How do you go about figuring out a fair offer? It's a complex with very few timeshares units. I can't find any on e-bay. Doing an internet search I can only find the one that I'm thinking about and one other. I know for certain that we would use it for a minimum of 5 years. It's a deeded week and it's the week we would need. I'm just mystified what is a fair offer. It's listed with the resort real estate company who says "throw out any offer" the price has been reduced twice. It's a week that is "shoulder" season and not popular. Do you just go with a real low ball almost insulting offer? We've bought and sold real estate but never considered a time share. I'm reading and reading and I don't think it's an e-bay, pay $1 to $250, but on the otherhand it "ain't" no $5000 week either. How low do you go - it's listed at $2500 right now reduced from $5000. My gut tells me a $900 to a grand, my husband says I'm nuts and offer the maintenance fees for this year (that have already been paid)... but do you just lob it in there and see if it sticks like with regular real estate? I'm just feeling like a neubie. This scares me more than some of the traditional real estate deals we're done because it's just a week and you've got those annual fees that go for prepetuity. My husband says if we can't unload it in 5 years we'll give it to the kids or quit claim deed it back to the resort...oh my!
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How do you value a timeshare to make offer?
- Thread starter conwakr
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A quit claim deed back to the resort won't work unless the resort allows it and most don't.
There was a similar question posted a while ago about whether to give an insultingly low offer and the consensus, as I recall, was yes, go for it.
They can reject your offer and you're not out anything. If you want to offer more, you can. Many sellers just can't believe that the true resale value is so low and they'll hold on for a long time. But you may also be surprised to find that they just want out from under the maintenance fees and be eager to find a buyer.
But be aware, when the time comes for you to sell, shoulder seasons are much more difficult to sell than prime weeks.
Good luck.
They can reject your offer and you're not out anything. If you want to offer more, you can. Many sellers just can't believe that the true resale value is so low and they'll hold on for a long time. But you may also be surprised to find that they just want out from under the maintenance fees and be eager to find a buyer.
But be aware, when the time comes for you to sell, shoulder seasons are much more difficult to sell than prime weeks.
Good luck.
Before you buy, look at what it costs to rent units there - you may be able to rent from someone else at less than, or not much more than, the maintenance fee - then you don't have the commitment.
check TUG of course, also eBay for rentals, also redweek.com and vrbo.com.
check TUG of course, also eBay for rentals, also redweek.com and vrbo.com.
Today isn't tomorrow...
Perhaps an academic point, since whatever the policy is today regarding "deedbacks" may well be an entirely different story 5 years from now. It's something that can change anytime --- at will and without notice.
Also, the prospect of potentially "signing it over to the kids" in 5 years may be convenient in concept for you, but may well be entirely unwelcome for (and unwanted by) them. They may very well want no part of it and / or the associated annual and ever-increasing maintenance fee obligations. It could (understandably) be regarded as the kind of "gift" which cats sometimes leave for their people on doorsteps......a dead mouse.
It's almost always easier to acquire ownership today than it will be to part with that ownership tomorrow, so proceed with caution.
Perhaps an academic point, since whatever the policy is today regarding "deedbacks" may well be an entirely different story 5 years from now. It's something that can change anytime --- at will and without notice.
Also, the prospect of potentially "signing it over to the kids" in 5 years may be convenient in concept for you, but may well be entirely unwelcome for (and unwanted by) them. They may very well want no part of it and / or the associated annual and ever-increasing maintenance fee obligations. It could (understandably) be regarded as the kind of "gift" which cats sometimes leave for their people on doorsteps......a dead mouse.
It's almost always easier to acquire ownership today than it will be to part with that ownership tomorrow, so proceed with caution.
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[triennial - points]
Lowball-Lowball-Lowball.
OK, really the worst I suppose would be Hell No & [ -- bleep -- ] You !
But even that's not so bad -- just words.
I took a real estate investment seminar once in which the lecturer said that unless you get 10 rejections of purchase offers for every 1 that's accepted, you're offering too much. If that's true for residential investment properties, it's true in spades for timeshares.
True bargain-hunting lowball bottom feeders will check out eBay completed auctions for comparable timeshares & use those values to form a baseline.
The bottom line, however, is that paying full freight to the timeshare company is always -- always -- paying way too much.
Buying timeshares resale -- even if it turns out to be substantially above somebody else's rock bottom price -- is the way to go.
Buy resale. Save thousands.
Go ahead with insulting lowball offers. Worst response you can get is No.
OK, really the worst I suppose would be Hell No & [ -- bleep -- ] You !
But even that's not so bad -- just words.
