# Exit Solution @ Spinnaker



## scully (Sep 25, 2011)

Has anyone used the Exit Solution thru RMC at Spinnaker. Spinnaker directs you to use RMC as a trustworthy Company for resales. 
They want upfront money and I am skeptical after reading TUG forums. 
Any info would be appreciated.


----------



## Rent_Share (Sep 26, 2011)

scully said:


> Has anyone used the Exit Solution thru RMC at Spinnaker. Spinnaker directs you to use RMC as a trustworthy Company for resales. They want upfront money and I am skeptical after reading TUG forums.
> Any info would be appreciated.


 

What doesn't meet the trifecta is that they come with the recommendation of your HOA (or is it an unauthorized referral from an employee ?) as 
opposed to a cold call or alternative response to a posted ad

What are they actually offering - ?

Is there recomendation printed in an HOA communication ?

The name screams "scam" you need to clarify how you are being directed to them


----------



## DeniseM (Sep 26, 2011)

There is a simple rule of thumb for TS business offersL

*Never pay an upfront fee - REPUTABLE companies charge a fee after the sale, out of the proceeds.*


----------



## scully (Sep 26, 2011)

Thanks for the replies.
Yes the HOA newsletter has always said only use RMC for resales. They are listed as the Associations approved resle company. RMC is the management company for Shipyard also.
I contacted them about selling my week or getting out of it. I was sent an Exit Solution Purchase Proposal
$1200 to Resort Source
$ 400 to Chicago Title 
$125 to transfer Title in SC
I have talked to the salesman on various occasions , but he has never called  to pressure me.
 Any more suggestions?


----------



## Steve (Sep 26, 2011)

scully said:


> Thanks for the replies.
> Yes the HOA newsletter has always said only use RMC for resales. They are listed as the Associations approved resle company. RMC is the management company for Shipyard also.
> I contacted them about selling my week or getting out of it. I was sent an Exit Solution Purchase Proposal
> $1200 to Resort Source
> ...



Those prices are horrible.  Don't walk, _*RUN*_ away from this offer. 

Usually, the buyer pays the closing costs on timeshare resales.  You'd be better off listing your week on eBay for $1 than paying all of these fees.  If you have a good week, then list it for sale at www.myresortnetwork.com or www.redweek.com or contact a legitimate resale company that does not charge upfront fees.

Steve


----------



## aliikai2 (Sep 26, 2011)

*For most resorts all the advice given would be correct*

But the Spinnaker resorts are not most resorts.
Spinnaker took it upon themselves to start a prepaid maintenance fee requirement to complete any transfer( *This I think was planned to stop the transfer of weeks to LLC's that then quit paying dues*). For an odd year unit the prepaid fee is $750 for an annual unit it is $1500. Add this to the $125 resort transfer fee and the closing costs, and many weeks become albatrosses that can't be given away.
The prime weeks 22-32 can be sold for a little, but the blue/white weeks there is no market at all making the $1725 to be rid of them better than the cost of a post card company.

Fwiw,

Greg


> DeniseM 	There is a simple rule of thumb for TS business offersL
> 
> Never pay an upfront fee - REPUTABLE companies charge a fee after the sale, out of the proceeds.





Steve said:


> Those prices are horrible.  Don't walk, _*RUN*_ away from this offer.
> 
> Usually, the buyer pays the closing costs on timeshare resales.  You'd be better off listing your week on eBay for $1 than paying all of these fees.  If you have a good week, then list it for sale at www.myresortnetwork.com or www.redweek.com or contact a legitimate resale company that does not charge upfront fees.
> 
> Steve


----------



## scully (Sep 26, 2011)

Thanks Greg,  I was told that Spinnaker had started the 3 years fees to donate to charities which makes them worthless.

Thanks Steve,  I can't believe that the HOA would steer me to a non-legit company.  I am just not sure.

Any other ideas??


----------



## scully (Sep 28, 2011)

Anyone else have something to add? All ideas are appreciated.


----------



## Egret1986 (Sep 28, 2011)

*Hopefully, someone will chime in.  As Denise said, the mantra is to never pay upfront*



aliikai2 said:


> But the Spinnaker resorts are not most resorts.
> Spinnaker took it upon themselves to start a prepaid maintenance fee requirement to complete any transfer( *This I think was planned to stop the transfer of weeks to LLC's that then quit paying dues*). For an odd year unit the prepaid fee is $750 for an annual unit it is $1500. Add this to the $125 resort transfer fee and the closing costs, and many weeks become albatrosses that can't be given away.
> The prime weeks 22-32 can be sold for a little, but the blue/white weeks there is no market at all making the $1725 to be rid of them better than the cost of a post card company.
> 
> ...



