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We gave away our last owned timeshare

Discussion in 'Buying, Selling & Renting Timeshares' started by Teresa, Aug 29, 2018.

  1. Teresa

    Teresa TUG Member

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    Background: At one point we had 13 timeshares. All in Florida (bulk of them in Daytona). We owned a whole ownership condo on the beach in Daytona and I used the Daytona timeshares as back-up inventory. We sold the condo in 2017 so my 'marketing' was gone. I had started giving away timeshares earlier. I had offered them on this website. I offered them to friends and family. Sometimes I offered them directly to the resorts and I even offered them to other owners at the resorts. I offered them to the people who had rented them from us (one guy rented the same resort every year - 2-3 units at a time). I started out trying to get just a few bucks for them. I ended up paying the transfer taxes on nearly all of them as I wanted to make sure they transferred. One I did sell - for $2,000. And that was sort of a fluke (see below).

    The bulk of them I gave away on Craigslist. Most of the ads got tagged (I don't know who tagged them but some 'disappeared' from Craigslist in a few hours). Often, people called because they thought I was giving away a free vacation rather than giving away the deeds (maybe that's why they got tagged). I was very upfront and told them in the ads that these were timeshare deeds and if they didn't know anything (or enough) about timeshares they should do some research or ask me how they work. I told them that 'this timeshare' (whichever one it was) was either fixed or floating and what the mfs were last year. And still some thought I was giving away a week vacation. Because I wanted people to know what they were 'getting into' I sorta 'interviewed' them to make sure they understood. If they said they wanted 'it' (or 'them' in three cases) I would get a deed (deeds) signed, send to the county for recording then send to new owner after I got it/them back. In one instance I had to pay the resort to transfer ownership (what a scam).

    One I had given to a family with a disabled son who loved the place. They owned the same fixed week at the resort I had and wanted a second unit there to give them more room. A feel good moment for sure.

    Apple Valley in Ohio went belly up and they took the deed back (they prepared, had us pay the transfer fees - about $16).

    The fluke timeshare was at Ocean Beach Club in New Smyrna Beach (this was my favorite). I had already created the deed for someone who 'really wanted it' from a Craigslist ad a few years ago. She then accused me of scamming her after a friend of hers did research and saw that I had transferred a lot of timeshares in and out (when I bought them, when I gave them away). I asked her how I was scamming her since I wasn't asking her for any money. She got flustered. I told her that I wasn't going to force the timeshare on her - it was her loss. Done. I offered it to the management at Ocean Beach Club for free too. Nope. Last January I got an email from the Board stating they had taken the resort management back from Exploria (I think) and the mf bills would be late AND if I wanted to list our unit for rent or sale I could do it for free on the website. So I put it up for $2K thinking someone would offer me something lower and I'd take it (since I was previously willing to give it away). I got a full price offer about 6 weeks into the ad (and I thought that was a scam - ha ha ha - joke was on me). They (that company trying to get control of older, small resorts) sent a check with a prepared deed. We cashed the check then sent the signed deed back.

    Current story: These last two timeshares were little studios at Ocean Landings (Cocoa Beach). I got a call from the guy I gave our Seagull unit (Cocoa Beach) to. They had just used the week at Seagull (they had used it last year too) and had a great time and wanted to know if I had any more to give away. Just the Ocean Landings units. Told him to call the resort to find out whatever he wanted. He sent me an email and said he wanted both. We signed a new deed, sent it to him and he got it recorded (he lives in Cocoa). He said he looked forward to many happy vacations with his family.

    Moral of the story? I guess that offering them on craigslist was the way for me to go. I was pretty low-key when I was talking to people about them - 'take 'em or not - do what's best for you.' Fortunately, they were all red weeks. I find it 'satisfying' to have someone who I had given a timeshare to (a 'stranger from Craigslist) ask for more - and that he either kept my contact information or had to look for it. Timeshares can be a marvelous tool for families to go (be forced to go, in some cases) on vacation. We used them (both as rentals and as vacations for us). They became a drag financially and we didn't use them as much as we had - so it was time for them to go. I don't regret having them (some regret for holding onto so many for so long maybe). I don't regret passing them on (sold or given). I will NOT miss the mf bills - at all! I will probably look at these boards just to see what's going on (as I have in the past). And I'll see if there is a bargain rental I can pick up now and then. And, as a side note - my 29 year old daughter bought a timeshare last year - retail (Ugh). And life goes on.
     
