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How to best dispose of my unit

nytraveler

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I recently went to a seminar to find out how to sell my timeshare. That actually wanted a fee of double what I originally paid. Is there any reasonable way to dispose of my timeshare? I know I can offer it here for free. What if I just stop paying the maintenance? Any credit impact? I have owned this for about 30 years and usually bank the week to trade.
 
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RX8

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Those seminars are traveling exit companies who use high pressure and lies to extract huge upfront fees. They are a scam and will empty your pockets.

I see from another post that your timeshare has a special assessment coming due. Your options are limited. You could:

Option 1. Check with the HOA to see if they will accept a deed back or deed in lieu of foreclosure. If they will, they will likely charge a fee but it will likely be less costly than option 2.

Option 2. Offer it for free on TUG or elsewhere. You should be upfront about the special assessment. You will likely have to sweeten the deal by paying the special assessment as part of the deal. You may also need to pay for closing.

Option 3. Stop paying and let it foreclose. There may be repercussions, or may not. See the link below.

Whatever you do, don’t pay an exit company. They will charge many thousands of dollars and the odds are they won’t do a damn thing except steal your money. You would be better off putting that money towards the giveaway and have a closing company, like LT Transfers, handle everything for you.


 

jp10558

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HGVC Seaworld
Wyndham Smoky Mountains
Foxrun Lake Lure
If you look at TUG and also the youtube posts Brian makes - yes, you can just default. It probably won't hurt your credit. That said, if you're otherwise current on MFs, I'd encourage you to post in the free timeshare section here (follow the Sticky on that forum) and see if you can give it away. I'd then also contact the resort after trying to give it away for a bit to see if they'll take a deedback.
 

nytraveler

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Should I still request my week for this year? I am paid up-to-date with maintenance. The assessment was just sent recently and apparently there will be 2 more years of them.
 

SmithOp

TUG Review Crew
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HGVC King's Land 2BR Premier 23.040K Points.
It won't be easy to dispose of a timeshare facing 3 assessments, good luck. You might want to consider not paying and default. Take your week this year you already paid for as a farewell trip.
 

RX8

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If you are going to try and give it away then you should reserve a week. You could make that week part of the deal to further sweeten the offer. That said, I think it will be very hard to give away a timeshare that has special assessments this year and the next two years unless you are paying all the assessments. Giving away the timeshare with $4500 cash (or whatever the total assessments are) at closing may very well appeal to someone. Personally, I think you could be successful. If a deed back to the HOA isn’t an option then only you can decide if paying to give it away or letting it foreclose is the right choice for you.
 

Patri

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Best wishes on this. I'm glad you have enjoyed 30 years of ownership.
 
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