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deslagle

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Timeshare Resales

I have bought and sold around 15 timeshares.
Some I equity exchanged. Never pay full price on any new timeshare.
Timeshares can be whittled down to 40% of the asking price for a brand new one. I have done it. (I am not talking about Hyatt, Marriott and other expensive luxury timeshares though).
I have never paid full asking price for a timeshare and after using them for years and gotten my money's worth out of it I can easily get rid of them.
In the 2008/2009 economic recession people were giving away timeshares and I even bought one for $1 on a no reserve ebay Auction. I reshuffled all
my timeshares with upgrades.
Of course I paid for the transfer fee. There are times of divorce or economic issues such as bankruptcy when one can get into a timeshare easily and for just the transfer fee.
I use TUG for gaging quality value and reviews, Call RCI or II for trade ability from that area, and use the companies own URL site to see how they market themselves and view pictures and review issues. I also use Redweek to get ideas how low the market resale price is for that timeshare. TUG is $15 a year. I renew 3 years at a time. Redweek.com is $20 a year.

When I am done with a timeshare as I am over 66 and slowing down with the usage, I use these 3 ways to Divest:
1) Deed it back. If you pay your maintenance fees and give them 1 year notice many Timeshare associations will take back the timeshare.
2) Use TUG Marketplace and Bargain Deals. I am already a member and it costs me nothing if the timeshare is valuable to someone.
3) Sell it on Redweek.com. If you want to sell it fast, then underbid the lowest equivalent price that equals what you are selling for that timeshare.
Make sure the buyer pays for the Transfer Fee as part of the deal. Redweek
only deals with members. Members are only there to buy and sell so it works.

Use TUG recommendation for a good Title Transfer company.

4) Have never used them but if you are willing to pay a little, Newton Group Transfers out of Grand Rapids, Mi has a A+ rating on BBB.
Their reviews are 90% positive. Would never use them until I was down to the fourth choice.



I own on Kauai, Maui, Grand Cayman, St Lucia, all every other year.
I own at Shell and have Wyndham breathing down my neck. But I bought resale so I can give them away if someone finds value with them.
 

springbird43

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title transfers

*** You don't have to know anything about title transfers - that is why you use a reputable transfer company. All you have to do is post an Ad, and find someone who wants it. Once you have a taker, the title transfer company will take over the process and walk you through it. They will provide the contract, communicate with the buyer, prepare the new deed, collect required signatures, and record the deed with the local recorder's office, and resort.

Good luck![/QUOTE]

I'm very new to TUG so I'm still wandering around reading posts and trying to figure out things. I need to sell or give away my TS. I've enjoyed it for many years, but work and financial difficulties means probably no more vacations (its' been 4 years now) I have all the paperwork from my resort to transfer ownership which I was told was $250 and lawyers fees of $299. But the article above implies I can use any reputable transfer company... how do I find one? and does this mean I only would have to pay the transfer fee?
 

DeniseM

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*** You don't have to know anything about title transfers - that is why you use a reputable transfer company. All you have to do is post an Ad, and find someone who wants it. Once you have a taker, the title transfer company will take over the process and walk you through it. They will provide the contract, communicate with the buyer, prepare the new deed, collect required signatures, and record the deed with the local recorder's office, and resort.

Good luck!
I'm very new to TUG so I'm still wandering around reading posts and trying to figure out things. I need to sell or give away my TS. I've enjoyed it for many years, but work and financial difficulties means probably no more vacations (its' been 4 years now) I have all the paperwork from my resort to transfer ownership which I was told was $250 and lawyers fees of $299. But the article above implies I can use any reputable transfer company... how do I find one? and does this mean I only would have to pay the transfer fee?
If you look at the sample Ad in the first post, I listed the title company that I use myself: LT Transfers.

However, some resorts may require you to use a different closing company, and some may recommend a different company. LT Transfers will know if they can do it for you or not - give them a call.
 
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choppee

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Thanks!

All the information that I'm finding here is very helpful. I'm VERY green on the timeshare thing and am learning quite a lot. I'm still a bit nervous about buying a timeshare, but I'm sure that I'll want to buy at Bonnet Creek in Orlando...just have to decide when/where/how to buy!
 
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Not really - Your best bet is giving it away yourself. Anyone who charges you a high upfront fee to "rescue" you, is likely to be a scammer.

There are no charities who will take it, because it has no value to them.

The biggest "so called" charity in the market who did take timeshares (after the owner paid them thousands of dollars) is currently in trouble with the Attorney General and the IRS.

Another option is to go into default by refusing to pay your fees, and Westgate will eventually foreclose, but you have to be willing to suffer the consequences:

-They will turn you over to collections - and all the misery that entails.

-They may turn you into the credit bureaus, and damage your credit rating.

