Sister is considering buying one of my Weeks:

[e.bram]

If the TSes were in an LLC or trust to begin with there would not be this problem now!

 

[timeos2]

If the TSes were in an LLC or trust to begin with there would not be this problem now!

Huh? How is the OP having either a mortgage or personal loan due for the weeks impacted by an LLC? The OP would still owe even if they followed the extremely poor advice to simply ignore their obligations and abandon the basically fraudulent LLC you'd have them create. Unlike maintenance fees mortgages and/or personal loans are pursued with vigor by the lender as they are real money due and payable. This poster is NOT trying to abandon their ownerships and burden the other owners, they want to keep it but are dealing with a loan due that far exceeds the value of the weeks. Your "advice" is of no value to them even if it was a good plan, which it is not.

 

[vckempson]

An LLC would have prevented this situation! Says who? The OP isn't out looking to sell his/her TS. All of you seem to be forgetting that. He's happy to keep what he's got and use it. It's the sister who wants her "sibling's" TS, so her offer has to be aggreeable enough to the OP to sell it.

An LLC has nothing to do with this situation.

Quite frankly, the market value of the TS has little to do with it, as well. Tangientally it matters, but not to the two of them working out a deal. The deal has to be acceptible to BOTH parties. If $1 is acceptible to one, there's is no deal. If it's $200, there is no deal. If it's $400, there's no deal. If the sister's goal is to find out what they will both be willing to live with to make this happen, then you have to distance yourself from the $1 ebay price or it just won't happen.

There is a pragmatic side to this that you people seem to be forgetting. And for that, the ebay price doesn't matter and the LLC doesn't have a d*mn thing to do with any of it. Lest I need to remind you all... the market value of something is the price a willing buying and a willing seller agree to in an arm's length transaction. If they agree to $3,250, then it's $3,250.

 

[rapmarks]

I think one big problem here is that sister one wants her sister to not only pay off the remaining mortgage, but feels she is entitled to whatever she originally paid for the timeshare, or some part of it.
that is akin to owning a home that is underwater, finding a sibling who will take over the mortgage payments, but wanting to be reimbursed for the payments before the takeover. This problem is accentuated because timeshares have lost so much monetary value.

 

[theo]

What's that noise and static?

Your "advice" is of no value to them...<snip>

"nor to anyone else, for that matter" (...I tried, but obviously failed, to refrain from overtly noting).

 

[Beefnot]

but according to OP, sister is willing to pay mortgage on it. So there you go.

 

[Jamerican71]

My sister has been sent links to this post and as of an hour ago she is still insisting she does not want to do Ebay. I have July 4th and Xmas Week. I understand my weeks are costing way more than their worth (in terms of finances) but the investment in my vacation time with my friends and family has been priceless and I have no regrets on my purchase. My weeks are worth a heck of a lot to me.

I did post here with asking what is fair to both of us and did not expect the onslaught of insults, accusations and assumptions. Who cares though, you all don't know me.

vckempson - Thank you for your thoughtful solution. We have gone through Ebay, redweek and internet searches and we both think this can work.

Another option we came up with is for her to just be the permanent renter of whichever week she wants and pay the maintenance fee which is what she has done in the past. Then after the mortgage is paid off, we discuss a sale based on market value AND personal value.

 

[Jamerican71]

I think one big problem here is that sister one wants her sister to not only pay off the remaining mortgage, but feels she is entitled to whatever she originally paid for the timeshare, or some part of it.
that is akin to owning a home that is underwater, finding a sibling who will take over the mortgage payments, but wanting to be reimbursed for the payments before the takeover. This problem is accentuated because timeshares have lost so much monetary value.

Where do you read anywhere that I want my sister to pay off my mortgage????? AND where to see that I feel that I am entitled to whatever I originally paid for my timeshare???

I knew when I purchased and further confirmed when I joined TUG that I would never get anywhere near the money I paid and continue to pay. My sister initiated the conversation with me and it was at that point that I started to think about how it could work being fair to both of us. I was not actively seeking to sell either week and quite frankly whether she takes the week or not, I still have 2 very good weeks that I enjoy using and renting.

 

[Jamerican71]

but according to OP, sister is willing to pay mortgage on it. So there you go.

Neither of us is willing to do anything at this point as splitting the remaining mortgage has only been discussed as a possible option.

 

[Jamerican71]

The OP opened with this statement:



They may not like the responses they got - but when you ask a question on an open forum, you can't expect people to just tell you what you want to hear.

