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Getting Rid of a Timeshare

WarriorKnight

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It seems that every week I receive another piece of junk mail offering to take my time share off my hands and even pay the current maintenance fee. Are any of these companies legitimate?
I realize that my two time shares are worthless for any type of resale but am thinking it might be better to just get out from under them. One of them is an all inclusive with Palace Resorts and the other with Playa Del Sol Resorts which now seems to be under Bel Air Vacation Club.
I have been quite happy with Palace resorts but their all inclusive fee is very high. The Playa Del Sol Resorts seem to be going down hill and their maintenance fees are getting quite costly. They go up the maximum allowed each year and a couple of years ago the members were hit with a rather large assessment.
Now that I have found TUG I am thinking that it would be better to get rid of the two time shares and in the future either rent or buy on the resale market something that really suits me.
Any opinions, ideas or suggestions would be greatly appreciated. Thanks
 
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DeniseM

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All of the post card companies want you to pay them thousands of dollars to "take your timeshare off your hands."

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 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!
 

DeniseM

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P.S. to the above post. Suggest all monies that may be paid to the Buyer are paid at closing.

The OP's TS has no resale value - they are trying to figure out the cheapest way to give it away, so there will be no monies at closing.

You might want to contact an Attorney in the proper jurisdiction where the timeshare is located to handle the Title Transfer.

The TS is in Mexico, are you suggesting they contact a Mexican attorney?

I've seen you make this suggestion several times lately - is this based on personal experience, or is there some particular reason that you are posting this advice?
 
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Carolinian

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Many foreign timeshares are non-deeded, and in such situations, transfers of paperwork can actually be simple enough that there is no need for a closer. Shareblock systems like those used by many resorts in South Africa and Australia can be transfered easily without any type of professional help and the resorts themselves will help walk you through the rather simple paperwork.

Using a non-qualified closer with a deeded timeshare is where some people get into trouble.
 

DeniseM

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Yes, I understand that - I was actually trying to find out where rrlongwell was coming from with his suggestion.
 
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the_truth

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The truth is that the PPC's will dispose of your timeshare for a fee. Getting rid of it is the same as when you bought it - high pressure - keep saying no until the fee is something you can live with. They will soak you if you let them. There is a break even point; IE if your MFee's are 800 and you pay 2400 to the PCC, it's a 3 year break even that the 2400 WILL be spent.

The other issue is that most of the timeshares listed on the bargain section or ebay for 1 cent are not really "bargains" when you realize the maintainence fees are higher that what you could rent the unit for. How long and how many maintainence fess and special assessments will you pay if you go through if you go down this path?

Be unemotional about this and you can free yourself.


It seems that every week I receive another piece of junk mail offering to take my time share off my hands and even pay the current maintenance fee. Are any of these companies legitimate?
I realize that my two time shares are worthless for any type of resale but am thinking it might be better to just get out from under them. One of them is an all inclusive with Palace Resorts and the other with Playa Del Sol Resorts which now seems to be under Bel Air Vacation Club.
I have been quite happy with Palace resorts but their all inclusive fee is very high. The Playa Del Sol Resorts seem to be going down hill and their maintenance fees are getting quite costly. They go up the maximum allowed each year and a couple of years ago the members were hit with a rather large assessment.
Now that I have found TUG I am thinking that it would be better to get rid of the two time shares and in the future either rent or buy on the resale market something that really suits me.
Any opinions, ideas or suggestions would be greatly appreciated. Thanks
 

vacationtime1

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The truth is that the PPC's will dispose of your timeshare for a fee. Getting rid of it is the same as when you bought it - high pressure - keep saying no until the fee is something you can live with. They will soak you if you let them. There is a break even point; IE if your MFee's are 800 and you pay 2400 to the PCC, it's a 3 year break even that the 2400 WILL be spent.

The question is whether the PCC's will actually dispose of your timeshare. Many of the PCC's take a power of attorney to sell, not a deed. If / when they cannot sell the unit at any price, the unit is still in the original owners' names. We have numerous cases reported on this board where the original owners get a surprise bill for unpaid MF's, and only then learn that although they paid thousands, the unit is still in their name (and the PCC has disappeared).

I understand this doesn't answer OP's question about what to do. All I am suggesting here is something not to do. DeniseM's advice above is the best course of action.
 
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DeniseM

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Not only that, but many of the PCC's are now creating "Viking Ships" to simply abandon the timeshares which they acquire - which damages the health of the entire TS system, and specifically puts the burden of the abandoned MF's squarely on the shoulders of the remaining owners.

the_truth - Giving away a TS to someone who wants to actually own it is a viable and ethical way to get rid of an unwanted timeshare. Since you are new here and a guest, I hope you will do some more research before you simply condemn everything related to timesharing.