  2. Panina

    Panina TUG Review Crew: Expert TUG Member

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    Congratulations on meeting your goal and finding new homes for your timeshares. I have only gifted mine on the bargain section and in the tug marketplace, most were initiated thru the marketplace. I understand the satisfying feeling when you know your timeshare has found a new home and goes to a nice individual or family.
     
    silentg, TUGBrian, GrayFal and 3 others like this.
  3. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    That's great!

    But-you didn't even want to keep one or two?
     
  4. Teresa

    Teresa TUG Member

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    Well - I sorta dragged my feet on the Ocean Beach Club as it was my favorite. We don't vacation as much as we used to as the kids are grown so they are shorter trips and more spontaneous. And .... if I want to be spontaneous I'm guessing there may be a timeshare rental posted on these boards that may fit the bill. The 'biggest' thing is that we're not obligated to pay annual mfs but can spend that money on trips we snag on this website or something else. I just tried to 'give away' a week in a single family house in Venice, FL to 'anybody I know - or their friends they can vouch for' for Labor Day week (end?) or close (the next week perhaps) with 3 bedrooms, 2 baths and an inground pool with a cage over it and everyone is too busy. Granted, I didn't offer until early August. I just wanted to have someone check it and send me pictures as it will be vacated by a renter soon (today actually) as he got a job out of state. I'm sure he will leave it 'fine' but, you know ......
     
  5. bogey21

    bogey21 TUG Member

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    Congratulations. It proves that with a little effort (maybe a touch more than a little) it can be done...

    George
     
  6. AwayWeGo

    AwayWeGo TUG Review Crew: Expert TUG Member

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    [triennial - points]
    We pretty much gave up on using Craig's List for timeshares -- rentals, sales, giveaways mox nix. Our notices all got flagged & removed, sometimes within minutes -- quicker than we could put'm back on. We just assumed timeshare sellers & commercial brokers were behind it. We caught on quick that we would have not success via Craig's List because of that, so we went to other places (TUG, eBay, Kijiji, etc.).

    Fortunately, Craig's List is still great for flipping French horns, etc.

    -- Alan Cole, McLean (Fairfax County), Virginia, USA.​
     
    silentg, TUGBrian, GrayFal and 2 others like this.
  7. TUGBrian

    TUGBrian Administrator

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    just out of curiosity, did you post it to your local city craigslist? or the one where the TS was located? (or both)
     
    AwayWeGo and mpumilia like this.
  8. Egret1986

    Egret1986 TUG Review Crew: Expert TUG Member

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    Great story (very similar to mine). Yes, I have used Craigslist also to give away timeshares. Most times they are folks unfamiliar with timeshares. Like you, I try to "school" them and encourage them to visit TUG before jumping in. Yes, many believe that you are giving away a "free vacation." However, it's been a successful resource for giving away timeshares.

    I expect to be where you are now by the end of next year. It's been a great run.

    Sorry about your daughter. :doh:
     
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  9. Teresa

    Teresa TUG Member

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    Posted it in the nearest city to the timeshare. I figured if people were looking for a timeshare, they'd go to the city where they were looking. I think most of the people who took them were mostly local though. I guess in less busy times they could use the resorts like a health club. Most resorts offer to let owners use the facilities even if they aren't vacationing there (especially during less busy times). I did mention this to people when I thought of it (wink).
     
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  10. GERTIE930

    GERTIE930 Guest

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    Just signed on to this website today and was happy to see your story first thing.....because we are wanting to get rid of our timeshares and know they will not bring much if anything.......would like to sell them for just a few dollars. The ownership has changed and yearly fees are now crazy high. We are no longer able to travel and our kids are not interested in "inheriting" the fees. We have been concerned about how complicated the legal process of selling them might be. We have also considered just letting them be repo'd....not really concerned about our credit rating since we are able to pay cash now for anything we need. Guess we are not really as concerned about the legal process as we are just having to try to explain and deal with the people who might want to buy them for nearly nothing.....sounds like that might have been your biggest challenge.
     
