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Selling a timeshare proper way to do this

S

Soccerguy19

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Resorts Owned
Vidanta Grand Mayan
I have two timeshares and am paying a timeshare cancellation service to get out of one and the other a business partner wants. We came to terms and I simply want to put this solely in his name alone. I am willing to pay any closing costs associated with it. he has paid me for it but I want to make it official. I have given him my weeks for years and finally he has decided to take over. This is a Vidanta one bedroom at the Grand Mayan Riviera. My friend loves it and uses it as he has the time where I don't. I am in Virginia and he is in Massachusetts. The vultures on timeshare resellers are all scams are everywhere in this day and time.

Any advise is this is my first time on this site.
 
Soccerguy19 said:
I have two timeshares and am paying a timeshare cancellation service to get out of one and the other a business partner wants. We came to terms and I simply want to put this solely in his name alone. I am willing to pay any closing costs associated with it. he has paid me for it but I want to make it official. I have given him my weeks for years and finally he has decided to take over. This is a Vidanta one bedroom at the Grand Mayan Riviera. My friend loves it and uses it as he has the time where I don't. I am in Virginia and he is in Massachusetts. The vultures on timeshare resellers are all scams are everywhere in this day and time.

Any advise is this is my first time on this site.
Click to expand...



www.LTTransfers.com

LT Transfers will take care of the transaction for you and get it into your business partner's name. It is something you can do yourself, but some people like a reputable closer to handle it instead.



.
 
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Soccerguy19 said:
I have two timeshares and am paying a timeshare cancellation service to get out of one...
Click to expand...

That's an absolute no-no. How much have you paid this cancellation company? What is the name of the company? How exactly will this company supposedly cancel your TS?
 
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Soccerguy19 said:
I have two timeshares and am paying a timeshare cancellation service to get out of one and the other a business partner wants. We came to terms and I simply want to put this solely in his name alone. I am willing to pay any closing costs associated with it. he has paid me for it but I want to make it official. I have given him my weeks for years and finally he has decided to take over. This is a Vidanta one bedroom at the Grand Mayan Riviera. My friend loves it and uses it as he has the time where I don't. I am in Virginia and he is in Massachusetts. The vultures on timeshare resellers are all scams are everywhere in this day and time.

Any advise is this is my first time on this site.
Click to expand...
You are throwing good money after bad. The exit companies give the impression that they have sophisticated legal schemes of getting their prospects out of their timeshares. I bet this is the impression you got. If that is the case, what legal avenue are they going to pursue for you? I bet there are no details, just a very generic contract with a lot of vague terms , all in their favor. There are 100,000 TUG members, many are timeshare owners that have bought and sold resale so, as a community we understand well the resale market.
Here is my take.
1) There are many deeds that are valuable, they actually sell for a decent amount of money (still a lot cheaper than the developer prices). They are contracts at great resorts, high season, maybe a view or a fixed week that are hard or impossible to get in Interval or RCI. If you have one of those (not the case apparently) you do not need them, you can post it yourself on Redweek, Ebay, Tug market, FB etc. If priced correctly one can sell it within weeks or few months, faster of course if it is listed under the market price. All the exit companies do, they post them on the above sites and wait for a buyer. They generally pocket the proceeds of the sales (yes!!!) so when you add the initial fee, your total loss can be very substantial
2) some deeds are relatively easy to transfer for free. They are not it the first category but they still make sense to a potential new owner instead of renting at that resort. Or they may have exchange value, people will deposit the week in Interval or RCI to go somewhere else. Those typically have decent trading power and the maintenance fees are not high. An exit company will advertise them but your loss is still very substantial since you paid something like 4-6K upfront to them.
3) some deeds are very hard to get rid of. Not only you will have paid the exit company a substantial amount upfront, you are also stuck with the maintenance fees and still not able to get rid of the contract so you are worse off than before you started. The process can drag for years and the "money back guarantee" may be worth nothing if the company goes under in the meantime. Even if they do give you the money back eventually, you will have to fight for your money and waste a lot of time. Some people just give up and they never see a penny back.

This is a link for the timeshares sold on Ebay. Most if not all are listed by exit companies (or brokers that get the inventory from them). Now think about it, if they knew any magical legal avenue, why would they post them on ebay for free (at least most of them for free)?

www.ebay.com

Timeshares for Sale | eBay

Shop from the world's largest selection and best deals for Timeshares for Sale. Shop with confidence on eBay!
www.ebay.com
 
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Back when I divested my TS Portfolio I looked at it as a long term project primarily because I was willing to use or rent them until they were gone. It took time, work and tenacity. Eventually I was able to talk a couple of HOAs into Deed Backs. I gave one away to a fellow Tugger and sold two. My strategy when I sold was to offer deals Buyers would be hard pressed to pass on. Don't expect instantaneous success. I think it took almost 3 years for me to go from six to zero Weeks...

George
 
Hi @Soccerguy19, welcome to TUG.

I’m glad to hear you have found a home for your Vidanta timeshare. LT Transfers was used for the closing of one of the units I purchased. Everything went smoothly.

If your timeshares mortgage is payed off, you can try to give it away for free. Try posting an ad here on TUG.

What was it that initially attracted you to your timeshare? Was it the location, season, time of year, size of unit, etc? Others may find what you found desirable also. List the attributes in the ad, along with the following:

Name and location and website of resort
Type of week: Fixed, floating or every other year week, for example
Unit number (if applicable)
Unit size and details (be specific: view, how many the unit sleeps, bedrooms, bathrooms, what is in the kitchen, AC, w/d, balcony, porch, stairs, elevators, is it accessible, etc.)
Are there resort amenities on site like pools, beach, playgrounds, snack bar, free parking, etc.
Current Maintenance Fees: when they are due, the amount, who will be paying for them, and what were they in prior years
Special assessments, transfer fees, estoppel fees, etc. and an agreement on who will be paying for them
Including pictures of the resort is a big plus.

I’m sure I’m forgetting a bunch - hopefully others will chime in.

This might be helpful:
tug2.net

How to Give Back an Unwanted Timeshare

Looking to exit your timeshare? Use these effective strategies to give it back it to your resort and end your ownership and your maintenance fees yourself!
tug2.net


You can try to look for an Owners Facebook group for your resort and see if there would be an interest in your unit.

Suggestions for places to post ads:

tugbbs.com

Free Timeshares

Timeshare ownerships offered completely free by owners! Rehome an unwanted timeshare at no cost! Timeshares listed here must be offered completely free!
tugbbs.com tugbbs.com

TUG - if you list it for $1.00 it goes in the bargain basement section

Timeshares for Sale & Rent | Search Timeshare Classifieds

Search Thousands of active Timeshare Resales & Rentals. Industry Leading Online Marketplace for owners to Sell or Rent a Timeshare!
tug2.com tug2.com

redweek - has a bargain basement section
MyResortNetwork
facebook
ebay give it away for $1

If you don’t mind me asking where Is your timeshare located?
 
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