I have a question and need advice

[ronparise]

Flat out say we'll take it back no matter what? You'd better bail now because that is an Association doomed in the long run.

It is a balance and it can't be 100% either way too strict or too easy.

Im not suggesting that an association should take it back no matter what...I was responding to the poster that said "My personal and professional opinion is that neither HOA or the management company should accept deed-backs unless they know where they can find a new owner will to pay the current years maintenance fee and continue on"

I think that there is a middle ground between... we will never take one back....and we will take all of them......Where that middle is: is the question.

But I am sure of this: If an association has a choice between foreclosure and a deed in lieu; They will be money ahead with the deed in lieu

 

[theo]

Savvy input...

My personal and professional opinion is that neither HOA or the management company should accept deed-backs unless they know where they can find a new owner will to pay the current years maintenance fee and continue on. Too many resorts/HOA/management companies do not understand that while they may be making a friend by accepting deed-backs that are slowly burying the rest of the owners. This practice must stop before the many of the owners left to pay where the others bailed out want out also....

Thanks for your thoughtful input. Few people here (or anywhere else, for that matter) have a background or knowledge base as extensive as yours, so your expressed observations and opinions are highly valued.

Your thoughts on deedbacks appropriately reflect some "bigger picture" insight. People often seem ready, willing and able to just put on the blinders and believe that it's just a great idea for resorts to routinely accept deedbacks --- particularly when they are the ones who want out, but can't sell their week(s) . Remaining owners everywhere have experienced and continue to endure the obvious consequences (i.e., continually increasing fees) of those HOA owned weeks just lying fallow, with no one being responsible for maintenance fees on those dormant HOA owned weeks.

There is no question that it's a tough economy and a difficult situation overall in timeshares these days, particularly with the emergence and growth of PostCard Companies and assorted other timeshare "donation" recipients, some of them of highly questionable (even borderline unlawful) intent. Some "donation" recipients with a bogus "LLC" even overtly state that they will provide an "ownership out" (for a fee), but have absolutely no intentions of ever paying any fees to the resort; they openly admit and proclaim that fact.

Anyway, thanks again for your thoughts and shared wisdom. It is much appreciated.

 

[funtime]

Uno - it is time for you to search on ebay or our free timeshare sectionboard "Bargain deals." If you are holding on because of your initial investment, fuggetabout!! I am in Texas and have never heard of your timeshare. Many non brand timeshares have little to no value as you can see by a quick search on ebay. You need to give this timeshare back immediately as it has no value and fairly soon they won't take any more back. It is musical chairs and you do not want to be thelast one standing. Is it unfair? Sure is but do you want to be the one to fight? It is better to deed it back. And, next time read extensively on this board and join TUG - you can get a high quality timeshare for pennies and one that will be well managed and trade well. And the money you lost on your timeshare can be made up with a judicious purchase of a free or no cost trader in a well managed resort that trades well. Funtime

 

[Guitarmom]

I Got Out

Also what makes you think the units could be sold as full condos - Your Ouija Board?

Talk about a plank to walk off of ....

I am a former owner at Westwind Manor. I bought a VERY affordable resale there from eBay because we wanted a timeshare near Dallas.

We got out when the developer agreed to take back our unit if we'd pay just one extra year's MF. Shortly thereafter, Westwind Manor raised the MF from $400 to $900. I said, "That's on a par with Welk rates," and we turned around and bought a Welk resale.

You asked why the OP might think the units could be sold as full condos. He had good reason to think that. At the time I left Westwind Manor, several buildings had been converted from timeshares to long term rentals. In other words, even four years ago there were units being treated as condominium homes.

About the time we left, the buildings were undergoing major refurbishing. Sadly, a fire took out part of one building, but I understand that they re-built that, too. The resort was a really sweet place whose owners kind of aged out of the timeshare market.

I'm sorry to hear that the OP has really been given the short end of the stick.