Out priced with maintenance fee

[Larry M]

Where you have a member controlled resort with an active hands on board, you are more likely to have reasonable maintenance fees. I would have no trouble in renting out my summer OBX weeks for at least twice the m/f, and in fact have some so on occaision. Also, most of the member-run HOA's in my will take back deedbacks if asked. It is more efficient and cost effective than having to go through foreclosure.

Yes. In my case there was one phone call to the HOA. They sent me a Quitclaim form and asked for $150 for lawyer fees to process it.

 

[Larry M]

In my experience, this is very true. I have 7 weeks at 4 resorts, all of which can be described as member controlled with active hands on boards. All are well maintained with sufficient reserves. The rental rate on 6 of those 7 weeks averages over 2 times the maintenance fee. I rent 2 of them and use 4 which gives me 4 weeks at an average of about $500 or $600 per in 2 BR beach front accommodations during Feb. The 7th is one of my favorite places to go, though I could rent the same week for about the MF (shoulder season). I'm OK with that, though, as I have my week guaranteed plus the benefit of owner rental rates should I go other times of the year.

Kind of assumes the "member-controlled board" is doing what it should. One of my timeshares (bought for $1500), never did anything about the owners who defaulted, i.e., never foreclosed on units, not sure they rented them. (We owners were never told why this happened.) The reserve funds got eaten up, and back-to-back hurricanes on the barrier island properties caused two back-to-back assessments. This could have been a real disaster, but the board finally got smart.

After the third storm hit, the board sent out a questionnaire pointing out that the sunset date was January 2026, but asking whether the members would consider an earlier sunset. The response was overwhelmingly positive. They eventually sold the units to an outfit called Vacay. One by one, each unit was refurbished, and the owners were compensated.

The compensation was computed as follows:
Total sale cost was divided by the number of units as unit compensation.
Owner compensation for each unit was calculated as (unit compensation-refurbishment cost) divided by number of paid-up owners on that unit.
In my case, I received about $5500, making me one of those rare owners that got more money going out than paid going in.

 

[Larry M]

I have a will but want to create a trust instead. I'm advised by my lawyer that I should put everything in my trust BUT the time share whereby it will die of "natural causes" (like me hopefully) when there is nothing outside of the trust to pay the HOA dues. I'm also advised by several lawyers that in spite of what people tell you, your children are NOT required to assume ownership of a time share when you die.

I have a real estate agent friend who is trying to sell or give away my timeshare but so far no luck because he says most people seem to want annual stays as opposed to mine which is every other year.

The easy way: Your children are not required to accept it. Tell them not do so. When the time comes and they (or the executor) receives a bill, the response is simply "The owner(s) has died and the heirs decline to accept ownership."

 

[Fido Chuckwagon]

The easy way: Your children are not required to accept it. Tell them not do so. When the time comes and they (or the executor) receives a bill, the response is simply "The owner(s) has died and the heirs decline to accept ownership."

Yeah, even if you have a will, or if you die intestate with no will, heirs are not required to accept a timeshare.