Fortunately, I had a couple of prime summer weeks at Waterside.  Unfortuntely, I put them up for sale after this new policy was instituted.  Fortunately, I found a buyer for my annual week and his brother-in-law wanted the bienniel week.  They had the money to pay the prepaid maintenance fees and understood that they wouldn't have to pay maintenance fees for a couple of years.  Those timeshares are gone and I'm thankful.  I don't believe there would have been any way to get rid of off-season weeks.  



scully said:


> Thanks for the replies.
> Yes the HOA newsletter has always said only use RMC for resales. They are listed as the Associations approved resle company. RMC is the management company for Shipyard also.
> I contacted them about selling my week or getting out of it. I was sent an Exit Solution Purchase Proposal
> $1200 to Resort Source
> ...



There is another thread where a TUGGER was curious about deeding his Cape Cod week back to the resort.  Similar fees were quoted.  While costly, if you really want to get rid of this week, I believe this is a good option if legitimate.  I can't believe that if it is in the newsletter put out by Spinnaker that it is a scam.  It sounds like this may be how the management is handling deed backs.  Perhaps this is yet another strategy to keep folks from paying to turn over their weeks to a PCC and then the weeks possibly ending up in an LLC as stated previously.  If you own an annual week, the transfer and prepaid maintenance fees would add up to that.  And if you have an off-season week, this is an awesome deal.  Just try getting rid of an off-season week.   



Steve said:


> Those prices are horrible.  Don't walk, _*RUN*_ away from this offer.
> 
> Usually, the buyer pays the closing costs on timeshare resales.  You'd be better off listing your week on eBay for $1 than paying all of these fees.  If you have a good week, then list it for sale at www.myresortnetwork.com or www.redweek.com or contact a legitimate resale company that does not charge upfront fees.
> 
> Steve



As stated, those prices may not be so horrible, Steve, if this is legit, which I would have to believe it is if Spinnaker is recommending them.  If the OP has an off-season week (especially), he's going to be out that amount of money if he can find a taker.  He'll play $!*# getting rid of an off-season week with the costs associated with the prepaid MFs.

I believe if recommended by manangement of the resort that this is perhaps their way of handling deedbacks.  If so, I feel this is a great option compared to the alternatives.


----------



## janej (Sep 28, 2011)

I am also in the process of selling my Waterside by Spinnaker prime floating week.  I advised on redweek and found a buyer last week.   We are using http://www.timeshareclosingsforless.com/ 

Susie charges $275 for closing including escrow.  The resort charges $125 for transfer.  My buyer worked with Susie before.  He did not mind prepay the maintenance fee either.  I already have a July 2012 week reserved.  He is going to use that.   

Since I signed the agreement, I got an inquiry every day for three days.   People are still touring the resort and they found my ads on MRN after the tour.   If you own a summer week, you should be able to sell it.   You can also rent for more than the MF.  So it is not bad at all.   If you own off season, then it is not going to be easy.


----------



## Steve (Sep 28, 2011)

Egret1986 said:


> And if you have an off-season week, this is an awesome deal.



Did I *really* just read this here on TUG?  A seller having to pay over $1700 just to get rid of his week is being described as an "awesome deal"?  I never thought I would see that.  I am hardly naive when it comes to the timeshare resale market, and I know what Spinnaker has been up to, but I think this description is more than a little inappropriate.  

The deal being offered *is* horrible.  It's possible the seller won't find anything better and will be forced to accept something like this in the end, but that certainly does not make the offer an "awesome deal".  

I'm not sure that what Spinnaker is requiring with resales would hold up in court.  If I were trying to sell, I would consult with an attorney.  I wouldn't actually sue...as that wouldn't be worth the money...but sometimes a well worded letter from a sharp attorney can cause a business to back down.  Sooner or later, with all of the tens of thousands of owners Spinnaker has, someone likely will sue.  

Aside from that, I would contact one of the legitimate timeshare resale brokers such as Timesharing2000 or Transaction Realty before I succombed to that "awesome deal" from the developer.  They can be reached at:

http://www.timesharing2000.com/ and http://www.transactionrealty.com/

I have purchased weeks through both companies and found them to be ethical and hard working.

