Getting rid of a time share.

joycer23 wrote:

gayler5 wrote:

I keep sending a plea for help with selling my timeshare. I bought it in 2001 and have rarely used it. It's in a wonderful area and is a top of the line resort. The major hang-up is the maintenance fee.

I've tried renting it; making my RCI points available to any potential buyers...I have a very large number of RCI points.

I have been hopeful to sell before the end of Jan 2007....I am on disability and receive only $821/month so I could definitely use the money. As most of you know, some money is better than NO money

Thanks, Gayle

Wherenis you timeshare and what is the maintenance fee Joyce reynolds

redbird wrote:

joycer23 wrote:

gayler5 wrote:

I keep sending a plea for help with selling my timeshare. I bought it in 2001 and have rarely used it. It's in a wonderful area and is a top of the line resort. The major hang-up is the maintenance fee.

I've tried renting it; making my RCI points available to any potential buyers...I have a very large number of RCI points.

I have been hopeful to sell before the end of Jan 2007....I am on disability and receive only $821/month so I could definitely use the money. As most of you know, some money is better than NO money

Thanks, Gayle

Wherenis you timeshare and what is the maintenance fee Joyce reynolds

All people who purchase a timeshare as an investment,are in for a rude awakening. The only investment is in forcing you to get on your computer to search for your next vacation. If you are fortunate enough to have the luxury of time and good health,they are great. It does seem to take an inordinate amount of time to secure the vacation of your choice,you must be willing to compromise when making plans,so do it as far in advance as possible. So again forget about it as an investment,except for the next time you go to the airport. charleskatz@comcast.net

Greetings. People are selling their timeshares, they just are not getting a lot of money for their timeshare. I recently bid on a timeshare on ebay, and lost by $70.00 to a higher bidder. Supply and demand determine price in a fair marketplace. Today the supply of timeshares on the resale market indicates a buyer's market. I would not buy a timeshare unless I planned to keep it for at least 15 years. My purchase price would have to give me a reasonable expectation of vacationing at a lower price than I can rent. Otherwise, it does not make sense to buy. If you place an ad in the newspaper, and the item does not sell, it is not the newspapers fault. Stan.

Amen, stan and charles.

The only reason I would buy a timeshare week would be if I could only vacation during a red hot designated season such as summer months, during holidays or if I desperately wanted a particular area/unit at a resort (re: beachfront etc.) and even the then I would research rentals first.

There's plenty of rental inventory (on the internet alone) in the on and off season without the hassle and rising costs of timeshare ownership.

gayler5 wrote:

I keep sending a plea for help with selling my timeshare. I bought it in 2001 and have rarely used it. It's in a wonderful area and is a top of the line resort. The major hang-up is the maintenance fee.

I've tried renting it; making my RCI points available to any potential buyers...I have a very large number of RCI points.

I have been hopeful to sell before the end of Jan 2007....I am on disability and receive only $821/month so I could definitely use the money. As most of you know, some money is better than NO money

Thanks, Gayle

Where is your time share? I have 2 myself and have no problem using the weeks when I trade them to RCI. Have you considered gifting your time share to a relative or friend? All that is required isa title transfer, then it is no longer your problem.

WOW ! I cannot believe the owners of these timeshares. Where do you own? Siberia? I have owned my timeshare in mexico for 17 years and I have not missed one year going on vacation. In fact I own two weeks and use them every year. Have you tried not selling, and just having someone take over payments and maintenance fees? The Tug folks are always looking on e-bay for a good deal. I even look to see if there are any deals out there I cannot live without. Don't pay someone to take your timeshare, that is likely a last resort.

Many owners are becoming greedy now and forget why they bought a timeshare in the first place!

This renting greed is going to hurt the exchange companies and honest timeshare owners that bought to use or get fair exchange.

Down the road there will be thousands of timeshares for rent and not being booked into their exchange company for others to use.

