Deedback fees

[CznDry]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

 

[callwill]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

Where is the timeshare? Name of it?

 

[sponger76]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

It really depends on the timeshare. Some companies or HOAs don't take them back at all. Some take them back for free. Others charge, and the amounts can range from a couple hundred dollars to a couple of years worth of Maintenance Fees, which can run well over $2,500 depending on what is owned.

 

[bnoble]

a couple of years worth of Maintenance Fees

This is a triennial, so that's probably not the justificaiton.

I'd tell them that is a ridiculous number, and if they want to make a more reasonable offer, I'd listen to it. Otherwise, I would tel them I will default and they can foreclose when they are ready to do so.

 

[sponger76]

This is a triennial, so that's probably not the justificaiton.

I'd tell them that is a ridiculous number, and if they want to make a more reasonable offer, I'd listen to it. Otherwise, I would tel them I will default and they can foreclose when they are ready to do so.

Didn't say that was the justification, just was giving a few examples of how wildly deedback fees can vary, from zero to thousands of dollars. They were asking what other have paid, not what we thought the justification was for their particular circumstance.

 

[CznDry]

Where is the timeshare? Name of it?

It is in South Carolina. Prefer not to mention the name while I am negotiating this.

 

[CznDry]

This is a triennial, so that's probably not the justificaiton.

I'd tell them that is a ridiculous number, and if they want to make a more reasonable offer, I'd listen to it. Otherwise, I would tel them I will default and they can foreclose when they are ready to do so.

My thoughts exactly. Thanks.

 

[BJRSanDiego]

@CznDry , since you live in Canada and the TS is in South Carolina, you may want to consider just abandoning it. If nothing else, in your negotiations, mention that if they don't drop the surrender cost that they may end up trying to foreclose on a timeshare owned by a non-US person.

 

[CznDry]

@CznDry , since you live in Canada and the TS is in South Carolina, you may want to consider just abandoning it. If nothing else, in your negotiations, mention that if they don't drop the surrender cost that they may end up trying to foreclose on a timeshare owned by a non-US person.

Good point. Thanks.

 

[Huskerpaul]

Good point. Thanks.

You can tell them they can take it back for free now or go through the expense of foreclosure, but either way, you will no longer be paying maintance fees.

 

[TUGBrian]

does seem a bit high, especially compared to others....but almost all these fees are set arbitrarily as a buffer for the resort/management company to be able to absorb the future lack of maintenance fees until "something" can be done with that interval, especially with a smaller independent resort with no viable sales staff!

that number is negotiable all the way down to zero if you want to default and let nature take its course! though that latter option usually comes with some hassle in the terms of notifications/calls/etc as they navigate thru whatever official policy is in place to handle delinquent accounts.

 

[moonstone]

@CznDry , since you live in Canada and the TS is in South Carolina, you may want to consider just abandoning it. If nothing else, in your negotiations, mention that if they don't drop the surrender cost that they may end up trying to foreclose on a timeshare owned by a non-US person.

Totally agree. The credit agencies of both countries are not connected to each other. It is a very lengthy, complicated, costly legal procedure for any collections agency (or company) to chase a debt into another country. Ignore their calls & letters!

Also, defaulting on a loan or having an open file with a collections agency can not in any way affect your ability to visit the USA since the Customs & Immigration computer systems are not connected in any way to any financial or other company.


~Diane

 

[LannyPC]

They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

Just as a side point, that's still cheaper than what some of these exit companies charge. And with this (if you choose to pay it), you are certain to be quickly and legally out of your TS, unlike these exit companies that can be uncertain.

 

[austdav]

WOW, I guess no one can or is willing to answer the actual question. ( but I am curious what others have paid to deedback their timeshares.) I thought this would have been very beneficial to a lot of owners. I think their are a lot of owners as stated above, that want to get out quickly and legally, and will add without the guilt of it hanging over there heads.
While i have never deeded back a timeshare i was told by the president of the board at Magic Tree near Disney in FL. That they ask for 2yr MF's
That would be a total of $1100 for a 1Bd and $1250 for a 2bd. for both years. They only sell yearly timeshares. When i asked what happens when they don't pay they said they it doesn't pay to go after anybody, it's easier to just resell. So it seems very negotiable.

