Resort just sold...how do I get my money

[hobocat]

My timeshare voted this week to allow the Board to accept a developer’s offer to purchase the property and end the timeshare and condominium. Each owner will get about $15K. The closing will happen in January after this year’s timeshare weeks are over. How does this work? How can I be sure that I get my money? My timeshare is deeded, and free and clear. Does anyone have advice?

 

[travelhacker]

My timeshare voted this week to allow the Board to accept a developer’s offer to purchase the property and end the timeshare and condominium. Each owner will get about $15K. The closing will happen in January after this year’s timeshare weeks are over. How does this work? How can I be sure that I get my money? My timeshare is deeded, and free and clear. Does anyone have advice?

I'm sorry I'm not any help, but do you mind sharing which resort this is happening at? Was there any differentiation for higher priced weeks? I would imagine each individual would have to agree to the terms, since they each own deeds. It sounds like an interesting situation.

 

[Passepartout]

I have no personal knowledge of this, but as a deeded and registered owner of an interval, you should be notified by the administrator of the sale with the details. It is unlikely that any distribution will be made until after the new owners take charge, but you should be advised of the details.

So my advice would simply be to be patient.

 

[hobocat]

I'm sorry I'm not any help, but do you mind sharing which resort this is happening at? Was there any differentiation for higher priced weeks? I would imagine each individual would have to agree to the terms, since they each own deeds. It sounds like an interesting situation.

No, there is no differentiation. All units are 1 bedroom. I would rather not disclose the resort here.

 

[hobocat]

I have no personal knowledge of this, but as a deeded and registered owner of an interval, you should be notified by the administrator of the sale with the details. It is unlikely that any distribution will be made until after the new owners take charge, but you should be advised of the details.

So my advice would simply be to be patient.

Thank you.

 

[jjlovecub]

No, there is no differentiation. All units are 1 bedroom. I would rather not disclose the resort here.

Why?? If the resort sold what’s the big secret?

 

[Gypsy65]

If the deal isn’t all locked down maybe you can grab a few more weeks for $1 and get the $15k??

 

[montygz]

My timeshare voted this week to allow the Board to accept a developer’s offer to purchase the property and end the timeshare and condominium. Each owner will get about $15K. The closing will happen in January after this year’s timeshare weeks are over. How does this work? How can I be sure that I get my money? My timeshare is deeded, and free and clear. Does anyone have advice?

Your resort hasn't sold yet, that won't happen until the closing. Your questions no doubt are being worked out and that will probably take some time.

Are any weeks for sale at the resort for cheap?

 

[Passepartout]

You can bet that the BOD or HOA members are snapping up every unit they can before the thing closes. Almost instant cheap money.

 

[dioxide45]

If the board just accepted the offer, expect it to take a while before any kind of distribution. Also; paperwork, red tape, attorneys and title work will all eat in to the amount each owner gets. I suspect you may not walk away with anything close to $15K, but anything is better than nothing.

 

[bogey21]

My timeshare voted this week to allow the Board to accept a developer’s offer to purchase the property and end the timeshare and condominium. Each owner will get about $15K. The closing will happen in January after this year’s timeshare weeks are over. How does this work? How can I be sure that I get my money? My timeshare is deeded, and free and clear. Does anyone have advice?

Should be simple. There will be notification, process and paperwork. Review what you get when it arrives. If satisfied, sign and return. Money should follow...

Geoge