A non-profit trying to sell (get rid of) a timeshare

[saz25]

Hi,
I volunteer for a small non-profit. We accepted a donation (a few years ago, before I was there) of a timeshare week. Apparently, not a lot of research was performed by the non-profit's Board. They accepted the donation feeling, at the time (maybe 3 years ago) that it would be a good opportunity.

Now we are trying to sell it for whatever we can get. The maintenance fee is over $900 and is a big liability to us which we can't afford.

Does anyone have suggestions as to how to sell this for wherever (if anything) we can get?

Many on the Board would love to "walk away" and not pay the maintenance fee. Its clear that we made a mistake in accepting this. If we could give it back, we would.

What can we do?
Thanks in advance for your suggestions?
"Helpless Board member"

 

[Craigvince]

You need more info

First, you'll need to know if the timeshare was ever properly transferred to the non-profit. You should have a deed.
Next, verify what the annual maintenance fees and taxes are, and if they've been paid for 2012 yet.
You should already know which resort it is, and if it is a fixed or floating week.

Post that information here on TUG, in the "Bargain Deals" forum, and also pay the $15 to become a member and post it for sale in the "Marketplace". List the price as $1.00.

If you aren't able to sell it here on TUG, you might try selling it on Ebay. I have bought timeshares here and Ebay, and there are thousands of them for sale (or free), and people do pick them up. You might need to offer to pay the transfer fees and closing costs, as an incentive to the buyer.

Good luck

 

[saz25]

Hi,
Thanks for the quick reply. I am in the process of understanding all the details as to what we own exactly. I am assuming it was transferred properly, but I will find out once I read all the paperwork.

What are the risks of "walking away"?

As a non-profit, we really have more important things to spend our time (and money) on.

What have people's experience been regarding walking away?
Thanks,
Steve

 

[theo]

My $0.02 worth...

What are the risks of "walking away"?

My personal opinion is that "walking away" is an irresponsible and inconsiderate choice, regardless of the fact that you are a non-profit. Other owners then have to "pick up the slack" for unpaid, delinquent fees.

The more objectively stated fact and observation is that "walking away" will ultimately result in foreclosure, after some unwelcome investment of time and expense undertaken by the resort to effect same.

Once you ascertain the current ownership / deed status, if you find that a deed is, in fact, currently recorded in your non-profit's name, you could (and you definitely should) contact the resort HOA directly (preferably in writing --- not by phone calls) and explain the situation and circumstances. Overtly ask them to accept your "deed in lieu of foreclosure". Under your particular circumstances, they might just accept, saving them the time and expense of foreclosure proceedings and saving your non-profit the indignity of a clearly irresponsible alternative course of action.