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Exit Strategy

Discussion in 'Buying, Selling & Renting Timeshares' started by OldGuy, Apr 25, 2019.

  1. OldGuy

    OldGuy Guest

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    Back in the day, advice and discussions about buying and selling resale were commonplace; there was what one would consider a healthy resale market, albeit at a fraction of the prices developers were selling "new" for. Of the dozen-or-so weeks we've owned, only the first one was a "retail" purchase, and the first three or four that we got rid of we sold in the resale market.

    But, at some point that changed, the discussions became about the glut on the resale market, and you more likely would have to give them away, like to charity. Can anyone remember when that happened . . . was it during the recession, say 2009, or had the resale market collapsed before then?
    - - - - - -

    I was just thinking that the gap between those still saying "Just sell it", and those thinking the industry had best deal with this issue, is not that great. There was a time not all that long ago that I, and others here, would have thought of the idea of paying someone to get rid of your timeshare would be ridiculous. I've resisted that notion during the 11 years I have been downsizing our holdings.

    Yet, today, by signing that QCD, I am a grudgingly acknowledging reality. I have compromised, and moved from my position, just to have the last one over with.

    The compromise I can see happening is "Try to sell or give away your timeshare. If you find you can't, or don't feel you are competent in that regard, we will take it back, and we will charge you (whatever)."

    Just saying that would be a fair policy is a compromise for me.
     
  2. OldGuy

    OldGuy Guest

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    If an owner said, "I paid all of that $25,000 at the beginning. I've been giving you $1000 m/l every year since. You've given me a week's vacation every year. We're even. You keep the $25,000. I'll give you another $1000, and let's call it quits."

    That person has met all their financial obligations, and then some.

    Why are people opposed to their resort offering a deedback like that?
     
  3. OldGuy

    OldGuy Guest

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  4. Eric B

    Eric B TUG Member

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  5. bogey21

    bogey21 TUG Member

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    I think it is more that Owners are disappointed that Resorts/Managers/Developers, etc aren't doing more to support the value of their Weeks/Points. Maybe there is nothing they can do and it is just a losing game but I would like to see them try harder...

    George
     
  6. OldGuy

    OldGuy Guest

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    So, since this is the premier place people come for advice on purchasing timeshares, mine would be to ask how they handle it when you are done using it. Whether that's 5 years from now, or almost 30 years like us, that time will come, one way or another.

    If they don't have a method, don't buy.
     
  7. sue1947

    sue1947 TUG Member

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    It's not "their" responsibility to figure out how to handle you getting out of a contract that you signed and you used. It is YOUR responsibility. If YOU don't have a plan, then don't buy it. If you buy an off season week that is cheaper because nobody else wants it, don't come crying to the other owners when you can't find anybody to buy it. Your money, your decision, your responsibility. If the resort has a list of weeks for sale and helps facilitate, or will take back a week to rent out; great. However, when you sign a contract, it is your responsibility to understand it and deal with the consequences even if life intervenes.

    Sue
     
    PigsDad likes this.
  8. OldGuy

    OldGuy Guest

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    The thing that folks who only blame the owner/victim seem to miss is that the Exit Strategy the industry counted on was resale. They never thought it would ever be a problem, so didn't put effort into it. Heck, based on what we were told, we would be making a big pile of money any time we wanted to sell.

    When resale collapsed, it became a problem, not just for the owner/victim, but for the entire industry.

    The owner/victim does not have the power to resolve that problem unilaterally (the other side of the equation controls that), which is why now there are so many advocates of the industry dealing with it.

    There are not many purchases where the consumer is willing to give up everything they've put into something, thousands of dollars, plus a little more, just to not have it any more.

    It is probably the biggest issue turning public opinion even further away from the industry.
     
    Iggyearl and eschjw like this.
  9. OldGuy

    OldGuy Guest

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    Ah, actual real-life examples.

    I see our resort charged our card for the 2020 fee, and the transfer fee, so I took care of six of them, and the last one by deedback.

    only took about ten years

    I mean, after all, it was my obligation to get out of it.

    ;)
     
    Last edited: May 27, 2019
  10. chapjim

    chapjim TUG Member

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    Great!! Can we finally close out this thread??
     
