Need help and advice to sell my parent's timeshare

[azbaby]

Hi,

I am new to this forum, and new to timesharing. My parents are going through bankruptcy right now, and need to get rid of thier timeshare. They are gold members with RCI. There is currently $2900 left to payoff on the timeshare with a yearly maintenance of $750. I am taking over the payments, but would like to sell this as quickly as possible. There are about 35 weeks left on the timeshare.

I am looking for advice on how best to get this sold. I am not willing to pay money upfront for a company, and need to know the best direction.

Thank you in advance.

 

[AwayWeGo]

Whussup With Gold Members At R. C. I. ?

My parents are going through bankruptcy right now, and need to get rid of thier timeshare. They are gold members with RCI.

I have been a member of RCI since 2002 & a member of RCI Points since 2005 & I never heard anything about being a Gold Member at RCI. What is that?

(Some RCI timeshares are ranked as Gold Crown, but that's resorts, not people.)

In any case, your parents' RCI membership status has nothing to do with the sale of their timeshare. RCI individual membership attaches to people, not to the timeshares that the people own. If your parents quit RCI, that would not affect their timeshare ownership.

There is currently $2900 left to payoff on the timeshare with a yearly maintenance of $750. I am taking over the payments, but would like to sell this as quickly as possible. There are about 35 weeks left on the timeshare.

Timeshare values have tanked so badly in recent months that there's a real possibility the timeshare is worth less than $2,900.

Here's hoping that's not the case with yours.

I am looking for advice on how best to get this sold. I am not willing to pay money upfront for a company, and need to know the best direction.

TUG is loaded with advice on that topic, & if you've already caught on that paying upfront fees is the same as running hundred-dollar bills through the shredder, then you're already way ahead.

Good luck.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[azbaby]

In any case, your parents' RCI membership status has nothing to do with the sale of their timeshare. RCI individual membership attaches to people, not to the timeshares that the people own. If your parents quit RCI, that would not affect their timeshare ownership.Timeshare values have tanked so badly in recent months that there's a real possibility the timeshare is worth less than $2,900.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

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Thank you Alan,

When you say "If your Parents quite RCI that would not affect thier timeshare ownership", does that mean, we can just tell RCI we don't want the timeshare anymore? i.e., if we just pay off the $2900 and then tell RCI we don't want it anymore, we won't get penalized?

 

[DeniseM]

Alan is referring to RCI, the exchange company - they have no connection to your timeshare ownership.

Even if you pay off your timeshare, you are still contractually bound to pay the maintenance fees as long as you own it.

 

[djs]

When you say "If your Parents quite RCI that would not affect thier timeshare ownership", does that mean, we can just tell RCI we don't want the timeshare anymore? i.e., if we just pay off the $2900 and then tell RCI we don't want it anymore, we won't get penalized?

​

The timeshare is not owned through RCI, they are one of several companies you can utilize to "exchange" your timeshare. If you only wanted to go to the home resort (where the timeshare is actually situated) there would be no need to join an exchange company; however you would still own the timeshare and be obligated to continue paying the maintence fees. Not paying the fees can effect one's credit. If you just want to get rid of it, check the "how to sell" threads here on TUG; your best bet may be to put it up on eBay for $1 and see if it sells.

I should qualify this by saying I'm not exactly sure how the bankruptcy court looks at timeshares. They probably frown upon disposing of assets for less than they're worth, but the results of an eBay auction are arguably the "market price" for what you're selling.

Good Luck!!

 

[AwayWeGo]

Owning A Timeshare Is 1 Thing & R. C. I. Membership Is Something Else.

When you say "If your Parents quite RCI that would not affect thier timeshare ownership", does that mean, we can just tell RCI we don't want the timeshare anymore? i.e., if we just pay off the $2900 and then tell RCI we don't want it anymore, we won't get penalized?

