Polo Towers - sell or foreclose?

[sculpin]

My parents own a deeded week at Polo Towers that they bought resale. Dad has dementia, and they're not traveling anymore. They have stopped paying their dues, and are probably about a year behind right now. I just called Diamond and have been told that since it was purchased resale, they cannot enter the transitions process for them to take it back.

What's the best option for them? Could we catch them up and give it away on Tug? Would anybody take it nowadays? Just let it go to foreclosure years from now (any idea how long that takes)? Appreciate any thoughts!

 

[geist1223]

DRI has no resell,value. Just let it go into default.

 

[dioxide45]

Since they are already in default, their only real option is to continue that path. If they were current it might be possible to give away if it got good tier in DEX.

 

[rpennisi]

My parents own a deeded week at Polo Towers that they bought resale. Dad has dementia, and they're not traveling anymore. They have stopped paying their dues, and are probably about a year behind right now. I just called Diamond and have been told that since it was purchased resale, they cannot enter the transitions process for them to take it back.

What's the best option for them? Could we catch them up and give it away on Tug? Would anybody take it nowadays? Just let it go to foreclosure years from now (any idea how long that takes)? Appreciate any thoughts!

I have a resale Polo Towers one bedroom and it's a great trader with DEX, tier 6 (highest tier).
If you are so inclined, you can use it and get some great vacations, before they let it default. Default can be used in the future, or if up to date with MFs after you get some use out of it, attempt to give it away then.
Just a suggestion.

 

[Magumba]

That building looks like a jail, I hated it.

 

[dioxide45]

That building looks like a jail, I hated it.

I would agree that it doesn't look all that appealing. The thing is, you don't ever have to stay there. You can use it for exchanging.

 

[sculpin]

I actually think it's a good place to stay, the location is convenient on the strip, the rooms are decent size and it's well taken care of. They also recently redid the mall that's in front of it. We have our own 2 bedroom unit there and usually split it for 2 trips/year. Between us, family and friends, it usually gets used. My parents, on the other hand, will never use it again, unfortuantely.

 

[silentg]

What is the maintenance fee?

 

[sculpin]

Last year it was $1,450 for a two-bedroom. Haven't seen this year's bill yet.

 

[dioxide45]

Last year it was $1,450 for a two-bedroom. Haven't seen this year's bill yet.

Is that a two-bedroom lock off? Are all the two-bedroom units lock off?

 

[sculpin]

Mine and my parents are two-bedroom lock-offs. I believe they all are, but I can't say that for sure.

 

[dougp26364]

Is that a two-bedroom lock off? Are all the two-bedroom units lock off?

All of the 2 bedroom units lock-off

 

[rmather]

Lots of good feedback already & I will add some additional thoughts for consideration - Ageing parents may not be concerned about credit scores but a default could certainly result in a substantial lowering of a FICO score. Hopefully health does not continue to decline but the last thing anyone needs is to have this issue slow an already tedious probate process. I am sure that if the past due fees were paid to the resort there are TUG members who would be willing to take ownership at zero cost to the new owner. If it is a lock-off, as pointed out, this could be used for some attractive trades. Suggest you check if the transfer will require 2 possible fees - a fee for changing property title and a resort process fee. These 2 fees can often total $250-$400. Best of luck.