Because of this problem I can see over load of rentals which will bring prices down hurting all timeshare owners from renting to selling. Soon it could become ugly with all the timeshares available and owners will start lowering prices until {cut troat} all value will disappear.

PHILL12

How does Free sound still no takers

Great timeshare terrible board and management, spending money on unnessary expenses $1265.00 maintance and acessesment fee on a week you can't give away. they can go to you know where

gayler5 wrote:

I keep sending a plea for help with selling my timeshare. I bought it in 2001 and have rarely used it. It's in a wonderful area and is a top of the line resort. The major hang-up is the maintenance fee.

I've tried renting it; making my RCI points available to any potential buyers...I have a very large number of RCI points.

I have been hopeful to sell before the end of Jan 2007....I am on disability and receive only $821/month so I could definitely use the money. As most of you know, some money is better than NO money

Thanks, Gayle

barbaram11 wrote:

gayler5 wrote:

I keep sending a plea for help with selling my timeshare. I bought it in 2001 and have rarely used it. It's in a wonderful area and is a top of the line resort. The major hang-up is the maintenance fee.

I've tried renting it; making my RCI points available to any potential buyers...I have a very large number of RCI points.

I have been hopeful to sell before the end of Jan 2007....I am on disability and receive only $821/month so I could definitely use the money. As most of you know, some money is better than NO money

Thanks, Gayle

Gayle, where do you own your timeshare week? ALso how many rooms does it have and which week do you own? Name of resort, as well. We are always looking into buying other timeshare week's. We own 2 week's in Myrtle Beach and love it.

Hi Barbara,

You can contact Gayle through her posting page at https://www.redweek.com/posting/R323776

Thanks, Marty

Re: >> Check Donate For A Cause's web site to be sure your resort and week is not on their "will not accept" list. <<

Good advice, but also a bit incomplete. Donate For A Cause (or more accurately, Resort Closings, Inc., the broker which they utilize for donation acceptance) can (and does) also promptly reject offers of donation for weeks at resorts which are NOT on their "will not accept" list. In other words, the fact that a resort is not specifically listed on the "will not accept" list absolutely does NOT mean that they will accept your offered week. They have turned down several donation offers from me in just the past few weeks -- resorts with all fees paid up to date and neither one of the resorts were / are indicated on the "will not accept" list.

I'm not criticizing this helpful and informative posting, I'm merely clarifying one specific point therein, quoted verbatim above.

Re: >> They have a list of timeshare resorts from which they will not accept donations. So long as your resort is not on the list, they will take yours. <<

Sorry, but that's not accurate. They (Donate for a Cause) also reject resorts and weeks which are NOT on the "will not accept" list. They have turned down two separate offers of mine in just the past few weeks. Both have no mortgage, all fees paid and current --- and NEITHER one was/is on the "will not accept" list.

I guess there is actually a (published) "Hell no, won't accept list" and an (unpublished) "no thank you list".

jennie wrote:

Beware of the information in posts like the one above. It could well be written by one of the owners of Timeshare Relief.

If you go to www.donateforacause and read the information thoroughly, you will see that if they are willing to accept your unwanted timeshare, they send you paperwork completely transferring ownership of your week to them. From that point on, you have no further legal responsibility for it. You will not have to pay any further maintenance fees, Special Assessments, etc...Yes, the company usually auctions the weeks off on Ebay. Some sell for $1.00 plus about $500. in closing costs paid by the new owner. Others have sold for up to $10,000.. The designated charity receives the net proceeds after costs are deducted.

Guess what--companies like Timeshare Relief, Timeshare Solutions, et al. do the exact same thing. Only with them the proceeds go into their own pockets, along with the $3,500. fee they have already collected from the owner. There are very knowledgeable timeshare owners who attend the meetings just to see what is being said. At many of the meetings, blatantly false information has been provided--such as claiming that the owner can take a large capital gains deduction, or that their heirs will be forced to take possession of the week and pay all the expenses, even if they don't want it. It is scare tactics like this that often times motivates the owner to fork over large sums of money to "get rid of the burden."

