Timeshare offering abandonment - is this a good deal?

[Pm27561]

So my dad called their timeshare (The Ponds at Foxhollow in Lenox, MA), and they said in March they will be offering an option for abandonment, but he would have to pay two years' maintenance fees plus $300. My parents only have a one bedroom timeshare, so the maintenance fee is low, $333 per year. So they would have to pay about $1000 to get out of their timeshare. Is this a good deal? I've listed it on the forum here and the marketplace, and offered to pay this year's maintenance fees, but no takers. Is there anything we should watch out for when going through the abandonment process? Thanks for any advice anyone can provide!

 

[silentg]

How long have your parents owned the timeshare? Why are they considering abandonment? Resort closing?
Need more info to understand what is going on?

 

[Fredflintstone]

So my dad called their timeshare (The Ponds at Foxhollow in Lenox, MA), and they said in March they will be offering an option for abandonment, but he would have to pay two years' maintenance fees plus $300. My parents only have a one bedroom timeshare, so the maintenance fee is low, $333 per year. So they would have to pay about $1000 to get out of their timeshare. Is this a good deal? I've listed it on the forum here and the marketplace, and offered to pay this year's maintenance fees, but no takers. Is there anything we should watch out for when going through the abandonment process? Thanks for any advice anyone can provide!

Personally, I would pay the 1 k just to be done with it. It’s an amicable way to do it. I would just make sure that they put in writing that he has no further liability after payment. It probably is a deed in lieu of foreclosure offer.


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[Panina]

So my dad called their timeshare (The Ponds at Foxhollow in Lenox, MA), and they said in March they will be offering an option for abandonment, but he would have to pay two years' maintenance fees plus $300. My parents only have a one bedroom timeshare, so the maintenance fee is low, $333 per year. So they would have to pay about $1000 to get out of their timeshare. Is this a good deal? I've listed it on the forum here and the marketplace, and offered to pay this year's maintenance fees, but no takers. Is there anything we should watch out for when going through the abandonment process? Thanks for any advice anyone can provide!

If you can’t find a new home for it, I feel this will be a good alternative to relieve your parents of their obligation for future maintenance fees and possible assessments.

 

[Pm27561]

Thanks for the replies so far. My parents have owned the timeshare since the 1980’s, and it sounds like the resort really hasn’t been updated much since the 1980’s. I think my parents only used it a couple times. Most years the resort was able to rent out their unit to cover their maintenance fee, but in the last two years my parents had to pay the maintenance fee. They just want to get the timeshare off their hands. I’m just trying to make sure they can get out of it cleanly. If there are any other things to watch out for with the abandonment process, I’d appreciate any advice!

 

[bnoble]

If you can’t give it away on tug for one year’s free use plus transfer, paying a little more for a deed back seems worth considering.

 

[T-Dot-Traveller]

- I would suggest your parents take the offer in March / assuming no one on TUG takes the week.

******
It is possible the property has redevelopment possibilities ,once all ownerships are resolved .
This could take a number of years ; and in the meantime the resort has operating expenses and so payment
a couple of future years MF makes sense .
If redevelopment is the direction ; it is possible the holdout owners get a better offer (in a few years ).

Unless I was actively using the week to stay there every year - I would pay the $1000 .

 

[#1 Cowboys Fan]

In 2018, I paid two years' MF and add about $500 to be done with my timeshare.

I owned it for a little less than 20 years (my FIRST timeshare); it served me okay for the first dozen years; but it became an albatross.

After looking for alternative/lesser cost ways to get rid of it, I bit the bullet and paid the ~$1500.

A year later, I think I made an educated decision.

 

[TUGBrian]

can always try negotiating if your parents are in a financial bind. nothing is set in stone, but it is becoming more common for resorts to charge a multiple of the annual dues to relinquish ownership back to them.

note that even if you found someone to take it over from you, there are still costs involved in the transfer of ownership...even if this is only a few hundred dollars it would likely be included in the amount the resort is offering to your parents to surrender it back.

 

[bogey21]

$1,000 is not a bad deal if they want out. If they want to give it away to a 3rd party, they may get stuck with closing costs and a year's MF anyway to get the deal done...

George

 

[Pm27561]

Thanks everyone for the responses. I'll let my parents know that they should go ahead with the abandonment/deed back. Hopefully it goes smoothly. Thanks for all the feedback.