How much effort does the average person put into selling or giving away an unwanted Timeshare?

[Mongoose]

There's a money pit there allight. They keep dumping money in with little in return except a TV show to document the madness...

The gold they found comes from the TV show residuals.

 

[4TimeAway]

I think the $2,000 is using a closing company TUG recommends and paying the fees for transfer and the MF's for the current year to give free use.

The only $0 timeshare we own is Wyndham. We have some contracts to give away, and they are not easy, believe me.I

I've updated based on feedback to:

• Try to give it back.
• Get help
  • The TS would need to be Free and Clear
  • To confirm its potential value, you can look on rofr.net -Its shockingly less than you paid 90+% of the time.
  • Use a closing company TUG recommends, paying the fees for transfer and the MF's for the current year to give free use (depending on what you have)
  • Join TUG and ask for advice
• Keep paying until you die and do not use it. WRONG ANSWER

I added the first step as liens on the TS and not being current will bounce many people out of working with reputable firms and TUG buyers. There will be those who bought the wrong product for too much $$$, missed the rescind period and that is not who this is trying to help.

I hate to have low expectations, but I suspect low motivation and people being overwhelmed. These people have paid say $20,000+ and $500+/yr for something they are not using. A common scenario is older parents who no longer have a use scenario and are ignoring the issue. Their offspring should be able to find TUG and a thread like this to get a plan.

Depending on what they are dealing with, having a list of a couple TS real estate agents with their current fees with examples might be useful as a comparison reduce scams. I dislike this, but I don't know how else to address. Maybe we can just chime in with people we've used or refer to some other threads. I'm not an advocate of this, but as a realist.

 

[TUGBrian]

That puzzled me as well! I don't think TUG prefers any entity that charges $2,000 to "get rid" of a timeshare.

we certainly do not

 

[TUGBrian]

note that all these suggestions are already included in the "how do i give my timeshare away on TUG" post made by denisem thats a sticky on the free giveaway forum:

How can I give away my timeshare on TUG for Free?

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...

tugbbs.com

the issue isnt a lack of information available =)

 

[CalGalTraveler]

I've updated based on feedback to:

• Try to give it back.
• Get help
  • The TS would need to be Free and Clear
  • To confirm its potential value, you can look on rofr.net -Its shockingly less than you paid 90+% of the time.
  • Use a closing company TUG recommends, paying the fees for transfer and the MF's for the current year to give free use (depending on what you have)
  • Join TUG and ask for advice
• Keep paying until you die and do not use it. WRONG ANSWER

I added the first step as liens on the TS and not being current will bounce many people out of working with reputable firms and TUG buyers. There will be those who bought the wrong product for too much $$$, missed the rescind period and that is not who this is trying to help.

I hate to have low expectations, but I suspect low motivation and people being overwhelmed. These people have paid say $20,000+ and $500+/yr for something they are not using. A common scenario is older parents who no longer have a use scenario and are ignoring the issue. Their offspring should be able to find TUG and a thread like this to get a plan.

Depending on what they are dealing with, having a list of a couple TS real estate agents with their current fees with examples might be useful as a comparison reduce scams. I dislike this, but I don't know how else to address. Maybe we can just chime in with people we've used or refer to some other threads. I'm not an advocate of this, but as a realist.

Good pointers.

Note that ROFR.net is only a measure of the low tail end of a bell curve a TUG expert can get because the general population and brokers do not post there. Therefore it is not reflective of the average selling price. It also may not include extra fees for brokers and backpay of maint fees that are "hidden" fees. So that "great deal" may not be as great as the poster thinks.

Also brokers are an option but you will pay $1500 as a seller's fee out of the proceeds to the broker unless you cut a deal.

Redweek Full Service is a less expensive option if you want a broker to answer queries but don't want to pay for a full-service broker.

Tug listing is free so a great deal.

 

[TravelTime]

I am in the group of timeshare owners who do not want to spend much time selling them when I am done. I sold a Marriott, Westin and Hyatt timeshare back to Marriott because it was easy. I sold a bunch of Disney contracts using one of the Disney specialists.

 

[montygz]

This has been a thorn in my side for awhile now, but recent forum and Facebook posts lead me to believe the answer to this is "as little as possible".

