Harborside Deed in Lieu

[midwest39]

Has anyone done a successful Deed in Lieu with Starwood with a Harborside TS? Any advice? We have owned since pre-construction (2-bedroom lockout) and cannot see paying $3,111 another year which is a financial hardship for us.

Have tried to sell for several years. Now have it at $1. Agent suggests it is unsellable. Renting is just churning money around on our credit card (with interest). Started an online conversation with Starwood about our willingness to do a Deed in Lieu. Intend to NOT pay 2016 MF.

We lost our home last year with a Deed in Lieu so credit rating is not the point with us. Just want to end the day-to-day physical and emotional pain of having this hanging over our heads year-after-year with ever-rising MF.

Suggestions?

 

[DeniseM]

We have a forum on TUG where people put their timeshares up for adoption - I'd try that first:

How can I give my timeshare away on TUG: http://www.tugbbs.com/forums/showthread.php?t=132509

 

[Sea Six]

Harborside unsellable? I doubt it

 

[DeniseM]

Harborside unsellable? I doubt it

Off-season weeks can be difficult to sell, because of the maintenance fee.

 

[tschwa2]

And there is a $2000-2500 in transfer costs because you have to use a Bahamian attorney to prepare the papers. So right off the bat even if the owner is giving it away the new owner needs to pay $5000. Fall reservervations can often be had for less than the $3000 MF. A person with staroptions can easily reserve most of the weeks during the fall season using less than $2000 in MF.

 

[midwest39]

It's week 24. A nice summer week. 6/10-6/17/16. We are always told the big issue is the MF. And the closing costs. We are retirement-aged. Even with a sale price of $1, the MF and closing costs of approx. $5,000 plus an agent fee (as we don't know how to close this even if we ever got an offer at $1) would be a considerable financial hardship. Dealing on some costs could be considered - if we ever got an offer - but until then, there's nothing we can even think about dealing on.

 

[okwiater]

If your credit is already damaged as you say it is, it becomes much easier to take the upper hand in these discussions. If I were in your situation, I would intentionally miss my MF payment and then follow it up with an offer for DIL. Generally, nobody will talk to you about extraordinary circumstances while you're still current on your obligations. It's not that they don't believe you -- it's that people who are capable of paying would begin to use it as a negotiating tactic. They need to isolate the talkers from the walkers, and going delinquent is the only way you can prove which you are.

Edit: I see now that it's a summer week 24. You can almost definitely sell this week even with the high transfer costs.

 

[tschwa2]

It's a week or two early for most and its a fixed week. If it were a July week or a phase II week you would definitely have a taker.

The same week has been offered for free on the bargan forums with all transfer fees paid with no takers.

Try offering it on the Harborside facebook page. Otherwise stick to your guns with the HOA. Let them know about your house and you have no intention of paying the MF and see what they will work out.

edit: just saw that other week offered is week 23. Week 24 may a little easier if you could find a family that has school age children that get out in earlier. Where we live if we didn't have much snow we usually are off around June 14-19. After a bad winter it may be closer to the 24th of June.

 

[midwest39]

And yes, I will see about putting together an add on the TUG sale board(s). Thank you for mentioning that and for the example.

 

[midwest39]

I do appreciate all of the good, common sense ideas and suggestions. We will consider all of them. Knew TUG was the place to go to get the best advice. We are truly at the point in our lives where our Harborside needs a new owner and there must be ONE out there.

 

[taterhed]

Check bargains...I think you'll see a example that just found a home


Sent from my iPad using Tapatalk

 

[DeniseM]

Check bargains...I think you'll see a example that just found a home


Sent from my iPad using Tapatalk

Since he has given his away, I would contact this person, and ask them to forward any other inquiries to you:

Go to the post & click on his blue user name:

http://www.tugbbs.com/forums/showthread.php?t=233748

 

[klpca]

I just want to second the advice to find the facebook owners page. You will find people who are already familiar with the resort, the maintenance fees, and the retail price. They already love it and are pretty happy to get another week for "free". I gave away my Mexico week through facebook and it was so much easier because the buyer was so motivated.

 

[tschwa2]

But the one that just found a home included over $2500 in closing/transfer costs that the OP did not want to have to throw in.

Also transfer takes 4-6 months, Mf are due in just over 2 months.

It is a good week at a great resort and it should be possible to find someone who specifically wants to travel during week 24. No waiting up until midnight to try to secure that week. Phase 1 is more likely to have harbor and marina views. It is summer but not as crazy busy as July.

Even at Harborside it can be hard to find someone willing to commit $5000 to secure a free decent week.

 

[Helios]

I think this one may be hard to give away. You get 20,900 more SOs than the one that was just given away but you pay at least $2,500 in closing cost (that's what I paid for my Plat+ weeks this year). MF will be a wash. But, unless you want the specific week in phase one, you are overpaying for 125,000 SOs.

I know somebody who would take this week if it was Phase II, even if the closing costs were not included like in the one that was just given away.

 

[Weimaraner]

I purchased a week 24 Phase I 2 bed LO a couple years ago via Ebay. There were a few bids on it and I thought - what the heck I'd make a bid since it was a corner unit and was surprised I was able to get it for the price I did. It's a good summer week and it has rented easily for a nice profit via a well known broker. I was surprised to find out after the sale that it was an ultra premium corner unit so it's always the same unit - I don't even have to make reservations. Phase I has some great views and personally I think Week 24 is a good week - it's around Father's Day and it can be a great way to celebrate the end of school or graduation. I think someone will be happy to take it of your hands.

 

[midwest39]

You are absolutely right, Weimaraner. It IS a good summer week. Building looks out at the pool and water between the islands, not another building and not the overpass over the highway.