Newbie trying to help father!

[Korakeil]

Hi! So my dad and mother purchased time shares when I was young. My mother passed away and my dad just isn’t up to travel as much as he did. My husband and I use some weeks but with over 9k in maintenance fees annually, it just isn’t worth it for us to inherit them or my dad to keep them.
I know some but not much regarding selling these. I have been in contact with MVC and received a deedback for nothing; however, my father is not happy with this. I have seen throughout discussions something about MVC resale? Could anyone give me any advice/tips? Should he deed back, resale or try the private market? He is wanting to get out completely!

He has-
One week Marriott Harbour Lake, Platinum, 2 Bedroom (one deed is odd years and other deed is even years)
One week Marriott Willow Ridge, Platinum, 2 bedroom annual
Then 6500 points annually!

Any advice, tips, is appreciated greatly! Thanks in advance!

 

[WorldT]

I believe you should be able to get something for those. If you are not able to sell them, I encourage you to try to give them here (re-home )in the tug free section in the link below before handing them over to Marriott who will just turn around and sell it to another mark for big bucks.
Check redweek for the current selling price. Check the lowest prices or better yet, those that sold. The asking price is not always the selling price and those sky high prices are still on the market for a reason.

Free Timeshares

Timeshare ownerships offered completely free by owners! Rehome an unwanted timeshare at no cost! Timeshares listed here must be offered completely free!

tugbbs.com

 

[5finny]

I assume the deeded weeks are enrolled
I would consider having your father transfer those to you . If you co ordinate with Marriott they should remain enrolled Transferred to a stranger they will loose that enrollment ad much of their value
I assume Marriott would still take the points
I am sure others can suggest if you can realize any value from them

 

[easyrider]

Hi! So my dad and mother purchased time shares when I was young. My mother passed away and my dad just isn’t up to travel as much as he did. My husband and I use some weeks but with over 9k in maintenance fees annually, it just isn’t worth it for us to inherit them or my dad to keep them.
I know some but not much regarding selling these. I have been in contact with MVC and received a deedback for nothing; however, my father is not happy with this. I have seen throughout discussions something about MVC resale? Could anyone give me any advice/tips? Should he deed back, resale or try the private market? He is wanting to get out completely!

He has-
One week Marriott Harbour Lake, Platinum, 2 Bedroom (one deed is odd years and other deed is even years)
One week Marriott Willow Ridge, Platinum, 2 bedroom annual
Then 6500 points annually!

Any advice, tips, is appreciated greatly! Thanks in advance!

Deed back is the easiest way to be totally out with no problems, imo.

Bill

 

[tamu_bu]

Even if you were to sell them at a fraction of original price, does your father have an inflated value in mind? Unfortunately, it's possible he may not be happy selling them either. Suggest doing comps of sales prices in red week to prepare for the sell conversation.

 

[Pamplemousse]

Hi! So my dad and mother purchased time shares when I was young. My mother passed away and my dad just isn’t up to travel as much as he did. My husband and I use some weeks but with over 9k in maintenance fees annually, it just isn’t worth it for us to inherit them or my dad to keep them.
I know some but not much regarding selling these. I have been in contact with MVC and received a deedback for nothing; however, my father is not happy with this. I have seen throughout discussions something about MVC resale? Could anyone give me any advice/tips? Should he deed back, resale or try the private market? He is wanting to get out completely!

He has-
One week Marriott Harbour Lake, Platinum, 2 Bedroom (one deed is odd years and other deed is even years)
One week Marriott Willow Ridge, Platinum, 2 bedroom annual
Then 6500 points annually!

Any advice, tips, is appreciated greatly! Thanks in advance!

If you want to get rid of your ownership the benefit will be no more maintenance fees, but you will get little to no cash for them regardless of the method you use.

So I would take a good look at them and think about if you want to keep anything for yourself- as someone else said enrolled weeks passing from parent to child remain enrolled which is a benefit over buying a resale week.
Do you like the location of any of the weeks to stay in? Are you comfortable exchanging? Could you keep some number of points to use? We love staying in TS and find them to be a good value, but you do need to learn how to use the product.

