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Exit Strategy

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

  1. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    Yes, this person did other things at resort and obviously salary was from our
    maintenance fees. Luckily I got a whole five hundred dollars for our two weeks, sold to a lawyer on a Sunday, he typed up deeds on Monday, went to a bank to get our signatures notarized and got the check on Tuesday. I actually would have been okay with nothing, but the check went through.
     
  2. OldGuy

    OldGuy Guest

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    Perhaps some of the problem at these independent legacy resorts is that the Board positions are just figureheads who meet once or twice a year, rather than people who are actively involved in making the resort operate successfully. I would be surprised if the guy that makes things happen at our resort that is run well is paid, but maybe he is.

    As an owner, if I did what he does, even though he does quite a lot, I would do it gratuitously.
     
  3. OldGuy

    OldGuy Guest

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  4. OldGuy

    OldGuy Guest

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    https://tugbbs.com/forums/index.php?threads/vistana-westin-sheraton-deedback-program.291395/

    It's interesting in that thread that in all the suspicion about whether a deedback program does or does not exist, there is not one, seasoned timeshare owner in the discussion who even remotely suggested that offering a deedback program would be a bad idea.

    In fact, the concern in that discussion is over a claim of offering a deedback program which may not exist, the opinions appearing to be that it should exist if they claim it exists.

    Drip by drip, deedback seems to be an inevitable exit strategy.
     
  5. OldGuy

    OldGuy Guest

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  6. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    Location:
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    Resorts Owned:
    Wyndham, EY 434k pts
    Williamsburg Plant, EY 4L/4
    DRI South Bend, EY 1/1

    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    TS in my name only, not wife’s or child’s. My TS will die with me. That’s my exit strategy.


    Sent from my iPhone using Tapatalk
     
    Gypsy65 and RX8 like this.
  7. OldGuy

    OldGuy Guest

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    Even that will involve some minor complications and legal expense for your resort.

    It seems like a person could TOD it back to them, and have that done automatically.
     
  8. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    Wyndham, EY 434k pts
    Williamsburg Plant, EY 4L/4
    DRI South Bend, EY 1/1

    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    Thanks for your advice and letting me know. I will do that years or decades later.


    Sent from my iPhone using Tapatalk
     
  9. OldGuy

    OldGuy Guest

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    Probably shouldn't be elevated to the level of advice.

    It's just something I thought of to avoid probate.
     
  10. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    Wyndham, EY 434k pts
    Williamsburg Plant, EY 4L/4
    DRI South Bend, EY 1/1

    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    I’m still going to try. I’m going to say to the TS or resort, “Take this TS back, or watch probate kick it back to you. Your choice.”
     
  11. OldGuy

    OldGuy Guest

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    It would be nice to be able to TOD it before D.

    :D
     
  12. OldGuy

    OldGuy Guest

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    Some states are considering legislation to deal with the collapse of the resale market, and the inability for new owners to make judgments about their purchases before actually using them:

    AZ:

    Amanda Rusing who lobbies for the Attorney General’s Office said her agency crafted the measure to deal with specific complaints by timeshare buyers and owners. She said it starts with providing more than just seven days for buyers to consider what they’ve done.

    “People aren’t even home from their vacations and sobered up by the time they’re completely locked in to these contracts,” Rusing said. “What we wanted to do is give people a more meaningful opportunity to think about that contract that they signed.”

    She also said it’s important for people to be able to get out of a contract once they’ve actually had the opportunity to use the unit that they’ve bought for one week a year.

    “By the time they use it, they’re stuck in that contract,” Rusing said. . . .

    Rep. Amish Shah, D-Phoenix, said he was concerned that the only option for someone to get out appears to be bankruptcy or death. He told Isaacson there needs to be some kind of option for an exit strategy for those no longer interested.

    “They thought they were buying the opportunity to use a beach-front villa,” she explained. “And what they end up with is a condo where, if you hang your head out the window on a sunny day, you can kind of see the ocean.”

    And as far as getting out, Rusing said good luck.

    She said people are so desperate that they advertise their time share for as little as a penny, only to find no one who wants to assume the future liability. And that, in turn, has created what she said, are some scam artists who claim to be able to free people from their timeshares, often for an up-front fee.
    - - - - - -
    A new state law signed by Gov. Doug Ducey Wednesday requires timeshare companies to give consumers more information about costs and more time to cancel a contract. The law is expected to go into effect by the end of the year.

    It's also a win of sorts for the timeshare industry that opposed the bill and succeeded in convincing Sen. Michelle Ugenti-Rita, R-Scottsdale, and other lawmakers to strip some of the original provisions.

    The provisions stripped from the original bill included providing consumers an estimate of total costs up to 30 years; allowing a 24-hour "cooling-off period" for consumers to consider a timeshare offer; and allowing timeshare owners to cancel without penalty during the first year or after 10 years if the timeshare was paid off.
     
    Last edited: Jul 6, 2019
  13. OldGuy

    OldGuy Guest

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    I posted this, of course, because it is uncannily similar to my recent whimsical/farcical suggestion here, which was met with the utmost of contempt.

    :D

    Yet, so serious is the situation that if it had not been for the strong lobbying of ARDA and other industry advocates, it would be the law of the land of Arizona. If the industry does not address the exit problem, legislatures will.
     
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  14. OldGuy

    OldGuy Guest

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    JFTR, I am not anti-timeshare, and I understand how annoying it is to have someone say something negative about something you love.

