Need advice please - Do we sell, give away, rent, or keep or timeshare

[sb_sparky]

Hello,

We bought 2 timeshares in 2005 (I don't think we are allowed to mention the resorts specifically). We have been struggling every year to pay for the maintenance fees which are extremely high for one timeshare especially. Over the years we have tried to figure out how to sell them unsuccessfully. We made the mistake of using Sell My Timeshare Now and lost more money.

I was just wondering if anyone has successfully sold their timeshares recently? (are they worth anything?) We spent roughly $47K on both ($35K for one & $13K for the other)-they are now paid off.

In the past I have rented a couple weeks out to pay for the $2,500 maintenance fees but this year had no luck. We are so frustrated by how much we spent and it doesn't seem like they are worth anything to resell!
We feel like there is never any availability on the west coast (CA) except the usual palm springs & Tahoe area which we have done so many times.
Does anyone have advice on whether hanging on to them seems like the best option or does anyone ever successfully sell theirs?

Thanks,

Tony

 

[Ty1on]

Hello,

We bought 2 timeshares in 2005 (I don't think we are allowed to mention the resorts specifically). We have been struggling every year to pay for the maintenance fees which are extremely high for one timeshare especially. Over the years we have tried to figure out how to sell them unsuccessfully. We made the mistake of using Sell My Timeshare Now and lost more money.

I was just wondering if anyone has successfully sold their timeshares recently? (are they worth anything?) We spent roughly $47K on both ($35K for one & $13K for the other)-they are now paid off.

In the past I have rented a couple weeks out to pay for the $2,500 maintenance fees but this year had no luck. We are so frustrated by how much we spent and it doesn't seem like they are worth anything to resell!
We feel like there is never any availability on the west coast (CA) except the usual palm springs & Tahoe area which we have done so many times.
Does anyone have advice on whether hanging on to them seems like the best option or does anyone ever successfully sell theirs?

Thanks,

Tony

I think you can name the resorts--

Depending on the system and resort, they may have some resale value, or you may have to pay closing and transfer costs to get them off your hands.

Put simply, if you don't foresee using them to the value of the MFs, I would divest them.

 

[TUGBrian]

check out our latest TUG video...itll help you out

http://www.tugbbs.com/forums/showthread.php?t=229841

also start by reading our how to sell guide

http://sell.tug2.net


figuring out what its worth will answer your question for you.

 

[Luanne]

Also, even if you don't name the resorts in your post we can tell what they are since you have them listed below your name (which is allowed).

 

[Ty1on]

Also, even if you don't name the resorts in your post we can tell what they are since you have them listed below your name (which is allowed).

Hahaha I hadn't noticed that. Is the Grand Desert a points contract or a Week?

 

[sb_sparky]

Thank you both for your advice, I will check out the links /video.

We own at:
Diamond - Point at Poipu in Kauai - own 2br oceanfront 15,500 points
Wyndham - Grand Desert Las Vegas - 154k points every odd year

 

[vacationhopeful]

As to the date you might have brought the Grand Desert points ... you would have around 154K ODD points... that should sell on the resale market for around $1200 plus settlement costs ... IMHO.

As for the other resort ... check eBay history.

Edited my posts as OP provide details as I was type and posting ... ODD points are general worth less.

 

[Ty1on]

As to the date you might have brought the Grand Desert points ... you would have around 233K points... that should sell on the resale market for around $4500 plus settlement costs ... IMHO.

As for the other resort ... check eBay history.

Should go for at least $2K....Grand Desert having low MFs could take it up that high the way things have been on ebay lately.

Average is $10/K over the last couple months, ranging from $2/K to $13.50/K

 

[sb_sparky]

Wow that is so discouraging when we paid $35,000 for Diamond and now it is worth nothing! We were told 10 years ago that it would definitely appreciate

Do you think anything will ever change in the timeshare market?

I guess I will hold onto the Diamond timeshare, do the timeshares ever go under and then you loose all of your money?

 

[vacationhopeful]

Wow that is so discouraging when we paid $35,000 for Diamond and now it is worth nothing! We were told 10 years ago that it would definitely appreciate

Do you think anything will ever change in the timeshare market?

I guess I will hold onto the Diamond timeshare, do the timeshares ever go under and then you loose all of your money?

Not really go under .. they just Special Assess the owners to bankruptcy .....

 

[TUGBrian]

is a thread in the DRI forum where they are accepting deeds back for a $250 fee, and owners are jumping at the chance.

in these cases yes, you have lost all of your money paid to buy the retail timeshare, this is why we promote resale so much!

sorry to not have better news for you.

 

[presley]

Sorry you are feeling discouraged. When Diamond said the timeshare would appreciate, they meant that they will sell them for a higher price in the future. You could try to check with the resort and see if they will resell for you. My guess is not since people are paying to transfer their timeshares back to the company, but it wouldn't hurt to ask.

You can get a fair and decent idea from judikoz.com on what you could sell for, if it is even possible. It will take months or maybe even over a year, so hopefully you can keep using it while you wait.

Remember, you can use other trading companies. I am sure SFX would take your 2 timeshares for an exchange. You may want to look into their small exchange company http://www.sfxresorts.com/. Your best bet for any exchange is to put in a request rather than look online for what is leftover.

If you can book a holiday weeks, you'll probably be able to rent it out. Be sure to search all the threads and posts here about those 2 resorts. You may find some new ways to use them.

