Best Strategy To Exit Parent's Timeshare

[FLTimeShare2024]

Hello everyone - I am trying to help my parents exit their timeshare that they purchased last year and any advice here is appreciated! It's a lot of information that I'm digesting quickly but hoping to resolve this cleanly.

Here are some relevant details I found on the account (please let me know if any other details are needed)
- Loan status: Fully paid off
- 2025 maintenance fee: ~$1.6k due in early 2025
- Location: Las Palmeras in Orlando Florida
- Points: Earn about 5.4k points per year
- Bonus Points: Have about 19k in bonus points that expire in 2025
- Status/Tier: Gold (I'm not quite sure what this represents as it's not clear in the account portal)

Like I said above, they just want out at this point and want to do this cleanly with as little cost as possible considering the money that has already been spent. Looking at the website, it seems like there is some "cash value" to the bonus points I saw where the 19k could be redeemed to offset about $1.2k in maintenance fees.

Questions I need help with:
- Do I need to work with HGV first to sell / deed back to them or can I just avoid them until I need to deal with their ROFR clause?
- How long does a typical HGV sale process take? Given the bonus points, I figure a potential buyer could get some decent value out of them, but there is a deadline to this it seems given the expiry.
- Are there any recommended brokers/lawyers to help in this process and ensure that everything is done correctly? I have seen Red Timeshares and LT Transfers mentioned and wanted to confirm if these parties are reputable.
- What are the typical types costs to exit?
- Are there any other Florida specific things I should be aware of?
- Are there any other HGV specific things I should be aware of?

Thanks again for any help here and hope every one was able to enjoy their Thanksgiving!

 

[DeniseM]

Just a couple notes:

I've seen Red Timeshares and LT Transfers mentioned

I think you mean redweek.com - this a timeshare resale/rental website. They are honest, but Tuggers often comment on their slow and indifferent service.

LT Transfers is a timeshare title company, not a broker. They can do the title transfer for you after you find a buyer and help you with the paperwork like a purchase agreement. They are TUG members and are highly regarded here on TUG.

Anyone who charges you a large upfront fee to sell your timeshare is a scammer, and is going to steal your upfront fee and ride off into the sunset. You are likely to be contacted by scammers who may see this thread on TUG. Reputable timeshare brokers take their fee out of the proceeds of the sale - after the sale.

I will let Hilton owners answer your other questions.

 

[geist1223]

First question is it HGVC or HVC. Two different animals.

 

[FLTimeShare2024]

Just a couple notes:



I think you mean redweek.com - this a timeshare resale/rental website. They are honest, but Tuggers often comment on their slow and indifferent service.

LT Transfers is a timeshare title company, not a broker. They can do the title transfer for you after you find a buyer and help you with the paperwork like a purchase agreement. They are TUG members and are highly regarded here on TUG.

Anyone who charges you a large upfront fee to sell your timeshare is a scammer, and is going to steal your upfront fee and ride off into the sunset. You are likely to be contacted by scammers who may see this thread on TUG. Reputable timeshare brokers take their fee out of the proceeds of the sale - after the sale.

I will let Hilton owners answer your other questions.

Thank you for the reply!

I saw Red Timeshares on Reddit as a broker-type service that helped someone sell their timeshare and collected a fee after the successful transfer. I wanted to confirm / see if others used them before.

LT Transfers definitely seems highly respected here. Hoping to use them when I have finalize the title paperwork (if I can get that far).

Main thing is I probably need a broker of some kind since this is all pretty foreign to me but I will definitely not accept any service asking for upfront payment.

 

[FLTimeShare2024]

First question is it HGVC or HVC. Two different animals.

It is HGVC

 

[DeniseM]

I saw Red Timeshares on Reddit as a broker-type service that helped someone sell their timeshare and collected a fee after the successful transfer. I wanted to confirm / see if others used them before.

Yes, as said above, many Tuggers use Redweek for buying, selling, and renting - but their full-service package where Redweek acts as the brokers for selling a timeshare is considered slow and indifferent by many on TUG. Since you are new to selling a timeshare, you may went to use a broker, but there are other options that may provide better service.