Have a look at redweek and see what weeks similar to yours are listed for and if any have sold. You can look without paying.
It won’t be very much and perhaps not worth the effort.
For points, there are hundreds of listings on redweek- many for $1 or less per point. They won’t pass MVC’s right of first refusal at that price so anyone who offers would not end up owning the points. MVC will pay the seller that price if they exercise ROFR. But of course anyone who knows that wouldn’t try to buy at that price. $3 or $4 a point would pass ROFR- but there are many, many listings at that price too.
And as they sit waiting for sale you continue paying maintenance.

You could also look at vacation point exchange and consider renting the points to recoup a bit towards your fees while you work this out or make reservations actions and list those for rent on red week.

Bottom line is there is little to no money to be had in selling these and giving them away or deeding back is easiest.
Hopefully your dad got great value out of his years of ownership.
Think of it like a great car that you used for many years and now is headed to the junk yard.

 

[andre10056]

To my knowledge, there is only one timeshare specific website (aside from TUG) nowadays that may result in a sale: redweek. There used to be a myresortnetwork but that seems to have fallen by the wayside in recent years and does not appear to be visited that much..

All other commercial websites, in my opinion, are ripoffs, involving huge upfront fees with little likelihood that you will achieve a successful sale.

And even redweek involves people oftentimes seeking megabucks for a timeshare that will never sell at even one tenth the price asked. So looking at redweek listings may just tell you what the seller wants, but not what will actually achieve a sale. And even successful sale reports will just tell you at what price the seller listed his/her timeshare, and not necessarily the zero offer he/she ultimately accepted.

You can list on ebay if prior ebay "completed" listings indicate that your timeshare may have some positive value. If so, that might be a way to go.

So I suggest either listing it for free or at least very cheaply on TUG as well as listing on ebay, unless you have some reason to believe it might be worth more. If you believe the latter, it may also be worth paying the listing fee in order to explore a higher priced sale on redweek .

But that $9000 per year in maintenance fees must be eliminated ASAP.

Your father apparently believes that his timeshares are worth megabucks, and that is most likely not the case. Without a sale, they're worth MINUS $9000 per year.

Ideally, each resort should have a bulletin board or whatever that will allow all timeshare owners to contact their peers at that timeshare resort. But few timeshare resorts provide such an owner-to-owner bulletin board. Yet, it's the people who love the resort the most who might theoretically be your best customers. So one other option, particularly if you're going to visit a resort yourself, is to place flyers under the doors of resort visitors. I sold both my New Smyrna Beach timeshares by doing exactly that. In fact, both timeshares were sold during the week I was there, as we agreed to meet at an attorney's office to consummate the transaction right then and there (the New Smyrna Beach's attorney was named Simpson as I recall) so "flyers under the door" might conceivably also be an option.

 

[andre10056]

For points, there are hundreds of listings on redweek- many for $1 or less per point. They won’t pass MVC’s right of first refusal at that price so anyone who offers would not end up owning the points. MVC will pay the seller that price if they exercise ROFR. But of course anyone who knows that wouldn’t try to buy at that price. $3 or $4 a point would pass ROFR- but there are many, many listings at that price too.
And as they sit waiting for sale you continue paying maintenance.

Upon reading that, I'm now wondering if you can "sell" to a family member (preferably with a different last name) for, say, $2 per point, and see if MVC exercises its right of first refusal ("ROFR"). That family member would not actually buy, but at least you can present such sale paperwork to MVC. And then see what happens.

 

[Pamplemousse]

I have read that suggested many times.
I don’t know why it wouldn’t work.

 

[Dean]

I have read that suggested many times.
I don’t know why it wouldn’t work.

Other than being Real Estate Fraud that is.

 

[andre10056]

Other than being Real Estate Fraud that is.

I don't know if I would call that fraud. Either they do want to match the price or not. That's up to them. MVC would clearly be entirely free to pass.

 

[Pamplemousse]

Other than being Real Estate Fraud that is.

Not sure how that would ever be proven
If you look at rofr net there are several cases of the same names failing multiple times.
And the price that passes varies too.
I would think that would be very low risk.
I’ll add that I am not suggesting anyone do this, I just said I have seen it suggested many times.

 

[Dean]

I don't know if I would call that fraud. Either they do want to match the price or not. That's up to them. MVC would clearly be entirely free to pass.

In all states I'm aware of entering into an "agreement" where the intent is to manipulate ROFR is Fraud from what I've seen no matter how one nuances it.

