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How can I give away my timeshare on TUG?

Discussion in 'Bargain Deals' started by DeniseM, Oct 14, 2010.

  1. DeniseM

    DeniseM Moderator

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    Westgate agreed to accept it back. You can't force a resort or anyone else to take property they don't want.

     
  2. Bob2061

    Bob2061 TUG Member

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    I am completely overwhelmed at the process of giving away my Wyndham T/S in Fairfield Bay, AR. Could you please direct me to someone who would do this for me?
     
  3. DeniseM

    DeniseM Moderator

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    Honestly - it's not complicated, but I don't think you will find anyone to do it for you - unless you want to pay a $1,000 commission to a reputable broker - AFTER the transfer - NOT upfront - that's always a scam!

    Here are step by step instructions:

    There are two places on TUG where you can give away your TS's for free (no charge for the Ads.) There are other cheap and free sites on the internet, as well.

    TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

    Bargain Deals - Totally FREE! - just write a simple post with all the pertinent info. In your post, include the following info.:
    -resort name
    -unit size
    -season owned
    -maintenance fee
    -current reservations​

    To make it more attractive I would:

    1) Pay 2012 maintenance fees and don't ask for reimbursement.

    2) Pay for the title transfer (you can get a simple deed preparation and title transfer with no escrow or title search for about $100.) Many people have used Tugger TTT (Alan) at Time Travel Traders for this service in the past, but he is retired and is referring most business to Lisa Short for this service:
    readylegal@gmail.com
    Phone - 706.219.2709
    Fax No. 706-219-0092​

    Lisa has been receiving good reviews on TUG.

    3) Reserve a popular holiday week in 2012 for the new owner ​

    Good luck!
     
    Last edited: Feb 15, 2014
  4. Bob2061

    Bob2061 TUG Member

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    I posted my TS. Since I've never been there I am a little fuzzy on what the place looks like but from other post pictures it looks fine. Thanks for your help.
     
  5. unavailable55

    unavailable55 TUG Member

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    Receiving a free timeshare?

    How do you check on liens or other encumbrances if you accept a "free" timeshare?
     
  6. Kola

    Kola TUG Member

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    Surely the resort would not release the present owner from his obligations unless the new owner agrees to take it over. That would no longer be a "free" timeshare.
     
  7. DeniseM

    DeniseM Moderator

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    You get an Estoppel Letter.
     
  8. unavailable55

    unavailable55 TUG Member

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    Thanks a lot!

    Terrific! I knew there was a term I was missing.
     
  9. Jensen44

    Jensen44 Guest

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    Wyndham and RCI

    If you sell or give away a Wyndham deed, what happens to the points banked in the RCI account? Are they completely separate? Can you keep the RCI points and continue to use them or do they stay with the deed?
     
  10. DeniseM

    DeniseM Moderator

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    Banked points belong to the owner.
     
  11. jkkinder

    jkkinder TUG Member

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    How do I go about listing a bargain deal?

    Denise,

    How do you list on the bargain deals. All the links don't seem to take you to the actual page where you can list?

    Judy


     
    Last edited by a moderator: Feb 15, 2014
  12. DeniseM

    DeniseM Moderator

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    The links do take you to the correct page - but you must be a TUG member to post an Ad in the Marketplace (Bargain Basement.)

    However - You can post on the Bargain Deals FORUM, without being a member - see all the how-to info. in my post.
     
  13. SeniorDirector

    SeniorDirector TUG Member

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    Actually, paying money upfront to a licensed escrow account by a seller is quite normal and legal. The key is using a licensed escrow account.

    How do you get your money back? Simple. Use the power of the State Real Estate or Financial Services divisions. Being licensed is required to continue in business. Running an escrow account requires the return of funds if a real estate (timeshare) transaction does not go through. If they don't return your money a simple complaint can cause them to lose their license. This is a very hot issue with these state agencies. It's not arbitrary. It's the law. Ask most active real estate brokers (not just an agent) and they'll tell you this.

    As for why should a seller put money into the account? It's determined by the agreement. If it's agreed that any fees will be paid by the seller, all such fees must be paid into the escrow account prior to closing. Otherwise, there is no reason for the title company to do any of the title or other legal paperwork. After all, one of those fees is theirs. However, they don't get paid unless the deal goes through so they can't refuse to give your money back to you.