You may not like timeshares, but this forum is for people who do enjoy timesharing, so this is not the best audience for your anti-everything message.
 
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the_truth

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All aboard the viking ship....

Denise - I am not new, just new to create a account.

Do you want The_Truth to delete his/her account?

I don't own a timeshare but I love to vacation and stay at resorts. They are beautiful. I would never stay at a hotel-- only a timeshare. I often times get great deals through skyauction and I get weeks from RCI for $199 without having to own.

The truth is that the OP posted that his timeshare was worthless (his words not mine) and I just wanted to explain that there is a break even. Yes he can list it here in the bargain section, but isn't there already like 4000 listings plus 1200+ on ebay right now. He may sell it in a day or it may take him six years and pay another "rather large assessment" (his words not mine).

The PCC relief company will give him an immediate exit. As long as they use a 3rd party title company, esstopel and pay the resort transfer fees it won't come back on him.

As far as being ethical and not having his unit end up in a viking ship, do you think the Timeshare Salespeople were ethical when they sold it to him?


Not only that, but many of the PCC's are now creating "Viking Ships" to simply abandon the timeshares which they acquire - which damages the health of the entire TS system, and specifically puts the burden of the abandoned MF's squarely on the shoulders of the remaining owners.

the_truth - Giving away a TS to someone who wants to actually own it is a viable and ethical way to get rid of an unwanted timeshare. Since you are new here and a guest, I hope you will do some more research before you simply condemn everything related to timesharing.

You may not like timeshares, but this forum is for people who do enjoy timesharing, so this is not the best audience for your anti-everything message.
 

DeniseM

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As far as being ethical and not having his unit end up in a viking ship, do you think the Timeshare Salespeople were ethical when they sold it to him?

I'm sorry - but that makes no sense at all. When a timeshare is abandoned, it has zero impact on the sales person or the developer who sold it months or year before - it only hurts OTHER OWNERS. Other owners have to pay the maintenance fees for those abandoned weeks, NOT THE DEVELOPER.

Is that what you want to do? Punish other owners and further damage the stability of the whole timeshare community?

Oh Wait - I got it - You are the guy from Resorts Bailout that I have already banned twice. You own a PCC that uses Viking Ships..... :rofl:
 
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the_truth

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I can't believe I am about to be banned. WTF?

I'm just here to tell the truth. Don't own a PCC or have a remote clue of viking ships or know what "resorts bailout" is?

Why should he have to worry about other owners. I'm SURE when he bought it that the developer told him it was a great investment and would make a great gift for his family.

But we both know things have changed.

The resale market is what it is and if the resort will not allow him to deed it back (most won't), what is left? Again back to the original Q? of the OP. He can pay to get rid of it or roll the dice and wait till someone takes it for free.



I'm sorry - but that makes no sense at all. When a timeshare is abandoned, it has zero impact on the sales person or the developer who sold it months or year before - it only hurts OTHER OWNERS. Other owners have to pay the maintenance fees for those abandoned weeks, NOT THE DEVELOPER.

Is that what you want to do? Punish other owners and further damage the stability of the whole timeshare community?

Oh Wait - I got it - You are the guy from Resorts Bailout that I have already banned twice. You own a PCC that uses Viking Ships..... :rofl:
 

DeniseM

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I'm just here to tell the truth. Don't own a PCC or have a remote clue of viking ships or know what "resorts bailout" is?

Why should he have to worry about other owners. I'm SURE when he bought it that the developer told him it was a great investment and would make a great gift for his family.

But we both know things have changed.

The resale market is what it is and if the resort will not allow him to deed it back (most won't), what is left? Again back to the original Q? of the OP. He can pay to get rid of it or roll the dice and wait till someone takes it for free.

Nice try - I can see your registration and track your IP, and then there is the same old rhetoric....

Originally Posted by the_truth Why should he have to worry about other owners.

I got you cold... ;)

Again - I wonder how many thousands of dollars your company and your Viking Ships have already costs Tuggers who are paying the MF for the timeshares at their resorts that YOU abandoned... But, at the end of the day, you still go paid - so why should you care?
 
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Ridewithme38

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Its a valid point though...there are way too many timeshares available, so many that there are thousands more for sale then could be bought on the resale market....

We need to move towards a shift in the market somehow...If that is everyone who wants to sell putting their TS's in a viking ship so that the resorts that no one wants have to rethink their models...maybe closing down some floors....maybe its not a bad thing...

