"Valuing A Timeshare" or "Grabbing A Handful of Water"

[TLS67]

Hello,

I am working on a Medicaid application for long-term care benefits with someone. He owns a membership in Shell Owners Club West. No specific resort is mentioned in the timeshare documents. The state Medicaid agency is requiring a valuation of the timeshare. I'm utterly lost on how to get this evaluated. Any suggestions?

 

[bnoble]

Completed ebay auctions suggest a value of approximately zero.

Here's an example

 

[TLS67]

Completed ebay auctions suggest a value of approximately zero.

Here's an example

That's about what I figured. But, I have to have something more .... "official".... than that. Although, if I can compile enough of those with a review of the terms of this thing, I might get them to agree that it is worth zero which is what needs to happen for this fellow. When a contract is quite new and this lot holds a security interest in the membership under the financing agreement, it is probably worth negative the balance of the contract debt.

 

[jeffox]

A timeshare is not an asset, it's a liability. It has a negative value because it has ever increasing annual fees and no resale value.

 

[HudsHut]

zero
Completed ebay auctions are public. Print out all the ones you can find as supporting evidence.
I only see this one currently for sale on ebay:

Pardon Our Interruption...

 

[TLS67]

A timeshare is not an asset, it's a liability. It has a negative value because it has ever increasing annual fees and no resale value.

I'm aware and agree. But, to paraphrase my favorite character from "O Brother, Where Art Thou?", "the state is a little more hardnosed". They want written proof.

 

[easyrider]

I'm aware and agree. But, to paraphrase my favorite character from "O Brother, Where Art Thou?", "the state is a little more hardnosed". They want written proof.

Just get rid of it. You can try on the free timeshare threads at Tug. Its kind of a drag dealing with the state departments regarding assets like a timeshare.

Bill

Free Timeshares

Timeshare ownerships offered completely free by owners! Rehome an unwanted timeshare at no cost! Timeshares listed here must be offered completely free!

tugbbs.com

 

[StarSailer]

Would a broker price opinion be good enough? You could try asking FidelityRealEstate. I don't know if they will or not, but as one of the most full-service brokers around if they don't I wouldn't know who would.

Supposedly official appraisals exist for $300-400, but my 5-minute search couldn't find any that weren't affiliated with something sleezy. The most professional looking one was part of a group promoting as a featured listing HGVC Seaworld Gold season...at $18K.

 

[jacknsara]

Perhaps list it on eBay with $1 opening bid and no reserve. There are pros and cons either way you specify who is to pay closing and transfer cost. Either someone bids or there is no bid. In the first case you have eliminated the ownership. In the second case you have evidence that no one wants to pay anything for it.

 

[davidvel]

Simple. Tell them it is woth -0 and let them prove otherwise.

 

[easyrider]

Shell Owners Club West

This company was bought out by Wyndham. Wyndham is now Travel & Leisure. Travel & Leisure has an exit program so the owner could possibly just give it back.

If you are doing a Medicaid application, crazy as it seems, Medicaid considers the timeshare a countable asset so you have to list it. @davidvel is right. List it at -0.

Bill

 

[rickandcindy23]

I gave a bunch of my points away, and then Shell/ Wyndham took back the rest. I am done with those points, and I am glad to be done.

 

[Cinders54]

Hello,

I am working on a Medicaid application for long-term care benefits with someone. He owns a membership in Shell Owners Club West. No specific resort is mentioned in the timeshare documents. The state Medicaid agency is requiring a valuation of the timeshare. I'm utterly lost on how to get this evaluated. Any suggestions?

When I completed my Mother's Medicaid application regarding assets. She owns her primary home and her name is listed as co-owner on a condominium. My Medicaid lawyer told me ( the daughter) to list the condo for sale. Medicaid won't consider it as an asset since it is for sale. I listed it on Zillow for an ridiculously high price so no one would try to buy it. Medicaid application was approved.