News article: How to get rid of a Timeshare

[TUGBrian]

Another solid article by Liz Weston!

https://www.nerdwallet.com/blog/finance/how-to-get-rid-of-a-timeshare/

 

[Panina]

Another solid article by Liz Weston!

https://www.nerdwallet.com/blog/finance/how-to-get-rid-of-a-timeshare/

Yes, a great article. Love Tug is mentioned throughout.

Learned something new. RedWeek has a “What’s My Timeshare Worth?” tool to help people research values based on previous sales through the site. Checked it out, not to too impressed, I like Sharket.com better.

 

[TUGBrian]

im sure like TUG its based on sales history..which can be spotty at best for many resorts.

im not sure there is a better place than ebay completed listings however for the average timeshare owner!

 

[pedro47]

That is one great article. Should by added to 101 about timeshare.

 

[Arusso]

Another solid article by Liz Weston!

https://www.nerdwallet.com/blog/finance/how-to-get-rid-of-a-timeshare/

While the article is well written it unfortunately is a bit too superficial. The article could be improved if, for example had a link to a TUG FAQ page and other reliable sources that would cover the subject in greater detail.

 

[TUGBrian]

while we admit every article would benefit from a link to TUG in it...the information in this one will benefit any owner who reads it...and thats better than most! =)

 

[Larry M]

While the article is well written it unfortunately is a bit too superficial. The article could be improved if, for example had a link to a TUG FAQ page and other reliable sources that would cover the subject in greater detail.

One point that was missed was contacting the HOA. The article suggested contacting the "developer," who in some cases is also the management company, but not always. I gave one back to the HOA as have many others.

 

[Jayham78]

What about the solution of using a third party company to handle this for you. I have spoken with many owners who were tired of dealing with resort developers, their hoa and boards, and even the attorney general's who have told them they cant help them. So lets say they turn to a third party company that has them out in less than a year. Yes they paid for this service but that what service is. If you dont want to mess with something you pay someone else to do it for you. House cleaning ,lawn service ,pool service, taxes service,and the list goes on. The rental in timeshare use to be non existent and same can be said about resale , however , according to the numbers they are booming now. Aren't these things options that timeshare owners can do on their own? Is there a cost for these services? Why pay someone to do what you can already do on your own ? I do believe that it needs cleaned up but again it's no worse than when timeshare first started , rental first started,or when resale had first started. There are plenty of articles that show the history of how awful timeshare sales,rentals,resales,exchanges,transfers,travel clubs,and liquidations have been towards the consumer and it's only an opinion of mine that one is no different than the other . It's all part of the process of owning a timeshare.

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[LannyPC]

What about the solution of using a third party company to handle this for you.

For a few reasons. First, some are scams. They will take your money and do nothing. Secondly, some will get rid of your TS by illegal or questionable means such as the Viking ship or the unwitting foreclosure. The other is that, even though the company might do it by legal ethical means, that company will charge thousands of dollars to do what an owner can do for himself.

And I get what you say that many times people will pay others to do the dirty work for them. I get that. But a lot of newbies come on these boards and do not know how to get rid a TS and ask about these third parties. What many of us on TUG do is tell them how they can do it themselves (a method that they likely never heard of before) for thousands of dollars less. Many have used the free giveaway method here on TUG (when they hadn't heard of it before) and saved themselves thousands of dollars.

 

[Jayham78]

http://insidetimeshare.com/tag/wyndham/

 

[breezez]

im sure like TUG its based on sales history..which can be spotty at best for many resorts.

im not sure there is a better place than ebay completed listings however for the average timeshare owner!

I wish eBay would create fields for closing costs, transfer fees, other fees (like years MF some sellers want)

I like using Terapeak to data mine items but timeshares are kind of worthless because after a few months you can’t read listings in Terapeak any more and a lot of the costs could be what is in the listing. If they made it mandatory all fees had to be listed in these fields you would then be able to historically see what all kind of intervals are selling for.