They asked for opinions - they got opinions - that's how it works.

I didn't post here for people to tell me what I wanted to hear as I had no idea what possible solutions I would get. I expected helpful solutions and valid opinions but the majority were judgement and assumptions.

After this post I will go back to lurker status.

 

[Jamerican71]

I want to be a fly on the wall when the above conversation is happening. I'd also like to be privy to the one after the OP has his Sis read this thread. And the one she has with her husband after the check clears and a few vacations have been enjoyed and the kids inform her they don't want to inherit her TS.

Just ol' nosy Jim

My sister and BIL have set a budget on what they are willing to pay whether it's mine or somebody else's so there will be no surprise when the check clears. Her 3 children are all under 10 so for the most part they will enjoy annual family vacations until at least the youngest is out of college. There is no way to tell if they will want to inherit the TS or not but it certainly will be willed to them.

 

[theo]

Alleged thoughts...

I knew when I purchased and further confirmed when I joined TUG that I would never get anywhere near the money I paid and continue to pay. My sister initiated the conversation with me and it was at that point that I started to think about how it could work being fair to both of us. I was not actively seeking to sell either week and quite frankly whether she takes the week or not, I still have 2 very good weeks that I enjoy using and renting.

I would merely note, objectively and without "judgement" of any sort (or even much interest, frankly), that whatever you decide to do, your weeks have (literally) little or no resale market (i.e., monetary) value in this economy, regardless of the original purchase price and regardless of outstanding loan amounts. If you want to be "fair", you should perhaps at least consider and accept that indisputable economic fact as you ponder your various options.

That being said, as you have correctly noted, even if you do nothing at all, you will still have 2 weeks that are of value to you for their use and enjoyment --- or rental.

 

[jet dreamin]

After this post I will go back to lurker status.

I don't blame you, good grief! You have made your sister aware of the value issues with timeshares. As a parent, I really understand the value of standing holiday weeks that you don't have to fight to get. I, personally, would pay more than a dollar for that. Especially at a resort that I've already stayed at and know I like and works for my family. I also understand not wanting to do the ebay thing (although I did get over that myself and took the plunge).

If you were not being upfront with your sister about the value details, then I would think there would be cause for all the chastisement. But since you are, and she still feels the value is there FOR HER, what's the problem?

Maybe the permanent renter status is best until the mortgage is paid off, or at least it's the simplest. Or maybe you could agree on a lump sum that seems fair for her to pay, you could apply that to your principal, and then be done with your payments sooner, when you could then deed her week to her?

Best of luck, vacations are supposed to be about fun and family! Hopefully anxiety about the terms won't spoil that for either of you.

 

[Jamerican71]

I would merely note, objectively and without "judgement" of any sort (or even much interest, frankly), that whatever you decide to do, your weeks have (literally) little or no resale market (i.e., monetary) value in this economy, regardless of the original purchase price and regardless of outstanding loan amounts. If you want to be "fair", you should perhaps at least consider and accept that indisputable economic fact as you ponder your various options.

That being said, as you have correctly noted, even if you do nothing at all, you will still have 2 weeks that are of value to you for their use and enjoyment --- or rental.

I not only accepted it years ago but I also completely understand it!

It's the value to me part that I am not willing to part with for the suggested amount of $1.

 

[Beefnot]

I didn't post here for people to tell me what I wanted to hear as I had no idea what possible solutions I would get. I expected helpful solutions and valid opinions but the majority were judgement and assumptions.

After this post I will go back to lurker status.

I feel you. There is a tendency for folks here to turn into rabid dogs, unnecessarily so. I think it beats back some folks into simply lurking for just this very reason.

 

[ace2000]

There is no way to tell if they will want to inherit the TS or not but it certainly will be willed to them.

How come they don't like their kids? :hysterical:

 

[Jamerican71]

I don't blame you, good grief! You have made your sister aware of the value issues with timeshares. As a parent, I really understand the value of standing holiday weeks that you don't have to fight to get. I, personally, would pay more than a dollar for that. Especially at a resort that I've already stayed at and know I like and works for my family. I also understand not wanting to do the ebay thing (although I did get over that myself and took the plunge).

If you were not being upfront with your sister about the value details, then I would think there would be cause for all the chastisement. But since you are, and she still feels the value is there FOR HER, what's the problem?

Maybe the permanent renter status is best until the mortgage is paid off, or at least it's the simplest. Or maybe you could agree on a lump sum that seems fair for her to pay, you could apply that to your principal, and then be done with your payments sooner, when you could then deed her week to her?