-It can take 2 years to get through foreclosure.
WHat would happen if I were to give my TS to a deadbeat that doesn't care about the consequences of not paying the MF (and assuming all the Is are dotted and the Ts are crossed)? I walk away with the TS gone and the deadbeat has access to the TS until he stops paying the MF.
 

TUGBrian

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id think willingly committing fraud would be a worse solution than simply stopping payment yourself and taking the small credit hit for the foreclosure?

as we mention regularly. 100% of timeshare owners have a complete and total solution for ending their ownership...and that is to stop paying. However as with defaulting on any contract/loan/etc...there are repercussions involved with doing this (as there should be).

What folks are really asking (but dont want to make it sound that bad) is "how do I stop paying for something I agreed to pay for, and ensure it doesnt show up on my credit report and or not get reported to collections".
 

DeniseM

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imagoodlawyer - When you default on your timeshare, the OTHER OWNERS have to cover your maintenance fee, not the developer/management company, so you would be sticking it to the owners who do pay their maintenance fees.
 
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id think willingly committing fraud would be a worse solution than simply stopping payment yourself and taking the small credit hit for the foreclosure?

as we mention regularly. 100% of timeshare owners have a complete and total solution for ending their ownership...and that is to stop paying. However as with defaulting on any contract/loan/etc...there are repercussions involved with doing this (as there should be).

What folks are really asking (but dont want to make it sound that bad) is "how do I stop paying for something I agreed to pay for, and ensure it doesnt show up on my credit report and or not get reported to collections".
that's why I asked. thanks for the response.
 
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imagoodlawyer - When you default on your timeshare, the OTHER OWNERS have to cover your maintenance fee, not the developer/management company, so you would be sticking it to the owners who do pay their maintenance fees.
that's why I asked. thanks for the response.
 

DeniseM

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imagoodlawyer - have you tried giving it away to someone who wants it using the strategy in post #1 of this thread? I have given away and acquired multiple timeshares using this method - it does work.
 
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imagoodlawyer - have you tried giving it away to someone who wants it using the strategy in post #1 of this thread? I have given away and acquired multiple timeshares using this method - it does work.
My original question was simply thinking outside the box as to whether or not it could happen and the impact. For people that are really upset at having a TS the answer appears to be yes. I believe I've thought of other ways to "dispose" of a TS for those willing to go so far, but I'd rather not give anyone any ideas.

I really don't use my TS and have recently been thinking about getting rid of it and stumbled across this website. If I do commit to getting rid of my TS I'll certainly consider using this site.
 

DeniseM

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Variations of your suggestion have been posted many times: deeding it to dying grandma, bum on the street, Straw Company, etc.

Three things:

1) Resorts are getting wise to this strategy and can refuse the transfer.
2) Most people who are upset with their timeshare think they will stick it to the developer/managment Co. if they do this, and it's simply not true.
3) Ethics
 
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So I can deed it to the brother-in-law I don't like? thanks for that one. LOL.
 

DeniseM

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No - there has to be a legal title transfer - that would not be legal.
 

bendadin

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So is a good ballpark figure for closing costs $150? And the transfer fee for Wyndham is $299. Am I missing anything?
 

JBSamson

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Before you pay an upfront fee to someone to "take your timeshare off your hands," please consider giving your timeshare away to a private individual who would like to own it.

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 - you want to post Ads in BOTH locations, because they are different locations, with different audiences.

There are other cheap and free sites on the internet, as well - I use Craigslist and Redweek.

1) TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

2) Bargain Deals (a subforum here on the TUG Bulletin Board) - 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​

SAMPLE AD: http://www.tugbbs.com/forums/showthread.php?t=224197

To make it more attractive I would:

1) Pay for the 2016/2017 maintenance fees and don't ask for reimbursement.

2) Offer to pay for the title transfer/closing - inexpensive transfer/closings are around $150 - ask for recommendations on TUG. The closing company will walk you through the whole thing - you don't have to know how to do a title transfer yourself.

3) Reserve a popular holiday week in 2016/2017 for the new owner

4) Here is the CRITICAL step that most people miss - come back to to your post once a week and bump it with new info. to keep it on the main page. (When you add a new post to your original thread, it automatically "bumps" your thread to the top of the page where it will be more visible.)​

*** You don't have to know anything about title transfers - that is why you use a reputable transfer company. All you have to do is post an Ad, and find someone who wants it. Once you have a taker, the title transfer company will take over the process and walk you through it. They will provide the contract, communicate with the buyer, prepare the new deed, collect required signatures, and record the deed with the local recorder's office, and resort.