    But, I feel it is important to understand, be aware of, those negative aspects of something you love and how they can eventually affect, or even destroy, it, so that you can take appropriate action to prevent that if you can.

    I'm just asking to take off the rose-colored glasses and try to see things the way the majority of people see it.

    First, more than 90% of American households do not own timeshares, so most don't give a rip to begin with. Said another way, they are not pro-timeshare, and are likely to side with owners who are being forced to do something they no longer want to do. All those negative articles of trapped timeshare owners being harassed and litigated against do not portray the industry positively.

    Next, of the approximately 10 million American households that do own timeshares, by the industry's own figures, 1.5 million+ are dissatisfied. Non-industry sources place that figure much higher. They are being forced to pay for something against their will, making their lives anywhere from miserable to horrible, the best explanation being that it is better to do that than to let them go because that would be unfair to those who like their timeshares.

    It is already costing those who like their timeshares some amount of money to force those who don't to continue paying, with less the 100% effectiveness (20% default rate in some systems), so doing so is already unfair to those who like their timeshares.

    I just sense that that is not a healthy situation for the industry, and if it is allowed to continue, and to further fester, it is likely to hit critical mass at some point if the industry does not resolve the problem.

    As a multiple timeshare owner for 30 years, I would prefer to see a pro-active response to this issue, to preserve what me and mine enjoy.
     
  15. CPNY

    CPNY TUG Member

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    I agree with those statistics. I also feel those who own in less desirable resorts with many restrictions on how you can use your ownership are dissatisfied. I go back and forth on my ownerships, when I’m able to use them I love them, when my travel plans are changed from year to year is when I tend to feel burdened by making sure I can rent them to recap maint fees. Owning in a desirable system helps. It also seems that some systems are implementing deedback programs. Such as MVC. Having a ROFR can also help, if to really want out, price it low and the company may take it back if you have a buyer, if they don’t, you still have a buyer.
     
  16. OldGuy

    OldGuy Guest

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    I don't mind doing the grunt work, so have been renting out unused weeks for more than ten years . . . going to check-in a family from TUG this afternoon.

    & I have really not minded the challenge of giving away several weeks over the last ten years . . . advertising, replying, sorting, preparing and recording deeds . . . .

    Nor have I really minded lobbying our resorts to be pro-active in reducing dissatisfied owners, and saving money thereby.

    But, most people would not be willing to do that.
     
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  17. OldGuy

    OldGuy Guest

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    An irony is how many of the "more desirable" resorts and systems no longer exist, or have been so manipulated, merged and mangled that they no longer are what people bought into. So, you never know what will be the future's problem resorts and systems.
     
  18. CPNY

    CPNY TUG Member

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    That is exactly right. Us owners over at Vistana are staring to feel that. I personally bought into Vistana to be away from MVC, a las, here we are.......

    Owning in mandatory phases in Orlando, who knows what my future holds.
     
  19. TheTimeTraveler

    TheTimeTraveler TUG Member

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    I predict you will see far more flexibility in your ownership. The question remains "at what cost" ?




    .
     
  20. OldGuy

    OldGuy Guest

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    In fear of being accused of badgering, y'all have brought up something that I have not previously considered, being forced to continue contributing to something you never agreed to.

    You can add that to the litany of natural-occurring personal reasons people would want to exit. I guess one of our two remaining resorts fits into that category since it's mini-system no longer exists.
     
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  21. CPNY

    CPNY TUG Member

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    I hope so! I feel owning my mandatory deeds in Vistana are pretty reasonably sought after, as long as it stays that way, I’ll always have an exit strategy even if I offer them for free. There are so many free timeshares out there but getting into one of them comes with many restrictions. Flexibility is key!
     
  22. OldGuy

    OldGuy Guest

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    Here is a recent review of our first resort:

    Stayed here for two nights on a business trip, I decided to take my wife with me for a quick get away. First off this place is in the ghetto and to be quite honest after 11 years as a Public Housing Police Officer I was uneasy. When we pulled in which was late due to a flight delay there was a state Trooper talking to the armed Security Officer. Unknown to me the staff leaves at 10, the Security Officer who was a great guy went to the office and retrieved our room key for us. The room was clean at first glance but when we pulled the sheets down they were beyond filthy. We actually went out to a Walmart and bought sheets and a blanket because there was no way we were sleeping on those sheets. On the morning of check out I went to bring the luggage to the car ( about 7am ) there was a line of blood on the ground that went past our room and to the parking lot, so someone either got stabbed or had their nose broken and stumbled to the parking lot. Needless to say my wife was horrified and I can confidently say we will not be returning.

    Our last time there, we heard gunfire from the apartment complex next door.

    Are we going to go as far as saying that we should be obligated to be locked into supporting that financially?
     
  23. OldGuy

    OldGuy Guest

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    As I've said, I have done the grunt work and given away several for free, but it was not without a twinge of guilt, even the one just described, and that was many years years ago, prior to the present-day exit debacle.
     
  24. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    Where is this place?
     
  25. OldGuy

    OldGuy Guest

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    Yeah, I know, you probably want to buy a couple of weeks there. Just remember, there gunfire season and there is knifing season.

    Of course, because of the Witness Protection Program, I'm reluctant to reveal too much, but you could find it using the clues I've provided and some basic Internet skills.

    Ok, OK, one more clue . . . it is an ugly stepsister resort that Wastegate keeps hidden in the attic. I believe when someone posts a negative review, and there are many more of them, Wastegate posts, "Yeah, we know."

    (My apologies to ugly stepsisters)
     

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