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re: How to get rid of timeshare?
Posted on 7/19/20 at 6:24 pm to EngTiger
Posted on 7/19/20 at 6:24 pm to EngTiger
They really don't have any value unless you use them. I would try and call where they own and see if they will take it back because of the death. You can also try to sell it but there might be a transfer fee. If you sell it won't be for maybe $100. Try a website called Redweek. My I ask where it's located?
1
Posted on 7/19/20 at 6:46 pm to tygerfan1
It's located in Pigeon Forge. I've thought about using Red Week. Have you used that before?
Posted on 7/20/20 at 8:50 am to EngTiger
Why not use it and see if you like it? If it is tied to a point structure, you can probably squeeze 3-4 vacations a year from it.
Posted on 7/20/20 at 9:17 am to POCKET
quote:
My grandparents were / are big into timeshares. In 2008, I think they owned around 50 / 60 of them. They would rent them out and also go on probably 15 / 20 trips a year. They made decent money off doing this of say something like $40k a year.
I've always wondered about something like this. So many people are looking to dump timeshares / give them away. Get some investors together to get them for almost nothing, and then rent them out. If you get enough of them (at least 50-100) you can then offer a range to potential travelers.
There's no net worth increase potential, but if you get them for almost nothing, there is no real loss potential either. Just trying to positive cash flow.
Posted on 7/20/20 at 9:29 am to EngTiger
For those with a Wyndham timeshare, this is what my friend did to get rid of his Wyndham Timeshare...
"It’s called Ovation by Wyndham. The good news is we are out. They took care of all expenses in lawyer fees/ transfer fees. The bad news is you don’t get any monies back. Owner loses all property that goes back to Wyndham. I tell you the truth, it was worth it. I’ve had sleepless nights knowing the money they charged us every year for maintenance. I spent more in maintenance fees than the original purchase, plus working my children were going to be burdened with those expenses after we’re gone.
ph 855 312 9040. It took about three months to complete the process."
"It’s called Ovation by Wyndham. The good news is we are out. They took care of all expenses in lawyer fees/ transfer fees. The bad news is you don’t get any monies back. Owner loses all property that goes back to Wyndham. I tell you the truth, it was worth it. I’ve had sleepless nights knowing the money they charged us every year for maintenance. I spent more in maintenance fees than the original purchase, plus working my children were going to be burdened with those expenses after we’re gone.
ph 855 312 9040. It took about three months to complete the process."
This post was edited on 7/20/20 at 9:31 am
Posted on 7/20/20 at 9:32 am to EngTiger
quote:
we've been paying the maintenance fees on every year.
I have no clue, but taking over maintenance fees was a terrible idea.
Posted on 7/20/20 at 10:16 am to EngTiger
(no message)
This post was edited on 1/11/21 at 1:11 pm
Posted on 7/20/20 at 1:13 pm to Ramblin Wreck
quote:
OP’s wife must have signed something in transferring the name on ownership that locked them into the contract. Just don’t sign anything and there is no way you can be obligated.
Or accepted it in succession / probate?
Posted on 7/20/20 at 2:22 pm to EngTiger
I have literally never heard one positive thing about timeshares. Why do people get sucked into them?
Are there any positives at all? Like financial positives??
Are there any positives at all? Like financial positives??
Posted on 7/20/20 at 2:31 pm to Brobocop
quote:
Are there any positives at all? Like financial positives??
no financial positives. The math doesn’t work vs just staying in a resort hotel room or Airbnb
whether there are positives other than financial I guess is subjective
Posted on 7/20/20 at 2:50 pm to EngTiger
My brother was in the same situation as you and his solution wasn't that simple or inexpensive, but he got rid of the time share his in-laws were going to burden him with upon their death and he also got rid of a myriad of other problems. Let me know if you need his divorce attorney's number.
Posted on 7/20/20 at 3:36 pm to Brobocop
quote:
I have literally never heard one positive thing about timeshares. Why do people get sucked into them?
Are there any positives at all? Like financial positives??
I think you can divide them into two groups - old model timeshares and new model timeshares.
The new model timeshares, I'm not a huge fan of, but at least the point system is a decent advantage. For example, Disney Vacation Club. If you bought early on, or buy resale, you are basically amortizing your purchase price over the number of years you have points / use. Add in that amortized cost, plus that year's expense charges, and that's your total cost. If you can get that number below comparable hotel/lodge costs, you come out ahead. They also tend to come with an expiration date.
The old model, they might have been a break-even, or even slightly good, investment early on. The problem is these properties are older, so upkeep/renovation costs are through the roof. Plus, they tend to not be as desirable, so they are harder to rent out.
Posted on 7/20/20 at 5:30 pm to LSUFanHouston
quote:
If you can get that number below comparable hotel/lodge costs, you come out ahead.
but how much ahead really?
ahead of the opportunity cost of your capital?
say you have 20K tied up in one of these things.
is it really saving you money when you are seeing 10% returns or better in the market?
the math never ever works
Posted on 7/20/20 at 7:17 pm to LSUFanHouston
My folks have ownership in two timeshares... 2/13th of a house in highlands, nc... and 1/13th of a condo in orange beach.. they own them outright with a group of friends.
They’re in their late 60s... my sister and I will split them one day... I just worry about the monthly cost for places we’ll rarely (if ever) use... especially the mountain house... And selling them may not be be easy.
They’re in their late 60s... my sister and I will split them one day... I just worry about the monthly cost for places we’ll rarely (if ever) use... especially the mountain house... And selling them may not be be easy.
Posted on 7/20/20 at 7:47 pm to lowspark12
quote:
my sister and I will split them one day...
not if you don’t want to.
you can decline the succession
Posted on 7/20/20 at 9:00 pm to EngTiger
We have a timeshare but not like yours. We pay roughly $1600/year and our initial investment gets us 25k points a year. We have Bluegreen. We aren’t tied to one location and usually take 3-4 trips per year. Multiple beach locations and a host of others to choose from.
No complaints on my end. Right now the biggest for us(pre-corona) is Orlando. Having a couple girls who love Disney and having a timeshare close to parks is a nice perk.
No complaints on my end. Right now the biggest for us(pre-corona) is Orlando. Having a couple girls who love Disney and having a timeshare close to parks is a nice perk.
This post was edited on 7/20/20 at 9:01 pm
Posted on 7/21/20 at 10:10 am to Brobocop
quote:
Why do people get sucked into them?
I'll give you a hint on who they target, just found this from the Bluegreen website another poster mentioned
quote:
That’s why Bluegreen Vacations is the Official Vacation Ownership Provider for Bass Pro Shops® and Cabela's®, Choice Hotels® and NASCAR®.
Posted on 7/21/20 at 7:05 pm to EngTiger
I have used Redweek to rent the one I won. Have not tried to sell.
Posted on 7/21/20 at 7:09 pm to Brobocop
I wouldn’t really say it’s financial yet. I purchased a 2 BR oceanfront in Cocoa Beach. It’s the 3rd week in March so a great spring break week. My initial buy in was around $9500. I pay around $750 a week if I go and can rent it for $1500 if I don’t.
Posted on 7/21/20 at 9:27 pm to AUHighPlainsDrifter
quote:
he got rid of the time share his in-laws were going to burden him with upon their death and he also got rid of a myriad of other problems. Let me know if you need his divorce attorney's number.
Ah... bazinga!!!
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