Sell My Timeshare Now (SMTN)

[benerechtniet]

Does anyone have any experience with or has sold a timeshare through Sell MyTimeshare Now (SMTN). SMTN is a resale company recommended by the "coalition for responsible exit" which according to its website is a program created by ARDA-ROC, ARDA – the trade association for the timeshare industry – and leading timeshare developers and exchange companies. SMTN charges an up front fee of either US$2998 for marketing and closing services and US$3998 to also include 6 years of Maintenance fee protection. I challenged SMTN about their up front fee, and they claim that for a deeded space and time timeshare it is illegal to charge a commission. SMTN uses a Company called Timeshare Closing Services for the closing, which according to SMTN costs around US$1000 plus or minus 20% but US$599 is covered by SMTN's upfront fee. I am obviously loath to pay any upfront fee, but with SMTN's 6 years Maintenance protection (they claim they will refund the annual maintenance fee if timeshare is not sold and timeshare not used) they appear to have some incentive to sell. Grateful for any thoughts, experiences etc.

 

[amycurl]

They are good to buy from, but, for sellers, those fees are ridiculous and they do very little that you couldn’t do yourself for free. Have you looked at the threads here about giving way your timeshare? Once you find a taker, LT Transfers can do the deed work and the legal stuff for under $300. Providing some detail about what you own can help us give more specific advice.


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[dioxide45]

If you do a search of the forums for "smtn" in titles, you will find a lot of threads on this outfit. They are NOT a company we would recommend listing your timeshare for and it is a real shame that ARDA is recommending them. I know they also recommend Timeshares Only. Both are high upfront listing fee companies where their main goal is to sign you up so they can list your timeshare on their website for the fee. What real incentive do they have to sell your timeshare now that they have your few thousand dollars. Don't do it.

 

[WorldT]

As mentioned above, if you are a buyer and are able to negotiate the unit down to the price you want, it may be a good deal if they respond in a timely manner. But for the seller, using them is usually a bad deal. If you tell us what you are trying to get rid off, we may be able to recommend alternatives.

Is SMTM an above board timeshare resale site?

Think you're talking about Timeshare Nation rather than Sell My Timeshare Now. They aren't connected to my knowledge. Yes :-( Sorry, my bad; will delete post. TY!

tugbbs.com

 

[RX8]

@benerechtniet According to your profile you own Westgate Town Center. Due in part to restrictions placed by Westgate on resale buyers the value of your timeshare is zero (or even less than zero). How much did Westgate say that you should list your timeshare for? SMTN has an incentive to tell you an inflated value because it would be easier for you to accept a $2999 fee when they tell you your timeshare is worth $20,000 than if they told you the truth. I have seen previously a Westgate timeshare listed for $150,000 on SMTN. A complete waste of money to advertise for that.

A better option, if you want to be free of your Westgate timeshare, is use that $2999 to entice a buyer to take it off your hands. That could be in the form of free usage, free closing and/or a Visa gift card at closing.

Another option to consider is deeding it back to Westgate through their exit program (they may or may not accept it). They will charge you a fee, likely around $1,500 or so, but may be cheaper than giving it away.

 

[LannyPC]

A better option, if you want to be free of your Westgate timeshare, is use that $2999 to entice a buyer to take it off your hands. That could be in the form of free usage, free closing and/or a Visa gift card at closing.

Another option to consider is deeding it back to Westgate through their exit program (they may or may not accept it). They will charge you a fee, likely around $1,500 or so, but may be cheaper than giving it away.

If those options fail, then your last option would be to just stop paying any MFs and let your TS go into default and foreclosure. But only try that after these other two options fail.

 

[benerechtniet]

Thanks TUG members. What are people's experiences with defaulting and foreclosure ? My understanding is that while for US based people this affects their credit rating, this isn't an issue for people that don't live in the USA and that for "just" a default on maintenance fees developers simply don't pursue this as the cost are generally much higher than the apparent losses. It is questionable whether the losses are real anyway, given the timeshare is reabsorbed by the developer and potentially resold and in any case any maintenance fees appear to be recovered from elsewhere

 

[TUGBrian]

all depends on your situation and what you own but yes in most cases debt does not cross international borders.

What happens if I stop paying my Timeshare Maintenance Fees?

Wondering what happens if you stop paying your timeshareMaintenance Fees? Explore the potential consequences and outcomes for owners who decide to quit paying

tug2.net

 

[Hindsite]

and in any case any maintenance fees appear to be recovered from elsewhere

That "elsewhere" is you and your fellow owners. Look for a "Bad debt" line or similar in your maint fee statements, that's due to people not paying. It can take a couple of years for the foreclosure process to complete and during that time its usually the HOA that takes the financial hit, and hence it goes into maint fees.

If you can use their deedback process, it is usually the most simple method, even if it costs to do.

You will still get chased for the debt, even if they cant enforce it.

 

[benerechtniet]

That must be why my maintenance fees have gone up so much over the years then !!