Sell or Rent? [ westgate smoky mountain ]

[amaejack]

We own a timeshare at westgate smoky mountain (2 BR lockout-even years) and we want to sell it but I’m concerned that it has almost no value. We still have almost $3K left on the mortgage. To those who have sold their timeshare, how did you sell yours? What’s the best route to sell it without losing so much money? And to those who have theirs for rental, are you making enough money from it and is it easy to get it rented out? I’m just thinking which is a wiser option, to rent or to sell? Pls help!! TIA

 

[samara64]

It is a bad situation either way. You cannot sell with an active loan. Renting may cover your MF if lucky.

 

[simpsontruckdriver]

In addition, most Wastegate... I mean Westgate... timeshares have zero resale value. The corporation puts heavy regulations on the resales that essentially they can't do anything with them. They also charge a hefty sum IF they agree to take it back. The only two options you have are:

• Stop paying and let them foreclose. It will damage your credit, but you won't have to pay for the timeshare any more
• Rent it out for $140/night (or less).

If you call one of those timeshare exit companies, you will pay tens of thousands AND keep your timeshare, which is why there are ZERO credible ones.

TS