Preparing to Sell, Plan to Utilize LT Transfers, but want to go through Steps with the members here

[AW1988]

Hello Tugbbs community!

A little background: Many months ago I came here for help regarding my short story that you all walked me through by telling me that there was no way around the debt through any timeshare exit company and I want to first of all offer the sincerest gratitude to any and all you that helped me. I truly mean that.

As previously stated, back on 8/31/2013, I along with my x-girlfriend made a terrible mistake when we were younger and bought into a timeshare with Hilton Grand Vacations Club (Hilton Resorts Corporation) on Paradise in Las Vegas, Nevada. Many years later we recognized the mistake for what it was and tried to get out, but were told by Hilton “no”. The original loan amount was $17990.00 and the balance currently is $9741 with a monthly bill of $291.26 and a yearly maintenance fee of about $800-900 that is going up. I am married now, and well past my X (who has dropped off the face of the Earth) and aiming to pay off this debt and move on. I am the Primary Account Holder and my X is the Secondary. I intend to pay-off the debt, remove her as Secondary and sell the time-share if my wife and I find our lives don't match up to utilizing it.

I did reach out to the Hilton Resale department who said: "Based on a resale market analysis, we believe your timeshare will resell for approximately $2,000.00 to $3,000.00. There is also a 25% commission due at the time of sale." - No thank you to giving 25% back to them on the resale of property I already paid for. So...

I am planning to pay-off my loan amount and sell my time share via the oft-recommended LT Transfers. The obvious steps I intend to take are, (1) pay-off my loan amount, and (2) contact LT Transfers. But is that it? Is it that simple? I have zero experience with timeshares sales. What steps do I need to take besides contacting them?

Thanks so much,

-A

 

[pharmacistking]

Before contacting LT Transfers you will need a buyer. They only do the paperwork... Become a TUG member. Put up an ad on TUG Marketplace. See if you get anybody interested in your TS. Look also to Redweek for comparison on value etc... Good Luck

 

[AW1988]

Awesome, I see! Thank you! How does one become a TUG Member?

 

[pharmacistking]

Awesome, I see! Thank you! How does one become a TUG Member?

Welcome to TUG!

Welcome to TUG!

saas.shopsite.com

Timeshares for Sale & Rent | Search Timeshare Classifieds

Search Thousands of active Timeshare Resales & Rentals. Industry Leading Online Marketplace for owners to Sell or Rent a Timeshare!

tug2.com

 

[DaveNV]

Awesome, I see! Thank you! How does one become a TUG Member?

Several things to understand:

LT Transfers will do the paperwork to transfer your timeshare to a new owner. They do not market or sell timeshares. All they do is process your paperwork for you and your buyer.

Joining Tug will give you full access to all the information available here. If you go to www.tug2.net there is a link to Join. But keep in mind, Tug also is not a seller of timeshares. It is an information resource by and for timeshare owners. There are pages where you can list things for sale, but whether that works out is up to you and a potential buyer who may be interested. Joining Tug will help you learn what you have and what you can do with it, but there are no guarantees.

If your ex-girlfriend is on the deed as a joint owner, it may be more difficult to sell, if she truly has fallen off the face of the earth. You'll have to get her signature, as far as I understand things.

Finally, once you've paid off your HGVC loan, your only commitment is the ongoing maintenance fees. The expensive part is over. If you and your new family plan to vacation, you may want to hang onto it, and just use it. You'd have spent a lot of money on something, and it would seem a waste just to throw it all away.

Good luck!
Dave

 

[AW1988]

Roger that, thank you all so much.

Finally, once you've paid off your HGVC loan, your only commitment is the ongoing maintenance fees. The expensive part is over. If you and your new family plan to vacation, you may want to hang onto it, and just use it. You'd have spent a lot of money on something, and it would seem a waste just to throw it all away.

I understand this and to a certain degree, I think the time share may help ensure that we go on vacations every year or every other year and enjoy ourselves right? It just depends on the transfer-ability or power of the time share. I would be very curious how to figure out the "overall worth" of it since honestly, I have never used it.