*Clarification: I think that more Tuggers use Redweek's do-it-yourself services than their full broker service. With DIY, the owner just posts their Ads on Redweek and handles the transaction themself with a title company like LTT. But that is a lot to take on if you've never done it before. If you decide to do it yourself, using a title company like LTT can protect you against scams because they will make sure the legalities are covered and they will also recognize scams. If you decide to do it yourself, I strongly recommend that you choose the title transfer company yourself, even if the buyer wants to handle the closing, because you have no way of knowing if the buyer can provide a legal transfer or not.

 

[FLTimeShare2024]

Yes, as said above, many Tuggers use Redweek for buying, selling, and renting - but their full-service package where Redweek acts as the brokers for selling a timeshare is considered slow and indifferent by many on TUG. Since you are new to selling a timeshare, you may went to use a broker, but there are other options that may provide better service.

*Clarification: I think that more Tuggers use Redweek's do-it-yourself services than their full broker service. With DIY, the owner just posts their Ads on Redweek and handles the transaction themselves with a title company like LTT. But that is a lot to take on if you've never done it before.

Got it - thank you!

Do you have any brokers that have good recommendations? Agree that the DIY approach could open me to errors and it’s worthwhile to do it right the first time.

 

[SmithOp]

Unfortunately a gold season with that low of a point allocation is worthless, you will have to give it away, and may have to add an incentive to pay the fees. Most people are looking for 11,000 points or more as a starter unit. Check the free timeshares forum for tips on giving it away.

Orlando timeshares are a dime a dozen, so the location preference for a home resort is not favorable either. Las Palmeras is a converted hotel property, the units are not particularly spacious.

I doubt the bonus points would transfer so definitely use them right away to offset the maintenance fees due in January.

Sorry to be the bearer of bad news.

 

[FLTimeShare2024]

Unfortunately a gold season with that low of a point allocation is worthless, you will have to give it away, and may have to add an incentive to pay the fees. Most people are looking for 11,000 points or more as a starter unit. Check the free timeshares forum for tips on giving it away.

Orlando timeshares are a dime a dozen, so the location preference for a home resort is not favorable either. Las Palmeras is a converted hotel property, the units are not particularly spacious.

I doubt the bonus points would transfer so definitely use them right away to offset the maintenance fees due in January.

Sorry to be the bearer of bad news.

Definitely no need to apologize - I figured as much in terms of value and needing to get rid of it.

Wouldn’t the points be able to be used anywhere in HGV though? I knew they signed up at Las Palmeras but assumed that the points are used anywhere.

If you’ve bought HGV timeshares before, do you have any recommendations for brokers?

 

[ABCTravels]

I doubt the bonus points would transfer so definitely use them right away to offset the maintenance fees due in January.

THIS ! Do this because they have a bill due on maintenance fees and if they aren't going to travel on the bonus points before they expire, this is the next best use of the points and it prevents them from spending significant additional money right now. As soon as I read your post this was the first thought I had.

 

[SmithOp]

Definitely no need to apologize - I figured as much in terms of value and needing to get rid of it.

Wouldn’t the points be able to be used anywhere in HGV though? I knew they signed up at Las Palmeras but assumed that the points are used anywhere.

If you’ve bought HGV timeshares before, do you have any recommendations for brokers?

Points can be used anywhere at 9 months, some locations are in high demand and owning there has the advantage of being able to reserve 9-12 months in advance. Las Palmeras is just not in high demand. 5400 points just does not get much in the HGVC system.

I've bought and sold using LTT, it's really simple to DIY. A broker is going to cost you $1500 or more for something you can DIY.

Timeshare Transfer- Timeshare Title Transfer- How to Transfer a Timeshare Deed-LT Transfers

Timeshare transfer is done by legal specialists. Find out more about timeshare transfer closing costs. Get legal timeshare transfers services

www.lttransfers.com

 

[ABCTravels]

Wouldn’t the points be able to be used anywhere in HGV though? I knew they signed up at Las Palmeras but assumed that the points are used anywhere.

Yes, the points can be used across the system, not just at their home resort.

If they are going to travel, then they need to book a trip with their deeded points before they expire at the end of the year. They can combine points from this year and next year or combine deeded points and bonus points. However, if the year expires and their deeded points aren't used, then they go away and they have paid for something they didn't use. They can pay to save them, or go ahead and make a reservation with them.

 

[DeniseM]

If this timeshare has no resale value - then consider giving it away on the TUG Free Timeshare Forum, at no cost to you:

What details should I include in my Free Giveaway Listing?