Not sure how that would ever be proven
If you look at rofr net there are several cases of the same names failing multiple times.
And the price that passes varies too.
I would think that would be very low risk.

I doubt it would come to that, MVC likely wouldn't pursue it, that doesn't change things IMO.

 

[Pamplemousse]

In all states I'm aware of entering into an "agreement" where the intent is to manipulate ROFR is Fraud from what I've seen no matter how one nuances it.

I doubt it would come to that, MVC likely wouldn't pursue it, that doesn't change things IMO.

I wonder if all the failed rofr were because people really didn’t know/understand the rofr and thought they found a bargain at $1-$2 or if it was someone getting a friend or such to help them out.

 

[dioxide45]

I wonder if all the failed rofr were because people really didn’t know/understand the rofr and thought they found a bargain at $1-$2 or if it was someone getting a friend or such to help them out.

I suspect it is someone just looking for the bargain. When one fails they move to the next hoping at some point MVC will waive ROFR.

 

[jp10558]

I feel like ebay and TUG2 and Redweek at a reasonable price, say maybe $3,000 would be worth trying (note I have no idea the going rate for MVC, but I'd say that's a guesstimate). Failing that I'd try and give it away on the free timeshare forum here - I can't really see why the first plan should be a deedback in this case.

Also, in terms of my understanding of MVC - you've got at least till the end of the year before new MFs come due so spending 2-4 months listing / trying to sell or give away wouldn't cost you anything new. So why not? Best case you can get a couple grand, worst case you have the same situation a little later in the year.

 

[Dean]

I wonder if all the failed rofr were because people really didn’t know/understand the rofr and thought they found a bargain at $1-$2 or if it was someone getting a friend or such to help them out.

Some of the brokers might have a better feel for the situations involved. Given the fees it's just a questionable product at any price other than some very specific circumstances. At some point you have to figure some of those will start going through if they are legitimate.

 

[andre10056]

In all states I'm aware of entering into an "agreement" where the intent is to manipulate ROFR is Fraud from what I've seen no matter how one nuances it.

I doubt it would come to that, MVC likely wouldn't pursue it, that doesn't change things IMO.

To me, it's not fraud to make it appear that you've got another offer (even if you haven't). That's pretty standard in real estate transactions and employment or used car negotiations. Perhaps it's the "I've got another offer" paperwork that makes it fraud.

It would certainly be nice if the law would allow developer misrepresentations like "your timeshare will continue to appreciate in value like any real estate transaction" to be deemed fraud. But, strangely, those outright lies by a party who clearly knows what the timeshare is "really" worth gets away with it.

In any case, getting back to trying to help the OP, I just checked and it appears that facebook may also be an option for a free ad. Do a search for "timeshares for sale" or perhaps even your own resort.

 

[Dean]

To me, it's not fraud to make it appear that you've got another offer (even if you haven't). That's pretty standard in real estate transactions and employment or used car negotiations. Perhaps it's the "I've got another offer" paperwork that makes it fraud.

It would certainly be nice if the law would allow developer misrepresentations like "your timeshare will continue to appreciate in value like any real estate transaction" to be deemed fraud. But, strangely, those outright lies by a party who clearly knows what the timeshare is "really" worth gets away with it.

In any case, getting back to trying to help the OP, I just checked and it appears that facebook may also be an option for a free ad. Do a search for "timeshares for sale" or perhaps even your own resort.

Here's one thing I found and it's c/w my understanding. To proceed one needs a legitimate deal in place and a "deal" with a wink clearly doesn't meet that requirement. LIfe's too short for me to be dishonest like that, affecting a larger company doesn't change things at all.

ROFR fraud can involve misrepresenting the terms of the agreement, failing to properly notify the ROFR holder, or trying to circumvent the agreement to benefit unfairly.

 

[pedro47]

I feel the OP, would liked to retain his father’s timeshare. But, he does not want to pay $9000.00 in yearly maintenance fees now and more In maintenance fees in the years to come.

His father was probably told by a timeshare salesperson that his timeshare purchase was a real estate investment and that he should be able to sell them to make a profit.

Remember senior citizens looks at timeshare as a real estate purchase and with most real estate purchases you can sell it and make a profit. IMHO