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Selling back to Resort

MoiAl

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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

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If you enjoy the week why sell it?
 

DeniseM

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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

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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

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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

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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

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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.
 
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vacationhopeful

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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

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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

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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
 
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