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Buying a timeshare. [Mystic Dunes]

Discussion in 'Buying, Selling, Renting' started by donfromct1, Jan 23, 2010.

  1. donfromct1

    donfromct1 Guest

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    Buying a timeshare.

    A friend will give me his timeshare at Mystic Dunes Resort. It is a 3bdr lockout. He has 4 banked weeks. He owes the last 4 years fees and interest.m Comes to $6000. I saw the bill.l Should I purchase this ? Any input would be great.

    Thanks

    Don
     
  2. DeniseM

    DeniseM Moderator

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    Hi and welcome to TUG - have you checked the resale market to see what this is selling for? Your friend may owe $6,000, but this timeshare is selling for $1 on the resale market.

    I see 4 weeks listed on ebay starting at $1 and none of them have any bids.

    And in the last month there have been 4 auctions for this resort and one sold for $1 - the others got no bids.

    I don't think I would take this even if it was free, unless you want to go there every single year yourself.
     
    Last edited: Jan 23, 2010
  3. JDF

    JDF Guest

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    Location:
    Johnson Lake, Ne.
    Bad idea, unless you want to do your friend a very expensive favor. Except for the prime weeks (middle june to end of july) getaways on II rent for: 1 bd. 367.00, 2 bd 457.00, now till june 6. Aug. 20 to end of sept. rentals are 347.00 & 417.00. These rates are for Mystic Dunes. Those rates are probably about 60% of the mf. There is a large selection of rental inventory at Mystic Dunes, and this resort is not alone, there is litterly hundreds of rentals available in Orlando. There is far more supply than demand in Orlando. (over built) Considering maintence fee costs a timeshare for 1.00 is too much! You do need a timeshare registered with II to take advantage of their getaways.
     
  4. Kola

    Kola TUG Member

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    Don,

    You should investigate all facts in detail:
    a) which week does he own, fixed or float, high or shoulder season ?
    This will affect the trading power of his week. Low season Orlando weeks are in huge supply.
    b) what are expiry dates for his deposited weeks ? Some may or may not have trading value to speak of. If these are low or shoulder season weeks their value may be very low. As already pointed out you can get Orlando Getaways for less than one half of the resort's annual maintenance fees.
    c) we have stayed at Mystic Dunes, its a nice resort with a golf course, but there are numerous nice resorts in Orlando including several Marriotts with golf courses. Check their golf fees if you are a golfer.
    d) verify that there is no mortgage or bank loans on that week, check the cost of title transfer, incl. resort fees, if any. All loans should be paid off.
    Don't accept verbal assurances, insists on documentary evidence.

    This time share is obviously not free, but the full price is unknown.
     
  5. donfromct1

    donfromct1 Guest

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    Thanks DeniseM, JDF, and Kola for your responses.
    He gave me the deed and it is paid in full. His week is 9. I guess the room can be split and use the 2bdrm one week and the one bdrm another week. I spoke with the people there and will only agree if all the weeks are transfered in writing.
    I do not wish to spend money for no reason. I thought we could trade the extra weeks thru II for other areas but it sounds like I would be better off just booking a reg resort.
    We have 3 kids and it sounded good but now I have second thoughts. If you have any other thoughts I would like to here them. They want to do this before Jan 31 2010.

    Thanks again,

    Don
    :shrug:
     
  6. yumdrey

    yumdrey TUG Review Crew: Veteran TUG Member

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    Location:
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    Mystic Dunes are sold for $1 (if have any bidder) on ebay. Sellers offer to pay closing cost.
    I would not touch anything "very hard to sell timeshare".
    When you sell this timeshare later, maybe you should give some money to make someone take it.
    If you buy a timeshare for trading purpose, you have many other good options which are under $6,000.
    $6000 is a BIG MONEY in timeshare world, you can buy higher-end timeshares (Hyatt, Hilton, Marriott) which have great trading power and flexibility. So save your $6,000 and do more research.
     
  7. donfromct1

    donfromct1 Guest

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    Thanks Yumdrey,

    Sounds like the balloon is deflating.
    I have only researched for a week now and it is all over the map. However, most responses are negative.
    I will share the info with the family!

    thanks,

    Don:bawl:
     
  8. DeniseM

    DeniseM Moderator

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    This should be very clear cut - your friend wants to sell it to you for $6,000 - you can buy it on eBay for $1.

    If you want a 2 bdm. in Orlando, buy it for $1.

    BUT - I would not buy in Orlando for a trader - Orlando is overbuilt so it has more supply than demand, and that lowers trading power.

    Good luck!
     
  9. buddy123

    buddy123 Guest

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    i have purchased the 2 bdrm with mystic dunes and paid 20,000 plus 650 fee yearly and it is a big RIP OFF! it is not what they said we r getting at all and i want out...does anyone know how to get out of this? will it go on ur credit if u stop paying?
     
  10. DeniseM

    DeniseM Moderator

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    Hi and welcome to TUG!

    Yes - they will turn you over to collections & report you to the credit bureaus.

    You only have a few days to legally rescind from a TS purchase.
     
  11. buddy123

    buddy123 Guest

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    even if u r from canada and purchased in the states?
     

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