In the live stream tonight a member suggested some instructions on how to craft a free giveaway listing to help folks out who may or may not know exactly how to give away a timeshare (or it might not even be theirs, as in giving away for a relative or deceased family member etc). I wanted to...

tugbbs.com

How can I give away my timeshare on TUG for Free?

Before you pay an upfront fee to someone to "take your timeshare off your hands," please consider giving your timeshare away to a private individual 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...

tugbbs.com

 

[FLTimeShare2024]

Points can be used anywhere at 9 months, some locations are in high demand and owning there has the advantage of being able to reserve 9-12 months in advance. Las Palmeras is just not in high demand. 5400 points just does not get much in the HGVC system.

I've bought and sold using LTT, it's really simple to DIY. A broker is going to cost you $1500 or more for something you can DIY.

Timeshare Transfer- Timeshare Title Transfer- How to Transfer a Timeshare Deed-LT Transfers

Timeshare transfer is done by legal specialists. Find out more about timeshare transfer closing costs. Get legal timeshare transfers services

www.lttransfers.com

Got it - I’ll reach out to LT Transfers and see what I need to do on my end.

If you’ve dealt with HGV before, do you know how their ROFR operates? Ideally I can just avoid HGV altogether until I need to get their sign off on the transfer / sale.

 

[GT75]

Here are some relevant details I found on the account (please let me know if any other details are needed)
- Loan status: Fully paid off
- 2025 maintenance fee: ~$1.6k due in early 2025
- Location: Las Palmeras in Orlando Florida
- Points: Earn about 5.4k points per year
- Bonus Points: Have about 19k in bonus points that expire in 2025
- Status/Tier: Gold (I'm not quite sure what this represents as it's not clear in the account portal)

So it looks like your parents own a 1BR in Gold season in HGVC (by looking at the point chart, but I would verify that because it is important). IMO, this will be hard to unload but at least you own in HGVC which is very good for resale owners. So here are your options IMO,

• I don't have the MFs for Las Palmeras but I am assuming what you have stated is correct (but I am sure that you added the club dues to the MF bill). IMO, this TS has no value so you can either give it away in the TUG free TS giveaway by either agreeing to use the bonus points to pay most of the MFs (or you can pay all of the MFs). 19K bonus points should be about $1187.50 off your MF bill.
• So the above is the first option. The second option depends on how fast you want to unload this TS. I think that someone will take the TS if you do the first option. IMO, using the bonus points to pay MFs is a poor use of points. So you could delay dumping this TS until after someone uses those bonus points on a nice vacation. Now, I don't know if someone will take this TS w/o some help.
• The third option (which I don't recommend) is to just not pay MFs and ignore any calls from HGVC.

If you do decide to list in the TUG free giveaway, then what I have seen works best is to have all of the details correct and a well-written post including MFs, room, season, resort, and any incentives.

 

[GT75]

If you’ve dealt with HGV before, do you know how their ROFR operates?

This isn't a problem. If you use a company like LTTransfers, they will handle this part of the process. Don't worry, HGVC will not ROFR this TS because they don't want it. In fact, I don't see them ROFR any HGVC TS.

 

[GT75]

Whatever you do, don't use any exit company (or listing company) which requires up-front money. There are recommended brokers that we can give you but they will charge you a fee to handle (as part of the sale) which will probably cost you $1500.

 

[GT75]

btw, do they have 2024 pts available? 5400 pts (IMO are only worth about $540) but those could help (if saved into 2025 but that will cost you $239 to do that today, (it was $139 yesterday). Having saved points available for the new owners will also help with the giveaway.

 

[FLTimeShare2024]

So it looks like your parents own a 1BR in Gold season in HGVC (by looking at the point chart, but I would verify that because it is important). IMO, this will be hard to unload but at least you own in HGVC which is very good for resale owners. So here are your options IMO,

• I don't have the MFs for Las Palmeras but I am assuming what you have stated is correct (but I am sure that you added the club dues to the MF bill). IMO, this TS has no value so you can either give it away in the TUG free TS giveaway by either agreeing to use the bonus points to pay most of the MFs (or you can pay all of the MFs). 19K bonus points should be about $1187.50 off your MF bill.
• So the above is the first option. The second option depends on how fast you want to unload this TS. I think that someone will take the TS if you do the first option. IMO, using the bonus points to pay MFs is a poor use of points. So you could delay dumping this TS until after someone uses those bonus points on a nice vacation. Now, I don't know if someone will take this TS w/o some help.
• The third option (which I don't recommend) is to just not pay MFs and ignore any calls from HGVC.

