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- Getting rid of your timeshare
Getting rid of your timeshare
donp196 wrote:Jayjay I have been talking to Ed Hastry the president to do exactly that. He is working through ARDA to educate HOA members. They have also discussed deed backs. Each HOA will consider a deed back on a case to case basis. They realize that in some cases people can no longer keep their timershares. They also realize that in some cases it's better to take them back through a deed back then lose thousands of dollars in maintenance fees and legal expenses fighting the owners. I predict that changes are coming..... unfortunately slowly. I would like to see membership in the NTOA go up dramatically. The more members the more influence we can have in the industry just like the NRA influences legislation. Forums like this can still have an impact on the industry. I want to see the day when the scam artists are put out of business.
Don, I do support the option for resorts to take deedbacks from people that are in desperate straits (illness in a family, loss of income, etc) but it should be on a case by case basis with all deedbacks showing certified proof of the their situation, but there's thousands upon thousands of people that merely want to get out from under yearly maintenance fees just because they don't want to pay them any longer.
They've used or exchanged their timeshare for years but no longer want to abide by the contract they formerly signed .... so many people think they can just easily give their timeshare(s) back to the resort.
R P.
Jayjay the problem I see is that the industry has to come up with an exit plan for people who can no longer afford to keep paying maintenance fees and in some cases huge assessments. I think the timeshare industry is going to implode if they don't do something soon. There is way too much inventory on sites like redweek. Just like the housing market it will eventually collapse.
Don P.
donp196 wrote:Jayjay the problem I see is that the industry has to come up with an exit plan for people who can no longer afford to keep paying maintenance fees and in some cases huge assessments. I think the timeshare industry is going to implode if they don't do something soon. There is way too much inventory on sites like redweek. Just like the housing market it will eventually collapse.
Don, in my opinion, the timeshare industry has already imploded and it will never be the same as pre-2007. I really can't fathom why many resorts haven't completely shut down (a few have) .... many must be staying open on an apron string with so many defaults and the PCC's $1 timeshares on Ebay plus fake charities and LLCs.
I don't know how many resorts are currently run by developers but I estimate very few .... mainly the mini point systems. The vast majority of resorts are run by HOA's .... if they accepted every deedback that they were offered then this would be the end of the timeshare industry as we knew it pre-2007 .... maintenance fees are the bread and butter of any resort and without them the resorts would ruin in decay, however with most resorts the developer is long gone and has made his money. It's the HOAs that's having to carry the burden.
HOA's are a loyal bunch and they serve without pay to the best of their ability to see that their resort is maintained to owners' standards.
I don't know what the answer is ..... but resorts taking all deedbacks for whatever reason would be the end of the timeshare industry .... what would they do with the inventory?
R P.
Last edited by jayjay on Mar 18, 2012 08:46 AM
Also, along with the present economy, I saw timesharing declining in popularity when RCI started openly renting deposits .... one major decision by many that bought into timesharing was the ability to exchange .... however with RCI the can take those deposits and rent them out leaving far less choice for an exchange, especially in popular locations, times and resorts.
However, and having said that, it states in RCI's Terms and Conditions that when depositing with them they then have the power to do with that deposit what they wish.
R P.
jayjay wrote:maintenance fees are the bread and butter of any resort and without them the resorts would ruin in decay
And ironically, maintenance fees (at least the ongoing, mandatory ones) are what are driving values of the timeshares down to zero and below. Because of them, more people are quick and desperate to dump their timeshares with fewer and fewer people wanting them.
JMHO
Lance C.
lancec13 wrote:jayjay wrote:maintenance fees are the bread and butter of any resort and without them the resorts would ruin in decayAnd ironically, maintenance fees (at least the ongoing, mandatory ones) are what are driving values of the timeshares down to zero and below. Because of them, more people are quick and desperate to dump their timeshares with fewer and fewer people wanting them.
JMHO
Good point, however if resorts took all deedbacks I again ask what they would do with that inventory. In this economy many people wouldn't take on the responsibility of ever lasting maintenance fees even if the resort gave the inventory away .... there would still have to be a legal contract in place with the taker as owner and responsible for all future fees.
R P.
That is one of my points. If the resort agrees that the timeshare has no value then they should stop selling timeshares completely. The timeshare industry can't have it both ways. Selling a product that is worhtless as soon as the buyer purchases it doesn't say much for the industry. They came up with a new twist. That is selling points. To me points have no real value. You don't own anything but a promise. The resorts can decide not to book your reservation based on how many points you purchased and hold you ransom to buy more points. They can also raise the number of points needed to book a week at a nice resort. The buyer has no protection. This is why I am promoting the National Timeshare Owners Association to give owners a voice in the industry. There is strength in numbers. Look how the National Rifle Association influences legislation in this country. We need a strong lobby to protect owners rights. Until that day arrives I would advise anyone I know not to but into the timeshare industry. Just go to sites like Redweek and rent rather than obligate yourself to future fees. I am a paid member of the NTOA. I put my money where my mouth is. It's a small price to pay to help protect my investment.
Don P.
