Offended my MIL's client with $100 offer for his 4LBR Woodstone Massanutten TS

[qwerty]

My MIL's client has a 4LBR Woodstone Massanutten that he paid $10k. My MIL tells her client that I am really into TS. He wants $5k. I counter $100 and that I would pay closing costs, for which he apparently got offended saying he paid $10k and that I was low-balling his "investment."

IMHO, he was lucky that I offered $100 and to pay closing costs.

Not much more to add. We owned a timeshare at Olympic Village Inn paying $6500.00 back in 1994. We have never regretted buying that timeshare. Although after a few years, we became aware that there were many free T/S available. Over the years, we acquired a total of nine at the same resort basically for free. Since then, we have given away all but three. We had to pay my resort a fee to take three back and was able to give three away at no cost to us. Although actually giving away that first acquisition that we had paid $6500.00, we believe that we got our money's worth. We never thought of buying a timeshare as an investment other than guarantying a stay at a resort where we loved to ski.

 

[WackyLucy]

My MIL's client has a 4LBR Woodstone Massanutten that he paid $10k. My MIL tells her client that I am really into TS. He wants $5k. I counter $100 and that I would pay closing costs, for which he apparently got offended saying he paid $10k and that I was low-balling his "investment."

Some folks refuse to acknowledge (or accept) that there is absolutely NO correlation between "what they paid" and actual "resale market value". Maybe it's just human nature to not want to accept / admit having overpaid in the first place.

 

[DaveNV]

Some folks refuse to acknowledge (or accept) that there is absolutely NO correlation between "what they paid" and actual "resale market value". Maybe it's just human nature to not want to accept / admit having overpaid in the first place.

Especially when they bought because the sales weasel said it was a great real estate investment. Unlike true real estate, where you buy a physical property, with a timeshare you’re basically buying usage. A lot of people have no idea of current market value of what they own.

Dave

 

[pedro47]

A Timeshare property is not real estate property as a home or condominium. The resale value after paying $5, 000 or more for the timeshare property and yearly maintenance fees is far less than $200.00. I am been very nice with the $200.00 figure.

I agree with the above post from DaveNW, when you purchased a timeshare from a developer it only gives you the right to use; plus yearly. maintenance fees.

This is why so many Tuggers, suggest you purchase your timeshare vacations resale saving you about 99% or more than the developers selling costs. IMHO.

 

[dgalati]

I wish all the timeshare developers would come together and do to a flat offer to the original owners liked 1/3 of the original selling price. This would create a true timeshare property investment for both parties IMO.

The developer could take a loss on the property.

No way that happens. They know there is no value in timeshares. Why offer a penny when they can take it back for nothing? It is just never going to happen when many have to pay to rid themselves of their maintenance fee burden.

 

[stardrive]

We have a 2BR lockout at Woodstone we'd love to get rid of

 

[byeloe]

We have a 2BR lockout at Woodstone we'd love to get rid of

post it in the free section

 

[stardrive]

post it in the free section

It's been there for about 5 months now.

 

[JudiZ]

Grammarhero, years ago, a co-worker said her daughter wanted to get rid of her New Orleans timeshare. I said that they had little or no value but my co-worker disagreed based on what her daughter had paid. I considered offering her daughter a small amount because I would have loved the unit but thought that it would be viewed as insulting and might disrupt our working relationship. Two years later, my co-worker told me that her daughter had found someone to sell it for her and they "guaranteed" her the full asking price. I voiced concern about PCC's but she was sure this made sense, since they believed the timeshare was valuable. When the M/Fs came up again, surprise! She still owned it and was out the $2000 fee to "list it." Yep, a PCC.

I, too, have been asked not to make an offer on a Redweek property because the seller was insulted with my initial offer. The week is still sitting there...two years later. The sellers have now added a personal note about how much they loved the week but it still sits.

Reality is that these are the "black eyes" of timeshares. People want a return, they don't get it and they decide that timeshares are just a "rip-off," which they are for them. Between high pressure sales and low resale prices (in general), timeshares will always have a bad rep.

Judi

 

[cbyrne1174]

I always see it as taking over someone else's obligation. If the unit is worth something, that's a bonus, but not expected. What you are really trying to do when you sell it is get someone else to take over it. If it's a nuisance to you and you want to get rid of it, what makes you think it has value? That part always baffles me. Just because I paid $10,000 dollars for something, doesn't mean someone else is willing to pay that much for it.

 

[JudiZ]

If it's a nuisance to you and you want to get rid of it, what makes you think it has value?

Exactly! I am also fascinated by the idea that "I don't want it" or "we haven't used it in years," but someone else must see some great value.