 

[dioxide45]

WOW, I guess no one can or is willing to answer the actual question. ( but I am curious what others have paid to deedback their timeshares.) I thought this would have been very beneficial to a lot of owners. I think their are a lot of owners as stated above, that want to get out quickly and legally, and will add without the guilt of it hanging over there heads.
While i have never deeded back a timeshare i was told by the president of the board at Magic Tree near Disney in FL. That they ask for 2yr MF's
That would be a total of $1100 for a 1Bd and $1250 for a 2bd. for both years. They only sell yearly timeshares. When i asked what happens when they don't pay they said they it doesn't pay to go after anybody, it's easier to just resell. So it seems very negotiable.

It will vary by each property. Certainly Magic Tree has low maintenance fees, so the deed back would be relatively cheap at only two years of fees. Not every property is like that. Magic Tree also has an active in house resale program to essentially re-home weeks. More properties really need to do this. The problem is taking on more weeks than a property can realistically resell again. That is when things hit a death spiral.

The problem I see with many aging properties is that there is an engaged group of owners that own prime time. The BOD is also made up of those engaged active owners that get value. They ignore the people who aren't getting value that own low or off season deeds. The BOD and engage owners are happy because they get to go somewhere cheap every year where the low season owners don't. Those weeks don't rent well, may not trade well and they are paying fees for nothing. The BOD doesn't set up an active deed back and resale program for them. They are an ignored set of owners.

 

[aandmrun]

In 2023 we were able to negotiate a quitclaim with Pierre Maison Lafitte in New Orleans for $650. and a guarantee that we would be offered 1/2 off the price anytime that we wanted to do a rental in the future. Everything went smoothly and the quitclaim was implemented by a broker. We had owned and visited there for 12 years.

 

[Ski-Dad]

WOW, I guess no one can or is willing to answer the actual question. ( but I am curious what others have paid to deedback their timeshares.) I thought this would have been very beneficial to a lot of owners. I think their are a lot of owners as stated above, that want to get out quickly and legally, and will add without the guilt of it hanging over there heads.
While i have never deeded back a timeshare i was told by the president of the board at Magic Tree near Disney in FL. That they ask for 2yr MF's
That would be a total of $1100 for a 1Bd and $1250 for a 2bd. for both years. They only sell yearly timeshares. When i asked what happens when they don't pay they said they it doesn't pay to go after anybody, it's easier to just resell. So it seems very negotiable.

An informed answer is context specific.

The OP has indicated a triennial in South Carolina. They have not named the resort.

What is the cost of a new car? Its a three year lease and manufactured by Toyota.

There is a big spread between the Corolla and a Land Cruiser or a Lexus LX700.

 

[DeniseM]

WOW, I guess no one can or is willing to answer the actual question. ( but I am curious what others have paid to deedback their timeshares.)

There is a good reason for this: for the most part, TUG is a forum for people who like to timeshare - not a forum of people trying to get out of their timeshares, so many of us have never even tried to deedback a timeshare. I have re-homed more than 10 timeshares over the years, but I found someone who actually wanted each one of them, and I legally transferred the deeds to new owners. In many cases I paid for the title transfer, but it was never as high as the number you are quoting - almost always less than $500. ---->>>> How to give your timeshare away on TUG

 

[dioxide45]

There is a good reason for this: for the most part, TUG is a forum for people who like to timeshare - not a forum of people trying to get out of their timeshares, so many of us have never even tried to deedback a timeshare.

Another thing to point out, those that successfully did deed back probably aren't hanging around TUG anymore. So they aren't here to provide an answer.

 

[sponger76]

WOW, I guess no one can or is willing to answer the actual question. ( but I am curious what others have paid to deedback their timeshares.) I thought this would have been very beneficial to a lot of owners. I think their are a lot of owners as stated above, that want to get out quickly and legally, and will add without the guilt of it hanging over there heads.
While i have never deeded back a timeshare i was told by the president of the board at Magic Tree near Disney in FL. That they ask for 2yr MF's
That would be a total of $1100 for a 1Bd and $1250 for a 2bd. for both years. They only sell yearly timeshares. When i asked what happens when they don't pay they said they it doesn't pay to go after anybody, it's easier to just resell. So it seems very negotiable.