 

[tschwa2]

DRI is also the one with the MF rising much much higher than inflation. Pair that with the fact that they strip so many benefits to resale owners to the point that new owners in most of the trust collections are not only not allowed to use the Club, they are not allowed to use II or RCI to exchange even if they pay the membership fees themselves.

The money you paid is sunk. You really may want to considering giving it back to DRI even by paying the $250. They only open up the give backs every so many years and you may not want to pay the ever increasing MF and club dues until that time comes around again.

 

[RMitchell]

http://www.mpamag.com/news/the-many-ways-to-be-relieved-of-your-timeshare-obligations-14611.aspx

 

[vacationhopeful]

And the article linked in the above post is advice written by a California lawyer .... :ignore:

I wonder just what type of law he practices????

ADDED: Thanks, Susan, for MORE clearly on the post below ... adding your thoughts on the link provided by the prior post.

 

[SueDonJ]

And the article linked in the above post is advice written by a California lawyer .... :ignore:

I wonder just what type of law he practices????

No need to wonder because it says, "This is an article by attorney Mitchell Reed Sussman. Mitchell is a California real estate attorney specializing in real estate, foreclosure and bankruptcy. His website is [deleted.]"

mpamag.com (the article host site) is the online magazine for Mortgage Professional America. The 4/24/13 article itself is harmless, no embedded links and no solicitations for upfront money to get out of timeshare ownership. The main suggestion seems to be, "ask a lawyer" which generally isn't bad advice.

The post is from a long-time TUGger. Maybe a short intro to the link would have helped but there's nothing to fear from the article. As always, be wary of clicking on any links in the comments section following the article.

 

[RMitchell]

Funny isn't how timeshare is so corrupt that any link is considered a message from Satan.

Though my name is rmitchell I have no connection with any of the above. I didn't check the date, I know I should have, I just received a google news alert for timeshare lawsuits and thought it applied to the original posts. I should have realized how much timeshare makes you paranoid...sorry

 

[SueDonJ]

Funny isn't how timeshare is so corrupt that any link is considered a message from Satan.

Though my name is rmitchell I have no connection with any of the above. I didn't check the date, I know I should have, I just received a google news alert for timeshare lawsuits and thought it applied to the original posts. I should have realized how much timeshare makes you paranoid...sorry

No worries, RMitchell. With the comment from vacationhopeful, above, and your post being reported by another TUGger it seemed a good thing to note that your post was harmless.

 

[dominidude]

I guess I will hold onto the Diamond timeshare

I think that is your answer. Hold onto the Diamond and sell/give away the Wyndham. There's a much better likelihood that someone will want your Wyndham anyway.
The good new is you found us.
Tell your friends/relatives about us so that they do not make the same mistake.

 

[Ty1on]

I think that is your answer. Hold onto the Diamond and sell/give away the Wyndham. There's a much better likelihood that someone will want your Wyndham anyway.
The good new is you found us.
Tell your friends/relatives about us so that they do not make the same mistake.

Personally, I think holding on to the Diamond is the answer if it is still useful to the owner. If the owner is holding onto it, and paying high MFs, solely because it cost him so much to get in, he's throwing good money after bad. That $35K should be looked at as sunk money, never to be seen again. In fact, the lower MF Wyndham contract may give him more flexibility and thus be more a keeper than the Poipu, especially if it is points.

 

[TUGBrian]

we've never heard of any legitimate "cancel your timeshare law-firm"....although many exist and promote their ability to get you out of your contract...for huge upfront fees of course.

and we all know how super awesome companies that charge huge upfront fees are!

 

[melissaj]

Timeshare Scam

I guess that the best option is to cancel your timeshare contract.
I used to have a timeshare and was cancelled. Mine was in Mexico but I gues it is possible everywhere.
Just beware if the company ask you for money upfront.

 

[DeniseM]

I guess that the best option is to cancel your timeshare contract.
I used to have a timeshare and was cancelled. Mine was in Mexico but I gues it is possible everywhere.
Just beware if the company ask you for money upfront.

Melissa - This is not helpful. One cannot simply "cancel" their timeshare after the rescission period is over - the offer you are suggesting that the OP take is a scam.

A gentle suggestion: Please spend some time reading, learning, and asking questions on TUG, before you give advice to others.

 

[theo]

Your "guesses" are incorrect...

I guess that the best option is to cancel your timeshare contract.
I used to have a timeshare and was cancelled. Mine was in Mexico but I guess it is possible everywhere. <snip>

Unfortunately, cancelling a lawfully executed contract cannot just be done "unilaterally" (i.e., it requires the overt consent of both parties involved).
In the U.S., "cancellation" of a timeshare contract after the applicable state law rescission period has expired is virtually impossible, unless the contract itself is legally deficient in some manner (...rest assured that developer lawyers are well paid to make very sure that their sales contracts are airtight, iron clad and bulletproof).

Mexican RTU contracts can sometimes be cancelled (by mutual agreement) simply because most Mexican entities have absolutely no jurisdiction or legal recourse over a U.S. citizen anyhow --- and they know it. They will happily keep all of whatever money they've received to date and just go out and look for the next "lucky" gringo. However, a U.S. citizen seeking escape from a valid and lawfully executed contract with a U.S. developer, entirely within the U.S., is faced with very different hurdles.
Legal U.S. options include active collection efforts, foreclosure and later negative credit reporting, none of which are at all particularly welcome events to anyone.

Any and all "U.S. magicians" promising exit / escape / relief from a legally binding contract should just be summarily ignored as the hungry charlatans they are. :annoyed: