Sister is considering buying one of my Weeks:

[Jamerican71]

I am trying to find out what is the most fair for my sister and I. She is considering buying one of my weeks.......

I purchased a week at Orange Lake in 2002 and then another week in 2006. Both weeks are combined under one monthly mortgage payment and will be paid off February 2016. I get 2 separate annual maintenance bills. I would have to pay it off completely to split the weeks and that is not an option.

I have been thinking of several options but need your suggestions:

(1) Sell it to her as a rent to own deal - she pay half the mortgage until it's paid off, pay annual maintenance fees, split RCI membership and then she give me a lump sum payment at the end

(2) See if we can break down the mortgage balance per week and have her pay that and then pay down the mortgage balance and I would continue payments. She would still have to split RCI fees with me but her week would be paid off

Is this doable? Do you have any other suggestions?? I have no idea how to structure this.

 

[bogey21]

Ask the lender if there is an amount you can pay to release one of the Weeks. If there is and your Sister is willing to pay this amount, you might be able to get the deal done.

George

 

[PigsDad]

Why would she buy a week from you when she can go on ebay and get a week at Orange Lakes for next to nothing?

The value of the week has absolutely nothing to do with how much you still owe on it. Now if she is doing this in order to help you out financially (a gift), then it is a different story.

Kurt

 

[Jamerican71]

Ask the lender if there is an amount you can pay to release one of the Weeks. If there is and your Sister is willing to pay this amount, you might be able to get the deal done.

George

I like this idea and will call them to ask. Assuming they say yes and give me X amount, Do I also sell for a fee since they will get the benefit of a deeded week that I have paid on since 2002?

 

[Passepartout]

Why don't you like you sister? You want to saddle her with a debt you incurred. Right now, there are 9 Orange Lake timeshare weeks available on eBay. Only one has a bid and that's for $1.00.

We wish you well, but don't feel that you have your sister's best interest at heart.

Jim Ricks

 

[Saintsfanfl]

I am trying to find out what is the most fair for my sister and I. She is considering buying one of my weeks......

Fair? No offense but just because you were suckered in 10 years ago doesn't mean it's "fair" to sucker your own sister. Giving it to her would be the most fair because it isn't worth near what you owe. Are you disclosing to her that she can get a week there elsewhere for less than a single maintenance fee?

 

[Jamerican71]

Why would she buy a week from you when she can go on ebay and get a week at Orange Lakes for next to nothing?

The value of the week has absolutely nothing to do with how much you still owe on it. Now if she is doing this in order to help you out financially (a gift), then it is a different story.

Kurt

I did tell her about Ebay and finding weeks for sale all over the internet. My weeks are both holiday weeks and would fit into her kids school schedules plus she likes the resort. It's not necessarily about helping me out financially as I'm managing just fine with the mortgage payments but in the end it would help me as I would no longer have 2 maintenance fees or a "double" mortgage.

I wanted to at least figure out how to broker this deal so that she has enough options in front of her to make a decision.

 

[Karen G]

Do I also sell for a fee since they will get the benefit of a deeded week that I have paid on since 2002?

See post #3 above. The value of a timeshare is what someone is willing to pay for it today, and it's not what you paid for it a few years ago, unfortunately. Here is ebay's listing of recently completed sales. The amounts listed in green are what units actually sold for, and the amounts in red did not get any bids.

 

[Jamerican71]

Why don't you like you sister? You want to saddle her with a debt you incurred. Right now, there are 9 Orange Lake timeshare weeks available on eBay. Only one has a bid and that's for $1.00.

We wish you well, but don't feel that you have your sister's best interest at heart.

Jim Ricks

What? I love my sister and I did not actively pursue this. She did and that's why I came her for info. I am not trying to saddle her with any debt that I incurred as I have been fulfilling my debt and have every intention of continuing to pay my debt. As I mentioned above, I told her about all the weeks available for sale on the Internet and sent her enough links.but she is still interested in one of my weeks. I came here to get info so that it is fair to both of us.

 

[Jamerican71]

Fair? No offense but just because you were suckered in 10 years ago doesn't mean it's "fair" to sucker your own sister. Giving it to her would be the most fair because it isn't worth near what you owe. Are you disclosing to her that she can get a week there elsewhere for less than a single maintenance fee?

I wasn't suckered into buying at all - I had all the information presented and made an informed decision and purchased and then years later purchased again. Granted, I do understand more about buying timeshares, I still have NO regrets of purchasing my weeks and enjoy trading and renting my weeks. I am not trying to sucker her into it at all. AGAIN, she approached me and I told her how it all works, sent her various links of OLCC timeshare sales and also for another Caribbean TS she was looking at (she has since decided against that one).

 

[LAX Mom]

I came here to get info so that it is fair to both of us.

Sorry, but I don't think selling her one of your weeks for above market value is fair to your sister.

It would be fair to sell (or give) a week to your sister for what it is currently worth (probably $1.00).

 

[Jamerican71]

Bogey 2 & Karen G - Thank you for your advice without judgement and assumptions!

