Selling a timeshare

[Grampa]

Many moons ago, I cosigned  for a timeshare with a ex g/f.

We split up, she kept it, and paid it off.

She's never used it.

A while back, she called and asked if I wanted it. See'n how I'm now married, she thought it might get some use.

I asked, "how much do you want for it"....... "nothing" was her response. She's tired of pay'n the yearly fees.

She said she would get all the paperwork together, and look into what it takes to pass it back to me, and have her name taken off of it.

Because it's a gift, I haven't pushed or even asked her about it, since that initial call, but now  that I'm stuck in unemployment land for the moment, I  though I  might give her a call to  check  her "check'n paperwork" status, then sell it (if it's worth anything), to help with the bills.

Have any of you ever sold a timeshare before?

[r_ciao]

Time share resells are generally better for the buyer than the sellers.  There are plenty of timeshare resellers out there, you'll have to just research it.  Some are better than others depending on the location of the timeshare.  You may want to think longterm and keep it since the cost of the annual maintenance fees "should" be much lower than if you were to buy comparable room(s) in the same area.  Consider the fact that you can trade it for time at other resorts and it may make more sense.  You might also be able to rent it out for enough to cover the maintenance fees.  The tough nut to swallow (the purchase price) is now a non-issue.  This is all dependent on the property and the location of said timeshare.  Good luck.

[Grampa]

Time share resells are generally better for the buyer than the sellers.  There are plenty of timeshare resellers out there, you'll have to just research it.  Some are better than others depending on the location of the timeshare.  You may want to think longterm and keep it since the cost of the annual maintenance fees "should" be much lower than if you were to buy comparable room(s) in the same area.  Consider the fact that you can trade it for time at other resorts and it may make more sense.  You might also be able to rent it out for enough to cover the maintenance fees.  The tough nut to swallow (the purchase price) is now a non-issue.  This is all dependent on the property and the location of said timeshare.  Good luck.

make it the the official DMF roaming partypad

[Got Duc]

where is said timeshare?

[Grampa]

where is said timeshare?

it's in Stalion Springs located near Tehachapi Ca.  its was RCIs best of the best setup.  You can transfer the time to any of their other locations worldwide. (info based on what lil bit I remember)

http://www.redweek.com/resort/P2037-stallion-springs-resort

[Got Duc]

 

[herm]

i think, that as long as your name is not currently on it....you are better off leaving it that way.

thats just my opinion though,
from watching several friends get bogged down and then burned with them.

[Grampa]

i think, that as long as your name is not currently on it....you are better off leaving it that way.

thats just my opinion though,
from watching several friends get bogged down and then burned with them.

my name is on it, as is hers.

it's paid off, but there are yearly maintenance dues, that have been paid for this year.

if I sell it..... everything is profit.

[herm]

my name is on it, as is hers.

it's paid off, but there are yearly maintenance dues, that have been paid for this year.

if I sell it..... everything is profit.

good point

[rgramjet]

Ive got an RCI timeshare.  Gave a week to my sister for her honeymoon, been to St Maarten, Grand Caymen and several other very cool places.  Its been a good deal based on what we can trade our week for. 

Even if you sold it for fifty cents on the dollar purchase price, its a good deal for both parties.  We have had a very positive timeshare experience.

[Bun-bun]

Ive got an RCI timeshare.  Gave a week to my sister for her honeymoon, been to St Maarten, Grand Caymen and several other very cool places.  Its been a good deal based on what we can trade our week for. 

Even if you sold it for fifty cents on the dollar purchase price, its a good deal for both parties.  We have had a very positive timeshare experience.

+1
We've used our timeshare to stay in St. Thomas, Cancun, Puerta Vallarta, Cabo, Puerta Aventuras, etc. We've also given weeks to my parents, and my wifes folks. It's definite;y allowed us to travel to better places than we could otherwise afford.

It's also risen in value from what we paid for it.

www.kingscreekplantation.com/kcp/rentals.cfm

[krolik]

Stay away from timeshares, they are a horrible investment, and there's virtually no market for them in reselling them.  They are a scam, the Resort can increase the maintenance fees at any time and tack on "upgrade" fees as well. 

As part of the sales agreement you are obligated to pay the fees every year, in perpetuity.  Furthermore, as part of the timeshare agreement, you've most likely signed an agreement that states the Resort is predetermined to be the winner in any case involving failure to pay the fees, that means if you don't pay, you've already lost before it gets to court, and they can hit you up with penalties that you're obligated to pay as well as the fees that are in arrears. 

Also you can't even give them back to the Rest/timeshare company, they won't take them, and they go to your heirs.  So thank you Dad for saddling me with a crappy timeshare, and fees I have to pay every year.

That said, if you think of it as vacation & travel expenses, and you use them every year, they can be okay for that, but make no mistake, its not an investment.

Be very careful about signing a timeshare agreement, they are all set up to be very biased towards the resorts/timeshare co-op and against the individual owner. 

[Popeye the Sailor]

I was amused when they tried to sell me one in Vegas.


"How would you like to be able to afford a place to go every year?"


"Um, I own a vacation home so......"

[herm]

Stay away from timeshares, they are a horrible investment, and there's virtually no market for them in reselling them.  They are a scam, the Resort can increase the maintenance fees at any time and tack on "upgrade" fees as well. 

As part of the sales agreement you are obligated to pay the fees every year, in perpetuity.  Furthermore, as part of the timeshare agreement, you've most likely signed an agreement that states the Resort is predetermined to be the winner in any case involving failure to pay the fees, that means if you don't pay, you've already lost before it gets to court, and they can hit you up with penalties that you're obligated to pay as well as the fees that are in arrears. 

Also you can't even give them back to the Rest/timeshare company, they won't take them, and they go to your heirs.  So thank you Dad for saddling me with a crappy timeshare, and fees I have to pay every year.

That said, if you think of it as vacation & travel expenses, and you use them every year, they can be okay for that, but make no mistake, its not an investment.

Be very careful about signing a timeshare agreement, they are all set up to be very biased towards the resorts/timeshare co-op and against the individual owner. 

what he said

[DoubleEagle]

If you are paying money for whatever on the Timeshare you would probably feel like you had to use it each year to justify the money being spent for it ...unless you can rent it out for more than it costs you.

To me it makes more sense just to beable to pick if and where you want to go on vacation and spend that money and not be attached to a piece of poperty that you may or may not be able to unload in the future.       Dolph