If your ex-girlfriend is on the deed as a joint owner, it may be more difficult to sell, if she truly has fallen off the face of the earth. You'll have to get her signature, as far as I understand things.

I am hopeful I won't need her signature to get her off the time share as the primary with it paid off. If so, it will be nigh impossible. What an interesting situation I find myself in...

 

[DaveNV]

If you research how to make the most of what you own, I think you'll find HGVC is a very desirable timeshare to own. They have quality accommodations in many locations. Depending on how large a unit (or how many points you have, if it's that type of ownership), then it may provide you and yours a very pleasant place to stay during your visit. There is an HGVC forum on Tug where you can get very specific advice from those who own in the system. The resale value of what you own is far less than what you paid, (unfortunately - it's a by-product of the industry - timeshare salespeople lie about everything in order to make a sale), but that lower resale does not diminish the value of what you bought. Learn to use it, and give it a try - you may find you actually like it quite a bit.

The issue overall is that timeshare ownership requires a bit of study on your part, to learn what you own, and how best to use it. If managed properly, it can give you years of solid vacationing. But the onus is on you to learn what it is, and how it all works. That's where Tug comes in. Nobody here has an agenda, and there are many people who have walked the same path you have. They also bought from the Developer before learning of the pitfalls. But once they got past that sense of betrayal and learned how to use what they bought, many have found it to be a great way to have family vacations. Later on, if you decide after learning and using it, that it is just not for you, THAT'S the time to sell it. But don't throw it away till you've explored whether it has value in your life.

As to your ex-girlfriend's involvement in a sale, it depends on how the deed is recorded. If there is an underlying property Deed of Trust recorded with the county where the timeshare is located, and if it's in both your names, I believe you'll have to have her signature to sell it. There may be ways to file for a change in ownership, to put it only in your name, but you'd have to research about that. If there is no deed like that, and it's just a joint ownership as a member of the HGVC club system, then it may be easier to sell it, if you decide that's what you want to do.

For starters, spend the $15 to join Tug, and start reading. There is a huge amount of information available here, and lots of thing you should learn before deciding how best to proceed.

Dave

 

[dioxide45]

I am hopeful I won't need her signature to get her off the time share as the primary with it paid off. If so, it will be nigh impossible. What an interesting situation I find myself in...

If she is on the deed (check your deed), you will need her signature. If you don't have her signature you need a lawyer to sue to then get a judge to sign off.

 

[chapjim]

Roger that, thank you all so much.



I understand this and to a certain degree, I think the time share may help ensure that we go on vacations every year or every other year and enjoy ourselves right? It just depends on the transfer-ability or power of the time share. I would be very curious how to figure out the "overall worth" of it since honestly, I have never used it.



I am hopeful I won't need her signature to get her off the time share as the primary with it paid off. If so, it will be nigh impossible. What an interesting situation I find myself in...

Expand a little on "dropped off the face of the earth." What attempts have you made to locate her? Emotionally "dropped off the face of the earth" doesn't matter. Your attempt to market this property will be enormously complicated if you genuinely cannot locate her. If you can find her, ask her nicely to please be so kind as to provide a notarized signature on the quit claim that you will send her.

The internet is full of ways to find someone with a bare minimum of information about that person.

Good luck!

 

[dago]

In summary... Join Tug and get an education on T/S. And Tug is a great place to advertise if you are looking for buyers. The important thing to remember is to price your unit correctly. DO NOT overestimate what you think you can get for it. That's how I sold my Timeshare. I posted an ad on Tug and got a response almost immediately. Negotiated a price and used LT Transfers to do the paperwork. Pricing is very important.

 

[TheTimeTraveler]

Hello Tugbbs community!

A little background: Many months ago I came here for help regarding my short story that you all walked me through by telling me that there was no way around the debt through any timeshare exit company and I want to first of all offer the sincerest gratitude to any and all you that helped me. I truly mean that.

