|Your Location: Timeshare Users Group Advice: When you can't sell your timeshare at any price |updated: 2/22/08|
When You No Longer Want To Own It At Any Cost
It's unfortunate when a timeshare investment is no longer viable. If you find that you can't sell your timeshare, here are a few things you might consider. This is anecdotal advice from other TUG members. TUG does not in any way endorse or provide legal commentary on these or any other situations.
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Last Update: 22-Feb-2008
Give It Back
Lake Gaston Resort 804-577-2193 (Virginia)
Basically what we did was give up any rights we would have to this "membership" or any rights of our heirs or assignees in the future. usually a Quit Claim Deed is used when there is a divorce and there hasn't been a clear determination of what monetary value each party has in the property and one of the parties is giving up his rights to the property. Usually the lawyer of the person receiving the property is the one who has it recorded in the locality in which it is located. (That will be on your deed, as will all of the other information.)
In this case we knew the Lake Gaston Resort would not want to have the property back because they could no longer assess yearly fees. Therefore, we paid the recording fee of $16.50 and had the deed recorded at the county courthouse. Then we took the newly recorded deed to Lake Gaston. They were less than happy but had no recourse. We didn't owe any money on the original note and now we will never owe them another dime on the yearly fees--it's not ours anymore, it's theirs.
You can get a "Quit Claim Deed" form on the Lectric Library in their real estate section, on the internet. You fill in the information pertaining to your situation, description on the original deed, etc. and record it. You don't have to pay a lawyer to do this. It worked for us!
Hope this helps somebody else.
Auction It Off
More than a few have been successful selling their unwanted timeshare at person-to-person online auctions such as eBay
Donate It To Charity
I bought two
time shares with The Pelican Resort, Saint Maarten in
November 1985 while waiting for a plane to bring my wife and me back
home after a free-wheeling visit to several islands. We like
the West Indies and I had gone to school in Trinidad
back in 1948.
The usual "free" T-shirt and a dinner were waved in front of us at the airport by a hundred touts and we fell for the sales pitch. They had run out of T-shirts and we were too late for dinner and a scarf that we left in the "goat" car in the parking lot was stolen while we were inside. Those should have been omens enough, but we had enjoyed our three weeks of island hopping and hoped to return saving money by staying at the Pelican Resort. Actually we are not resort people, getting more enjoyment out of staying at local hotels and guest houses but we enjoyed staying at the Pelican three or four times and made exchanges and put the units into the "Pool".
It became obvious that we were spending money, not benefiting from our "investment" and we tried to sell. We were approached by telephone and foolishly sent four hundred dollars to one of these "I have a buyer for you" outfits and I keep getting postcards from a persistent Texas one (ERA* Stroman--the most respected resort re-sale broker in the world!) and others who want a bunch of money up-front.
I tried to donate the two weeks to a local non-profit horticultural group that I belong to and is always fund-raising but they shied away from the gift because of complications about something that was not a piece of real estate and in a foreign country subject to Dutch laws.
I stayed one more time at Pelican and scouted around the other resorts offering "bargains" to learn the current situation and changed my weeks so they became "back-to-back" (of a fee, of course) and thereby had greater vacation value (or so I was told). I then learned about TUG and joined, and advertised but the response was not good and I spent a lot of time answering detailed questions about room size, color of paint, stairs, position on the property, view from the room, and so on. I did get some offers but they were ridiculously out of line. Then I got an e-mail that asked whether I would donate my week(s) to a charitable organization. This was sent by Jesse Alexander, the Executive Officer of the Latino Marrow Donor Program in San Francisco and we hit it off immediately. I checked out the organization and they were registered and approved and so on. There is a Government list of approved Charities that has a web-site.
To cut a story a bit short, I informed ISCO in Ft Lauderdale, Florida (the managing group for Pelican) what I wanted to do and found them obliging and helpful. They needed the original contract, current payment of maintenance fees, a transfer fee of sixty dollars, the address of the recipient, my authorization--- and the deed was done. They sent a new deed to the organization and I took a $4900 deduction. This can be spread over five years. A valuation above this figure requires an appraisal, which will cost a lot of money, especially in a foreign country.
As far as I am concerned, I felt that I had "sold" my time shares for a good figure. I am free of further expense of annual maintenance fees, increased "development" charges (Pelican has called for more assessments to "safeguard my valuable investment") or something that is too far away for me or my children to use.
I recommend this way to dispose of a time share and giving it to an organization that can use it. Latino Marrow Donor program uses timeshares to give "rest-and-recreation" to recovering patients and their families, and to raise money by renting them out.
George Brook bank Tucson, Arizona.
organizations that have expressed interest in receiving your timeshare
Here are some additional TUG advice pages about donating your timeshare for tax purposes:
http://www.tugbbs.com/forums/showthread.php?t=57760 (tugbbs online forums topic about donating your timeshare...must read!)
Taxes and Timeshares article (Written by DaveM....Tugs resident tax expert and online forums administrator!)
Give It Away
When all else fails, you can always post it on the bargain basement classified section of the TUGBBS for free click here or you might try one of the following web sites:
The Timeshare Dump at: http://ww3.choicemall.com/timeshare
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