Best of luck, vacations are supposed to be about fun and family! Hopefully anxiety about the terms won't spoil that for either of you.

I agree the permanent renter is the simplest but she also suggested the lump sum, which is the amount they have budgeted, which I would then pay down the mortgage with.

There won't be any anxiety about the terms b/c we are both very clear on what we each want to accomplish and we both also agree that we will have a contract drawn up. Of my 3 sisters, I feel most comfortable with her in any business dealing.

 

[Beefnot]

I not only accepted it years ago but I also completely understand it!

It's the value to me part that I am not willing to part with for the suggested amount of $1.

That was my point, if the option is continue paying a mortgage that you can afford and sell it for a $1 with no use (and no further MFs), or continue paying a mortgage you can afford and retain it for your use (and pay MFs), you would likely choose the latter. If your sister is willing to pay the mortgage (or split it or whatever) vs. buy something else on ebay, then there you go.

Side note: you might want to think twice before asking folks here about buying or selling anything for more than a $1. It will be too much, you will be called a bumbling fool, and you will see ALL CAPS, bolds, underlines, bolded underlines, and snide condescension.

 

[Jamerican71]

How come they don't like their kids? :hysterical:

I had to laugh at this one b/c this came up just recently in our family --- My parents have an African Gray Parrot and when adding him to the will, they wanted to know which one of my sisters and I wanted her and one of my sisters responded that they must not like us. Looks like their grandchildren are now going to fight over her.

 

[ace2000]

Side note: you might want to think twice before asking folks here about buying or selling anything for more than a $1. It will be too much, you will be called a bumbling fool, and you will see ALL CAPS, bolds, underlines, bolded underlines, and snide condescension.

What is YOUR problem anyway?

You just have to take things in stride around here...

 

[Jamerican71]

That was my point, if the option is continue paying a mortgage that you can afford and sell it for a $1 with no use (and no further MFs), or continue paying a mortgage you can afford and retain it for your use (and pay MFs), you would likely choose the latter. If your sister is willing to pay the mortgage (or split it or whatever) vs. buy something else on ebay, then there you go.

Side note: you might want to think twice before asking folks here about buying or selling anything for more than a $1. It will be too much, you will be called a bumbling fool, and you will see ALL CAPS, bolds, underlines, bolded underlines, and snide condescension.

Great advice - Thank you!

 

[Patri]

I am saddened by the harsh posts here too. If OP just said she had a buyer, or anyone on this forum was trying to sell their own timeshare in this situation, the advice would be totally different.
They are prime weeks. Sister won't have to fuss with trading or finding a reputable seller. Plans to use. Could likely rent out when they don't use.
Can't we just be kind?

 

[bogey21]

I would merely note, objectively and without "judgement" of any sort (or even much interest, frankly), that whatever you decide to do, your weeks have (literally) little or no resale market (i.e., monetary) value in this economy, regardless of the original purchase price and regardless of outstanding loan amounts. If you want to be "fair", you should perhaps at least consider and accept that indisputable economic fact as you ponder your various options.

I think that was made clear way back. Apparently both OP and her Sister know it and are merely looking for a way to move one of the Weeks from one to the other. Maybe we should focus on helping them accomplish what they want to accomplish. If Sister wants to pay OP something, that is their business, not ours.

George

 

[DeniseM]

I am saddened by the harsh posts here too. If OP just said she had a buyer, or anyone on this forum was trying to sell their own timeshare in this situation, the advice would be totally different.

I think there are two separate issues here:

1) Have some of the posters been harsh - yes

2) Is this deal "fair" for the OP's sister - no

The fact that some of the posters have not been courteous, does not change the fact that this is not a "fair" deal for the OP's sister, and that is what the OP asked in his/her first post.

In a nutshell, the OP's sister doesn't have the experience to know that this is not a good deal. Since the OP has superior knowledge of the timeshare market, they have an obligation to protect their sister's best interest. YMMV

 

[Beefnot]

What is YOUR problem anyway?

You just have to take things in stride around here...

Oh you know me. I have a THICK skin. I give it and take it with the best of 'em. As a matter of fact, I welcome it! Just trying to look out for others, who are probably much more accustomed to CIVILIZED discourse.

Wait a minute, you can see my posts? I thought the moderators, SueDonJ, and the OP were the only people yet to place me on ignore. Well I'll be.