Yachtsman (MB) special assesment...help

[Fatboy1]

I have been a owner at the Yachtsman for 20+ years, paid the maintance fees ontime each of the years. Today i recieved a bill from the Yachtsman for $722 this year and $654 next year (+MF) and $264 (+MF) in 2015 and its being called a SPECIAL ASSESMENT. Now first its the sticker shock with the fees that got me thinking if this has been done at other timeshares and is it legal? I was wondering if anyone has delt with this in the past? After looking around its not a option to walk away and today they are not interested in taking it back...So if anyone has any ideas i would like to hear from you.

Thanks
Fatboy

 

[Passepartout]

SA's happen all the time. Usually in 'mature' resorts operated by HOA or other owner's association who try to operate on the cheap without periodically increasing MFs to cover unexpected- though REALLY expected (like roof, siding capitol improvements to keep the property up to date and in good condition) expenses.

Easy question. Keep it and pay the SA, or give it away. Your beef is with the HOA.

All the best

 

[shagnut]

This is the 2nd big special assessment from the Yachtsman. I also owned for a gazillion years. My co worker bought it from me and when I called they told me there was going to be a sa so I just let her have it and she paid the assesment. Worked for us both. Good luck. Shaggy

 

[Fatboy1]

SA's happen all the time. Usually in 'mature' resorts operated by HOA or other owner's association who try to operate on the cheap without periodically increasing MFs to cover unexpected- though REALLY expected (like roof, siding capitol improvements to keep the property up to date and in good condition) expenses.

Easy question. Keep it and pay the SA, or give it away. Your beef is with the HOA.

All the best

Thanks, I understand that older resorts need updating but they are having the owner to pay for the "NON PAYERS" and i feel that just bad managment...but at the end of the day i have until May to figure out what I need to do... Pay and continue or Sell out(Give away)..

 

[Fatboy1]

This is the 2nd big special assessment from the Yachtsman. I also owned for a gazillion years. My co worker bought it from me and when I called they told me there was going to be a sa so I just let her have it and she paid the assesment. Worked for us both. Good luck. Shaggy[/QUO

Thanks, Thats a good option if i can pull it off...we have a little time...
Also when was the other SA if u dont mind me asking...this is the first for us.

 

[Passepartout]

Something that could very well have led to the need for an SA is Owners walking away. Leaving the 'good, conscientious' owners holding the bag. The only thing the HOA can in all reality do, is increase fees (an SA, followed by higher MFs) to compensate.

Timesharing is also sharing the responsibility. Sometimes doing the right thing sucks.

Jim

 

[MaryH]

So do you know the details of what the SA is for?

 

[timeos2]

Indeed it is a combination of dead beat owners others pay for, bad management (not at all limited to Owner controlled resorts operating "on the cheap" as many of the biggest names have had SA's as they underfunded reserves to help sales. But 2 SA's for what should be identified needs means management/the Board is not handling fees correctly. Either they are under budgeting or the delinquents are so high that extra income is now needed. They should be burying owners in details & you should be attending meetings or at least reading minutes to see what's going on.

Congratulations on dealing with it & not walking out on your obligations. Hope things work out for you & the resort.

 

[shagnut]

It was probably around 10 12 yrs ago?? I know at that time, the remodeled the kitchen, smooth top stove, other upgrades, painted. It was money that was well spent at the time. shaggy

 

[Fatboy1]

It was probably around 10 12 yrs ago?? I know at that time, the remodeled the kitchen, smooth top stove, other upgrades, painted. It was money that was well spent at the time. shaggy

Thanks Saggy, Yes i remember that SA but it was much smaller than the current SA that we are facing, I guess the sticker shock is wearing off and time to make that first payment...thanks for all the insights to my timeshare.

 

[bogey21]

Avoiding Special Assessments is one of the benefits in getting rid of Weeks as soon as they become of less use to you. Hanging around and paying MFs for Weeks you are not using is bad enough but you then open yourself up to the possibility of Special Assessments which not only cost you money but which also make the underlying Week less salable.

George

 

[shagnut]

How much is the SA if you don't mind me asking? shaggy

 

[theo]

How much is the SA if you don't mind me asking? shaggy

Spelled out already in detail within post #1 for the current billing year and for the next several years...