Getting rid of a timeshare

[pfmontg1]

We have tried unsuccessfully to sell our timeshare. What happens if we stop paying our maintenance fees. Are we legally liable? Will the resort, (Fairmont, B.C.) just take it back? Should we transfer it to a holding company for free, i.e. "Give back your timeshare". any helpfull advice would be appreciated. Thanks, Peter.

 

[Karen G]

You can try giving your timeshare away right here on TUG in the Bargain Deals forum. Here are some instructions.

You can contact your timeshare HOA and see if they are accepting deedbacks. Yes, you are legally liable for maintenance fees that you contracted for when you bought it.

 

[DeniseM]

We have tried unsuccessfully to sell our timeshare. What happens if we stop paying our maintenance fees. Are we legally liable? Will the resort, (Fairmont, B.C.) just take it back? Should we transfer it to a holding company for free, i.e. "Give back your timeshare". any helpfull advice would be appreciated. Thanks, Peter.

They will not take it for free - these companies usually charge about $3,000.

 

[Tenderheart]

We have tried unsuccessfully to sell our timeshare. What happens if we stop paying our maintenance fees. Are we legally liable? Will the resort, (Fairmont, B.C.) just take it back? Should we transfer it to a holding company for free, i.e. "Give back your timeshare". any helpfull advice would be appreciated. Thanks, Peter.

Due to the worsening economy we are practically on a bread & water basis to stay afloat & my husband wants to just walk away from our time shares too I called a company called Sharp Innovations LLC that said they want $895.oo for promotional money to sell my timeshare that I could put on a credit card after looking over the contract they sent me that states I will get the money back if they do not sell it within 180 days no extra fees for anything & no small writing of any kind on the contract.They will pretty much be selling it for 1/2 of what I paid so it will pay off what I owe. I know everyone keeps saying don't pay upfront, but I can't find anything negative about this company on the internet & their website looks legite too I don't know what to do either. I don't think that the resort will just leave us alone if we walk away from it & resell it. I am going to speak with my credit card company & ask them if I can have it taken off my credit if they do not sell in 180 days, I guess. Anyone else have any ideas???

 

[Passepartout]

The FIRST thing I'd do is to call the resort (perhaps a sales or marketing department desk) and ASK if they would accept a deed-back. They night not, but it's worth a phone call.

Next step would be to list it in TUG Bargain Deals.

Jim

 

[DeniseM]

Due to the worsening economy we are practically on a bread & water basis to stay afloat & my husband wants to just walk away from our time shares too I called a company called Sharp Innovations LLC that said they want $895.oo for promotional money to sell my timeshare that I could put on a credit card after looking over the contract they sent me that states I will get the money back if they do not sell it within 180 days no extra fees for anything & no small writing of any kind on the contract.They will pretty much be selling it for 1/2 of what I paid so it will pay off what I owe. I know everyone keeps saying don't pay upfront, but I can't find anything negative about this company on the internet & their website looks legite too I don't know what to do either. I don't think that the resort will just leave us alone if we walk away from it & resell it. I am going to speak with my credit card company & ask them if I can have it taken off my credit if they do not sell in 180 days, I guess. Anyone else have any ideas???

In this economy, maybe 5% of timeshares will sell for half the original retail - most timeshares are selling for 0-10% of original retail.

Once they have your money, and it doesn't sell (and it won't) how are you going to MAKE them refund it? Are you prepared to sue them? In 180 days it will be too late to dispute it with your credit card.

Please consider giving your timeshare away to a private individual who would like to own it, before you spend a cent with a company like this.

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 2011/12 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 2011/12 for the new owner​

Good luck!

 

[chalee94]

I called a company called Sharp Innovations LLC that said they want $895.oo for promotional money to sell my timeshare that I could put on a credit card after looking over the contract they sent me that states I will get the money back if they do not sell it within 180 days no extra fees for anything & no small writing of any kind on the contract.They will pretty much be selling it for 1/2 of what I paid so it will pay off what I owe.

as denise says, this is just lies.

you might as well set $900 on fire as pay it to "sharp innovations" or some similar huckster...

 

[djs]

Due to the worsening economy we are practically on a bread & water basis to stay afloat & my husband wants to just walk away from our time shares too I called a company called Sharp Innovations LLC that said they want $895.oo for promotional money to sell my timeshare that I could put on a credit card after looking over the contract they sent me that states I will get the money back if they do not sell it within 180 days no extra fees for anything & no small writing of any kind on the contract.They will pretty much be selling it for 1/2 of what I paid so it will pay off what I owe. I know everyone keeps saying don't pay upfront, but I can't find anything negative about this company on the internet & their website looks legite too I don't know what to do either. I don't think that the resort will just leave us alone if we walk away from it & resell it. I am going to speak with my credit card company & ask them if I can have it taken off my credit if they do not sell in 180 days, I guess. Anyone else have any ideas???

Pick anyone from this site at random and send them $100 instead. We likely will do the exact same thing this company will do for you but in the end you will only be out $100 and not $895.

 

[fishingguy]

similar to Denise's recommendation, but a little different...

Or better yet, offer to give the $900 in a Bargain Section add here on TUG; to whoever will take your timeshare from you. That way they could do as they wish with the $$$$. But don't give it to them until after the deed is transferred out of your name and the resort recognizes the new owner -- that way you would control the process and be able to ensure the deed is in fact, out of your name.

...much more successful way to go; than giving it to one of these listing companies. Oh yeah, try getting your money back if it doesn't sell.

 

[tschwa2]

Tenderheart still owes in the TS and was relying on the 50/ to pay it off. (S)He is not going to find someone in the bargin section to pay it off. Only options are 1. Keep paying. 2. Ask the resort to take back deed in lieu of default 3. Default. Might as well ask the resort first.

 

[pfmontg1]

You can try giving your timeshare away right here on TUG in the Bargain Deals forum. Here are some instructions.

You can contact your timeshare HOA and see if they are accepting deedbacks. Yes, you are legally liable for maintenance fees that you contracted for when you bought it.

I did contact the HOA about taking it back, but they are not interested. Peter.

 

[Passepartout]

If the HOA won't take it back, and you still owe on it, and you don't want to take a MAJOR hit on your credit, your best option is to hang out here on TUG for a while. Either recognize that at some point you saw value in the purchase and learn to use it as you planned to do when you bought it, and/or learn to rent it to reduce or eliminate your MF costs until you get back on your feet.

The outfits that want an upfront fee have no interest in actually selling your TS. They make money from owners desperate to sell. They will advertise it to give-away on eBay, but heck, you can do that yourself.

Best wishes, and we hope it all works out for you.

Jim