There have been answers, you just don't seem to like them. The issue is that there is a wide variety of fees and it depends on the specific resort or timeshare system. That is the main point everyone is trying to impart, because their experiences with other resorts or systems won't inform at all what the OP can expect with their own timeshare. Even within the same resort or system, the fees can change very quickly. For example I deeded back to Bluegreen for free. A couple of months after that, their policy had changed to a year and a half of maintenance fees. No negotiation allowed. With some systems, they will take back certain deeds for free, while others they won't take back at all.

 

[andre10056]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

In answer to your question, last winter (I think it was January) I explored what terms Hyatt might offer for me to be able to get out of my Hyatt Windward Pointe, Key West biennial (even year) timeshare deeded as a week 49 (early December). I hated to think what the 2026 maintenance fee might be but I estimated several hundred dollars more than $2000. They offered to take it back for free stating something along the lines of "you won't get any money but you will be out".

I decided not to avail myself of this offer as I thought I should be able to get "something" for it. Moreover, I am not a fan (to say the least) of the timeshare industry and regard its overall business plan as one that victimizes huge numbers of people and didn't want to be a party to someone else being manipulated to agree to pay $30,000 (or whatever) for it.

Then, last June, having failed to get even a single response to my low price (and ever lower price) Redweek, myresortnetwork, and TUG ads, I decided to once again put in for a deedback offer, hoping to possibly negotiate a "something" (even if nominal amount of money) to come my way. This time, their offer was that I'd have to PAY $300.

So, for the first time ever, I found Hyatt oriented groups on Facebook and advertised there. Within the first day, I got multiple responses. One person, who ultimately became the buyer, wrote, "I know you probably got many responses and I'll pay more than your asking price". I prepared the contract for the agreed upon price and contacted LT Transfers. I'm now out.

Had that not worked, my plan B was to drive to the resort during one of my Miami visits and place flyers under doors and under car windshield wipers. People who are there and love the resort may be your best customers, as I learned when I sold my two "unsaleable" Sea Villas, New Smyrna Beach timeshares to a person who happened to be staying in a unit that week. And got even more than what I paid for those first timeshare purchases (via ebay). What a relief that was!

Indeed, the facebook option, in contacting those who may be fans of any particular category of timeshare, may be the best option of all. But may not be available to you given your "not part of a large timeshare group" description.

In terms of your $2500 offer, that sounds outrageous to me. But that's possibly a reflection of the resort entity recognizing that they'll likely have a great deal of difficulty in selling your timeshare. I don't think Hyatt had the same concerns.



.

 

[Aledar]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

Marriott does it for $400

 

[sazway]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

I am currently working thru a deedback with Spinnaker. We have two weeks and it is $2500 per week. I am curious of others deed back experiences.

 

[geist1223]

Remember if the Timeshare/HOA takes back a property they become responsible for the MF until they are able to resell.

 

[austdav]

There have been answers, you just don't seem to like them. The issue is that there is a wide variety of fees and it depends on the specific resort or timeshare system. That is the main point everyone is trying to impart, because their experiences with other resorts or systems won't inform at all what the OP can expect with their own timeshare. Even within the same resort or system, the fees can change very quickly. For example I deeded back to Bluegreen for free. A couple of months after that, their policy had changed to a year and a half of maintenance fees. No negotiation allowed. With some systems, they will take back certain deeds for free, while others they won't take back at all.

(There have been answers, you just don't seem to like them.) Can you show me where i said that. Because saying that no one is answering the question being asked is a long way from saying that i agree or disagree with any post above mine. I never said that!
The point you say (I deeded back to Bluegreen for free. A couple of months after that, their policy had changed to a year and a half of maintenance fees.) That's more the direct answer i thought was asked. I would have gave a like or thumbs up if that was the response but since you misquote me i can't. I'll leave that to tugbrian. Although that was all i was looking for in this post.
The point that they were unwilling to name their resort tells me that they were looking for more broad-based answers. And would draw conclusions from that. Pretty sure they understood there would be a bunch of different answers.
I dont often respond to most post. The last one being is timeshare a scam. In which i said the scam is you cant get out of them. Which seems to be the problem here. In that post they started about college more than timeshares.
I guess this is not for me anymore. So I'll just say goodbye!