RCI only deals with timeshare rental & exchange reservations. Owners deposit (or "bank") their paid-for weeks with RCI, then exchange into other timeshares that were deposited ("banked") by the people who own those. Exchanging is optional, & there are plenty of timeshare owners who never bother with it & therefore never join RCI or any of the other timeshare-exchange companies (e.g., I-I).

People who just keep on using the timeshare that they own, never exchanging theirs for a week in somebody else's timeshare, don't need to join RCI. People who join RCI but never swap timeshare weeks for other people's are wasting the money they paid to belong to RCI.

So if you (or your parents) up & quit RCI, that will not affect your ownership of the timeshare in any way. Whatever you owe on it you'll still owe, regardless of whether you quit RCI or stick with RCI.

Not only that, when the $2,900 that's owed is paid off, you (or your parents) will still own the timeshare & will keep on being responsible every year for paying the annual maintenance fees the timeshare resort charges all owners as their share of what it takes to keep up the resort, do repairs, buy supplies, clean it up & get the units ready for occupancy every time, pay the taxes & utilities, & do everything involved in the operation & maintenance of the resort.

The only way to get out of paying annual fees is to sell the timeshare or give it away -- meaning it's up to you to find a buyer or a willing gift recipient.

RCI membership is strictly an optional extra that can be kept or dropped without affecting your timeshare ownership status & the payment obligations which go along with that.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[fraser921]

parents are bankrupt

just let the condo go to bankrupcy too

that what bankrupcy is, it realizes you of all your debts

the unit isnt worth what you owe on it let it go

Unless its a marriott i say ditch it

 

[Stvskat]

[Advertising is not allowed on TUG.-DeniseM Moderator]

 

[applegirl]

Welcome to TUG!

Please read the stickies at top of the selling forum for lots of good info.

I agree that they just might want to let the timeshare go into forclosure since they are filing bankruptcy anyway.

Janna

 

[DeniseM]

I pm'd the OP and this is a Mexico Timeshare which the parents have been converting to RCI points. There is one on ebay right now for $50.

 

[calgarygary]

I hope the OP is not talking about Chateau World which uses deceptive marketing techniques and confuses owners into believing that they own in RCI. If this is the case, return the ownership to your parents asap and let it go through bankruptcy. The OP also indicated it is RTU as there are 35 weeks left, if not CW maybe it is in Mexico and once again you may need to run far, far away from this ownership. Research the company that you own with, try to determine if they are reputable, then try to determine the value of the ts (eBay) to determine if the ts is best left in the bankruptcy.

 

[Hoc]

Based on what the above posters say, I'm pretty confident in saying that you should not take the timeshare nor take over payments. They owe $2,900 on a timeshare that is worth around $100. Let it get wiped out through the bankruptcy, and don't throw good money after bad.

 

[Hawaii123]

be careful

My understanding is that the Bankruptcy Trustee may frown upon a transfer done before the bankruptcy case is settled. He/she might even demand that the transfer be reversed so this asset is included in the bankruptcy case. This would include transfers done just before a bankrupty is initially filed.

 

[calgarygary]

My understanding is that the Bankruptcy Trustee may frown upon a transfer done before the bankruptcy case is settled. He/she might even demand that the transfer be reversed so this asset is included in the bankruptcy case. This would include transfers done just before a bankrupty is initially filed.

I also believe that a trustee would have issue with you paying the mf for your parents without a transfer. When you are in bankruptcy, you can not pick and choose which creditors get paid.

 

[bnoble]

...which is good news for you, because you don't want this albatross.

Let it get swept up with the rest of the bankruptcy debts.

 

[ctyatty]

the bankruptcy trustee will probably abandon

Assets with little or no value especially those encumbered by liens are often "abandoned" by the bankruptcy trustee, which means your parents would get to keep it if they want it.

Don't be doing pre-bankruptcy planning without a good lawyer's advice.

 

[Tia]

An unwanted ts is a liability not an asset to my thinking. Since you don't want it and they can't afford it, I'd let it go in the bankruptcy. Make sure they don't end up with it after all is done, like others have said your parents need good legal advice.