Do you really believe that MF's should be almost twice what we can rent them for? Do you like that no TS has any resale value? The market is beyond saturated and unless we start dumping these weeks back onto the resorts through Viking Ships....They'll keep building and selling
 

Craigvince

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This is why I joined TUG

I know I'm new here, and I don't post much, but I do read a LOT of threads. I love the education I get from TUG. Before I started lurking here, I only knew what I had learned as a HGVC owner. I realize now that there is so much more to TS than I ever thought possible. SO worth the annual donation to TUG!
 
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DeniseM

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Ride - you are confused - OWNERS own the resorts - not the developer.

The developer is not harmed, when timeshares are dumped back on resorts - that is no deterrent to them. It only hurts OWNERS. What if tomorrow this guy dumps a bunch of units at YOUR resorts and the MF sky rockets to cover the deficit - how's that sound?
 

timeos2

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Its a valid point though...there are way too many timeshares available, so many that there are thousands more for sale then could be bought on the resale market....

We need to move towards a shift in the market somehow...If that is everyone who wants to sell putting their TS's in a viking ship so that the resorts that no one wants have to rethink their models...maybe closing down some floors....maybe its not a bad thing...

Do you really believe that MF's should be almost twice what we can rent them for? Do you like that no TS has any resale value? The market is beyond saturated and unless we start dumping these weeks back onto the resorts through Viking Ships....They'll keep building and selling

Ride -

As has been stated in another thread the development of any new timeshares has virtually been extinguished, The few that are actually under construction may, or may not, ever be completed or even actually sold as timeshares. That part of the equation has been dealt a death blow by the lenders who now realize the market is fully saturated - maybe 200% - and will no longer back the massive money needed to build new resorts.

The developers aren't backing down though. They have, by design or accident, realized that they can make far more money without the massive capital risk by basically repackaging what already exists and is available to them "in trade". The best collect money as well as the deeds to the existing units, get the buyer to pay thousands to buy into a new "club" or "convert" to points, get to charge overhead for the club/points system, get the improvements to the resorts paid for by the owners/members and, in their best scenario, get paid handsomely to manage those resorts. Win, win, win, win, win & more for them - and little or no cash required!

Only the "pure" timeshares sales models, notably like Wastegate, that lack any true points or club are left exposed in the new world order. The Wyndhams, Marriotts (VERY late to the game but thay may have snuck in at the last moment and then jettisoned the losing, money hungry parts to the likely ill-fated spin off they recently rammed down owners throats), Hiltons and even Diamond, who may have really lucked into a windfall, are poised to reap the benefits of recycled properties and a never ending revenue stream if handled correctly. No need for PCC's or Viking ships - these groups have a truly legal way to get paid to take weeks from owners, pay the fees, improve the resorts and get a big payback for themselves. It may in fact end up being the very model that, unfortunately, makes the vast majority of resorts viable going forward.

I still see the ideal situation as an owner controlled / operated resort with an affiliation to one or more of these large name points/club systems as the answer. These types of resorts can meet the required standards of the "names" but at a far lower overall cost without the names overhead, required captive contracts and management. It will be a fight to keep the independence but those that do are likely to be the true values in timeshare in the next few decades.

The PCC / Viking Ship plans are being exposed more and more as the frauds they are and soon will be forced out of the picture. The fact remains that owners bought into a pseudo real estate obligation and they will have to honor the deal, find someone to take it over or suffer credit hits to abandon it. Once that gets cleared up - and it will one way or another - the base value of the underlying vacation use will eventually win and be appropriately priced. (The days of paying the same fee for off season, low demand time will be gone - the prime times will pay premium fees based on use value or points and the other times will pay reduced values equal to the use. That has to happen and is being done across the board either by plan or by delinquencies picked up by the prime time owners). Overall it is that basic change to a fair cost/value system that will right this right this previously sinking ship IMO.

Mixing in the old "the developer cheated me so why not hurt them" argument doesn't work. As Denise correctly states those borderline crooks are long gone - the developers of today are just consolidators and aren't hurt but may actually be helped when owners choose to walk away from their obligations. It really does only hurt the true owners who end up paying the costs one way or the other for those that choose to default. It doesn't hurt those rightfully hated developers one bit anymore. They made the money years ago. Those that exist today are a much more savvy group that know the tricks and how to make - not lose - money on owners frustrations with the past abuses. It is up to owners to minimize their exposure. Paying thousands to scammers or sticking other owners with the problem is not the best answer for anyone.
 
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rrlongwell

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The OP's TS has no resale value - they are trying to figure out the cheapest way to give it away, so there will be no monies at closing.



The TS is in Mexico, are you suggesting they contact a Mexican attorney?

