General advice for Keith Hurst and selling in the USA your timeshare

Started by charlie1, October 08, 2015, 01:31:42

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charlie1

Hi Keith

RE - Vacation Village Parkway Orlando 2-bed lockout unit week16 accessing odd years only. This is deposited with R.C. (as two separate units) This is a Biannual timeshare (maintenance paid every two years) I assume maintenance is not available in 2016 and can be used in 2017.

Pros

1) This is ideal for families as the resort is only 4 miles away from Disney with good reviews from guests.     
2) This is a biannual timeshare and maintenance is paid every 2 years on odd years.
3) A 2 -bed lockout that enables you to deposit one unit and take 2 credits out.
4) You can join other Independent Exchange Companies and either use them for deposit or for additional bonus weeks, as well as the resorts main affiliate.

Personal Opinion

Pros I personally think that biannual timeshares are great value especially if you have a lockout that enables you to take two credits out even though you only own one unit.

This means that if I am flexible with my time I can take as many bonus weeks out as I want and I can take two credits out and request weeks up to 12 months out with my credits.

Cons However my opinion is that if your 55 plus you should be considering timeshare in the country that you reside in. There will come a time when we mature that we will want to take less time in flights and more time a little closer to home. A timeshare owned in our own country is just a tank of petrol away.

Timeshares especially outside of Europe are more difficult to sell and some countries treat timeshare differently when selling. The USA consider timeshare like Real Estate and you have a few extra loops to jump through.

In my opinion timeshare should be sold in the USA that is in the USA as long as we can find a trusted resource they will know the lay of the land.

We have made a start with licensed USA brokers http://www.licensedtimeshareresalebrokers.org/member-directory/

This should be the first port of call to establish what interest there may be when presenting your timeshare and what you own. A biannual timeshare may not attract too much interest, as this will not be perceived as not generating reasonable remuneration for their efforts. That's human nature.

USA timeshares can have a value between zero and maybe 30% of what was originally paid if a brand name in prime time. Some may even have a negative value! Where some timeshare owners even pay legal fees and a next years maintenance to free themselves of their timeshare.

I would have thought that your week if marketed positively, as it's a biannual week could find a buyer. The problem is in the USA the market is not any different than Europe and there will be timeshares for sale in your resort that will have a higher trading value and they may be trying to give them away.

I will reach out to see if I can obtain recommendations from personal contacts in the USA to see how we may fair with them.

We will treat this as a mini project. Could you email me back the following?

1) Do you have any banked credits that we could use as an incentive as this can be transferred as an incentive?
2) Current maintenance fees and when due.
3) Legal fees to transfer to a new owner.
4) You have mentioned how you felt that you were pressured into purchase can you provide me with an overview.
5) Is the week free in 2017 or is it banked.

We have a little time Keith so lets have see where this takes us.


Basic general guide to selling timeshare in the USA to fellow posters considering selling timeshare in the USA.

You need to treat this as a mini project. I would suggest that you obtain a new email address to use exclusively when selling your timeshare product. You will be vulnerable to scam companies. The golden rule is not to accept any cold calls from holiday companies regardless of the offer they make. If any one contacts you by email ask them for their terms and conditions and check them out.

First steps

1) Speak to your resort manager if you are unsure, as you need to get all your paperwork in order as you will need to know all the basic information about what you own, where you own, the amenities at the resort, maintenance fee and when due including tax information and have available any legal documents you received when you purchased.

2) If you own a timeshare you need to get a fair market valuation for your timeshare product. That's not based on what other fellow resorts are advertising a timeshare similar to yours with the same company but what it sells for! We have to be realistic here. For get what you paid for it into days climate until the USA market can create an exit program they are in the same boat as Europe. The problem there is as it's treated as Real Estate some resorts would need a vote of 100% to agree an exit option!

Pricing is the one thing you can control. If you do not price your unit right, no one will ever be able to sell it for you. If a broker wants to charge you an upfront fee it's because you have probably looking at a higher price and it will not sell. A company that asks for a big payment upfront is unlikely to ever sell the unit. Do not deal with a company that asks for more than a $100 upfront for proven advertising.

Avoid giving your credit card number or paying any money to a company until you have a written contract! Real estate agents collect their commissions when the property is sold.

3) You could advertise
Tug Classified advertising Free Timeshare Classified Ads in the TUG Timeshare Marketplace  EBay and Craigslist and Redweeks.com for example.

4) Ask if the resort will buy or take back your unit. There are some major brands that have formal buyback programs, but even those that don't may be willing to take over the unit rather than see it go into foreclosure. If you persistent, you may be able to talk the resort into canceling your contract. Lawyers may ask for thousands for something you could do yourself.

5) Avoid scams, and don't pay upfront. Do not work with companies that ask for anymore than $100 upfront. This won't happen if you deal with licensed timeshare brokers. There are some brokers that will consider advertising your weeks. Ask for terms and conditions and check them out. Some may ask for a large upfront fee and disappear!!

6) If selling privately contact a title agency to handle the transfer of property, the same as you would for selling a house in the USA. They will have a contract that you can fill out and have both parties sign. Contracts faxed back and forth for signatures should suffice, but check with the title company to be sure, since regulations vary by state. You do not need a real estate agent to work with a title company.

7) Don't give up the right to use your timeshare while you are selling unless you have decided to rent your timeshare product.
Renting is a whole other subject.

I would welcome any further suggestions or additional comments from fellow timeshare owners to add positively to this overview that will assist the consumer.
Timeshare Weekly is an Independent website working with those who share similar ideals. We are here to guide the consumer make the very best of timeshare. We encourage positive change and solutions. Your either living in the problem or your living in the solution. Contact graham@timeshareweekly.com

charlie1

Timeshare Weekly is an Independent website working with those who share similar ideals. We are here to guide the consumer make the very best of timeshare. We encourage positive change and solutions. Your either living in the problem or your living in the solution. Contact graham@timeshareweekly.com

Keith Hurst

Hi Charlie 1
maintainance paid upto Jan 2017
deposited with RCI as 2 units each unit has a value  ie 31 points 36 points I WOULD NEED TO LOOK UP WILL DO THAT LATER if you book a holiday for 16 points the balance can still be used (rci fee to be paid for each holiday) CURRENT WEEKS DEPOSITED CAN BE USED UPTO AND INCLUDING 2017
ONE MAINTAINANCE PAID IN 2017 YOU HAVE CHOICE OF DEPOSITING OR TELLING RESORT YUO WISH TO USE WK 16 NOT SURE IF YOU COULD SPLIT WEEKS BETWEEN RESORT AND RCI AS I HAVE ONLY USRD RCI I think that once new owner joins RCI  THEY WOULD BE ABLE TO US EXISTING WEEKS.
resort told me  it would cost me $250 to register transfer of ownership.

on my way out will get back to you on return

charlie1

Hi Keith once I have an idea of how you feel you were pressured into purchasing and any other areas that you feel would be worth raising. We will look at this and if necessary we can approach the resort directly.

If you wish email me this rather than putting this on the forum.
Timeshare Weekly is an Independent website working with those who share similar ideals. We are here to guide the consumer make the very best of timeshare. We encourage positive change and solutions. Your either living in the problem or your living in the solution. Contact graham@timeshareweekly.com

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