[ 2013 ] Deed back program [Vacation Village at Weston]

My developer is not offering a buy back but for a limited time is taking back deeds for those who want out. Like myself. The cost is $750.00. I have in writing that as soon as they received my deed with the check and a form that I sign that states I am no longer responsible for any cost or maintenance fees starting from the date of the form and signing of the deed. My property is Vacation Village at Weston. Is it a great resort with a lot of amenities but my week is no. 39. I was naive about timeshares when I purchased it. I've never been there and my trading week sucks. Would you agree this is the best offer I am going to get? I don't see much promise in someone taking my timeshare. The unit is paid for. There are no liens and the maintenance fees are up to date.

What are the annual maintenance fees? You could offer it to a TUG member and pay transfer costs to take it out of your name.

jancpa said:

What are the annual maintenance fees? You could offer it to a TUG member and pay transfer costs to take it out of your name.

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How do I go about this? Where do I Post this? My Maintenance fees are $843.00 and that includes Taxes. The fees this year are paid.

If you are really dealing with the Developer, $750 with limited paper work is not a bad deal.

George

I may have found someone to take over the timeshare. Do I contact my developer to have the transfer paper made up? Can you briefly tell me what steps need to be taken to start the transfer and complete the transaction?

ronjg1 said:

I may have found someone to take over the timeshare. Do I contact my developer to have the transfer paper made up? Can you briefly tell me what steps need to be taken to start the transfer and complete the transaction?

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Since you own your week free and clear, you don't really need the developer to be involved at all. You need only get a new deed properly prepared and properly recorded, making sure thereafter that the resort is formally notified of the new recorded deed (by simply providing them with a copy of the new recorded deed). An outfit like Legal Timeshare Transfers can do all of the deed work and recording for you for less than $150.
That being said, remember that there may also be a "transfer fee" involved at your particular resort after the proper recording of a new deed. This is a cost completely separate from and unrelated to any part of the deed work. If the resort imposes a transfer fee, either you or your recipient will have to pay that extortion imposed fee in order for the resort to formally acknowledge and internally process the change in ownership. Transfer fees can range from zero to hundreds of dollars, depending on the resort or "chain" (e.g. Wyndham charges $299, most VRI managed places charge $100, yet some independent facilities charge no transfer fee at all). You will need to get current and accurate "transfer fee" policy and cost info directly from the resort.

Good luck. You're certainly wise to "get out", one way or another, if the ownership does not serve your current needs or future plans. No one needs an endless annual maintenance fee albatross hanging around their neck for a week that they don't want, don't use and don't plan to use...

ronjg1 said:

My developer is not offering a buy back but for a limited time is taking back deeds for those who want out. Like myself. The cost is $750.00. I have in writing that as soon as they received my deed with the check and a form that I sign that states I am no longer responsible for any cost or maintenance fees starting from the date of the form and signing of the deed. My property is Vacation Village at Weston. Is it a great resort with a lot of amenities but my week is no. 39. I was naive about timeshares when I purchased it. I've never been there and my trading week sucks. Would you agree this is the best offer I am going to get? I don't see much promise in someone taking my timeshare. The unit is paid for. There are no liens and the maintenance fees are up to date.

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I for one am happy to see developers starting to do this. So many developers have been hurt by the PCCs clouding title and owners just stopping payments that it turns into a hugely expensive endeavor to keep on top of the sold inventory and forecast annual maintenance revenue. Owners are going to get out of their memberships if they don't want them anyway, so developers should give them the option if they don't want to deal with the effort to sell on their own. More options is a win for owners.

Timeshare deed back

I understand King's Creek Plantation in Williamsburg, Va has a deed back
plan. They will take back some of the cottages on a limited number.
An owner must submit a request in writing and the board will review
and decide if they want to take it back.

Deedbacks

After my husband passed away in late 2011, I was left with 3 timeshares that I knew I probably would never use again, as well as 3 whopping maintenance fees. I was able to deed back all 3 properties. Two did cost a fee, which totaled $1200, and the third did not require any fee (Diamond Resorts). The maintenance fees on all 3 of these units were over $2300 per year, and I felt the one-time fees were a small price to pay to be free and clear.

Options when it is time to get rid of a week

Thanks for the great information everyone! I so appreciate hearing how getting rid of a timeshare can be accomplished. The timeshare industry needs to be proactive to keep itself healthy because owners will continue to find ways to do it against all odds.

Centurion said:

I for one am happy to see developers starting to do this. So many developers have been hurt by the PCCs....

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I guess developers/resorts/HOAs are getting the idea that owners are, one way or another, going to divest themselves of unwanted/unaffordable ownership. So developers/resorts/HOAs are obviously wise to accept deed backs instead of people defaulting and causing more pain and expense in foreclosure proceedings.

I know this brings us to the circular debate that pops up here every so often as to what would happen if resorts just took back any unwanted deeds, but at least the resorts that do take deeds back willingly (even if a reasonable fee is applied) will avoid the more costly and laborious procedure of foreclosures.

bogey21 said:

If you are really dealing with the Developer, $750 with limited paper work is not a bad deal.