    Don't pay upfront is great advice. Just understand that the important key is who you're paying that money to, how it's being secured, what happens to it throughout the process, and what can you do if the deal goes bad. Make sure you deal only with a licensed title escrow company. If you do as they require and pay up front, you're protected by state laws.
     
  14. DeniseM

    DeniseM Moderator

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    I think you are missing the point - the scammers don't use licensed escrow accounts, and they aren't licensed themselves, so there is no recourse.

    Regardless of who is paying the fees, why should the seller pay them into escrow - why wouldn't they simple be held out of the proceeds of the sale???
     
    Last edited: May 10, 2012
  15. Beaglemom3

    Beaglemom3 TUG Member

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    With the acquistion of two Marriott Plats at the Custom House auction last year,the purchase of a year-round 2nd home on Cape Cod and this recovery from a fx. tibial plateau, I decided to pare down my 7 timeshares. Too much of a good thing can be too much of a good thing....................

    There's a little background on each respective unit and then the description of the "divestiture".

    This worked for me, but may not for you.

    1. Small studio at the Crane(old hotel part) in Barbados. Cheap MFs, traded okay, but limited as it was a studio. Bought for @2k a few years ago and rolled it into RCI TPUs. Did okay. I emailed the Crane who agreed to take it back. Simple. No credit damage.

    2. Edinburgh Residence: Classic suite. Not the high-high season, but in the "other" high group. Now a Hapimag resort. High MFs. Contacted the resort. They do not take back inventory. Was going to give it away on TUG, but contacted a TUG member who I remembered as having an interest/linnk to Edinburgh. This member graciously and gladly took it off my hands.

    3. WSJ: 2 bedroom Villa. Wk. 32. Loved it, but should have bought a different week for my needs. High MFs and assessment fees (at times).
    Bought (impulse buy of sorts ) for $12k a few years ago, sold it at a loss of ~$4k to a nice family who could only travel in this time period due to school vacation. Got fantastic trades with it and enjoyed a nice vacation with some nice TUG ladies. The $4k loss was, to me, worth it as the MFs and other fees were about $2700 if I recall.

    Now I am back to 4 and will soon be 3 when the RTU on Allen House is up in 2014. :bawl:

    Just want those who are looking to divest themselves of a unit or more to know that this is not always an overwhelming experience if you consider all your options.

    Hope this helps someone.
     
    Last edited: Aug 7, 2012
  16. RTVERMONT

    RTVERMONT Guest

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    Timeshare in Edisto Beach, SC

    Hi Denise, I own 77K Wyndham points in Edisto Beach, SC. I'm looking to sell or giveaway. I'm not sure what the process is, and it looks a bit confusing. :-/ I have paid last year's maint. fees of $645 and banked my points, and I also paid this years maintenance as well. Points arrive July 1st. Any suggestions at how I can do this? Is it more valuable with points banked? I would like to recoup some of the maintenance paid, and the closing fees if possible. Is that even possible at this point? I hear Edisto is still very desireable to own. I truly appreciate ANY input / advice that you can give me. Thank you! Ray
     
  17. DeniseM

    DeniseM Moderator

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    Please see post #1 for step-by-step directions for giving your timeshare away.

    I have no idea if your Wyndham points have any value or not.
     
  18. browningse

    browningse TUG Member

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    Legal Timeshare Transfers

    I was successful in giving away one of my timeshares to someone I chatted with at a party. You just never know, so tell anyone who likes to travel.
    I want to add my hearty recommendation for Legal Timeshare Transfers.
    Mary handled the whole process with complete professionalism, and was very good about letting me know exactly what was going on each time we emailed.
    The fee was very reasonable for all the work they did. It was so smooth and pleasant, I actually felt very comfortable and confident.
    http://www.lttransfers.com/

    Good luck, and thanks for all the wonderful advice from all of you.
    Susan
     
  19. DeniseM

    DeniseM Moderator

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    Please note that linrobertson44 posted one time in June 2011, and never came back. You may be able to reach her by clicking on her blue user name and sending her an email.

    The resort must AGREE to take back the deed - you can't force them to take it back.
     
  20. RTVERMONT

    RTVERMONT Guest

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    Banked RCI Points?

    I have sold (given away) my Wyndham timeshare for $1.00 and have a signed POS (thanks to my ad here on TUG!).