 

[TUGBrian]

in days past folks used to input ebay listings into the TUG sales history database (you can input a sales history record on each individual resort review page).

they would just glean the information (sale price, maint fees, closing costs, etc) and input it so it will show up when anyone searches sales history info for that resort.

someone used to do this for marriott resorts religiously! youll still see tons of ebay entries in the sales history database for many of them.

its great to do that, as ebay doesnt make that information available to anyone after a few weeks!

 

[Jayham78]

Bravo sherry78. And eschjwI read her post on the steps of getting out of ihg. Very accurate and simply explained. Its my opinion from past experiences that they have been the best in show when it comes to owners wanting out of their ownership with marriot a close second place. I may be wrong but the is the data out there. I will start working to see if we can put them together by the end of the month

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[SkepticalAtBest]

For a few reasons. First, some are scams. They will take your money and do nothing. Secondly, some will get rid of your TS by illegal or questionable means such as the Viking ship or the unwitting foreclosure. The other is that, even though the company might do it by legal ethical means, that company will charge thousands of dollars to do what an owner can do for himself.

And I get what you say that many times people will pay others to do the dirty work for them. I get that. But a lot of newbies come on these boards and do not know how to get rid a TS and ask about these third parties. What many of us on TUG do is tell them how they can do it themselves (a method that they likely never heard of before) for thousands of dollars less. Many have used the free giveaway method here on TUG (when they hadn't heard of it before) and saved themselves thousands of dollars.

Im trying to get out of mine and have called a few of these places. They try and push me into saying I was a victim of Fraud and misrepresentation. Is that the tactic?

 

[TUGBrian]

of course...they have to set the hook before reeling you in.

 

[LannyPC]

They try and push me into saying I was a victim of Fraud and misrepresentation. Is that the tactic?

That is a tactic many use. The problem is that you have to provide tangible proof that you were a victim of fraud and misrepresentation. If you do not have solid proof, then it is just a matter of He said, She said, which would not hold up in court.

So in your case, what proof do you have that your were a victim of fraud and misrepresentation? You can claim that the sales person lied (which is not at all surprising) but in the end, the contract that you signed probably said that what was signed in the contract prevails over anything the sales person told you.

 

[Jayham78]

This tactic is used when you still owe on your timeshare. There are some 3rd party companies that the resorts do bussiness with. Its becoming fewer and fewer every month because so many do not follow through the process of getting it done and they should be shut down .

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[Ima Timesharer]

For a few reasons. First, some are scams. They will take your money and do nothing. Secondly, some will get rid of your TS by illegal or questionable means such as the Viking ship or the unwitting foreclosure. The other is that, even though the company might do it by legal ethical means, that company will charge thousands of dollars to do what an owner can do for himself.

And I get what you say that many times people will pay others to do the dirty work for them. I get that. But a lot of newbies come on these boards and do not know how to get rid a TS and ask about these third parties. What many of us on TUG do is tell them how they can do it themselves (a method that they likely never heard of before) for thousands of dollars less. Many have used the free giveaway method here on TUG (when they hadn't heard of it before) and saved themselves thousands of dollars.

You can't beat TUG for selling a timeshare (unless you're going to insist on getting to dollar -- and in that case you're probably gonna get scammed by some 3rd party company). I listed my 3 Mexico timeshares on TUG for a low price, because my wife wanted to get rid of them, in case I flopped over before she did. I bought them cheap as resales, enjoyed them for many years, and sold them cheap. I found a buyer for all three here, and had LT Tranfers handle the closing. It took about 8 months, because the buyer was travelling all the time, but LT Transfers stayed on top of it, and bugged the buyer and the resort management, as necessary, and kept me informed. They more than earned their modest fee.

 

[81Fran]

If I need more detailed information about a specific seller, I use Mystoreanalyst. It shows sales and another information. Terapeak anonymize some data

I wish eBay would create fields for closing costs, transfer fees, other fees (like years MF some sellers want)

I like using Terapeak to data mine items but timeshares are kind of worthless because after a few months you can’t read listings in Terapeak any more and a lot of the costs could be what is in the listing. If they made it mandatory all fees had to be listed in these fields you would then be able to historically see what all kind of intervals are selling for.