want to sell time share some advice

[liko]

Hi, first of all. This forums seem pretty savvy and I am looking to sell my parents timeshare. Its already paid off and even if we receive a fraction of price its better than nothing. What would anyone recommend I already started to do some research and (I read here about some tips) defiantly did I see one of the first scams with paying up front fees which I found that suspicious. Anyhow this is in Costa Sur Resort & Spa.

I had in mind just selling it to a big company, but it doesnt seem there is any companies possibly that buy it. Also I can list to sell, but I feel its a pain and who knows how it works to file all that paper work.

I can think of renting it but I just feel its a hassal.

Any other things recommended? Really would appreciate it.

 

[DeniseM]

The sad truth is that you will be lucky to give it away - in this economy most timeshares are selling for 0-10% of retail. In Mexico - it's even worse - people have trouble even giving away nice timeshares. This particular timeshare is rated 7/10 in the TUG timeshare ratings, so that means it's an average resort and probably has no resale value.

Whatever you do - don't pay anyone an upfront fee to sell it for you - that is ALWAYS a scam!

Please consider giving it away yourself-

Why?
-You can give it away yourself for nearly no cost.
-You can control the transfer process to make sure it is truly transferred out of your name.
-You won't have to deal with companies that may or may not be Legit.
-You can transfer it to a private individual who will be happy to have it for their own use.
-You will have the satisfaction of knowing that you ended your ownership legally and ethically.

There are two places on TUG where you can give away your TS's for free (no charge for the Ads.) There are other cheap and free sites on the internet, as well.

TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

Bargain Deals - Totally FREE! - just write a simple post with all the pertinent info. In your post, include the following info.:

-resort name
-unit size
-season owned
-maintenance fee
-current reservations​

To make it more attractive I would:

1) Pay 2011/12 maintenance fees and don't ask for reimbursement.

2) Pay for the title transfer (you can get a simple title transfer with no escrow or title search for about $100.) Many people have used Tugger TTT (Alan) at Time Travel Traders for this service in the past, but he is retired and is referring most business to Lisa Short for this service - 1.706.969.8906 readylegal@gmail.com Lisa has been receiving good reviews on TUG.

3) Reserve a popular holiday week in 2011/12 for the new owner​

Good luck!

 

[liko]

Thanks for responding really appreciate it. Well the thing is we were fine with the resort (until out of no where we are getting a maintenance fee 2012). Is that like an yearly thing?

Before that we had this since 2006 we never ever got a maintenance fee (only if we used it we would have to pay the fee). Now we get it out of no where. If we pay such fee can this go in the taxes?

If somehow we got 10% out of it I think that would set a deal (we just want out).

Also what about donations is that like a tax deduction? I don't want to do the mistake of paying upfront and getting scammed. I was thinking of renting int (like you said) very cheap just to keep it in order I have Ebay but it has fees I rather do it free with lower cost and to work out with a seller. Thanks for the advice.

 

[DeniseM]

Thanks for responding really appreciate it. Well the thing is we were fine with the resort (until out of no where we are getting a maintenance fee 2012). Is that like an yearly thing?

Before that we had this since 2006 we never ever got a maintenance fee (only if we used it we would have to pay the fee). Now we get it out of no where. If we pay such fee can this go in the taxes?

Yes - with most timeshares you pay a maintenance fee every year. The fees are not tax deductible.

If somehow we got 10% out of it I think that would set a deal (we just want out).

I'm sorry - but I don't think there is any chance of that. You will be lucky to give it away.

Also what about donations is that like a tax deduction? I don't want to do the mistake of paying upfront and getting scammed.

First of all you will have to pay thousands of dollars to donate it, and then you will get no tax deduction. If you donate a timeshare worth 0 - then your tax deduction is 0.

I was thinking of renting int (like you said) very cheap just to keep it in order I have Ebay but it has fees I rather do it free with lower cost and to work out with a seller. Thanks for the advice.

I don't think you will be able to rent it or sell it. Because of the economy, this is a terrible time to get rid of a timeshare - especially in Mexico.

Right now there are 50 Mexican timeshares on for sale on ebay -
45 - are for sale for 0-$97
43 - have no bids

Here's a link to the most recent completed auctions - http://www.ebay.com/csc/Timeshares-...eshares&_fln=1&_ipg=200&_trksid=p3286.c0.m283 Most of the auctions are ending with no bids.

If you really want to get rid of it, you should try to give it away. See the info. I posted about having the deed transferred inexpensively.

Good luck!

 

[liko]

Thanks again I don't know why the maintenance fee is all of sudden. Before no fees and now out of no where we do (only time we would get a fee apparently to the contract deal was when used and funny thing is they kept increasing the maintenance fee every time I called).

I don't think my parents would let it go for free (since they paid for it and cost a lot). There a bit hard headed. I was just looking to see if anything would of been possible if the fees to use weren't so high I don't see the problem, but you can almost get the same deal with all the Mexican tourism going. The only chance is one of our relatives, but my dad feels bad about it.

Edit: It says here Contract Type "PUU - Annual" so I am assuming its just once an year fee? (even paying when bought) It won't be that bad but they are the final word (parents).

 

[tschwa2]

You may want to post in the Mexican forum and see if you can find any other owners at your resort that can help figure out what you have. Some AI resorts only charge you when you go but then every 5 or 10 years charge you an extra fee regardless.

Another thing about Mexican Resorts are most are RTU (Right to Use) as opposed to deeded and are basically contracts for a set number of years. This can be a good thing because when the contract time is over-poof it's gone without you having to worry about it. You would need to know if that is the case to sell/give away. Most contracts are long and confusing but if you read them carefully it spells out what you have.

A final thing that keeps the resale price of Mexican timeshares are most have high transfer fees. Sometimes they are equal to a couple of MF's but some are in the $2000-$8000 range. Other contract details that detract from resale value- although it may have provisions to let the original purchaser only pay MF when using, perks like that may not transfer upon resale.

 

[liko]

Hi, thanks ya since its Mexico I am assuming different rules apply. My parents don't want to get rid of it for nothing they would like to get something out of it (they don't understand though that they aren't really worth anything) but they feel like they are. Anyhow I think I will defiantly do that and read the contract see what I can find (last time I saw it seem kind of confusing). I don't mind keeping the resort and stuff, but if they kept there promises apparently they were going to have one in Cabos (would of loved going there), but at the end apparently they stopped working on it. I will check in and see (i also check this old boards I go on). Sucks to letting it go to pay fees >.<. Thanks for posting.