning of the year?

Thanks!
Terri

 

[RuthnPaul]

Terri,

1) Although we were able to use our credit card for the down payment on our resales, I don't believe you can pay the remaining balance with a credit card.

2) No, you will not pay anything extra for the banked or current year points that might be available (unless the seller is charging a dollar or two more per point than they might otherwise, which you really have no way of knowing).

3) If there are current year points available, typically the buyer reimburses the seller for the maintenance fees on those points. If there are banked points from a previous year, you will not have to pay maintenance fees on those.

 

[marzipan]

Our deposit was with cc, but balance due at closing has to be certified funds.

Our contract came with '03 pts which we did not pay mf's on and '04 pts. which we did pay mf's on. These were included in the final cost of the contract (you are actually reimbursing the seller for the mf's that they have already paid but not used the pts.). The mf's on the '05 pts will be due in Jan (even though we have an Oct. uy)....or an automatic withdrawl can be set up so monthly payments are made.

The mf's on current uy points that come with the contract can be negotiated but usually the buyer pays these.

Hope this helps!

 

[TEK224]

Thanks!
Terri

 

[JimC]

What you pay on a resale is negotiable. It is no different than any real estate transaction. Closing costs, price, maintenance fees -- all negotiable.

When we bought our resale I reviewed listings for a great many contracts. My conclusion -- the prices asked were all very close (+/- a penny per point within each resort) when the total cost was adjusted for the total number of points being bought. In simple terms, sellers were asking more for contracts with points banked than for contracts with borrowed points already used. But the total cost per point over the remaining terms for all kinds of contracts were remarkably consistent.