While we cover the 3 ways to dispose of any timeshare (resale/return/default), I find so many owners put forth a bare minimum of effort, if any at all in trying to find a new home for an unwanted timeshare. No doubt its difficult to "sell" something you feel is/was a terrible purchase for you to begin with, but its so utterly difficult to read post after post from folks who claim:

"weve been trying to get rid of this thing forever"
"noone wants this"
"I cant even give this back!"

or other such quotes day in and day out that highlight the despair that many owners face when it comes time to truly find a new home for an average timeshare ownership! I always make a point to ask these folks about what they have tried thus far in their attempts to sell or give away their ownership, and by and large the OVERWHELMING majority respond with nothing at all.

This was highlighted on facebook earlier this week when someone inquired about BUYING a timeshare, and the post was absolutely inundated with people posting that they would be willing give away theirs! I wound up counting nearly 50 separate responses from folks with timeshares they wanted out of, and I asked every single one of them the same questions, as well as posted the link where they could actually list their free giveaway timeshare at no cost here on the forum.

I never got one single reply, nor did I notice any of the timeshares offered get posted on the free giveaway forum which leads me back to my initial question. How much effort does the average owner actually put into finding a new home for an unwanted timeshare? If i had to answer truthfully, at this point it would be "about the same effort they put into researching before they bought in the first place"

I have been discussing defaulting on the last few videos we have done, but I always explain that it should be an option of last resort AFTER you have made a good faith effort to try to give away, or give back your Timeshare.

Fact is, there ARE plenty of people out there who would be interested in taking over a free timeshare, and while posting it on the TUG giveaway forum is never a guarantee of success. If your level of effort does not exceed posting a single sentence on Facebook as a reply to someone's post you can almost guarantee failure!

I created the free giveaway forum to provide ANY owner the ability to offer their timeshare at no cost and that forum has been wildly successful with so many owners very thankful they were able to find a new owner without paying a dime! However I see so many folks who despite not only being told about the forum, and given a link....simply dont even bother.

Am I just unique in my experience here? or do those of you who regularly participate in other groups/forums/etc see an overwhelming number of owners who fall into this category?

You can lead a horse to water, but you can't force him to drink.

Sadly, what you are discovering about timeshare owners is not unusual at all.

The people who make bad decisions are the least likely to make any effort to resolve their situation. They are far more likely to make another bad decision.

However, that is not to say you should give up. Some people do learn and take action. Celebrate those successes!

 

[4TimeAway]

Its all been done and said before.


Maybe a seperate landing page or website that links these thoughts.

There is a point where we've done everything we could and we must let it go.

 

[CalGalTraveler]

Many people don't like to admit they made a mistake. Selling highlights the mistake. If you paid tens of thousands to a developer, selling for pennies on the dollar doesn't feel good. No matter the theory on sunk cost, the pain is real. Sometimes the cheapest and most value mazimizing option (plus easier to avoid thinking about the pain) is to keep the timeshare, pay the MF and use it rather than sell it. Doesn't stop people from wishing it were gone though.

 

[TUGBrian]

and all those points are true and valid!

the part that truly surprises me is folks who are on facebook, and members of the TUG facebook page (thus at the very least they are owners who KNOW about TUG)....and simply comment on posts offering their timeshare or otherwise mentioning that they want to give theirs away etc. Then when provided the info for where they can go post the details that might actually result in an interested/legitimate buyer they never bother!

it almost makes me think so many of these folks are just shills who are looking to scam people or just collect lead information to sell to a 3rd party etc.

 

[Luvtoride]

We’ve started getting rid of household items we no longer want / or use with an app called FreeCycle. We post things and usually within minutes we are contacted by someone who wants it and will come pick it up. It’s a win win!

Maybe we need a FreeCycle timeshare app?


Sent from my iPhone using Tapatalk

 

[CalGalTraveler]

Don't we already have that with the Tug free timeshare giveaway thread?

 

[frank808]

If they want out of a Marriott or Westin Hawaii timeshare, send them my way.

It's a little bit odd that people buy a timeshare they don't really want. I talked to our DIL's parents a while back about their timeshare at Marriott's Ko Olina. They were smitten when they bought, and they are still loving it. They have zero regrets, and they bought developer. Even if I mention they can buy resale and add another week, they say they would buy again from Marriott directly. But they just love that one timeshare, it has a decent amount of points and enrolled when offered, and they only stay at Marriott resorts. I didn't ask how much they paid.

Our DIL was in high school when they bought their week. That would have been about 2005 or earlier. Went on a discounted stay. Their first trip to Hawaii.

My guess is a MKO week direct would have been $16K-$25K direct for a 2br annual. Island view on the lower end and ocean view on the higher end.

