FREQUENTLY ASKED QUESTIONS

CONCERNING TIMESHARE RESALE PURCHASES 

AND THE FAIRFIELD VACATION SYSTEM

Are you directly associated with Fairfield Communities?

Why does Fairfield sell resales? It makes no sense that they would compete with their own resorts!

What are low point, online trades?

When shoud I buy directly from the developer?

Can I use a credit card to make a purchase?

Do you finance a resale purchase?

Why wasn't I told about the resale market when I visited a Fairfield resort for a presentation?

Why are maintenance fees so different?

 Can you own points and not own property? 
YES AND NO... THERE ARE UDI POINTS, WHICH MEANS YOU HAVE AN UNDIVIDED INTEREST IN THE ENTIRE RESORT...SO IN A SENSE YOU STILL OWN PROPERTY BUT NOT A SPECIFIC VILLA IN A SPECIFIC BUILDING

If you convert a week to points does that mean you lose the property and week? 
THE FIXED WEEK IS HELD IN TRUST AS A BASIS FOR THE CLUB TO ISSUE YOU POINTS EVERY YEAR...THE POINTS ARE SYMBOLIC REPRESENTATION OF YOUR ABILITY TO VACATION AND IF YOU WANT TO SELL LATER YOU WOULD BE SELLING POINTS SHOWING THE PROPERTY AS PART OF THE DEED. YOU DO NOT AUTOMATICALLY HAVE THE RIGHT TO GO TO YOUR HOME RESORT AND WEEK ANY MORE...

 If I buy 154,000 points what do I really have? 
GO TO WWW.EFAIRFILED.COM, CLICK ON RESORT SEARCH ON THE LEFT, GO TO ANY RESORT, CLICK ON POINTS CHART. THIS SHOWS WHAT YOU CAN DO WITH VARYING AMOUNTS OF POINTS

Can I go to any Fairfield Property, any week I want with my points? 
YES, DEPENDING ON AVAILABILITY AND HOW MANY POINTS YOU HAVE

In your opinion, is it advantageous to own and convert as opposed to just purchasing points or does it work out about the same? 
THEY ARE ESSENTIALLY THE SAME BUT I SUSPECT IF YOU OWN A RED FIXED WEEK IT WILL COST FAR MORE TO CONVERT IT SINCE FAIRFIELD WILL WANT YOU TO PAY FULL PRICE FOR AT LEAST 49,000 MORE POINTS...

If I already own a fixed week can I save on the RCI dues?   
No, it is part of the maintenance fee when you own points

Are RCI dues included in my resale points purchase?    Yes

Do I get Leisure Plan and Ambassador referrals with my resale purchase?   No

Do I get books and manuals to help me trade and use my vacations?  Yes

Can you convert my red week to points for me?    No...see www.reid4florida.com

Do points at a Fairfield Gold Crown really trade better?

I am ready to buy a resale, now what do I do?

How much are closing costs?

Do I need to leave home for my closing?  No, it is done by mail and fax

How much is the down payment?  $500 to $1,000

Are my funds held in escrow until closing?   Yes, by Fairfield Realty or a title closing company such as Timeshare Closing Services

Do resale points really have the same benefits?

How long does it take for my sale to close?

Can I get to VIP status by combining several resales from you?

I saw a deed that said my ownership expires in 2022, or something! You said it was deeded! What gives?

Are you licensed and insured?   Yes, both as a Realtor and a contractor

Are you a Fairfield owner?  Yes, since 1982

How often do you update your site?    Every one to two days

Can you keep me posted about new inventory?  Yes, click the button on www.reid4florida.com and you will automatically get e-mail updates

Do you have some references I can contact? Yes, go to  www.reid4florida.com/refs.html

I want to check you out with the Florida Real Estate Commission.  How can I contact them?  Through a link on www.reid4florida.com

How long have you been in this business?  Over 20-years

Do you work for Fairfield Communities, or are you associated with them?

Answer:  No

Reid Homes & Real Estate is an independent Florida licensed real estate broker and licensed general contractor.  We help people with vacation ownership timeshare purchases, general real estate, and we build homes in the Apollo Beach, Brandon, Riverview areas near Tampa, Florida. We are a cooperating broker selling the resale vacation listings of the Fairfield Realty.  I formerly worked directly for Fairfield as an employee, a third party broker handling timeshare management and rentals at two North Carolina resorts, and as a consultant. I am also a Fairfield owner.       
E. Lee Reid, Florida Licensed Real Estate Broker

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Why does Fairfield sell resales?

