Abandoning Overseas (Australia) Week?

[jcrist]

I have a week at Sandy Point Resort in Australia. I'm unemployed and unable to pay the dues and really have no use for the week any more. I purchased via Royale Timeshare if I remember right. They charge $1500 to sell it for me (it's added to the sales price). Owe $765 in dues, so to break even I need to sell it for is $2265 USD. I'm not sure what it is worth or if there is a better way to sell it. Maybe Redweek.com and have an Escrow/Title company in AU handle the transaction?

 

[DeniseM]

In this economy, it probably has no resale value, but before you subject yourself to collection calls, a hit to your credit, and foreclosure, why don't you make an earnest effort to give it away to someone on TUG who would like to own it?

Why?
-You can give it away yourself for nearly no cost.
-You can control the transfer process to make sure it is truly transferred out of your name.
-You won't have to deal with companies that may or may not be Legit.
-You can transfer it to a private individual who will be happy to have it for their own use.
-You will have the satisfaction of knowing that you ended your ownership legally and ethically.

There are two places on TUG where you can give away your TS's for free (no charge for the Ads.) There are other cheap and free sites on the internet, as well.

TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

Bargain Deals - Totally FREE! - just write a simple post with all the pertinent info. In your post, include the following info.:

-resort name
-unit size
-season owned
-maintenance fee
-current reservations​

To make it more attractive I would:

1) Pay the 2012 maintenance fees and don't ask for reimbursement.

2) Pay for the title transfer (you can get a simple title transfer with no escrow or title search for about $100.) Many people have used Tugger TTT (Alan) at Time Travel Traders for this service in the past, but he is retired and is referring most business to Lisa Short for this service - 1.706.969.8906 readylegal@gmail.com Lisa has been receiving good reviews on TUG.

3) Reserve a popular holiday week in 2012 for the new owner

4) Instead of paying a fee to a rescue company - consider offering a cash incentive to the new owner.​

Good luck!

 

[jcrist]

With the dues more than 6 months overdue, I've received one letter and no collections calls. It would seem to me somewhat difficult for an Australian Company to litigate or collect on a debt from a Citizen with no assets, accounts or residences in their country? But I'm no lawyer nor do I have any previous experience owning an AU timeshare and being in this situation?

Last time I emailed Royal Timeshare last year, they seem to think it had significant resale value. Of course that remains to be seen until I actually list it. The economy in Australia is better than the U.S. with their mining boom.

It would seem foolish to give it away before actually trying to sell it?

I'm hoping to find someone with similar personal experience involving Classic Holidays.

 

[EileenL]

Paying them to sell it is a red flag - if you pay money upfront - they have no incentive to sell it

 

[Joe M.]

Check with your resort

Communicate with your resort regarding your situation. They may be able to find a buyer for you.

I was in a similar situation with my Port Pacific resort in Australia. I asked the resort if they would simply take the week back. They declined the offer but did say they had a registry of weeks for sale and could list my week there to find a buyer.

I was told by the resort employee that similar weeks were listed at about $1500 on their registry. Since I just wanted out I requested that my week be listed for $0 with the stipulation that the buyer pay the various transfer fees. Within a week the resort informed me that there was an interested party and the transfer process had started. A few weeks later it closed. The resort handled the entire transaction. All I ever had to do was send the signed sale request to resort and then an acceptance document to complete the sale.

FWIW, I also owned some South African weeks which I wanted to give away. When I offered those back to the resort, telling them they could sell them and keep any proceeds, they accepted.

 

[Karen G]

They charge $1500 to sell it for me (it's added to the sales price). Owe $765 in dues, so to break even I need to sell it for is $2265 USD.

If you stipulate that their commission be taken out from the proceeds of the sale upon closing, then that would be a normal real estate transaction. If they require that you pay them that amount upfront just to list the timeshare, that would NOT be a legitimate transaction. It most likely would be a scam. See what they say when you state that they'll get paid upon closing from the sales proceeds and then go from there if you think it can be sold in Australia.