 

[DaveNV]

I think another thing blocking some people from getting rid of their timeshare is their refusal to let go of the idea that they have a real estate investment that is worth big money. They "can't get rid of it" equals they "can't find someone to pay them back for what they spent." Until they come to terms that what they own is likely worth about zero, they'll sit on it and complain, rather than take the loss.

Dave

 

[Fido Chuckwagon]

I think the $2,000 is using a closing company TUG recommends and paying the fees for transfer and the MF's for the current year to give free use.

The only $0 timeshare we own is Wyndham. We have some contracts to give away, and they are not easy, believe me.

I know you’ve been unable to get rid of some of your higher MF Wyndham contracts here on Tug (where I think he average user is more savvy). Have you tried listing them on ebay with a starting bid of $1 and all closing costs paid for? I get that you’re losing money on that, but given the struggles you’re having with certified exit right now maybe that will lose you less money in the long run?

Also, given the nature of ebay auctions, you could end up pleasantly surprised and have some sell for more than $1.

 

[Fido Chuckwagon]

I think another thing blocking some people from getting rid of their timeshare is their refusal to let go of the idea that they have a real estate investment that is worth big money. They "can't get rid of it" equals they "can't find someone to pay them back for what they spent." Until they come to terms that what they own is likely worth about zero, they'll sit on it and complain, rather than take the loss.

Dave

this may be part of it, but on the other hand, these same people will pay an exit company thousands. (Although I guess some of those exit companies will lie and promise to sell their TS for thousands).

 

[geist1223]

I have seen many Ads on TUG, WMOWNERS, etc where people have drastically over priced their Worldmark Credits. Even on EBAY many folks start with too high of an asking price. I can remember several occasions where non-TUG folks have come here to ask for advice and then are upset when TUG Members are honest about the value of what they own.

Assuming no drastic changes when we are ready to get out of Worldmark we will probably sell our 97,000 Credits at 15 cents per Credit plus the Wyndham Transfer Fee.

 

[Mongoose]

I have seen many Ads on TUG, WMOWNERS, etc where people have drastically over priced their Worldmark Credits. Even on EBAY many folks start with too high of an asking price. I can remember several occasions where non-TUG folks have come here to ask for advice and then are upset when TUG Members are honest about the value of what they own.

Assuming no drastic changes when we are ready to get out of Worldmark we will probably sell our 97,000 Credits at 15 cents per Credit plus the Wyndham Transfer Fee.

All resale?

 

[4TimeAway]

Some people own very little, and timeshares seem like something real. Letting it go could be like letting go of a dream.


When we tell them they have a used car with no value, the mind can't accept the loss.

One thing I'm dealing with is a Japanese Seller and it seems like the paperwork is more difficult for them as the "asset" sale is international. You'd think for the small dollars and the fact that timeshares generally are sold at a loss there would be a way to reduce paperwork if thee was a loss on it. I can't tell if it’s a Hawaii issue or IRS. Seems way too much to me, but I guess people could launder money?

 

[rickandcindy23]

I know you’ve been unable to get rid of some of your higher MF Wyndham contracts here on Tug (where I think he average user is more savvy). Have you tried listing them on ebay with a starting bid of $1 and all closing costs paid for? I get that you’re losing money on that, but given the struggles you’re having with certified exit right now maybe that will lose you less money in the long run?

Also, given the nature of ebay auctions, you could end up pleasantly surprised and have some sell for more than $1.

I have never sold anything on ebay. I have no idea how to do it, even though I have purchased on ebay.

I am willing to pay all closing costs at this point. Maybe I should give it a shot. I have a bunch at one particular resort to give away.

I can do the closings myself, and it would just cost me the transfer fee and recording costs, which are minimal. It's not difficult to do the closing. Rick will give me a hand. We talked about the process yesterday, on the way home from going with the grandkids to the North Pole at the base of Pike's Peak. We had a good two hours to talk. But I was talking about Redweek. Maybe I should consider ebay.

I am just lost as to what to do.

 

[Mongoose]

I have never sold anything on ebay. I have no idea how to do it, even though I have purchased on ebay.

I am willing to pay all closing costs at this point. Maybe I should give it a shot. I have a bunch at one particular resort to give away.

I can do the closings myself, and it would just cost me the transfer fee and recording costs, which are minimal. It's not difficult to do the closing. Rick will give me a hand. We talked about the process yesterday, on the way home from going with the grandkids to the North Pole at the base of Pike's Peak. We had a good two hours to talk. But I was talking about Redweek. Maybe I should consider ebay.