It makes no sense for someone to pay these outfits thousands of dollars if a charitable organization is willing to take it for free.

There are millions of timeshare weeks owned by private parties. Some are very desirable and command a high price in the resale market. Some unfortunately have very little or no value due to factors such as the resort being old, rundown, not properly maintained, charges exorbitant maintenance fees, is billing for Special Assessments, has hurricane damage that has not been repaired, or perhaps has none of these problems but the week owned is way off season, etc...

Anyone wishing to get rid of a timeshare should do a bit of homework first. Check Donate For A Cause's web site to be sure your resort and week is not on their "will not accept" list. If it's not on the list, Check Ebay and various websites like Redweek. com., MyResortNetwork.com., Bidshares.com, Holiday Group, Timeshare Users Group www.tug2.net, etc...to see what price is being asked for a similar unit. See if there are any brick and mortor resale companies in the area where your timeshare is located.

The only time I would ever consider paying thousands of dollars to get rid of a timeshare would be if I determined that my unit would be impossible to sell, even for $1.00 on Ebay and if the annual maintenance fees were very high. Otherwise, why not continue to pay the fees for several years, meanwhile depositing the week with RCI or II and obtaining some vacation exchanges to use or give as gifts to family and friends. If the maintenance fees are around $400. per year, it would take about 9 years before you would be out the $3500. you would have given to Timeshare Relief. Maybe you will find someone during that time to take it off your hands for free.

You can find more free information on this topic at the Timeshare Users Group www.tug2.net.

I have a timeshare in Vail, Colorado that was built thirty years ago and is showing its age. The speical assessment and maintenance fees are far in excess of the rental value and my attempts to sell for $1 with me paying the closing costs have generated no interest. I am considering defaulting on paying the maintenance fees and am concerned about the impact of a foreclosure on my presently perfect credit rating. Any experience with how credit grantors view timeshare foreclosures?

carvana, your maintenance fee bill is like any other bill you owe. If you quit paying, it will affect your credit rating. Maintenance fees are timeshare resorts bread and butter.

I would keep it listed at $1 until you sell it or I would use it to my advantage by depositing it with an exchange company and exchanging for areas you would like to visit.

carvana wrote:

I have a timeshare in Vail, Colorado that was built thirty years ago and is showing its age. The speical assessment and maintenance fees are far in excess of the rental value and my attempts to sell for $1 with me paying the closing costs have generated no interest. I am considering defaulting on paying the maintenance fees and am concerned about the impact of a foreclosure on my presently perfect credit rating. Any experience with how credit grantors view timeshare foreclosures?

Carvana, in the US, ceasing payment will typically result in more than just a ding on your credit rating. The company owed money could engage the services of a debt collection agency, for a fee of perhaps 25-35% of the amount eventually collected. The collection agency's usual tactics would include reporting the delinquency to credit reporting agencies. The timeshare company could increase the debt owed annually. Eventually the amount could be high enough that the timeshare company or collection agency would consider it worthwhile to take legal action, attempting to place a lien against your home or other property. The lien could also include interest, late fees, legal fees, collection fees, and other incidental costs.

Here is part of Florida's title XL statute on timeshares (721.15.3), and while your timeshare is in Colorado, it may be similar in other states: "Delinquent assessments may bear interest at the highest rate permitted by law or at some lesser rate established by the managing entity. In addition to such interest, the managing entity may charge an administrative late fee in an amount not to exceed $25 for each delinquent assessment. Any costs of collection, including reasonable collection agency fees and reasonable attorney's fees, incurred in the collection of a delinquent assessment shall be paid by the purchaser and shall be secured by a lien in favor of the managing entity upon the timeshare interest with respect to which the delinquent assessment has been incurred; however, in the event that a managing entity turns the matter over to a collection agency, the managing entity must advise the purchaser at least 60 days prior to turning the matter over to the collection agency that the purchaser may be liable for the fees of the collection agency and that a lien may result therefrom."