Good luck!
Denise, I just joined TUG and posted to give away a free time share. I have had three interested and one who wants to take this off my hands. Now I need to help me with a Title transfer company. I'm in Tampa and the prospective owner is in Norfolk, VA. Can you advise and send me the contact for a transfer company? Regards, Samson
 

DeniseM

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Good for you! Title transfers are all handled over the internet/phone/mail these days, so you don't need a local company - this is who I use for about $150. They are Tuggers, and a lot of Tuggers use them and recommend them:

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709
 

JBSamson

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Much thanks. Maholo.
 

dpe

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If you look at the sample Ad in the first post, I listed the title company that I use myself: LT Transfers.

However, some resorts may require you to use a different closing company, and some may recommend a different company. LT Transfers will know if they can do it for you or not - give them a call.
Thank you for all of the great advice on giving away a Timeshare property, a process I am now beginning. I have contacted LT Transfers to check if they can handle dealings with my resort. Some further questions that are BASIC, but I would be grateful for some help:
  1. When you mention posting our accommodation as 'give away', do I put purchase price of $1 or 1 cent or do I write 'free'? In the sample ad, I couldn't see how that was presented.
  2. For Craigslist, I cannot see the appropriate tab as flow chart through the site for listing a Timeshare specifically. I went location, housing, real estate for sale but do not know how to further filter list the resort timeshare accommodation, for example on the left column filtering, do I list it as condo or apartment or what? I then tried 'vacation rental' rather than 'real estate for sale' but that clearly was not sales and, although had vacation resorts, they were not complete timeshare unit sales.
  3. My resort does require a resort transfer fee, so will I have to take another step with this money being handled? For example, an escrow? Or the resort offers an all-in deal where they do the closing also. I will compare with LT (cross fingers they can help).
  4. My resort is linked to RCI, so I assume that I will have to contact them about any transfer of points/acquisition of membership of new owner? Any experience with that?
I know that these are simple points, but thanks in advance for the info.
 

DeniseM

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A quit claim deed only works if the resort management company agrees to take back the deed. You cannot force them to take it back - they have to agree.

If you are in default back to 2012, you might as well hang tight and wait for them to foreclose.
 

PaulytheJoe

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Before you pay an upfront fee to someone to "take your timeshare off your hands," please consider giving your timeshare away to a private individual who would like to own it.

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 - you want to post Ads in BOTH locations, because they are different locations, with different audiences.

There are other cheap and free sites on the internet, as well - I use Craigslist and Redweek.

1) TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

2) Bargain Deals (a subforum here on the TUG Bulletin Board) - 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​

SAMPLE AD: http://www.tugbbs.com/forums/showthread.php?t=224197

To make it more attractive I would:

1) Pay for the 2016/2017 maintenance fees and don't ask for reimbursement.

2) Offer to pay for the title transfer/closing - inexpensive transfer/closings are around $150 - ask for recommendations on TUG. The closing company will walk you through the whole thing - you don't have to know how to do a title transfer yourself.

3) Reserve a popular holiday week in 2016/2017 for the new owner

4) Here is the CRITICAL step that most people miss - come back to to your post once a week and bump it with new info. to keep it on the main page. (When you add a new post to your original thread, it automatically "bumps" your thread to the top of the page where it will be more visible.)​

*** You don't have to know anything about title transfers - that is why you use a reputable transfer company. All you have to do is post an Ad, and find someone who wants it. Once you have a taker, the title transfer company will take over the process and walk you through it. They will provide the contract, communicate with the buyer, prepare the new deed, collect required signatures, and record the deed with the local recorder's office, and resort.

Good luck!
This seems to be a well laid out process. The only part I don't get is who the title transfer company is and how do they take over the process to walk me through.
 

DeniseM

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You call them to hire their services. I use LT Transfers -
readylegal@gmail.com


Sent from my iPhone using Tapatalk
 

Azdro716

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You call them to hire their services. I use LT Transfers -
readylegal@gmail.com


Sent from my iPhone using Tapatalk
Alot of talk here on free timeshares. I assume they are for smaller companies? Marriot and a HGVC would exercise ROFR. If i want a timeshare through HGVC is it even worth me looking in the bargain sections?
 

DeniseM

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Off-season weeks are given away even at top resorts, and the management company doesn't necessarily want off-season weeks either. But prime resorts/seasons, have resale value, so they are sold.
 
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Hi all, newbie, just finished reading thread. Wife and I looking to give away our timeshare in Orlando at Westgate Lakes. I seem to have all my answers from previous posts in here except one thing, to give away a time share, must the loan be paid off, or can I simply offer someone to take over the remaining balance? We still owe about 16k on ours as we just bought last May. Plan to have maintenance fees paid for buyer and pay all costs as well as book a busy week at our resort in case the new owner is looking to have something secured that they can re-schedule. Is it really a reality that this loan balance can just be handed to another willing person and they move forward with it?
 
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