If you do decide to list in the TUG free giveaway, then what I have seen works best is to have all of the details correct and a well-written post including MFs, room, season, resort, and any incentives.



View attachment 102776

Yes! My parents have a 1BR and receive 5,440 points per year. They have ~550 points left for 2024 and their full allotment for 2025 available in addition to the 19k bonus points.

The maintenance is as follows:

• Club Dues: $313.00
• Operating Fee: $875.98
• Real Estate Taxes: $150.64
• Reserve Fee: $235.51
• Total: $1,575.13

I really don't want to resort to option 3, but my parents aren't opposed to it. I just want it to done the proper way and get it legally out of our ands.

With respect to option 2 - do you know if the bonus points transfer over to a new owner? If so, I can just pay the MF as an early Christmas gift for my parents to make this easier to sell for a new buyer.

If the bonus points do not transfer over, I think using them to offset the MF makes sense because they don't want to use the platform anymore and option 1 will be the path forward by just giving it away.

Good to know about the ROFR - I don't want this to be hung up in their court for some reason.

Could you explain what you mean by incentives?

Lastly, if I do this solo, would using LT Transfers basically ensure that the all paper work is done correctly? Would be nice to not spend an additional $1,500...

 

[DeniseM]

Yes - LTT will provide the necessary purchase documents to you and the buyer, make sure they are complete and correct, and then do a legal title transfer and follow the transfer through to the end.

 

[GT75]

Lastly, if I do this solo, would using LT Transfers basically ensure that the all paper work is done correctly?

Yes, they are competent from what I have read on the forums. I haven't used them but I certainly would (and I would highly recommend them because they are reasonably priced {maybe around $250} and competent.

Could you explain what you mean by incentives?

Incentives mean help with something such as paying all or part of closing costs or 1st years MFs.

hey have ~550 points left for 2024

Let them expire them if only 550 (IMO). That is good.

If the bonus points do not transfer over, I think using them to offset the MF makes sense because they don't want to use the platform anymore and option 1 will be the path forward by just giving it away.

Let me research this because I think that it was been answered before on TUG.

 

[GT75]

If the bonus points do not transfer over, I think using them to offset the MF makes sense because they don't want to use the platform anymore and option 1 will be the path forward by just giving it away.

Per this post, bonus points do not transfer. There is also some good additional information on bonus point usage.

New to Timeshare and just finished a HGVC sales presentation in Orlando

The last offer, frankly, had me thinking. After he spent LOTS of time trying to find the right size fit for us, I finally said we're running out of time, do this one (I pointed at the 11,200 point level). I forget the amount but something in the mid 50's until they suddenly realized (ha ha)...

tugbbs.com

This is in the 2024 HGVC rules:

If a Member sells or transfers their timeshare interest and their​

Club membership terminates, unused Bonus Points shall automatically expire.​

 

[GT75]

btw, your parents should be in HgvMax (exchange program between HGVC and HVC (formerly Diamond) clubs). This also will not transfer on sale.

 

[dayooper]

Although it was 3 years ago, LT Transfers was fantastic. They were fast, inexpensive and responsive. I would absolutely use them again!

As far as helping your parents, I concur with the messages above, you will be hard pressed to sell that deed. I think you may be able to give it away. If they use their bonus points to help pay the 2025 MF's and, if needed, pay the rest with cash, you can offer free 2025 points as an enticement to give away.

Good luck!

 

[FLTimeShare2024]

Yes, they are competent from what I have read on the forums. I haven't used them but I certainly would (and I would highly recommend them because they are reasonably priced {maybe around $250} and competent.


Incentives mean help with something such as paying all or part of closing costs or 1st years MFs.


Let them expire them if only 550 (IMO). That is good.


Let me research this because I think that it was been answered before on TUG.

Sounds good - I’ll let the points expire.

Good to know about the bonus points - I’ll just use them to offset the 2025 maintenance fees.

I’ll look to make a post to give this away on this website and offer some sort of incentive to just wrap it up.

Just wondering, do you have a rough timeline for how long these transactions take?

Thanks again for the wealth of knowledge here!