Give back to resort but purchased by a vacation rental company

[tugcat]

I talked with someone at my resort today in person about some kind of exit plan to be rid of the timeshare my siblings and I inherited that was purchased 20 years ago. We are all older and just want to get out of the responsibility since we are all on the deed and stop paying maintenance fees of about $1,000. It is not a high value resort, although it used to be, and has fallen into some disrepair. The guy told me they are in the process of doing some major remodels and need an infusion of cash and are planning some special assessments in the future. However they have also made an agreement with a vacation rental company to take over 20% of the units and use them as rentals. We would sign away the warranty deed and have no further obligation. The catch is that it is going to cost us $12,500 to get them to take it. Then they will give some to the resort but the vacation rental company will take the risk of the special assessments that are coming for the remodels. They are hoping to get enough in rentals to make up for it. Once they have enough people to account for 20% the door will be closed and we will be stuck with what we have as they are not doing any takebacks. Does this sound like a reasonable deal?

 

[VacationForever]

$12,500? I would walk away.

 

[TUGBrian]

sounds like someone is trying to extract 12,500 bucks from you...that is ridiculous.

 

[tugcat]

Our big concern is the coming special assessments that are being proposed at $10,000. If we get hit with one of those, we should have just paid the $12,500 and be done with it.

 

[WorldT]

Absolutely not! If the vacation rental company wants it, why are you paying them to take what they want?
You are just about to lose $12,500.

 

[chapjim]

[Deleted]

 

[Patri]

If the resort won’t play nice, you can just stop paying. Then they will have to take it back. That’s a strange story. I wonder if the person is employed by the resort, but they are full of baloney.

 

[TUGBrian]

Our big concern is the coming special assessments that are being proposed at $10,000. If we get hit with one of those, we should have just paid the $12,500 and be done with it.

you want to pay 12,500 right now to stave off the "chance" of paying 10k later?


special assessments arent announced over the phone.

 

[callwill]

Name the resort

 

[GT75]

Does this sound like a reasonable deal?

No!!!!!!!! This to me sounds like you are being scammed.

 

[tugcat]

My siblings and I own this timeshare and the five of us just want out. As it is, we have $1000+ per year obligation and less likelihood that any of us will use it further. A couple of us are not in good financial position and to just stop paying, would hit all of our credit and that is not feasible. I agree it’s a ludicrous situation.

 

[VacationForever]

My siblings and I own this timeshare and the five of us just want out. As it is, we have $1000+ per year obligation and less likelihood that any of us will use it further. A couple of us are not in good financial position and to just stop paying, would hit all of our credit and that is not feasible. I agree it’s a ludicrous situation.

Or you can redeed to just one person who is willing to take the credit hit.

 

[dioxide45]

If all you owe is maintenance fees with no loan obligation, there is little if any chance of a credit hit.

 

[AZLatin5]

Have you tried giving it away on tug? Depending on what it is there might be someone who wants it. You can offer to pay closing costs and even give an incentive that would cost less than 12k.

 

[aandmrun]

I'm thinking it may be easier for you if you did a Quit Claim deed to someone who actually wants it and wants to vacation there. We did this with one of our timeshares and it was super easy. It just required everyone to sign a notarized document and then the deed was recorded. We used a real estate title company to do the paperwork..

 

[Fido Chuckwagon]

The catch is that it is going to cost us $12,500 to get them to take it.

This sounds like a scam. Tell them they can have $0 and if they don’t take it they can spend a few thousand in legal fees foreclosing.

 

[Fido Chuckwagon]

My siblings and I own this timeshare and the five of us just want out. As it is, we have $1000+ per year obligation and less likelihood that any of us will use it further. A couple of us are not in good financial position and to just stop paying, would hit all of our credit and that is not feasible. I agree it’s a ludicrous situation.

Just stop paying the maintenance fees. Make them foreclose. There may or may not bean impact to your credit, but certainly nothing worth $12,500!

 

[Fido Chuckwagon]

Also, this sounds so scammy that I wouldn’t even trust that you’d actually be free of it after $12,500.

 

[rickandcindy23]

Why is there no information as to resort name, week #, unit size, etc?

 

[WorldT]

Why is there no information as to resort name, week #, unit size, etc?

Not sure why the OP didn't mention it. Nevertheless, it would not change my response which is: deedback for zero dollars. If feeling generous, I would allow a low processing/recording fee.

 

[tugcat]

Following everyone’s device, we decided to walk away. We might be able to sell it on the marketplace later.

 

[rickandcindy23]

What resort is it?

 

[dioxide45]

Following everyone’s device, we decided to walk away. We might be able to sell it on the marketplace later.

Once you stop paying maintenance fees, it becomes unsellable and ungivawayable (is that even a word). You would have to become current on all fees and special assessments to even have a chance of finding a taker.

 

[Huskerpaul]

”ungivawayable” is a technical term exclusive to TUG

 

[theo]

Once they have enough people to account for 20% the door will be closed and we will be stuck with what we have as they are not doing any takebacks. Does this sound like a reasonable deal?

This sounds like FOMO (fear of missing out) "bait" (and not a reasonable deal). Do you even trust the authority (or veracity) of the source of this "offer" in the first place?

There may well be a special assessment on the horizon, but if you If you simply stop paying anything more now, they will have little choice other than to foreclose --- and the resort HOA will regain ownership and control of the week anyhow, without you ponying up $12,500 (or anything further at all).

Put the checkbook away and just bid them a fond farewell.