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  11. Panina

    Panina TUG Review Crew: Expert TUG Member

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    Hi, welcome to Tug. No need to let them be repo’d. List them in the bargain section here on Tug and in tug marketplace for free, use LT Transfers who are very reasonable, and you should be able to find a happy taker. I have had much success doing it this way.
     
    silentg, FrankB and TUGBrian like this.
  12. overthehill

    overthehill TUG Review Crew: ELITE TUG Lifetime Member

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    Thanks for sharing your experiences about transferring your timeshare ownerships to others at no (or minimal) out of pocket costs to you. You sound as though you thoroughly enjoyed your timeshare use and like many of us seniors, find that our children and/or grandchildren are not interested in taking on timeshare ownership due to the ongoing fees. I was not aware that Craig's List would 'tag' timeshare ads. I assume the Craig's List staff thought your ads were scams, thus their removal. We may follow your example when we decide to reduce our timeshare inventory, which may be sooner than later given how much more difficult it is becoming to get trades through RCI, II and even our own Club. It appears organizations like VRBO and Homeaway have given owners a way to rent their time, some folks becoming, as one person referred to them, 'Mega Renters'. Once such a decision has been made, giving the timeshare away rather than trying to sell it would eliminate the stress and frustration of trying to negotiate a sale price. I like your method of disposal.
     
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  13. gumimat

    gumimat Tug Review Crew: Rookie TUG Member

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    Another Craigslist question: What category did you post it under? Housing? Free? other?
    I tried to list a timeshare for sale on E-Bay a few years ago. It got rejected because I was not a licensed real estate person. I don't know if that is a New York problem or that has changed. Maybe I tried to post under real estate?
     
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  14. gogoellen

    gogoellen Guest

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    We want to take over my mothers timeshare. she is also giving one to my son! I have found the deedsz! Would you mind explaining how I go about transfering as cheaply as possible???? Thanks!
     
  15. Free2Roam

    Free2Roam TUG Member

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    For ease of transfer at very reasonable costs, contact the ladies at www.lttransfers.com.

    The only cheaper way is to do it yourself, which is possible in most cases, but not always easy. Different jurisdictions have different deed requirements... and some are very specific about deed formats. You would have to contact the county clerk's office for details.

    Or, just go with LT transfers. They will even handle sending your new deed to the resort. You just need to send LT a check for the resort fee (if the resort requires one.)
     
    Last edited: Sep 2, 2018
  16. AJZ

    AJZ Guest

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    A cautionary note about transferring a deed if your timeshare is in Canada. You must use a Canadian escrow company.

    We've had too many owners sign on with a U.S. company and pay up to quadruple what the real cost of transfer is. All a U.S. transfer agent does for a Canadian timeshare owner is contact the homeowners' association or property manager to put them in touch with a Canadian company. The CA company does all the work, which in Canada is extensive, involving multiple government tax and regulatory agencies. The paperwork, complete except for a notarized owner(s) signature(s), is then sent to the U.S. company , which forwards it to the owner to sign then returns it to the CA escrow company to complete all the rest of the process - and bills the hapless owner its U.S. transfer fee plus the CA escrow company & government fees.

    Instead, the U.S. owner of a Canadian property should directly contact the HOA or management company and get the name of the Canadian escrow agent that the HOA uses and go directly there.
     
  17. Egret1986

    Egret1986 TUG Review Crew: Expert TUG Member

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    Also, depending on the resort where the ownership is located, you may find the resort will handle it for a nominal charge.

    However, if not; I agree that LT Transfers is the way to go.
     
  18. Teresa

    Teresa TUG Member

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    Sorry - I've been busy with other things and haven't been back to TUG for awhile.

    I posted all the timeshares under 'free'. I'm gonna guess that most people who ended up contacting me hadn't been looking for a timeshare but were intrigued by 'free'. I don't think craigslist tags the ads - I think other people looking at the ads (like me) get to tag them and if enough people tag them they get removed. I think some people just like to tag if they don't understand it and feels it's 'fishy'.