Although I haven't personally done business with this next suggestion, there is a local Hilton Head timeshare resale company which does not charge upfront fees.  These people could be a resource:  Hilton Head Timeshare Resales.  They can be reached at:

http://hiltonheadislandtimeshare.com/

Furthermore, as I stated in my earlier post, I think that eBay, MyResortNetwork and Redweek are all worth a try before paying $1700 to "sell" a week.  I'd even try Craigslist or an ad on a local online classified site such as this one for a local TV station here in Utah:  

http://www.ksl.com/index.php?nid=13

Get creative.  Get to work.  At least *try* before you throw $1700 away.  Where's the entreprenurial spirit here?

Steve


----------



## scully (Sep 28, 2011)

Thanks for your replies.
Shipyard is not managed by Spinnaker anymore, so it doesn't have the prepaid MF's.
My week is an off season #43 week, and I know it isn't easy to move. 
Any more input?

Thanks


----------



## timeos2 (Sep 28, 2011)

Are they asking for any of the money prior to the sale or are those fees due when the sale is made/completed? 

Even when an HOA recommends one never pay upfront for any sales service. 

The total is high but if it gets it sold & you out from under, less whatever it sells for, you may actually be ahead.  Weight it against 4-5 more years of annual fees as you try to find another way to sell it / give it away.


----------



## scully (Sep 28, 2011)

Steve,

Thanks for your suggestions. I have contacted 2 of the companies you listed. I am trying to move this without the $1700 fee. 
I really appreciate your knowledge on this and all the help I am getting from TUG.

Thanks.


----------



## scully (Sep 28, 2011)

timeos2 said:


> Are they asking for any of the money prior to the sale or are those fees due when the sale is made/completed?
> 
> Even when an HOA recommends one never pay upfront for any sales service.
> 
> The total is high but if it gets it sold & you out from under, less whatever it sells for, you may actually be ahead.  Weight it against 4-5 more years of annual fees as you try to find another way to sell it / give it away.



The fees are made to complete the sale. 
I am trying to get out of more MF's asap.

Thanks.


----------



## ampaholic (Oct 2, 2011)

Steve said:


> -snip-
> 
> Furthermore, as I stated in my earlier post, I think that eBay, MyResortNetwork and Redweek are all worth a try before paying $1700 to "sell" a week.  I'd even try Craigslist or an ad on a local online classified site such as this one for a local TV station here in Utah:
> 
> ...



I think we are seeing a market sooooo soft that *some* products are actually worth -minus- value.

If the off season week has an actual market worth of -minus- {$-1500} the seller will have to eat that negative in order to turn it: That is the simple reality of the marketplace.

Whether the seller eats it in the form of prepaying MF's for a third party  buyer to "incentive-ise" that buyer or in the form of a bribe to the HOA - what real difference does it make, as long as it gets the unit off the books?

Perhaps the the "never pay upfront fees" mantra needs modified ...


----------



## scully (Oct 2, 2011)

Thanks for your reply.
I really think you are correct. There is so much information & mis-information out there on Spinnaker properties, it is hard to make any kind of deal.







ampaholic said:


> I think we are seeing a market sooooo soft that *some* products are actually worth -minus- value.
> 
> If the off season week has an actual market worth of -minus- {$-1500} the seller will have to eat that negative in order to turn it: That is the simple reality of the marketplace.
> 
> ...


----------



## Egret1986 (Oct 2, 2011)

*I stand by my initial statement, if the OP is ready to be done with this timeshare.*



Steve said:


> Did I *really* just read this here on TUG?  A seller having to pay over $1700 just to get rid of his week is being described as an "awesome deal"?  I never thought I would see that.  I am hardly naive when it comes to the timeshare resale market, and I know what Spinnaker has been up to, but I think this description is more than a little inappropriate.
> 
> The deal being offered *is* horrible.  It's possible the seller won't find anything better and will be forced to accept something like this in the end, but that certainly does not make the offer an "awesome deal".
> 
> ...



Not everyone has an entreprenurial spirit.  Week 43 is off-season.  If the OP uses the week or gets exchanges that make this worthwhile (MF + exchange fee + membership), then it's not an "awesome" deal.  But to be free of an ongoing burden with ever increasing MFs that one cannot get rid of otherwise, then it beats the stress and frustration, plus the ongoing costs.

I thought the OP wanted to get rid of this thing and was just asking if this could be legit.  If the OP is in no hurry to off-load this timeshare; I agree, run through all the other alternatives.  There are a few auctions right now on eBay for Waterside by Spinnaker.  I suggest the OP look at completed listings and the current auctions and see if they're moving on eBay.


----------

