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Advice on Keeping or Selling Old HGVC Las Vegas Flamingo TS

Discussion in 'Buying, Selling & Renting Timeshares' started by tinfever, Jul 10, 2019.

  1. tinfever

    tinfever Guest

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    Resorts Owned:
    HGVC Las Vegas Flamingo
    Hello all,

    My mother and father purchased a 5000 point HGVC timeshare (January Home Week) from the developer for the Las Vegas Flamingo property around 1997. It's completely paid off by now but the maintenance fees are killing us. It's around $1250 per year + the finance and late fees since we can't always afford to pay it in full at the beginning of each year.

    My father actually purchased it so he could guarantee hotel availability for a week in January to attend the COMDEX convention for his business and we used to use it every summer for vacation. However, he passed away nine years ago and now my mom, sister, and I are so busy and doing our own things that we don't have the time to vacation and make use of it like we used to.

    This timeshare has a lot of sentimental value to us so we don't really want to sell it but we also know it makes zero financial sense to pay $1250 per year for something we don't use.

    We currently still owe $1400 for this year's maintenance fees and need to decide what to do. Here are the options I can see:

    1) My mother and I can both contribute to get the maintenance fees paid and then we can try to rent it out to recoup the maintenance fees until we are able to use it again. This might make the most sense if we could find a property manager to handle it since none of us have the time to handle renters, scheduling, paperwork, and everything.

    2) We could pay the existing fees and then sell it and maybe get a small amount of money?

    3) We could let it foreclose but that would tank my mother and father's (Although he doesn't exactly need it anymore) credit since they are both on the deed.

    I think it would still make sense to keep it if we had the money to pay for it and were able to use it but neither of those are the case at the moment. Just typing this up, I'm guessing we should probably pay the fees, sell the property, use the money to help pay for my sister's college, and if the winds change and we have the time and money again we could then repurchase another 5000 point HGVC TS on the used market.

    Does anyone have any thoughts or suggestions? Thank you!
     
  2. CPNY

    CPNY TUG Member

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    SVV - Key West
    SVV - Bella
    I think you came to your own conclusion at the end there my friend. Do not keep it for sentimental reasons. It’s a timeshare...... get out now before the back maint fees start piling up then you’re really screwed. If you still have 2019 usage you can list the sale to include this years usage upon reimbursement for 2019 maint fee. Or sell it for whatever the maint fee is and pay that off and walk away then the buyer gets free 2019 usage for the purchase price of 1400. Just get out now.
     
  3. PigsDad

    PigsDad TUG Member

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    You can probably get at most about $2000 if you sell this. Of course, the maintenance fees need to be up to date as no one will buy a timeshare with fees in arrears.

    You might ask that this thread be moved to the HGVC sub-forum, as you would probably get more exposure to those who really know the HGVC system.

    Kurt
     
  4. RX8

    RX8 TUG Member

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    If you can get the maintenance fees current I think you could sell this for $2000 quickly if you include the 5000 points from 2019 as a bonus. Selling isn’t difficult as LT Transfers (highly rated here on TUG) could handle the whole process for you for about $250.
     
  5. SmithOp

    SmithOp TUG Member

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    You've dug quite a hole for yourself by not paying the fees.

    As a buyer I would not touch this with a 10ft pole. The year is half over, no time to use the points for a summer vacation, there would be more fees to save the 2019 points to use next year.

    If the issue is money I would just list it in the Bargain deals for free, buyer to cover all costs and delinquent fees because that is about all it's worth in my opinion. Its going to take some effort on your part to get rid of it.

    It doesn't sound like you have the money or inclination to learn how to use it or rent it.

    Sent from my SM-G970U using Tapatalk
     
  6. bizaro86

    bizaro86 TUG Member

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    I agree with this. If you don't have the time or money to learn how to rent it, I doubt you have the time to learn how to sell it effectively. It likely isn't worth enough for you to get anything if you list it with a broker.
     

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