Speaking of financial mistakes. Ugh. We own a Timeshare in Vegas. It's "technically" paid off, but we just paid off the original loan with an unsecured loan with a lower interest rate. It's been 6 years and we've never used it, not one single time. What a waste. Anyway, we'd love to sell it obviously, and quite frankly, I'd be happy just getting half of what paid, though that is probably a stretch. I think that there is one company that Dave Ramsey recommends, so I'll have to check that out, but wondering if anyone has any personal experience.
I've always heard it's nearly impossible to do so. I've heard it's hard to even give them away. My sister has a couple and even though hers is paid for I think it's the annual fees that make them less than marketable. Sorry ☹️
Post by icedcoffee on Jan 14, 2020 12:55:03 GMT -5
Selling timeshares has become so difficult that people are literally dumping them on non-profits by signing them over to them as donations (don't do this. it's illegal and very expensive headache for the non-profit. I worked for one where we had this happen).
I think many people are lucky if they can get rid of it for free.
joenali, I think that might be the one that Dave Ramsey recommends, I'll check it out.
Honestly, at this point, I'd almost be willing to give it away for next to nothing. The annual fees are less than $500, so not terrible, but still. It's embarrassing how much money we paid for this.
Are you points based or location/week based? Can you "rent" it out to cover fees?
Do you have any desire to use it? We have a points based timeshare that we really like but we've worked hard to make the best use of our points and have had some really great trips and because it's paid off the amount we pay in maintenance fees is less than it would cost to book a hotel for the trips we've taken.
I'm sure you know this but there are a huge number of scams out there related to selling/buying timeshares.
bex1973 , It is location/weeks based. In hindsight, it was just a really poor decision. I actually think that had we done something points based we would have actually gotten use out of it. We dropped the RCI option so can't even swap out for different resorts or anything so we're stuck with one crappy week in Vegas a year. Dumb, dumb, dumb.
I hate to tell you this, but I see people “selling” them online all the time for zero dollars PLUS the original owner will throw in like a $500 Visa gift card just to get rid of it. Sorry you’re stuck with this.
You could try Redweek.com as well. Lots of people sell on there. It will just depend on how desireable your locaton/week/time are. $500 is not much for maintenance fees so someone might snap it up.
I really think you'll struggle to sell with it being locked week & location. I agree with the above recommendation about joining FB groups associated with the specific company. On ours folks are pretty much giving them away & just transferring to someone willing the pay the fees. Most are paying the transfer fee themselves.
I haven’t, but if you have the same week yearly check if it’s a valuable one. Some weeks in Vegas are big convention weeks and if you could rent the week individually or find someone who attends that conference annually they could be a good buyer for your specific situation.
Post by lolalolalola on Jan 14, 2020 15:22:49 GMT -5
My parents were able to pay their timeshare company $3500 to take it back. But I think that is unusual.
Sorry :-(
I’ve heard of selling them on eBay but haven’t done it myself. Be prepared to get almost nothing for it. Your main goal should be to get rid of the annual fees, vs recoup your costs.
My parents were able to pay their timeshare company $3500 to take it back. But I think that is unusual.
Sorry :-(
I’ve heard of selling them on eBay but haven’t done it myself. Be prepared to get almost nothing for it. Your main goal should be to get rid of the annual fees, vs recoup your costs.
I'm starting to realize that. Ugh. From what I'm reading, I'm likely going to need to pay a company to get me out of my contract. So on top of the $15K we stupidly paid for this, another $3K we've pain in annual fees, and don't even get me started on the interest that we paid on the stupid loan, now we're going to need to pay to get out of this. I feel so foolish. What a kick in the gut.
Post by steamboat185 on Jan 14, 2020 16:33:34 GMT -5
My IL’s offered to give us theirs for free- we declined. They were lucky enough they were actually able to give it back to the developers at no cost. They tried to sell it for years with no luck.
Post by farmvillelover on Jan 14, 2020 17:01:51 GMT -5
I helped a client get rid of one, the timeshare company called it a forfeit. I got someone to tell me exactly what they needed to write in a letter to request it, then they had to approve it, and I think my client paid roughly $500 or so or something to them which covered a deed transferring it back to the timeshare company and other fees. That worked once. I haven't tried it again because I've told clients it takes me hours to do it and is a huge PITA so to try it themselves.
If they aren't successful doing it on their own, I send clients to this guy, who has done pretty good. WEKSLER LAW GROUP, PLLC ; Hollywood, FL 33020 (I don't know their fees though).
Check ebay and redweek to see the market rate for what you're trying to sell. Sorry you're in this position. Timeshares are a racket, unless they are Disney, Westin or Marriott, IME.
I don't really "get" timeshares entirely, I don't think.
I mean, I get the concept (you have access to this or the chain of properties on an annual basis).
What I don't get is why they're such a bad deal for the consumer. And impossible to offload. Does the mob run this whole thing?!
Enlighten me!
You put a bunch of money down (or finance it at crazy high rates because there's nothing the bank could take if you defaulted) and then have to pay maintenance fees every year for something you'll never own, and at the end of your term you have nothing to show for it.
I don't really "get" timeshares entirely, I don't think.
I mean, I get the concept (you have access to this or the chain of properties on an annual basis).