Answer:  As a customer service for owners, some of whom have owned Fairfield timeshare since 1978 when the first villas were marketed in Fox Run at Fairfield Mountains by George Donovan, Denny Bolt, Steve Tate, Fred Osteen and other early pioneers.  Owners get older, sick, and so forth, and often must eventually sell.  Fairfield became proactive and assumed a leadership role in the industry by helping owners through a life-cycle of vacation ownership.

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Are there times when it would make sense to buy directly from a developer resort even though the price is higher?

Answer:   Sure. You may value your time more than the savings in dollars from buying resale. It takes some effort and research time to find the best resale values where you can save 50% or more. Saving $4,000... $5,000... $25,000 ( yes, one VIP Platinum purchaser saved that much)...may be inconsequential to you.

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Does it really make a difference if my points are based out of a Fairfield Gold Crown Resort?

Answer:   No, points are points...the only reason to purchase at a specific resort is for the possible maintenance fee difference or the Advance Reservation Priority, which allows you to make a reservation up to 13 months in advance as compared to 10 months. We, therefore, include the home resort in all for sale listings.

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Why are maintenance fees so different?

Answer:  Each association sets an operating budget and then splits the total among the owners.

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I am ready to save some money on my vacation purchase. What do I do next?

Answer: The next step is for me to fax you the agreement for purchase and, at the same time, the necessary paperwork to move towards closing will be faxed by Tanya Kruse who is the broker for the Fairfield Realty. I will also fax you a form where you can put the deposit on a credit card if you wish (many but NOT all purchases). At closing you can either pay cash or use a credit card. There is no fee for using your credit card. If you need financing simply go to www.tammac.com and fill out an on-line application.

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Can I use a credit card?

Answer: Yes, on many but not all purchases...Visa, Mastercard, American Express.

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Do you finance a resale purchase?

Answer:  No...use your credit card or go to www.tammac.com for financing

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How much are closing costs?

Answer:  Closing costs are $250 and up and include researching the property, preparing the deed, transferring the deed and points to you. Any legal work is covered in the $250 and up fee. Additionally, you may obtain an optional title insurance policy which warrants that there are no liens or claims of any kind on your property.  The average cost is $250.

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How long does it take to close and do I have to travel somewhere?

Answer: About 90 days for Fairfield to close the transaction...it is all done by mail and fax so you do not have any travel time or expenses. Other sales close within 60 days in most cases

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Why did the Fairfield resort I visited for a sales presentation not tell me about these resales?

Answer:  The reason a resort sales office will not discuss resales is that they are a totally different operation than the the office that handles Fairfield resales. The resorts handle new developer points. The sales people at any of the resorts may not have the state-approved and regulated contracts for a resale purchase and usually have little if any idea of the actual resale market. They are employed to sell new Fairfield inventory.  Then there is FAIRFIELD REALTY, listing only private owner resales as a customer service to existing Fairfield owners... and then there are the numerous Fairfield off-site offices and resorts that have no direct connection to Fairfield Realty. They are different and the only connection is that Fairfield Communities, Inc. owns them. If an off-site office or resort says they have "resale" it will be new inventory that was cancelled by another purchaser and is being "resold". This is not true resale, which is defined by the industry and basic economics as being privately owned vacations offered for sale at a price set by the private reseller, and brokered on the open market by independent, state licensed real estate brokers at fair market value as determined by informed buyers and sellers acting rationally with their cash for mutual benefit.

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Will resale Fairfield points really work the same as points we might buy directly from the developer?   

Yes, with the exception that you do not get Leisure Plan

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Q: I was told that deeded points also have a "99" year total on the deed, in addition to the point total.  What is this all about?...   also,  I have no clue what the deed is saying, but the year 2022 caught my eye.   What gives?

Answer:  That is standard wording in all deeded timeshare property deeds. Here is the same question from another customer 

"...it being the intent of this instrument that each Unit Week shall be considered a separate estate held separately and independently by the respective owners thereof for and during the period of time assigned to each in said Supplemental Declaration, each said estate being succeeded by the next in unending succession governed by said Supplemental Declaration until January 1, 2022, as of which date said estate shall terminate, unless extended as provided by said Supplemental Declaration."

Could you tell me exactly what happens on January 1, 2022? What does it mean that the "estate shall terminate"?

Thanks, Daryle C. Hendricksen

Software Developer

A:  This is a standard clause in timeshare contracts. There is a good reason.  There is always the very remote possibility that as a resort ages it could get run down, too expensive to maintain, the neighborhood may run down, or, as is more likely, the real estate will become much more valuable.

 There is a provision in the deed that on a specific future date it will be VOTED on as to whether or not to continue ownership as a timeshare. The ownership never ceases and all right remain the same; it is and always will be deeded property. If it is decided not to continue as a timeshare, the property would be liquidated and the owners would divide the purchase funds

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