Ebay listing for WKORV that has mortgage due

[cubigbird]

Check out this ebay listing for WKORV:

http://www.ebay.com/itm/Timeshare-a...81454796892?pt=Timeshares&hash=item2a3f8c785c

Be careful and read the fine print. Looks like there is an existing mortgage and fees due of almost $15,000 due to a bankruptcy. I'm guessing if you bid and win you are the lucky one to pay all that off, IN ADDITION TO the winning bid??? Seems like a low price, but one you read all the details......I'm suprised there is already a bid on this.

 

[clotheshorse]

Check out this ebay listing for WKORV:

http://www.ebay.com/itm/Timeshare-a...81454796892?pt=Timeshares&hash=item2a3f8c785c

Be careful and read the fine print. Looks like there is an existing mortgage and fees due of almost $15,000 due to a bankruptcy. I'm guessing if you bid and win you are the lucky one to pay all that off, IN ADDITION TO the winning bid??? Seems like a low price, but one you read all the details......I'm suprised there is already a bid on this.

I have seen a few of these and wonder what happens when they can't sell these BK TS.

 

[DeniseM]

I have seen a few of these and wonder what happens when they can't sell these BK TS.

Because the mortgage is higher than the resale value. An EOY 2 bdm. isn't worth $15K.

 

[glypnirsgirl]

I have seen a few of these and wonder what happens when they can't sell these BK TS.

If the trustee cannot sell the property, he files notice of abandonment and then the property reverts to the debtor.

elaine

 

[cubigbird]

That listing is definately not a good deal and could be a great trap to get in too deep and potentially pay not much better than a developer purchase (and you wouldn't even get developer SVN benefits), given the fact that you'd have to clear all the debt currently owed plus your bid. I'm suprised they are even listing it on Ebay and not just letting the HOA foreclose.

I, for one, wouldn't bid on it and I am suprised someone else did. Goes to show you have to be very careful and read carefully any Ebay listing.

 

[DeniseM]

The HOA would not own the mortgage, and I don't know if Starwood does or not.

 

[Ahsndpro]

I emailed the Bankruptcy trustee. She says whoever holds the mortgage is not willing to compromise the amount owed... I doubt they'll find someone who will take the loan and pay the auction price.

Does Starwood fund the loans? If they hold the mortgage, they may just be hoping to take the property back into inventory so they can sell it again.

 

[LisaRex]

Does Starwood fund the loans? If they hold the mortgage, they may just be hoping to take the property back into inventory so they can sell it again.

I'm pretty sure that they bundle them and sell them off.

 

[cubigbird]

I emailed the Bankruptcy trustee. She says whoever holds the mortgage is not willing to compromise the amount owed... I doubt they'll find someone who will take the loan and pay the auction price.

Does Starwood fund the loans? If they hold the mortgage, they may just be hoping to take the property back into inventory so they can sell it again.

I'm suprised that this even ended up on eBay in the first place.

 

[Henry M.]

Even if the unit could be had for the $1000 starting bid, the fees due are more than that it is worth. This is for an Every Other Year (biennial) OV unit. You should be able to get an every year unit for close to this price.

The listing says WKORV, and 6 Kai Ala is the south property. However, the unit number would make it WKORV-N.