    Eric B likes this.
  11. Eric B

    Eric B TUG Member

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    Looking for an exit strategy from the thread? I can help for an advance fee....
     
    JohnPaul and T-Dot-Traveller like this.
  12. OldGuy

    OldGuy Guest

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    Sorta like when you hear a car crash, huh?

    You know you don't want to go see it, but you do anyway.
     
  13. OldGuy

    OldGuy Guest

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    Regardless of the reason, whether it's because of changing lifestyles, or aging, or divorce, or death of a spouse, or ailment/illness, or dissatisfaction/not what was represented, or children grown up, or it wasn't for them, or the ever-popular deadbeat wanting to avoid their financial obligations, or whatever, the high number or owners wanting to get out of their timeshares, and not being able to, was/is not good for the industry, and spawned a whole new batch of unethical businesses.
     
  14. PigsDad

    PigsDad TUG Member

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    I think you should change your user name to "Captain Obvious". :D:D:D
     
  15. OldGuy

    OldGuy Guest

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    Yes, I posted a Captain Obvious post because it seemed like some here did not consider the high number of timeshare owners who want to get rid of them, and can't, to be a problem.

    The whole new batch of unethical businesses would be problem enough if it was the only problem.

    Of course, you could be Captain Obvious for pointing out what is obvious.

    :cool:
     
  16. PigsDad

    PigsDad TUG Member

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    I stand corrected. I think "OldGuy" is a good user name for you. A lot of old guys repeat themselves over, and over and over again! ;)
     
  17. OldGuy

    OldGuy Guest

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    In the effort to win over public opinion, this is not a good front-page headline for the industry:

    BBB: Springfield timeshare exit companies bilked 350 customers of $2.2 million

    https://www.news-leader.com/story/n...350-customers-2-2-million-branson/1340883001/

    BBB researchers said they examined documents tied to 400 consumers with complaints. They conducted more than 70 in-depth interviews with consumers, and they presented a report with five case studies detailing the types of business practices coming from an industry known for high-pressure sales tactics and “frustrated and desperate” consumers.

    At a Thursday morning press conference at BBB's Springfield office, Willard area resident Janice Mitchell recounted a three-year ordeal with Relief Solutions International, a timeshare exit company with listed addresses in Branson and Springfield.

    Mitchell said she and her husband, Gary, paid the company $6,000. She said the couple made the decision because they have disability conditions and were less able to travel than in previous years; meanwhile, her husband is often busy with their cattle operation.

    But they're still not free from their timeshare, which Mitchell said her family bought from a company called Festiva.

    "We just want out," Mitchell said. "We just want our lives back. They've done nothing for us in three years, and that's why we are pairing with the Better Business Bureau, to help someone else."

     
    Last edited: Jun 7, 2019
  18. OldGuy

    OldGuy Guest

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    See . . . you're Captain Obvious!

    :cool:
     
  19. OldGuy

    OldGuy Guest

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    https://www.usatoday.com/story/trav...-troubles-extricate-unwanted-unit/2375107002/

    No one wants you to be unhappy with your timeshare, especially the timeshare industry. "We want to ensure that timeshare owners have the option to exit their timeshare in a safe and transparent way," says Peter Roth, a spokesman for the American Resort Development Association (ARDA), a trade group that represents timeshare developers.
     
  20. Jchayes

    Jchayes TUG Member

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    I have been lurking in this thread for some time now hoping to see a light at the end of the tunnel. I purchased a "bargain" week over 20 years ago at a beach front resort in Virginia Beach. Need less to say we were ignorant as to how timeshares really worked, but managed to trade away the December holiday week through RCI for a number of years. However as you all are well aware that "weeks" inventory shrunk and RCI fees expanded - greatly! I contacted the resort explaining that distance (we live in ATL now) and age (mid-60's) have led us to a time when we just want out. No help there. "Sell yourself or give it away." For some reason they were not interested in my giving it away to them. No maintenance fees coming in evidently. Perhaps it is the fact that there is an entire sheet of units available for free that they send out every year for the owners?

