• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Selling back to Resort

MoiAl

TUG Member
Joined
Jun 8, 2005
Messages
148
Reaction score
1
Points
16
Location
Toronto
Our home resort in Florida is offering to buy back our weeks and we're thinking of taking advantage of the offer. It's part of the resort owner services. We've owned the weeks for awhile, used it every year and enjoyed it. They have a program in place to resell it. As I understand it, we sign the deed over to a reseller and when the week sells, we get paid the agreed amount. The reseller is Cocoa Beach Development, Inc. Has anyone been involved with this type of activity.
Thanks for any input.
Alton
 

silentg

TUG Review Crew: Expert
TUG Member
Joined
Jul 17, 2005
Messages
6,201
Reaction score
3,288
Points
649
Location
Central Florida
Resorts Owned
Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
If you enjoy the week why sell it?
 

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,979
Reaction score
9,525
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
As I understand it, we sign the deed over to a reseller and when the week sells, we get paid the agreed amount.

Be very careful with this - this has all the earmarks of a scam. My guess is that the person who called you is not from the resort.

Is there an upfront fee to sign it over to the reseller?
 

MoiAl

TUG Member
Joined
Jun 8, 2005
Messages
148
Reaction score
1
Points
16
Location
Toronto
Be very careful with this - this has all the earmarks of a scam. My guess is that the person who called you is not from the resort.

Is there an upfront fee to sign it over to the reseller?

We were not contacted, just found out about this through Resort News Letters. There is no upfront fee, we just have to enter into a 12 month agreement for them to sell
 

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,979
Reaction score
9,525
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
We were not contacted, just found out about this through Resort News Letters. There is no upfront fee, we just have to enter into a 12 month agreement for them to sell

That's good - but does that mean you can't use it for 12 mos., and you just lose one year's use if it doesn't sell?
 

TUGBrian

Administrator
Joined
Mar 24, 2006
Messages
22,403
Reaction score
8,066
Points
1,099
Location
Florida
doesnt sound like you are giving it back, simply sounds like you are paying (in a roundabout way) your resort to market it for you.

what efforts have you made to give it away sofar on the resale market?
 

theo

TUG Review Crew: Veteran
TUG Member
Joined
Mar 21, 2007
Messages
9,066
Reaction score
2,324
Points
648
Location
New England Coast
Events seem strangely "out of sequence" here to me...

Our home resort in Florida is offering to buy back our weeks and we're thinking of taking advantage of the offer. It's part of the resort owner services. We've owned the weeks for awhile, used it every year and enjoyed it. They have a program in place to resell it. As I understand it, we sign the deed over to a reseller and when the week sells, we get paid the agreed amount. The reseller is Cocoa Beach Development, Inc. <snip>

Personally, I would not sign (or recommend others signing) a deed over to a new "grantee" before at least some good faith deposit money from the buyer has been produced and held in independent escrow --- assuming of course that the interval actually has some resale market value in the first place.

Once a new deed is recorded, you've relinquished ownership. What exactly is your leverage that this "Development" entity will actually pay you, up to a year after you've signed over your deed? And what is your assurance or leverage that the "Development" entity will record a new deed in their name promptly, thereby releasing you from future maint. fee and / or future special assessment responsibility? As long as the resort (appropriately) regards you as the owner of record, you (i.e., not the "Development" entity) will receive the bills. :shrug:

The "out of sequence" process and events you have described above simply does not make sense or pass the sniff test IMnsHO, but if the interval has little or no resale market value anyhow (I have no idea), then the only immediate risk to you is loss of access to the interval for a 12 month period (...and who will pay the maintenance fees or any unexpected special assessments during that one year period?) :shrug:

Another possibility enters my mind. Is it possible that what the "Development" entity wants you to sign is not actually a new deed but instead a Power of Attorney, authorizing them to sell the interval on your behalf? Your mention of a "pre-agreed amount" makes me wonder about this, since it makes more sense that a third party would seek to sell the interval via PoA for more than the "agreed" amount and pocket the difference, with absolutely no risk or "up front" investment on their part, paying you only if / when they can peddle the interval to a new buyer (...at a profit, of course), with no risk on their part since you remain owner until / unless a new buyer is found. I dunno, but that sure makes a lot more sense to me than the unlikely "sign over your deed now, but receive no payment at all yet" scenario. :shrug:

I would respectfully suggest that you get a lot more clarity and specific details directly from this "Development" entity, particularly in regard to whether this is actually and literally a deed transfer (with prompt official recording thereof) without any "consideration" (...shaky, at best) or merely the execution of Power of Attorney to authorize them to attempt to sell your interval during what sounds (to me) like a 12 month "exclusive listing" period; obviously two radically different situations.
 
Last edited:

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,699
Points
498
Location
Northeast USA
OP ... go back and re-read Theo's comments above. I agreed with his "vision" on this "non-sale" .... you will most likely be holding the "bag/timeshare" in 12 months with another MF due.
 

MoiAl

TUG Member
Joined
Jun 8, 2005
Messages
148
Reaction score
1
Points
16
Location
Toronto
These thoughts are also going around in my head. The program has been in place for the past couple of years and when we have visited we have seen some people given the tour. We bought on ebay and the price we're quoted is about double what we paid. We'll be there in a couple of weeks and do more investigation. Thanks for your input.

Thanks Theo
 

bogey21

TUG Member
Joined
Jun 8, 2005
Messages
9,455
Reaction score
4,663
Points
649
Location
Fort Worth, Texas
As I understand it, we sign the deed over to a reseller and when the week sells, we get paid the agreed amount.

Depends on what you sign. If it gives them an exclusive for 12 months, it is not a good deal as you are unable to otherwise dispose of your Week. If there is a provision that allows you to sell or otherwise transfer your Week during the 12 month period, it might be ok. Just read and understand the ramifications of the arrangement you are thinking of agreeing to.

George
 
Top