You're speaking of developer sold timeshares .... I was mainly speaking of HOA managed timeshares where the resort is sold out. With as much info on the internet and in the media concerning developer timeshares, I can't see many of those being sold presently.
R P.
I've recently been successful in finding homes for my 3 Ft. Myers Beach timeshares so thought I'd tell how this happened. I've had them listed for free in multiple places, Craigslist, Red Week, TUG with no interest. When I was there (FMB) in February, I put an ad in the local beach paper thinking that maybe someone who was staying at these resorts might be interested. I got multiple calls on them and about half of them were people who wanted to know if the ad worked so they could try giving theirs away! One of the people that called me said she was going to tell her friend up north and that friend ended up taking one and even typed up the QCD. This lady then told her son who took the second one and then the original lady told her son-i-l and he's looking into the last one. I guess there's something about "free" that attracts people. I plan to take the original lady to dinner the next time I'm down there as she has done one heck of a job for me and she's a total stranger, or was then.
Nancy E.
jayjay wrote:Jayjay, As always, you are on top of it! I just wish more folks would realize what is going on and take a common sense approach. Thank you for your time and efforts to educate.You're speaking of developer sold timeshares .... I was mainly speaking of HOA managed timeshares where the resort is sold out. With as much info on the internet and in the media concerning developer timeshares, I can't see many of those being sold presently.
Tam M.
traudem wrote:jayjay wrote:Jayjay, As always, you are on top of it! I just wish more folks would realize what is going on and take a common sense approach. Thank you for your time and efforts to educate.You're speaking of developer sold timeshares .... I was mainly speaking of HOA managed timeshares where the resort is sold out. With as much info on the internet and in the media concerning developer timeshares, I can't see many of those being sold presently.
You're welcome but I also have help from you, Lance and DonP (regular posters) .... thanks to all of you for getting the word out.
R P.
nancye31 wrote:I've recently been successful in finding homes for my 3 Ft. Myers Beach timeshares so thought I'd tell how this happened. I've had them listed for free in multiple places, Craigslist, Red Week, TUG with no interest. When I was there (FMB) in February, I put an ad in the local beach paper thinking that maybe someone who was staying at these resorts might be interested. I got multiple calls on them and about half of them were people who wanted to know if the ad worked so they could try giving theirs away! One of the people that called me said she was going to tell her friend up north and that friend ended up taking one and even typed up the QCD. This lady then told her son who took the second one and then the original lady told her son-i-l and he's looking into the last one. I guess there's something about "free" that attracts people. I plan to take the original lady to dinner the next time I'm down there as she has done one heck of a job for me and she's a total stranger, or was then.
What an excellent idea .... kudos to you .... if I was looking for a timeshare to buy then now would certainly be the time with all the free timeshares (or almost free) out there (well, nothing is free as the buyer will always be responsible for maintenance fees), but if I was looking for a specific resort in a specific location for a specific timeframe I would certainly be looking in all the timeshare marketplaces as well as local newspapers. This is a fantastic timeshare's buyer's market .... many of the free timeshares are in ultra nice resorts.
R P.
Last edited by jayjay on Apr 12, 2012 10:05 AM
Nancy's success gives hope to a lot of people out there that think they are stuck paying maintence fees forever. I was fortunate that two resorts took back my properties with just quit claims. I am going to pass her information on to the National Timeshare Owners Association for them to inform their members of another avenue to explore. It's refreshing to see people using this forum to help each other.
Don P.
jayjay wrote:This is a timeshare forum, not a place for ads .... if you want to place and ad then put in Sell or Rent Your Timeshare.
I was wondering why so many posts were being deleted. You notice explains it. thanks.
Here is another idea, which may or may not be practical, depending on the size of your resort where your time share is deeded.
Print up cards or fliers, offering your time share at little or no cost to the buyer. Next time you are at your resort, slip these into as many doors as you can, or under windshield wipers. Use a generic email as the contact info, created just for this purpose on yahoo, gmail or another generic site.
The other thing you can do, is watch for people coming out of the time share presentations with a bottle of campaign. I have been to several presentation at different resorts, and it seems like a common practice for buyers to get a bottle. You know these are buyers, hand them a card with a description of your unit type and usage - and the generic email. They might contact you, at which time you could tell them about the right to resin the contract and purchase your unit at next to nothing.
Don't bad mouth the resort, or otherwise disparage the time share, as they will lose interest. Just tell them you need to get free of the time share, for financial reasons, or because you found another resort you want to purchase at, and can not afford two Maint. Fees.
Just keep in mind that the resort, and particularly the time share sales staff, will not take this kindly.
Good Luck.
Steve M.
mirnac2 wrote:I WOULD LIKE SOME TO TELL ME WHAT OPTIONS I HAVE... I HAVE A TIMESHARE THAT I HAVE FALLEN BEHIND... AND UNPAID FEES.... I JUST DONT KNOW WHAT CONSEQUENSES THIS WILL BRING ME...BUT THE TRUTH TO THE MATTER IS...I CAN'T PAY...ADVISE PLZZZ
The ONLY way to get out from under this financial obligation is to file for bankruptcy. You have a double whammy on your hands by owing on a mortgage on your timeshare AND owing yearly maintenance fees.
R P.