    In any case, we have dutifully paid our fees every year (now about $400) but are seriously considering just going delinquent. However, I have no sense of the impact that would have on our excellent credit score.
    Our kids are not interested - we understand why - they all live in the south too. Any suggestions would be most appreciated! Thanks for listening!

    Older and wiser...just took a while!
     
  21. OldGuy

    OldGuy Guest

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    Ah, one of the little people. Welcome to the club. :cool:

    Unlike some (but not all) of the people who are happy with their timeshares and don't think, or don't want to think, that that will never end, I can tell you what I did.

    Starting in 2008, I started to divest of what was at the time 6 weeks that we, essentially, no longer had any use for. Yeah, from time to time we did, but not like our needs when we used all six weeks ourselves every year.

    I started advertising them on CL in the areas where the resorts are located. Even if someone from another area was interested in that resort, they would find the listing(s) via web searches, which they did.

    At the same time I started lobbying the resorts to take them back. I was polite and diplomatic, but persistent, like a yappy little dog that grabs your pants cuff and you wave it around in the air but it won't let go. Like I do here.

    One resort, one that I am close to physically and have a real-life relationship with, was pissy (because they already had plenty of defaulted weeks they were trying to unload themselves, and didn't want the competition), and one resort eventually started a deedback program, which we just used to get rid of our last unwanted week last month.

    I actually sold a couple weeks for real money early on, but the later ones I have given away, prepared and recorded the deeds myself. I believe the total I've gotten rid of is seven.

    At the same time, I have rented out the weeks I was trying to give away, either through craigslist, Internet forums, personal acquaintances, etc., normally for less than our maintenance fees, just to reduce our expenses. As an example of that, we own a local week for golf, pay $800 in maintenance, and I get $599 for rent. Another one we own as a year-round beach club, we pay $503 there, and generally get around $700 (and year-round beach access). Another one we paid around $400, and generally got around $200.

    So, if you work at it, which, granted, it would be nice if you did not have to, you can make things a little better than if you don't work at it.

    By the way, I have had conversations with a legitimate person on another forum who works at getting resorts to take weeks back, and who is successful at it, and his tactic is essentially the same as mine, be persistent and be persuasive.
     
    Last edited: Jun 15, 2019
  22. TheTimeTraveler

    TheTimeTraveler TUG Member

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    Timeshares are nice if they are utilized by either occupying or trading. If they aren't utilized then they become an expense and a "Don't Wanter".

    If you want to unload your timeshare quickly I would suggest to try two options; First, post it here in the bargain section and give it away. Second, post it on eBay for $1 and sell it to the highest bidder regardless of the actual bid price.

    Finding a taker may or may not be a problem; handling the paperwork and legal transfer can be an issue in it of itself if you don't know what you're doing.

    With that said, once you find a buyer, I would recommend using LTTransfers and they will handle everything else for you and get it out of your name. I'll leave you their website below:



    www.LTTransfers.com



    Best of luck with your sale and keep us posted as to how you eventually make out......






    .
     
  23. bogey21

    bogey21 TUG Member

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    Agree... Of the 6 weeks I exited 4 or 5 years ago 3 were Deedbacks. None were accomplished by writing and asking and none were accomplished with the first phone call. And I found the more different people I talked to the better my chance of being successful...

    George
     
  24. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    I realize how fortunate I was to actually get a little money for my two weeks in lake of the ozarks. There was a lot of value for people that knew the resort, but not for people not from the Midwest.
    What really bothered me is the resort hired someone to handle resales, but only their resales and the ten fixed weeks in high demand. The manager was really upset when she found out I had sold my weeks to someone who owned and was looking for additional time.
     
  25. OldGuy

    OldGuy Guest

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    I already said that the same thing happened to me/us at one of the resorts I had been lobbying to assist owners who wanted to get rid of their weeks. They let it slip that they had hired a resale company, and when I asked to put the two weeks we wanted to get rid of with that company, it was like, oh, you weren't supposed to know about that . . . they only do our resales (weeks they had taken back by legal recourse).

    They said, "You can do whatever you want with your weeks . . . we don't care." So, I did. Maybe the new owners are paying fees and maybe they aren't.
     

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