I took a real estate investment seminar once in which the lecturer said that unless you get 10 rejections of purchase offers for every 1 that's accepted, you're offering too much. If that's true for residential investment properties, it's true in spades for timeshares.
True bargain-hunting lowball bottom feeders will check out eBay completed auctions for comparable timeshares & use those values to form a baseline.
The bottom line, however, is that paying full freight to the timeshare company is always -- always -- paying way too much.
Buying timeshares resale -- even if it turns out to be substantially above somebody else's rock bottom price -- is the way to go.
Buy resale. Save thousands.
-- Alan Cole, McLean (Fairfax County), Virginia, USA.
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If you want to have some idea of the unit's intrinsic value, you may be able to look up its taxable value using the online services of the county property appraiser's office. If the unit's stated value is not divided by individual weeks, divide the total by 52. Alternatively, you can use the last tax paid and applicable millage to find the value on which it was based.
A unit's taxable value does not have anything to do with its market value (particularly if based on a builder-sale), or what a seller will unload it for -- I bought a resale at L/T 50% of taxable value -- but at least you'll know where your offer stands in relation to that.
A unit's taxable value does not have anything to do with its market value (particularly if based on a builder-sale), or what a seller will unload it for -- I bought a resale at L/T 50% of taxable value -- but at least you'll know where your offer stands in relation to that.
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It sounds to me as if you really want this week to use. That's very different, I think, from playing the sort of game where you offer as little as possible for many different properties on the assumption that eventually someone will agree to what, for you, is a great deal.
When I found such a timeshare - a place I really wanted to use that had limited availability - I compared the cost of buying the timeshare, including MF to the cost of renting in the same location. That helped me set the maximum I would pay.
When I found such a timeshare - a place I really wanted to use that had limited availability - I compared the cost of buying the timeshare, including MF to the cost of renting in the same location. That helped me set the maximum I would pay.
Thanks for all the input - many things have been considered and are being considered. I think the most difficult decision is what to offer and what to do with it after the 5+ years we know we will use it. There is high probability that the kids would use it. The fees right now are not unreasonable and we do know what past and future assessments have been or potentially could be - but the future is less clear to us than buying and selling a "regular" piece of land or building. If we don't use it in the future but hold it for rental perhaps we can expense a percentage of the fees on our taxes. It sounds like an estoppel letter can be used instead of a title search to protect against any association liens or liens on that particular unit - am I understanding the threads correctly?
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In some locales, depending on the sophistication of the county website, you may be able to do your own title search online at least back to the original developer's sale. However, since the amount involved is relatively smal, I'd settle for an estoppel letter and affidavit of no liens from the owner at closing.
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I don't believe you are ready to buy yet...
If you are thinking of unloading it in 5 years already, than you really shouldn't purchase. When I purchased I knew I would be TSing for as long as I could hop on a plane and go.. I knew this would be a long commitment.
So I suggest you do the following
- Rent for 2 years...then decide if owning is beneficial to you
- Or, purchase knowing that the chances of you making what you paid for it is highly not possible.
- When you offer, offer only that years MFs, and work up from there...If they say "No" then counter, usually you will meet somewhere in the middle, and if you are happy with the price overall than the purchase is a good one for you.
Hey I paid $20K for a TS and to me, it was worth every dime...why cause it forced me to take my vacations and gave us great accomadations as well...
Now since you are purchasing resale, chances are, you don't get this deal for what you want, another one will surely come your way, at the price, time and location you want...with due dilligence...
If you are thinking of unloading it in 5 years already, than you really shouldn't purchase. When I purchased I knew I would be TSing for as long as I could hop on a plane and go.. I knew this would be a long commitment.
So I suggest you do the following
- Rent for 2 years...then decide if owning is beneficial to you
- Or, purchase knowing that the chances of you making what you paid for it is highly not possible.
- When you offer, offer only that years MFs, and work up from there...If they say "No" then counter, usually you will meet somewhere in the middle, and if you are happy with the price overall than the purchase is a good one for you.
Hey I paid $20K for a TS and to me, it was worth every dime...why cause it forced me to take my vacations and gave us great accomadations as well...
Now since you are purchasing resale, chances are, you don't get this deal for what you want, another one will surely come your way, at the price, time and location you want...with due dilligence...
Thanks for the reminder about the affidavit. I think we're going to bite. I've done my homework and then some so now it's my hub's turn to do the negotiating. Amazing that I'm more scared of this cash deal than I am of all the deals we've done with mortgages and land contracts...who knows the worse case is we're saddled in 5 or more years with a bill each year, but I guess we'll cross that bridge when we get there...who said nothing ventured nothing gained!