    It was fortunate that enough people saw my ads before they got removed to give me enough people to work with.

    In most places, you can sell your own 'stuff' (including real estate) without having to get an agent. It's when you're posting other people's stuff that might get you in trouble (yes - even if it's mom and dad's). In Ohio (where I live) I can sell, rent or manage my own property. If I try to sell, rent or manage someone else's property and I'm not a real estate agent under a broker then it's against the law. Yep - against the law. Being a real estate agent in the state of Ohio is almost like being a lawyer - LOTS of rules and regulations. Trying to sell someone else's real estate if you're not an agent is 'practicing without a license'. I'm not sure about 'free' (if you can post someone else's timeshare for 'free') but I'm guessing that would be questionable too. At least in Ohio.
     
  19. wxguy23

    wxguy23 Guest

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    I have 3 deeds, total of 19k annual Bluegreen points I’ll give away.

    Having trouble finding closing cost amount. Quite honestly, if not too much, I’ll pay the closing cost.
    So, did you pay or did the buyer pay.
    How many backed out when they said yes?
     
  20. Teresa

    Teresa TUG Member

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    Closing costs are what it costs to transfer the deed. Usually, the county where the timeshare is deeded charges a certain dollar amount per thousand (and a minimum if less than that) as a tax (or sometimes called deed stamps). The county will also charge a 'per page fee' for recording. If there is a transfer agent (escrow agent, title agent, other) then there's that. I think Volusia County (where Daytona is) charges $10 per page of the deed and .70 for 'free' (I think it's based on 'per hundred' - so 70 cents/hundred). I also had to include a self-addressed, stamped envelope for return of the recorded deed. I typed up my own deeds (just copied what I had and did necessary substitutions in new owner and seller). There are also those pesky resort transfer fees you may have to pay. Funny - Grand Seas only had me pay one 'transfer fee' of $125 for two deeds 'since they were both going to the same buyer'. Those are just junk fees that goes into 'profit' for the resort. BUT .... that's the game (and I'm guessing that management takes that - never saw an income line for 'transfer fees' on any budgets).

    I sent the 'buyer' a copy of the original deed and a copy of the new deed (via email attachment) to have them verify correct spellings, their mailing address, etc. I asked them to send back an 'ok' or any corrections they had. This way, if they wanted to back out, this was the time to do it. If they sent an 'ok' then it was full steam ahead and I had 'proof' that they wanted it. (the email they sent back with the 'ok'). And this is why I paid closing costs and had the recorded deed sent to me - so I KNEW it was recorded into someone else's name. If you sent the 'buyer' the deed and expected them to record - if they changed their mind, they simply wouldn't record it. The last deed I gave to the guy who had accepted another timeshare I just sent him the deed and he took care of the transferring. He ASKED for this last deed so he was eager to get it.

    You'll just have to decide how much you want to dicker about closing costs with someone who will take it off your hands for 'free'. Figure a year's worth of MFs are probably more than closing costs.

    Good luck!

     
  21. Free2Roam

    Free2Roam TUG Member

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    The cost is $450 per Bluegreen vacation club contract if handled by Bluegreen's attorneys. I got the impression that using their attorneys was required, but I could be wrong. Since I was giving them away and the recipients were okay paying the fee, I didn't look into it further.
     
  22. wxguy23

    wxguy23 Guest

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    Okay. Thanks. A lot of confusion.
     
  23. Egret1986

    Egret1986 TUG Review Crew: Expert TUG Member

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    This was my experience also with a Bluegreen purchase and quick resale to someone else. On both ends, it was handled by Bluegreen and the fee was $450. My buyers paid the fee. It was also my impression that going through Bluegreen was required.
     
  24. goslowlowe

    goslowlowe Guest

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    So you found the buyer , $450. To Bluegreen and you’re out? Any other fees from anyone? Do they get your saved points , keep traveler plus etc...?
     
  25. TUGBrian

    TUGBrian Administrator

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    yes, bluegreen is regularly given away for nothing more than the $450 transfer fee.
     

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