As previously stated, back on 8/31/2013, I along with my x-girlfriend made a terrible mistake when we were younger and bought into a timeshare with Hilton Grand Vacations Club (Hilton Resorts Corporation) on Paradise in Las Vegas, Nevada. Many years later we recognized the mistake for what it was and tried to get out, but were told by Hilton “no”. The original loan amount was $17990.00 and the balance currently is $9741 with a monthly bill of $291.26 and a yearly maintenance fee of about $800-900 that is going up. I am married now, and well past my X (who has dropped off the face of the Earth) and aiming to pay off this debt and move on. I am the Primary Account Holder and my X is the Secondary. I intend to pay-off the debt, remove her as Secondary and sell the time-share if my wife and I find our lives don't match up to utilizing it.

I did reach out to the Hilton Resale department who said: "Based on a resale market analysis, we believe your timeshare will resell for approximately $2,000.00 to $3,000.00. There is also a 25% commission due at the time of sale." - No thank you to giving 25% back to them on the resale of property I already paid for. So...

I am planning to pay-off my loan amount and sell my time share via the oft-recommended LT Transfers. The obvious steps I intend to take are, (1) pay-off my loan amount, and (2) contact LT Transfers. But is that it? Is it that simple? I have zero experience with timeshares sales. What steps do I need to take besides contacting them?

Thanks so much,

-A

As others have said, do join TUG. It will be the best $15 you ever spend!

Regarding a long lost girlfriend on the deed? Take steps NOW to get her off your deed ASAP. Reason? Waiting to clear it up when you finally do have a buyer may take so much time that your buyer will give up and just walk away.

Clear it up now and then you can sell it and it should transfer quickly for you........

Personally? I believe getting the name of your ex off the deed may be the most difficult part of the equation to unload your timeshare. Selling it will be easier then getting her name off of the Deed.




.

 

[dago]

As others have said, do join TUG. It will be the best $15 you ever spend!

Regarding a long lost girlfriend on the deed? Take steps NOW to get her off your deed ASAP. Reason? Waiting to clear it up when you finally do have a buyer may take so much time that your buyer will give up and just walk away.

Clear it up now and then you can sell it and it should transfer quickly for you........

Personally? I believe getting the name of your ex off the deed may be the most difficult part of the equation to unload your timeshare. Selling it will be easier then getting her name off of the Deed.




.

Indeed... getting the name of your ex off the deed will be a challenge. I will second the advice - start NOW. There will be many hurdles to jump.

 

[AW1988]

Got it, thank you all! I am on it!

 

[dago]

Report back to keep us informed of your progress

 

[dago]

In summary... Join Tug and get an education on T/S. And Tug is a great place to advertise if you are looking for buyers. The important thing to remember is to price your unit correctly. DO NOT overestimate what you think you can get for it. That's how I sold my Timeshare. I posted an ad on Tug and got a response almost immediately. Negotiated a price and used LT Transfers to do the paperwork. Pricing is very important.

Update... 1

In summary... Join Tug and get an education on T/S. And Tug is a great place to advertise if you are looking for buyers. The important thing to remember is to price your unit correctly. DO NOT overestimate what you think you can get for it. That's how I sold my Timeshare. I posted an ad on Tug and got a response almost immediately. Negotiated a price and used LT Transfers to do the paperwork. Pricing is very important.

Update...I forgot to mention the entire process from my initial advertisement to the final transfer took about 10 weeks, at no cost to me. Exit companies take several years and even then it may not get transferred, after spending several thousands dollars.

 

[mjm1]

Got it, thank you all! I am on it!

Good luck with removing her from the ownership. While you are doing that I would strongly encourage you to do research here on TUG to better understand what you own and how you can use it. You may find that now that you are married, vacationing using your ownership, which you already have a significant investment in, may be something you and your family will enjoy. Hilton has nice properties. At least do the research, discuss it with your wife, and then make an informed decision. Please do keep us posted as we learn from each other.

Best regards.

Mike