I've seen you make this suggestion several times lately - is this based on personal experience, or is there some particular reason that you are posting this advice?

Yes to the Attorney in Mexico. Personnal experience was the transfer my mother's and stepfather's Wyndham Timeshares from the estate to me. One of Wyndham's Title department demands, as a condition of transfer, was that I retain and pay for an attorney of their choise at an unspecified rate that their attorney would select. This, after the negations on this point were complete, the arrangement became an attorney of my chosing in the state that the timeshare was located in.
 
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BocaBum99

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The truth is that paying someone to help you get rid of your timeshare is a fine business model. Some of the tactics used by PCCs are unethical. Those issues need to be addressed, but not the fundamental service model. The bias of TUG is completely against PCCs and is misguided. This bias ignores the real value these service providers can offer to owners who cannot get rid of their timeshares at any price. I think it should be the role of TUG to find those providers who liquidate timeshares and are ethical about it. It should NOT be TUG's bias to have the owner sell it/give it away themselves when they want help getting rid of it.

I would suggest looking at some of the donation companies. I have successfully used them myself to get rid of timeshares that I have that were worth less than zero. I sell timeshares and I didn't want to deal with the hassle myself, so I paid someone else to do it for me. It cost me about $1000 and was worth every penny.

If the timeshare resort goes belly up because of those deeds becoming non-performing, then it is the fault of the HOA and/or the owner base for not addressing the real issues facing the timeshare resort. The real issue is that one of two things is true and the appropriate action plan should quickly ensue.

1) The timeshare resort is a long term viable timeshare. Then, the maintenance fees must be dramatically reduced to enable a rental market to emerge which will put a price floor on the timeshare units. If timeshare units at the resort rent for a nice profit, then there is no reason why the resort won't take deed backs as each unit will be a net positive to the owners. I believe it should be a legal requirement for a resort to take all deed backs, then there would be no need for PCCs.

2) The timeshare resort is not viable long term. Then, the owner base should vote to terminate the timeshare plan, sell off the property and distribute proceeds to owners according to the share they own. If the owners vote to keep a non viable timeshare resort alive, then they deserve all the losses they get.

If the HOA fails to reduce maintenance fees to below the rental market, or tee up a vote to terminate the timeshare plan, then it is solely their fault for not performing their fiduciary responsibilities to their owners as a member of the board.

Blaming owners who use third parties to liquidate their timeshares is placing blame on the wrong parties. A timeshare ownership should not be a life sentence.
 

vacationtime1

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. . . .

The days of paying the same fee for off season, low demand time will be gone - the prime times will pay premium fees based on use value or points and the other times will pay reduced values equal to the use. That has to happen and is being done across the board either by plan or by delinquencies picked up by the prime time owners. Overall it is that basic change to a fair cost/value system that will right this right this previously sinking ship IMO.

John--

What you wrote above is the inevitable answer. The only question is how we get from here to there.

Seasonal resorts are not well suited to week based timeshares: Phoenix is never going to be a tourism hot spot in the summer and SW Florida is never going to be a favored destination during hurricane season. But developers have sold these destinations as timeshares on this basis and that is where we are now. Unwary and uninformed consumers bought weeks that no one should bought as a result of high-pressure sales techniques. State laws generally require every week to pay an identical amount towards common expenses. The result is that some owners are forced to subsidize others. Eventually, but inevitably, this will stop (even if it doesn't happen until after the original purchasers assume room temperature).

We can demand that our HOA's "create value" for worthless weeks, but that asks an exchange system to create value for weeks which the rental marketplace says are worthless. Yes, some HOA's can do better than they are currently doing, but there will never be a large scale summer golf convention in Phoenix where thousands show up to play golf in the sun while staying at timeshares. That's a fantasy.

I don't like the PCC model a bit. I think it is despicable and dishonest (especially when they don't effectively take the owners who paid them off the hook). But the result -- that their Viking ship sails and dumps worthless weeks at the feet of the HOA -- is market driven. The HOA's could short-circuit it by accepting deed backs (maybe with a forfeiture penalty) and putting the cost back to the people who benefit, the owners of the prime weeks. The free market is very powerful and eventually supply will equal demand.

In the interim, it is fun and profitable to buy mud weeks at ski resorts and trade them into Hawaii, but we must remember that we can do that only in the interim.
 

timeos2

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The truth is that paying someone to help you get rid of your timeshare is a fine business model. Some of the tactics used by PCCs are unethical. Those issues need to be addressed, but not the fundamental service model. The bias of TUG is completely against PCCs and is misguided. This bias ignores the real value these service providers can offer to owners who cannot get rid of their timeshares at any price. I think it should be the role of TUG to find those providers who liquidate timeshares and are ethical about it. It should NOT be TUG's bias to have the owner sell it/give it away themselves when they want help getting rid of it.