 

[Elan]

If you stipulate that their commission be taken out from the proceeds of the sale upon closing, then that would be a normal real estate transaction. If they require that you pay them that amount upfront just to list the timeshare, that would NOT be a legitimate transaction. It most likely would be a scam. See what they say when you state that they'll get paid upon closing from the sales proceeds and then go from there if you think it can be sold in Australia.

Royale adds their commission to your asking price and lists it for the sum of the two figures.

 

[jcrist]

Royale adds their commission to your asking price and lists it for the sum of the two figures.

Yes. Jim is correct and sorry if my post inferred otherwise. Essentially, the bottom line is they charge $1500 as that essentially comes out of the proceeds of the sale. They say they "add it to the sales price" which I suppose sounds more palpable to people but that is just a play on words in a way as it is really up to the buyer how much they want to sell it for, then you just subtract the $1500 to figure out what you will net.

It's like when you go buy a car and you have to trade a car in. You should always figure out target DIFFERENTIAL between the trade-in price an the new car price. If you think your trade is worth $5K and the most you will pay for the new car is $25K, then your differential is $20K. When I go to negotiate the trade and new car price with the salesman I say, you can charge me whatever you want as long as the differential is no more than $20K. So you can either give me $1 on my trade and I'l pay $20,001 on the new car, or you can by my trade for a $100K and I'll pay $120K for the new car.

If I my target price on the timeshare is to get $1000 out of the time share sale, then I tell Royal my target price is $2500.

I suspect my post was misunderstood initially due to many timeshares owners out there who have gotten burned. There are a lot of desperate people/companies trying to pray on naive people desperate to sell their timeshare. The total giveaway is when they want a significant up-front sales fee, or, say they have a buyer lined up, but they won't tell you the buyer's names which you should be able to find out by virtue of signing a Purchase and Sale Agreement with the buyer. Many companies try to take advantage of people with deeded timeshares that many not consider them like normal properties, when from a Real Estate transaction stand-point, they are the same so the whole process is the same, PSA, Escrow, Title Insurance, etc etc as buying a house for the most part.

Of course the other giveaway is when they say the buyer is willing to pay 3 times as much as you think it is worth. But that is more geared towards people that paid high prices from the Developer rather than bought re-sale.

 

[CarolF]

I have a week at Sandy Point Resort in Australia. I'm unemployed and unable to pay the dues and really have no use for the week any more. I purchased via Royale Timeshare if I remember right. They charge $1500 to sell it for me (it's added to the sales price). Owe $765 in dues, so to break even I need to sell it for is $2265 USD. I'm not sure what it is worth or if there is a better way to sell it. Maybe Redweek.com and have an Escrow/Title company in AU handle the transaction?

Try selling it to an Australian on eBay (Australia) would be another suggestion. Our economy is different to yours, we don't have people giving them away here. Haven't seen an Escrow/Title company, I did look for one a few years back but I don't think they exist. If your week is in our school holidays it would be easier to sell.

Here is one
http://www.ebay.com.au/itm/Timeshar...80971?pt=AU_Accommodation&hash=item3a6ee9374b

A couple of websites I found -
http://www.timeshares.com.au/timeshare-for-sale-qld.php

http://www.timeshare-resales-australia.com/qld.php#Sandy

 

[Carolinian]

I sold my Australian week some years ago when the Oz dollar started appreciating against the greenback, and found a buyer through www.myresortnetwork.com , and sold it for nearly what I had paid for it.

I would concur, however, that the Australian version of eBay is a good bet. If you just want to be rid of it, put the starting bid at $1.

You might also try www.bidshares.com auction in the US, which is a free auction. Again, start the bid at $1.

If your resort is organized as a shareblock, as mine was, the resort can help you through the transfer process, which is not too complicated. If it is deeded, you will need professional help more likely, and the resort can probably point you to someone who can do that. Check with the resort on how to do this. For a small purchase price, you do not need escrow.