why are timeshares selling for zero dollars???

I don't understand how timeshares can be listed for sale at zero dollars. Can anyone explain this?

Many more are listed for ridiculous prices like $1, $50, or whatever. Has this always been going on, or is it some sign of the collapsing economy?

W. Wiscombe

wiscombe wrote:

I don't understand how timeshares can be listed for sale at zero dollars. Can anyone explain this?

Many more are listed for ridiculous prices like $1, $50, or whatever. Has this always been going on, or is it some sign of the collapsing economy?

W. Wiscombe

It all started with postcard companies (they send postcards to timeshare owners saying they are interested in possibly buying their timeshare and they schedule meetings in different areas of the USA).

However, owners pay them $3000+ to take their unwanted timeshare off their hands. The postcard companies then turn around and list the weeks on Ebay for almost free. That's when you first started seeing them, then the recession hit and many people merely want to get out from under high maintenance fees and possible special assessments.

I don't believe the timeshare industry, as a whole, will EVER recover from this recession.

Supply and demand.

Many of the ebay listings are never sold are just relisted immediately. The credit market is gone so people are not getting loans they can not afford any more. People that did before are now not able to pay them and are dumping them with the postcard companies who are putting them onEbay for $1.

My followup question: why don't people just stop paying the maintenance fee, and let the timeshare be repossessed, or whatever they do in such case? Why do they give some charlatan $3000 to get rid of it?

wiscombe wrote:

Why don't people just stop paying the maintenance fee, and let the timeshare be repossessed, or whatever they do in such case? Why do they give some charlatan $3000 to get rid of it?

Because the resort would most likely put this on your credit report plus keep adding interest to the bill and taking all use away from the owner. I have said this before and still not recommending it but with all the people losing homes and jobs and going into bankruptcy I doubt a timeshare fee would be that bad. With the way things are this is probably the best time to walk away if you had to. The down side it will hurt your credit some but also hurt all other owners at your resort.

For people willing to pay these parasites $3500-$4500 to take their timeshare why not offer to pay all fee's and offer $1000 to timeshare forum members. If your throwing your money away try and save some and list this kind of offer and see what happens. Worse thing to happen is no interest and you can still pay these parasites $3500 later.

If you have a decent resort and everything is paid up then some family might figure the $1000 pays one or two years of maintenence fee's. This way they could use it and have few years to try and sell it if they wanted.

There are always idea's out there even though one's like this suck. Bottom line owners want out and have decided to pay some company to take it so now try and save some of your losses and maybe help a family wanting into your resort.

Remember your timeshare still has value if your family just uses it each year and this should have been reason for buying it. People complain about the dollar value but if its now worth ten percent of what you paid should only matter if you were trying to sell it other wise amount just doesn't matter.

PHILL12

phill12 wrote:

There are always idea's out there even though one's like this suck. Bottom line owners want out and have decided to pay some company to take it so now try and save some of your losses and maybe help a family wanting into your resort. PHILL12

For some people, paying a postcard company is the only way out, when they've tried everything in the book to sell it themselves, unless they want foreclosure proceedings and their credit rating negatively affected. I don't condone postcard companies, but in some cases they're the only option for many timeshare owners.

wiscombe wrote:

My followup question: why don't people just stop paying the maintenance fee, and let the timeshare be repossessed, or whatever they do in such case? Why do they give some charlatan $3000 to get rid of it?

Again, foreclosure will negatively affect a credit rating. One signs a contract to buy a timeshare (property ownership listed in county records) and that comes with the obligation to pay all fees concerning that timeshare ownership. It's sad, but that's just the way it is .... it's property ownership.

Because the money is made in the annual fees and renting unsold units. When the timeshare are new and slick there is a limited market of buyers out there who are scooped up. Then the game is take any sum of money in order to get an owner legally bound to pay what are always escalating annual fees.

ndiv. owners who sell for $500 at least have freed up say $800 per yr in cash to spend on a vacation they really want. It's hard to see the purchase price go down the drain, but if you got a few vacations in while the annual fees were lower, that was the best time to own. The fees rise to about a weekly rental rate on the open market---at least they have at my timeshare. By the time I pay for timeshare exchange membership dues, pay $150 to bank a week and pay $720 in annual fees, I can rent something decent (and not be locked into the summer season).

Sadly, I paid a huge sum for my timeshare and now have an annual fee that is more than what the corporation usually rents unsold units for. Even sadder: the annual fee isn't being used to maintain the property. It's all going to a cozy group of developers who also control the timeshare owners association. Have you checked into your timeshare mgmt. lately? I'm at Steamboat Springs and I have major concerns.

Good luck whether you paid a lot or a little.

Why did you delete my previous message to Susan where I told her about the bargain basement section of TUG (tug2.net)?