 

[Jamerican71]

Sorry, but I don't think selling her one of your weeks for above market value is fair to your sister.

It would be fair to sell (or give) a week to your sister for what it is currently worth (probably $1.00).

I won't be doing this but if I did, this means I would still continue to pay a monthly mortgage payment on a week that would be now hers.

 

[Saintsfanfl]

I won't be doing this but if I did, this means I would still continue to pay a monthly mortgage payment on a week that would be now hers.

Exactly! Would she buy a $3,000 car from you for $15k just because you still owe $15k? How much you owe does dictate what it is worth!!!

Again, have you told her she can buy it elsewhere for next to nothing? It doesn't matter if she came to you or not, you are ripping your sister off, plain and simple. How will she feel if she finds out later that what you sold her she could have had for $1? And you knew it in advance!

 

[antjmar]

What? I love my sister and I did not actively pursue this. She did and that's why I came her for info. I am not trying to saddle her with any debt that I incurred as I have been fulfilling my debt and have every intention of continuing to pay my debt. As I mentioned above, I told her about all the weeks available for sale on the Internet and sent her enough links.but she is still interested in one of my weeks. I came here to get info so that it is fair to both of us.

I know plenty of people who would NEVER buy on e-bay and they are willing to pay extra to do a "in person transaction". IMO ebay has the lowest prices on timeshares, thats why I buy there. maybe look at redweek.com to get an idea what its worth.

 

[Passepartout]

I apologize for casting aspersions about your relationship with your sister. And IF she approached you about relieving you of your TS, that's one thing different than you SELLING it to her. If YOU are planning on paying it off, then transferring ownership to her at fair market value (likely $1.00 or so), that would be fair in view of the current market. But to SELL it to her at some fraction of your cost or obligation is simply taking advantage of someone not completely versed in the economies of timeshares- whether it's voluntary on her part or not.

All the best to both of you.

Jim

 

[Jamerican71]

Exactly! Would she buy a $3,000 car from you for $15k just because you still owe $15k? How much you owe does dictate what it is worth!!!

Again, have you told her she can buy it elsewhere for next to nothing? It doesn't matter if she came to you or not, you are ripping your sister off, plain and simple. How will she feel if she finds out later that what you sold her she could have had for $1? And you knew it in advance!

AGAIN, I have told her!!!!!! I am not trying to rip my sister off under no circumstances but I am also not going to give away one of my weeks while I still have a mortgage payment on it. It's her choice to buy my week or buy from Ebay or any other seller - she has been sent links and is well aware of how much cheaper she can acquire her own timeshare for far less. I can only put it all on the table and let her decide.

 

[Rent_Share]

. My weeks are both holiday weeks and would fit into her kids school schedules plus she likes the resort. .

This could make the weeks worth more than the FleaBay weeks

 

[Jamerican71]

I apologize for casting aspersions about your relationship with your sister. And IF she approached you about relieving you of your TS, that's one thing different than you SELLING it to her. If YOU are planning on paying it off, then transferring ownership to her at fair market value (likely $1.00 or so), that would be fair in view of the current market. But to SELL it to her at some fraction of your cost or obligation is simply taking advantage of someone not completely versed in the economies of timeshares- whether it's voluntary on her part or not.

All the best to both of you.

Jim

I appreciate your apology. She did approach me and I phrased this post as "selling" b/c in effect that's what it would end up being. I am planning to continue to make my monthly on time mortgage payments and will be paid in full in @ 2 years. I never looked at my purchase as a financial investment but it is still money going out my pocket so any fair market value transfer will not take place until my death since I have both my weeks in my will.

I am trying to get her versed in buying a timeshare as she wants to proceed and have even offered Ebay help and told her about this website and other timeshare websites. I am just trying to show her all options so that she can do what she wants.

 

[timeos2]

What selling for a dollar or a few hundred would do for you is move that maintenance fee - and use of the week - to your sister. That is a fair price to pay today - the fact that you will still be paying off the mortgage isn't relevant.

If you get her to agree to pay the mortgage balance on one week then it is far too likely she will discover that the market value is much lower and your relationship suddenly become strained. Deal only with the value today & the savings of not paying one maintenance and you'll likely realize it is a good deal for you even if you cover the mortgage balance.

 

[e.bram]

Have your sister use an LLC or trust to put the timeshare in, so can easily bail out later if she wants to.

 

[Jamerican71]

Have your sister use an LLC or trust to put the timeshare in, so can easily bail out later if she wants to.

She does have a LLC and I have read this somewhere else but don't remember the reason. Can you explain why?

 

[e.bram]

You have smart sister!
Other posters, I am sure, will explain.

 

[Jamerican71]

You have smart sister!
Other posters, I am sure, will explain.

Her LLC is her current business and she hasn't mentioned buying her timeshare in her business name but I will tell her that is an option for any timeshare she purchases. Besides tax advantage, I am not sure of what the benefits would be unless that's the only one.

 

[e.bram]

She needs a new LLC or trust for timeshares only.