What I don't get is why they're such a bad deal for the consumer. And impossible to offload. Does the mob run this whole thing?!
Enlighten me!
You put a bunch of money down (or finance it at crazy high rates because there's nothing the bank could take if you defaulted) and then have to pay maintenance fees every year for something you'll never own, and at the end of your term you have nothing to show for it.
THis is not entirely true. Some, like Disney I think, have a term. Marriott are forever. My parents had a few weeks and as my mom recently passed we decided to keep them. They are paid for except the yearly maintenance fees. We do use them all up every year between my sister's family and mine. Some retirees work the system and stay for weeks in the south in the winter. It can be ok if you know how to use them. But you have to use them! They are not a good investment though -- I wouldn't call them an investment but a lifestyle choice.
You put a bunch of money down (or finance it at crazy high rates because there's nothing the bank could take if you defaulted) and then have to pay maintenance fees every year for something you'll never own, and at the end of your term you have nothing to show for it.
THis is not entirely true. Some, like Disney I think, have a term. Marriott are forever. My parents had a few weeks and as my mom recently passed we decided to keep them. They are paid for except the yearly maintenance fees. We do use them all up every year between my sister's family and mine. Some retirees work the system and stay for weeks in the south in the winter. It can be ok if you know how to use them. But you have to use them! They are not a good investment though -- I wouldn't call them an investment but a lifestyle choice.
So what happens if you stop paying the annual fees?
Marriott's are forever. What does that mean? Do you have to leave it in your estate? Will your great great great grandchildren have to shell out $500/year for fees on something they never wanted?
So what happens if you stop paying the annual fees?
Marriott's are forever. What does that mean? Do you have to leave it in your estate? Will your great great great grandchildren have to shell out $500/year for fees on something they never wanted?
Yeah that’s the part I don’t really get, when people inherit time shares and are forced to pay for it - how is that legal?
Post by phdprocrastinator on Jan 14, 2020 19:47:43 GMT -5
If you can't sell, you might consider renting it each year. I know I've found time shares for rent on Craigslist... Given that it's Vegas, you may be able to cover you annual maintenance each year.
So what happens if you stop paying the annual fees?
Marriott's are forever. What does that mean? Do you have to leave it in your estate? Will your great great great grandchildren have to shell out $500/year for fees on something they never wanted?
Yeah that’s the part I don’t really get, when people inherit time shares and are forced to pay for it - how is that legal?
As I understand it, you can choose not to inherit them as a part of the estate. At least, I hope so, as I have no intention of becoming a third generation condo owner.
Yeah that’s the part I don’t really get, when people inherit time shares and are forced to pay for it - how is that legal?
As I understand it, you can choose not to inherit them as a part of the estate. At least, I hope so, as I have no intention of becoming a third generation condo owner.
fil has 2 he’s trying to sell. Hope to hell he doesn’t will them to us. He knows we don’t want them!!
So what happens if you stop paying the annual fees?
Marriott's are forever. What does that mean? Do you have to leave it in your estate? Will your great great great grandchildren have to shell out $500/year for fees on something they never wanted?
Yeah that’s the part I don’t really get, when people inherit time shares and are forced to pay for it - how is that legal?
They are deeded property just like a house. From what I understand, if you leave it out of a will/trust, the heir can decide not to take it if they don't want it (not an expert, but i have read that). We are putting ours in a trust to pass down to our kids. We will also set up an account with $ to pay the maintenance fees for a while.
I don't really "get" timeshares entirely, I don't think.
I mean, I get the concept (you have access to this or the chain of properties on an annual basis).
What I don't get is why they're such a bad deal for the consumer. And impossible to offload. Does the mob run this whole thing?!
Enlighten me!
I can only speak to what I've seen with FILs timeshares - while the concept is a great concept, I think the practice ended up not being as great as first imagined (when timeshares were really popular).
FIL has 2 timeshares in the middle of Africa. He'll never ever go to the actual location - he uses them to swap and stay in other locations.
But I've found that when trying to find other locations to swap - it can be SO HARD to find the dates you want, or to find a unit that offers the amenities that you want, or while in the city you want, you can't find a timeshare in the location you want. And then the units that we've stayed in that he uses - they're very "eh".
So, when he's offered to give us one of the timeshares, we've said no. The way DH and I travel - we want to have more options, more flexibility. Big picture, paying the annual fee and IF you can find a place to go - sure, money wise, it may be a great deal. But I felt that - at least FILS - timeshares were really limiting us in our options and I don't want to be confined to these options because I feel I "have" to use the timeshare to make it worth the $$.
even if there are timeshares that are better, I'm sure I'm far from the only person with the above experience (or something close to it) and it's soured people on wanting to own timeshares. So, no demand! No one to sell to.
Post by SusanBAnthony on Jan 15, 2020 8:37:42 GMT -5
I think the times they work well are when you actually want to go to the place every year. Once you are trying to swap weeks it never ends well.
My in-laws own one in Myrtle Beach. It's the same week every year. They literally go every year for their summer vacation. they have no desire to go anywhere else. And they bought in peak season so the maintenance fee is much less than renting it out, if they do skip a year.
But at that same building, if you buy a summer week they give you a winter week for free because no one wants them, and now you have to pay a week of maintenance in the winter.