    I paid for last years' maintenance fees, and am paying this years up until it's fully transferred. I told my buyer that he can have last years points that I had banked with RCI.

    I thought I had read somewhere on TUG that whatever points are banked with RCI will transfer over automatically to the new owner. Is this correct? If so, the buyer would like to know how I can document this for him.

    Can you help to shed some light on this for me? I've been searching here and cannot seem to find a good answer. Thank you in advance for the help!
     
  21. JudyS

    JudyS TUG Member

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    RTVERMONT, can you explain what you mean by "RCI Points"? Is this timeshare in RCI Points (and worth maybe somewhere between 20,000 and 100,000 RCI Points a year) or is it in RCI Weeks (and worth between 8 and 60 "exchange credits" a year)? Or are you maybe talking about Wyndham points that have been deposited into RCI ?

    Also, do you plan to give you RCI account to the new owner, or are you keeping your RCI account?
     
  22. Ken555

    Ken555 Tug Review Crew: Rookie TUG Member

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    Having been directed to this thread by a prospective "buyer" for a free week I'm giving away, I thought I'd mention that not all free weeks require the seller to offer more than the week itself to find a good home. In other words, some resorts are valuable even if they're being offered for free and the new buyer shouldn't expect the seller to pay closing/transfer fees much less the next years maintenance fees, as encouraged in this thread.

    I just gave away two Starwood weeks (one of which had >8 inquiries from TUG within a day or so of first posting it on the TUG marketplace) for free with the buyer paying all closing fees (not expensive ~$125 from Legal Timeshare Transfers) and next years maintenance fee. But, by reading this thread I also received an offer for one of the weeks - that they would "take it off my hands" if I paid next years MF and closing costs. I understand people want to get a good deal, but really...not all weeks and not all resorts need the seller to go to such extremes. And, not all sellers need to sell quickly.

    My advice is to be sure you do your research before making an offer. If it's a free week at a questionable resort with poor or mediocre trading history then I would expect incentives from the seller. On the other hand, if its from a good resort, even in an overbuilt area, with an excellent trading history and part of one of the better networks, then I wouldn't expect such gifts from the seller. Basically, keep your expectations in perspective.

    On a final note, please remember to be courteous. If a seller sends a private email to you in response to an offer, the least you should do is acknowledge it, even if you're aren't interested in the terms. Lots of people seem to inquire about weeks, but then don't bother to follow up with the seller, even as a courtesy.
     
    Last edited: May 22, 2013
  23. CADT

    CADT Guest

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    Have been reading through this thread and still have a few questions. Some interested buyers contacted me about a t/s I have listed. I am selling it for $100. My maintenance fee is paid for this yr. They asked if I would be would be willing to pay closing costs and next years maintenance fees.
    My initial reaction was no - I am taking such a loss on the selling price but I did reconsider and said I would pay the closing costs. Is this a reasonable response?
    I did contact the title co in Orlando who closed for us 10 yrs ago for costs etc...
    Would appreciate some feedback. Thanks.
    I do have many banked weeks through RCI - do they need to be included in the sale, or can I keep them to use for family. I do have another t/s and will continue to be an RCI member.
     
    Last edited: Jun 2, 2013
  24. csxjohn

    csxjohn TUG Review Crew: Veteran TUG Member

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    It was reasonable for them to ask for as much as they can get and it's also reasonable for you to either say yes or no to their request.

    Check into Legal Timeshare Transfers, they will probably be the cheapest for you to use and since you are going to pay, you can control the process.

    No need to include any of your future RCI usage.
     
  25. jhornung

    jhornung Guest

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    Timeshare sale advice

    I have a return guest who is willing to buy (2) off season weeks from me. He is retired and has rented these two weeks from me for the last two years. I am basically just turning it over to him... 2014 on.
    I actually rented it to him this year for less than the maintenance fees (better at the time to lose some money and not all of it) As the only cost of the timeshare for him ...he said he would pay the difference for 2013 and then just take over in 2014 and possibly the transfer fees.

    What do I need to do to make this a legitimate transfer/sale?? Do I need the "resale document kit" described in "Selling Your Timeshare" article on TUG? AND/OR do I need to contact this Lisa for the Legal Timeshare Transfer service?
    I'd appreciate any input or advice.
    Thank you
     

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