It's all a rather bleak prospect, and this may be approaching a worst case scenario; perhaps the company would instead just say "aw, screw it." However, I would consider these possible downsides, or consult an attorney for advice specific to your contract, before ceasing payment.

You didn't mention if you tried donating the timeshare to donateforacause or another liquidate-for-free service. I would certainly give it a go. While it wouldn't necessarily benefit any charities, it would be cheaper than paying closing costs on a $1 sale. Their marketing clout may enable them to sell it for $1 more easily than you can.

Failing that, and if the $1 ads continue to garner no interest, you could also consider listing the timeshare for a negative price - that is, you'll pay a person $500 plus pay closing costs to take it. If the ad is cheap, it might be worth a try; it would be better than paying another $1000 in fees while you try and sell it for $1.

Note: I am not an attorney, nor in real estate or finance, and I might be entirely wrong in everything I said. I would absolutely NOT rely on any advice given by laypeople like myself given on the internet.

I just checked the BBB on Timeshare Relief. They have had 23 complaints in the past 36 months. Here is a link to the report: http://www.vegasbbb.org/rptrel.asp?bbbid=71187

Summary of Complaints: Complaints concerned: 2 - Sales Practice Issues BBB Definition:

Sales Practice Issues - Claims of alleged sales presentations made in person or by telephone that contain misrepresentations of the product or service, high pressure sales practices, failure to disclose key conditions of the offer, and verbal representations not consistent with written contractual terms or agreements. 2 - General Sales Complaint Issues 1 - Billing Or Collection Issues BBB Definition:

Billing Or Collection Issues - Claims of alleged unknown specifics. 1 - General Credit or Billing Complaint Issues 18 - Refund or Exchange Issues BBB Definition:

Refund or Exchange Issues - Claim of alleged failure to honor company policy or verbal commitment to provide refunds, exchanges, or credit for products or services. 1 - Failure to honor promised refunds, exchanges, or contract 17 - General Refund or Exchange Complaint Issues 2 - Contract Issues BBB Definition:

Contract Issues - Claim of alleged failure to honor contract or agreement, work performed without authorization, or invalid contract. 1 - Failure to honor a contract or agreement 1 - General Contract Complaint Issues

The main problem with companies like Timeshare Relief is they will tell the prospective client that their timeshare is 'worthless'. This in itself is an outright lie in the vast majority of cases.

I read on another forum where an older lady owned a timeshare at Vistana Resort in Orlando - definitely not worthless, but she was told it was worthless by Timeshare Relief. She signed a contract and paid them approximately $3000 to take it off her hands.

To make a long story short when she found out her Vistana week was not worthless, she and her daughter contacted an attorney. In the end she got most of her $3000 back. She had to pay the attorney $400+, but it was worth it to her.

Jayjay,

You left out one important detail, the value of the Vistana was not an issue in that one. What was is that you always have at least three days to rescind any timeshare contract and the mother has sent a letter that qualified as such within the three day window.

Other than the fact that she exercised her recission rights via that letter, it could have been a Ritz-Carleton unit and the mother would be out of luck.

Any statements of value made were never the issue and good luck proving them. They are very careful in their choice of words. They say certain statements and you "hear" worthless. That's not exactly what is said however.

jayjay wrote:

The main problem with companies like Timeshare Relief is they will tell the prospective client that their timeshare is 'worthless'. This in itself is an outright lie in the vast majority of cases.

I read on another forum where an older lady owned a timeshare at Vistana Resort in Orlando - definitely not worthless, but she was told it was worthless by Timeshare Relief. She signed a contract and paid them approximately $3000 to take it off her hands.

To make a long story short when she found out her Vistana week was not worthless, she and her daughter contacted an attorney. In the end she got most of her $3000 back. She had to pay the attorney $400+, but it was worth it to her.

Exactly, and the mother wasn't aware that she could rescind that contract within 3 days of signing until much later.