Is promoting a competitor prohibitied?

Reply to MIKE 1536.

Sorry Mike, I didnt see your reply about TUG.Wish I had. Susan

caroll217 wrote:

Sadly, I paid a huge sum for my timeshare and now have an annual fee that is more than what the corporation usually rents unsold units for. Even sadder: the annual fee isn't being used to maintain the property. It's all going to a cozy group of developers who also control the timeshare owners association. Have you checked into your timeshare mgmt. lately? I'm at Steamboat Springs and I have major concerns.

Sadly, I'm afraid this is going become the norm in this economy except for highly sought after weeks in highly sought after locations.

mike1536 wrote:

Why did you delete my previous message to Susan where I told her about the bargain basement section of TUG (tug2.net)?

Is promoting a competitor prohibitied?

Hi Mike,

I deleted both of the postings since Susan's posting was wanting to give away her timeshare and included her email address. We would rather see her add her posting to RedWeek.com rather then promote it in the forums (which is prohibited) and then to offer her another place to post it other than RedWeek. There are many postings on RedWeek.com for $1.

Thanks, Marty

marty8084 wrote:

Hi Mike,

We would rather see her add her posting to RedWeek.com rather then promote it in the forums (which is prohibited) and then to offer her another place to post it other than RedWeek. There are many postings on RedWeek.com for $1.

I understand where you don't want "ad" information listed in the forums, but I didn't realize that promoting a competitor was "censored".

I'm sure you realize that many TUG members mention Redweek (and other sites) for selling, renting, and buying timeshares.

mike1536 wrote:

marty8084 wrote:

Hi Mike,

We would rather see her add her posting to RedWeek.com rather then promote it in the forums (which is prohibited) and then to offer her another place to post it other than RedWeek. There are many postings on RedWeek.com for $1.

I understand where you don't want "ad" information listed in the forums, but I didn't realize that promoting a competitor was "censored".

I'm sure you realize that many TUG members mention Redweek (and other sites) for selling, renting, and buying timeshares.

Mike, in defense of marty and Redweek, even giving away a timeshare is considered an ad.

I have recommended many times here that people go to Tug for information on a timeshare organization like Starwood, Wyndham, Hilton etc. because they have specific forums for those entities and people that post in those forums are owners and are very knowledgable.

Redweek has never deleted any of my posts suggesting people go to Tug for more information.

jayjay wrote:

Mike, in defense of marty and Redweek, even giving away a timeshare is considered an ad.

Jayjay, I agree. And like you, I've also referred posters to TUG.

My beef was the entire post was deleted, including my suggestion to list the ad in the TUG Bargain Basement section.

Does the Redweek forum program prevent moderators from deleting or modifying just a portion of a post? Moderators of TUG do this all the time.

mike1536 wrote:

jayjay wrote:

Mike, in defense of marty and Redweek, even giving away a timeshare is considered an ad.

Jayjay, I agree. And like you, I've also referred posters to TUG.

My beef was the entire post was deleted, including my suggestion to list the ad in the TUG Bargain Basement section.

Does the Redweek forum program prevent moderators from deleting or modifying just a portion of a post? Moderators of TUG do this all the time.

Hi Mike,

There are many times only certain parts of a post are removed. RedWeek has an area for 'Bargain Timeshare Resales' http://www.redweek.com/featured/bargain-timeshare-resales and there are many timeshares for $0. We would prefer not to send people to other websites for something they can do on RedWeek.

Thanks, Marty

WHY ARE PEOPLE STILL BUYING ????

THEY SHOULD KNOW IT IS A BAD DEAL, HOW CAN YOU RENT? PLEASE HELP? MINE IS PAID OFF, WHAT CAN YOU DO TO THESE ABUSIVE COMPANIES AND HOW CAN WE STOP IT????

So is it a good idea to pick up a time share for $1 if you are really interested. is it legal. do you really own that week?

Penney

Yes, it is legal as long as all the proper paperwork is submitted by the closing company.

Two issues with the $1 sales on ebay is that the TS are obtained by "post card" companies (PCC) and the TS are not accurately advertised and they insist the buyer use a specific closing company. These closing companies usually charge more than the average rate and can be slow and mistake prone.

penneyc2 wrote:

So is it a good idea to pick up a time share for $1 if you are really interested. is it legal. do you really own that week? Penney

Many TUGgers buy inexpensive timeshares on Ebay ..... what my concern would be in buying a postcard company timeshare is I've read reports of the transfer of ownership not being made and the original owners are being billed for maintenance fees. I don't know how often this occurs, but I've read a few accounts of this happening, however one must follow through until the end concerning the transaction .... checking with the resort and county records to make sure the transfer has been completed.

There's nothing illegal (against the law) about it, so far, but you have to stay on your toes (my last paragraph).