George

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I agree ... Go with the developer.

Vintage2, who did you work with at Diamond to give your timeshare back? I have 2,000 points with $800 maintenance fee that I do not use and would like to give back.

Actually, some developers DO have buyback programs. Timesharing's oldest developer, Hapimag, based in Switzerland with ~50 resorts, has had a buy back program since they first started developing timeshare over 50 years ago. After a member has owned a set number of years, he can request a buy back and Hapimag will pay a set percentage of the current developer list price. As a result, you do NOT see Hapimag timeshares for sale on eBay for $1 !!!

Tresco, in the UK, also has a developer buy back program which pays a substantial chunk of change to the timeshare owner if he wants the developer to buy back after he has owned a set number of years.

Good to see another resort doing the right thing. This is what all resorts should do.

If a resort is worried about too many deedbacks, use the old supply and demand. Increase the cost of deedbacks until you get the number you want every month.

BocaBum99 said:

If a resort is worried about too many deedbacks, use the old supply and demand. Increase the cost of deedbacks until you get the number you want every month.

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Makes sense to me.

George

BocaBum99 said:

Good to see another resort doing the right thing. This is what all resorts should do.

If a resort is worried about too many deedbacks, use the old supply and demand. Increase the cost of deedbacks until you get the number you want every month.

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Well said. It seems so simple....

gnorth16 said:

Well said. It seems so simple....

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It is that simple. That is why I am so puzzled when people push back so hard on HOAs setting a general policy to take all deedbacks. When the fee is set at the right price, they will not get overwhelmed. More importantly, it eliminates the need for PCCs.

CMV takes deedbacks

Christmas Mountain Village takes deedbacks of UDIs for free (just pay the $250 Bluegreen transfer fee)

If you sell a Vacation Village Weston unit you can record a deed for as little as $10.70 or pay a closing service as low as $199 ... and then pay the resort $100 transfer fee (I think they began charging the fee in 2011 or 2012).

While I agree it's great to see more developers accepting deedbacks ... it's a very sad day when they want your unit with current maintenance paid but you haven't used the year's use AND they CHARGE the owner $750 (as in the case of Vacation Village Weston) THEN they re-sell the unit for $10,000-$20,000.

Yep, developers are getting smarter. Sell people expensive units, then charge the owners money to take them off their hands so they can sell them again. There is no longer a need for the "developer" to build timeshares, all they need to do is pretend to be a developer and resell existing units at the extreme expense of the owners. Oh, I forgot, the units have all been sold once so the developer is off the hook for paying maintenance which means they are direct selling units the owners are maintaining for the benefit of the developer to score huge profits.

The moral and (I say) ethical thing to do would be to develop an onsite resale program for owners. Marriott used to charge a 40% commission which I used to think was outrageous. Now though receiving 60% of a retail sale would be phenomenal.

lindner said:

Christmas Mountain Village takes deedbacks of UDIs for free (just pay the $250 Bluegreen transfer fee)

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I thought the CMV UDI's were one of the most valuable Timeshares available? Isn't is like 13 weeks(3 weeks at a time) or something like that?

Ridewithme38 said:

I thought the CMV UDI's were one of the most valuable Timeshares available? Isn't is like 13 weeks(3 weeks at a time) or something like that?

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I know where you can get one for free? Interested?

What are my options?

purefct1 said:

If you sell a Vacation Village Weston unit you can record a deed for as little as $10.70 or pay a closing service as low as $199 ... and then pay the resort $100 transfer fee (I think they began charging the fee in 2011 or 2012).

While I agree it's great to see more developers accepting deedbacks ... it's a very sad day when they want your unit with current maintenance paid but you haven't used the year's use AND they CHARGE the owner $750 (as in the case of Vacation Village Weston) THEN they re-sell the unit for $10,000-$20,000.

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I convinced my parents to buy a resale unit from Vacation village Bonaventure, 2BR in 2011 for $14000. I thought it was a good investment because the sales person said that there is an in house sales department who will help owners with rental. Which I have not had any success reaching out to those people. Can anyone advise me with this?

My parents paid all the cost with their credit card. they have paid $7000 in total and still now make the monthly payment of the remainder to the credit card. They can no longer travel and owe 2 years of MF and I cant afford paying the MF.
Should they stop making payment to the c/c (they are old and don't care about credit) and deed it back to the resort for free. Which means they lost $7000, or should I keep trying to buy a buyer and hoping to sell it at 60% retail value?

they will never find a buyer at 60% of the retail value

Ridewithme38 said:

I thought the CMV UDI's were one of the most valuable Timeshares available? Isn't is like 13 weeks(3 weeks at a time) or something like that?

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Yes, you can book many weeks per year with a CMV UDI. But, the resort is undergoing a major renovation and there is a special assessment of $3093 per UDI contract. So, some owners just want out. Once the special assessment is over, the price of a CMV UDI may go back up.