HGVC's Deed Back Process

[alwysonvac]

For the first 3 options, there are closing costs for transferring the title which I've read range from 1K-2K... Are there similar fees for surrendering the deed?

Based on your Free Timeshare post (link), you own an Gold Season Studio EOYE at Elara.
Since an Elara Gold Season studio was successfully surrendered (see post #5), I suggest reaching out to HGVC (see post #86).

So far, there are no reports of a HGVC fee
NOTE: In case you own additional weeks, closing cost are typcially paid by the buyer. Lots of folks recommend LT Transfers. They charge close to $300 plus postage and recording fees - https://www.lttransfers.com/

Good luck and please report back.

 

[buymyhgvplz]

Based on your Free Timeshare post (link), you own an Gold Season Studio EOYE at Elara.
Since an Elara Gold Season studio was successfully surrendered (see post #5), I suggest reaching out to HGVC (see post #86).

So far, there are no reports of a HGVC fee
NOTE: In case you own additional weeks, closing cost are typcially paid by the buyer. Lots of folks recommend LT Transfers. They charge close to $300 plus postage and recording fees - https://www.lttransfers.com/

Good luck and please report back.

I've reached out to portfolio service to surrender the deed yesterday and will update this thread if/when they respond.
I did message resale as well, but they told me my only option is resale .

Wish I found out about surrender option earlier since there's no fees... but I have a potential buyer now and am working with LT Transfers to transfer the deed. They agreed to pay Hilton's transfer fees while I pay LTTransfers closing costs... didn't think anyone would be willing to pay for all closing costs .

 

[Tamaradarann]

Yeah, that’s a great business model. Imagine being able to sell something, get it back for free, resell, rinse and repeat.

I agree with you that HGVC selling timeshares, and then taking them back for free so they can sell them again is a Great Business Model. However, it does show that HGVC values the timeshare they are selling enough to take it back and then resell it.

Just think about timeshare companies that are selling timeshares but are NOT TAKING THEM BACK FOR FREE SO THEY CAN RESELL THEM!! They make me feel that those timeshare companies feel that the product that they are selling is worth LESS THAN ZERO!!

 

[buymyhgvplz]

I've reached out to portfolio service to surrender the deed yesterday and will update this thread if/when they respond.
I did message resale as well, but they told me my only option is resale .

Wish I found out about surrender option earlier since there's no fees... but I have a potential buyer now and am working with LT Transfers to transfer the deed. They agreed to pay Hilton's transfer fees while I pay LTTransfers closing costs... didn't think anyone would be willing to pay for all closing costs .

Received a call from HGV just now in response to my email to surrender the deed telling me that there is no option to surrender the deed back to Hilton. My only options are to work with their resale team or a 3rd party timeshare real estate agent :\

 

[alwysonvac]

Received a call from HGV just now in response to my email to surrender the deed telling me that there is no option to surrender the deed back to Hilton. My only options are to work with their resale team or a 3rd party timeshare real estate agent :\

Thanks for the update.
I hope all goes well with your transfer.

 

[Tamaradarann]

Received a call from HGV just now in response to my email to surrender the deed telling me that there is no option to surrender the deed back to Hilton. My only options are to work with their resale team or a 3rd party timeshare real estate agent :\

Let me make sure I understand your situation: You are a HGVC owner with an EOY Elara Studio, you owe nothing on the purchase and nothing on the maintenance. They said they wouldn't take it back.

Did they mention why there was option to surrender the deed back to Hilton?

Perhaps they don't want EOY deeds back. EOY deeds were created to get people at the presentation to buy and get in the system for less money when they turned down the every year deal that was presented. If they were selling a unit at $30K, they could sell two EOY units for $15K. Even though they were getting less money they at least made a sale which is their ultimate goal. As I mentioned before one of the advantages for HGVC in taking back units is that they can resell them at a lower price since their cost is $0 for them getting the unit. Since they are getting plenty of every year units back at $0 to use to make sales at lower prices why would they want to get EOY units which are only have the value and half of the maintenance to be paid by the new owner.

 

[Tamaradarann]

Let me make sure I understand your situation: You are a HGVC owner with an EOY Elara Studio, you owe nothing on the purchase and nothing on the maintenance. They said they wouldn't take it back.

Did they mention why there was option to surrender the deed back to Hilton?

Perhaps they don't want EOY deeds back. EOY deeds were created to get people at the presentation to buy and get in the system for less money when they turned down the every year deal that was presented. If they were selling a unit at $30K, they could sell two EOY units for $15K. Even though they were getting less money they at least made a sale which is their ultimate goal. As I mentioned before one of the advantages for HGVC in taking back units is that they can resell them at a lower price since their cost is $0 for them getting the unit. Since they are getting plenty of every year units back at $0 to use to make sales at lower prices why would they want to get EOY units which are only have the value and half of the maintenance to be paid by the new owner.

Did they mention why there was NO option to surrender the deed back to Hilton?

 

[CalGalTraveler]

Just imagine. Someone could get into Max with that EOY studio.

I suspect that their deedback quota for the year is spent given the number of successful deedbacks posted on this forum. IMHO, They might selectively pick and choose top properties for the remainder of the year.

 

[koalahugs]

Can confirm, they won't do a deed back for my EOY Elara 1 bd Gold.

 

[Quinnwins]

Hi everyone, hoping someone can explain this in a way that makes sense to me! I've read through the threads here a few times but am a newbie and not very savvy when it comes to this whole thing. I would love to get rid of my current timeshare, before reaching out to Hilton I'm trying to wrap my head around this situation so I can be prepared.

Here are the details:
Location: Las Vegas
Resort Name: Las Vegas Boulevard Vacation Suites
Week: Two bedroom, 8,000 Points, Gold Season
Loan: Currently have an outstanding loan ~$30k

From what I have read, it sounds like my only options would be to sell or foreclose on this timeshare, is that correct? I plan on reaching out to Hilton to surrender the property but since we owe so much on the loan, I'm under the impression that they will not let us surrender/ do a deedback. Is that right? Is there a certain way I should go about trying to surrender the property since we have an outstanding loan?

Trying to wrap my head around all of this, as I am clearly someone who made a very expensive mistake.

Any and all insight in appreciated - thanks!

 

[Reddart]

I believe they will only consider a deedback if the loan is paid off.

 

[Kumo]

Update: Received email of deed to sign back over. Did notary the same day and USPS shipped with sign approval. They received. Now awaiting final confirmation of everything being disbanded.