I am just lost as to what to do.

How to Sell a Timeshare on Ebay | Sapling

Selling a timeshare can be difficult if you don't advertise in front of the right group of people. eBay is a great place to sell timeshares because it has such a huge audience.

www.sapling.com

Travel policy

Individual sellers, travel providers and licensed travel agents can list travel services or vacation packages following our guidelines.

www.ebay.com

 

[RX8]

I don’t understand the people who take the time to create a profile on TUG and post “I need to get rid of my timeshare” with vague details or even no details at all. Immediately, TUG folks post helpful suggestions, post TUG links on how to give it away, or they ask specific questions about the timeshare that anyone considering taking it would need to know. Despite the help offered, many of these same people seeking help are a single “hit and run” post, never to be seen again.

I am starting to think that some people may be so disgusted with their timeshare experience that they want nothing to do with it, including spending some time to maximize their chances of giving it away. They just want a magic eraser to make it go away and that is where exit companies come in (although they have no magic eraser). My opinion is that some people just cannot be helped, or that they don’t want to be helped.

 

[jp10558]

I was just talking about "the average person" yesterday with my sister. It's not just Timeshares. I swear, it's everything. Need a product? If it's not on the shelf at the local Wal-Mart - it doesn't exist. Hate Windows on your computer? No other choice. Constantly getting *bleep* cars at the local side of the road place for $2,000? Nothing you can do.

I could go on and on. TUG people are part of the "special people" who can focus on something, learn how it works, and maximize the benefit while minimizing costs. This is pretty rare (I weep for humanity). Not only can "most people" not manage to research *anything*, they probably don't know how to begin to do such research. Worse, as posted here, even thousands a year in MF for something they don't want can't motivate them to put in any effort *at all*. If these people were willing to put in *any effort* I believe most could bootstrap themselves using tools like the Internet to make many parts of their lives better, but I guess their minds don't work this way.


I used to want to try and help these people and teach them things, but I've now made peace with the seeming fact that it is impossible. Instead, I'm actually starting to be glad these people are the apparent majority. These are the people who make timeshares available to the TUG crowd at such a deal - I'm not sure if the market could actually work without "saps" buying from the developer. These are the people providing many excellent used markets, while financing the development of many things we take advantage of later on.

 

[Mongoose]

I was just talking about "the average person" yesterday with my sister. It's not just Timeshares. I swear, it's everything. Need a product? If it's not on the shelf at the local Wal-Mart - it doesn't exist. Hate Windows on your computer? No other choice. Constantly getting *bleep* cars at the local side of the road place for $2,000? Nothing you can do.

I could go on and on. TUG people are part of the "special people" who can focus on something, learn how it works, and maximize the benefit while minimizing costs. This is pretty rare (I weep for humanity). Not only can "most people" not manage to research *anything*, they probably don't know how to begin to do such research. Worse, as posted here, even thousands a year in MF for something they don't want can't motivate them to put in any effort *at all*. If these people were willing to put in *any effort* I believe most could bootstrap themselves using tools like the Internet to make many parts of their lives better, but I guess their minds don't work this way.


I used to want to try and help these people and teach them things, but I've now made peace with the seeming fact that it is impossible. Instead, I'm actually starting to be glad these people are the apparent majority. These are the people who make timeshares available to the TUG crowd at such a deal - I'm not sure if the market could actually work without "saps" buying from the developer. These are the people providing many excellent used markets, while financing the development of many things we take advantage of later on.

Its more than that. Our culture is devolving from one of self-reliance and personal responsibility to dependence and chronic complainers.

 

[DaveNV]

Its more than that. Our culture is devolving from one of self-reliance and personal responsibility to dependence and chronic complainers.

And one where people don't take time to research how to do something. They want to be spoonfed everything. Even on a site filled with historical and empirical data (e.g. Tug), they don't bother to do a smidge of research before posting a thread asking for help with something that has already been covered completely, often multiple times.

And it's not just Tug. I grow plumeria plants as a gardening hobby. I subscribe to several Facebook groups that are specifically for the hobbyist grower. I can't tell you how many times I see a newbie join the group, then ask the exact same questions that were posted earlier in the day, several times yesterday, and every day last week. They have full access to the site, including the posting history and search functions, but they don't bother to read previous posts. And if someone says, "Check the previous posts for the answer," they get push-back and "Why can't you just tell me?" posts in reply. It's maddening.

Dave