I would suggest looking at some of the donation companies. I have successfully used them myself to get rid of timeshares that I have that were worth less than zero. I sell timeshares and I didn't want to deal with the hassle myself, so I paid someone else to do it for me. It cost me about $1000 and was worth every penny.

If the timeshare resort goes belly up because of those deeds becoming non-performing, then it is the fault of the HOA and/or the owner base for not addressing the real issues facing the timeshare resort. The real issue is that one of two things is true and the appropriate action plan should quickly ensue.

1) The timeshare resort is a long term viable timeshare. Then, the maintenance fees must be dramatically reduced to enable a rental market to emerge which will put a price floor on the timeshare units. If timeshare units at the resort rent for a nice profit, then there is no reason why the resort won't take deed backs as each unit will be a net positive to the owners. I believe it should be a legal requirement for a resort to take all deed backs, then there would be no need for PCCs.

2) The timeshare resort is not viable long term. Then, the owner base should vote to terminate the timeshare plan, sell off the property and distribute proceeds to owners according to the share they own. If the owners vote to keep a non viable timeshare resort alive, then they deserve all the losses they get.

If the HOA fails to reduce maintenance fees to below the rental market, or tee up a vote to terminate the timeshare plan, then it is solely their fault for not performing their fiduciary responsibilities to their owners as a member of the board.

Blaming owners who use third parties to liquidate their timeshares is placing blame on the wrong parties. A timeshare ownership should not be a life sentence.

I know you feel strongly about this and I certainly see the logic and appreciate the point of view. But in the next breath I don't see any remote possibility that timeshares will ever be lower cost in annual fees than they are right now - the only way costs will go is up.

While it makes economic and personal sense to say fees must be at or below rental rates in reality they have no connection. Even now the very best Marriott or Starwood weeks can and do rent for more - maybe far more - than the fees. Sounds great. Except it only applies to 10-20 weeks per year at most resorts and maybe 30-35 at the most demanded, best of the best ( not a high percentage of the total in any case). The rest don't and won't rent for the fees they are charged.

So how do they get brought in line? Dismantle the resort if 50% aren't below rental rates? 60% 40? Work to fix the disparity between the low value times and fees? Change state laws? Work to find work arounds that allow varied rates based on demand/trade/rental value? All of that?

None of that includes viking ship or PCC's. If there was a reliable group of companies that actually did handle sales/transfers of "worhtless" (for sale anyway) timeshares that properly transferred the property to a willing new owner or back to the resort for $1000 I'd back that idea too. But most don't, the owner has no way of assuring that the group they deal will do that or, even if they did in the past, will continue to in the future.

Yes it's a problem but paying most third parties thousands is not a reliable answer. I am glad it worked for you if you needed it. Recommending it to others until it is a verified, accountable & properly regulated industry that can be traced & relied on I couldn't tell anyone to use it. There is no such thing now.
 

DeniseM

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I can't imagine any reason not to try to give away a timeshare FIRST. It's easy, inexpensive, and gives the owner control over the transfer.
 

Ridewithme38

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If there was a reliable group of companies that actually did handle sales/transfers of "worthless" (for sale anyway) timeshares that properly transferred the property to a willing new owner or back to the resort for $1000 I'd back that idea too.

So it sounds like its not that you are against the PCC model itself but you are against the dishonest PCC's that don't do what they say they will do...i.e. you are still owner after paying the money

Why not recommend that people be VERY careful when dealing with a PCC and ONLY pay money once the TS is out of their names?

The thing is, most Timeshares are a sinking ship, what the viking ship model does is make the problem more obvious to the Resort(HOA, POA, any scam Association name)...when suddenly they have hundreds of weeks with no owners...they then have the problem shoved in front of them and are forced to fix it...where as when its gradual like whats happening now, a few dozen facing forclosure a year, they may never realize...and the only steps they take is raise MF's

People are getting out one way or another...IMO its better that it happens in bulk then change might actually happen and these HOA's that are in the corporate pocket, will have to do something except raise MF's
 
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DeniseM

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Ride - If hundreds of weeks are dropped on the HOA all at once at your resort, who do you think pays their MF? YOU DO!

You keep talking about his as if this is someone else's problem but YOU own at resorts that you got free or very cheap. That means they have no resale value and that means this could happen to you. Either your maintenance fee is going to increase astronomically, or it will go bankrupt. Are you really OK with it if that happens to the TS's that you own?
 
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