Timeshares Only, GMAC & Westgate

[Jollyhols]

I have had my Westgate unit on Timeshares Only for 3 or 4 years now. No offers at all, then recently two offers from GMAC - I assume they are picking them up from the TO ads. The email seems genuine, I think, and the offer is more than the last one, though still less than a quarter of what we paid for it of course.

Something seems strange to me though. I haven't looked on the TO website for ages - the 'sold' signs were usually in relation to the popular resorts like Marriott points, Disney points etc. Nothing for Westgate usually. But when I looked today there are a number of 'sold' signs on the list.

Is something going on that I don't know about? I was wondering if it were possible that Westgate itself is buying these resales at low prices, to put them back on their inventory for resale. It would certainly be good business for them.

 

[rickandcindy23]

Yeah, you are probably right about that. It makes sense. Another way the developers make money, and the buyers are losing money. If I owned a Westgate, I wouldn't sell it, I would use it. The resorts are mostly nice. We stayed at Westgate Lakes, and the unit was slightly sterile, but it was still nice. Parking was the pits.

 

[Bill4728]

There have been many posts about TimesharesOnly and other TS resalers. And many posts are like yours " I been trying to sell with TO for many years and haven't gotten an offer." I'm sorry to tell you but you haven't gotten an offer because your TS is priced too high.

The offer you just received may or may not be a fair offer. But you can get a generally idea of the cheapest your TS will for by looking at completed Ebay auctions of your TS. ( it not the best way to price your TS but it will give your a ballpark figure.)

One of the biggest complaints about TimesharesOnly, and other TS resalers, which charge big up front fees is that they don't help the owner/seller price their TS in a reasonable range. They make most of their money by getting listings and therefore don't do a very good job in pricing your TS. You are not going to sell your TS for what you bought it for (if you bought it from the developer) and in many cases you'll get pennies on the dollar. Looking at ebay will give you some idea of the true value of your TS.

About ebay: The TS prices on ebay are generally lower than you may be able to sell your TS if you where to advertise on Redweek.com or TUG or Myresortnetwork.com .. ect. But ebay prices do give you a basic idea of what is reasonable.

 

[dougp26364]

I have had my Westgate unit on Timeshares Only for 3 or 4 years now. No offers at all, then recently two offers from GMAC - I assume they are picking them up from the TO ads. The email seems genuine, I think, and the offer is more than the last one, though still less than a quarter of what we paid for it of course.

This statement tells most on this site everything they need to know. You're unrealistic about the value of your timeshare. Most people are. Most don't realize they haven't purchased real estate but only an 1/52 interest in the right to use a condo every year (or every other year or every three years). You don't really own anything even though you have a "deed". You don't own the furniture, the carpeting, the appliances, the drapes or any of the commmon areas. You only have an interest and a right to use this property for the terms of the agreement.

As such, you don't get to see any real appreciation as what you see with real property such as you house or any land you might own. The value of your timeshare is not based on real estate values in any way, shape or form. It's more or less a commodity and it's value is only that which anyone is willing to pay for your right to vacation at this property.

Real property is an investment. Timeshare if forbidden to be sold as an investment. That should tell you something. It's never going to be worth what you paid for it. It won't ever be even close to what you paid for it. This is why you haven't had any offers in 3 or 4 years.

Timeshares Only does not actively market your timeshare to prospective buyers. They are only a listing company. Price you timeshare appropiately and most likely it will sell. But, it won't be anywhere near what you paid for it.

If you have any sort of offer, balance it against what you've paid in MF's for the last 3 or 4 years you've had it listed. Is it worth keeping the timeshare another 3 or 4 years and paying those MF's in hopes that the offers will increase in value again? Probably not. If it's a real offer from GMAC I'd take it but, I'd also be cautious about it.

 

[Jollyhols]

I'm sorry, I think I must have given the wrong impression. I have realised for some time that I won't be able to sell for anything near the price I paid for the timeshare - that was just a throw away comment.

What I was really wondering is why they appear to be selling all of a sudden whereas until recently they weren't. No offers (or 'sold' notes by units on TO) then two offers in a short space of time.

 

[JoeMid]

You can't tell what's happening by the "Sold" signs, TO/GMAC are a bunch of liars/upfront fee companies and they make the site look like whatever their business model says it should look like.

On the other hand, several TS developers have decided that with the deflated prices caused by the post card companies, it is cheaper for the developer to buy old inventory than to build new.

I'm sorry, I think I must have given the wrong impression. I have realised for some time that I won't be able to sell for anything near the price I paid for the timeshare - that was just a throw away comment.

What I was really wondering is why they appear to be selling all of a sudden whereas until recently they weren't. No offers (or 'sold' notes by units on TO) then two offers in a short space of time.

 

[Robert D]

One of the biggest complaints about TimesharesOnly, and other TS resalers, which charge big up front fees is that they don't help the owner/seller price their TS in a reasonable range. They make most of their money by getting listings and therefore don't do a very good job in pricing your TS.

The reason they don't tell you what your TS is worth is that if they did that most people would not pay the upfront $600 fee and list it with TSO. My guess is that they not only don't tell you what it's really worth, they probably tell you or at least imply that it's worth whatever you hope to sell it for. No doubt if they were honest with people about the value of their TS, there wouldn't be many listings on that site. Many of those TS's aren't even worth the listing fee.

 

[AKGOLFER]

What I was really wondering is why they appear to be selling all of a sudden whereas until recently they weren't. No offers (or 'sold' notes by units on TO) then two offers in a short space of time.

The most likely answer, is that you have just one interested party making the offers but contact two different reps at TO. Because each rep charges different fees to the seller (and they are typically hefty, between $1k and $2k) that might explain two offers that are close to the same amount in the same day/week.

Either way, if you are desperate to sell looks like you have at least one option!

Good Luck

 

[wcfr1]

I have had my Westgate unit on Timeshares Only for 3 or 4 years now. No offers at all, then recently two offers from GMAC - I assume they are picking them up from the TO ads.

Myresortnetwork does something similiar. When an ad expires they list it as sold regardless if it sold or rented.

I bet the same is happening here. As I understand it, GMAC is not a registered reseller of Westgate properties. As a result since they can't sell them they list them as sold on their web site. That looks better than, Sorry not allowed ot resell your unit.