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Returning timeshare to resort

swittner

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After trying to sell/give away our useless week at Edgewater Beach, I was finally able to get the manager to talk to me about this option. They do allow you to "give" it back, but for a large fee. I had seen elsewhere someone mentioned the deed back on a timeshare was like $250. Edgewater will take ours back for 2 years of maintenance plus the remaining special assessment plus their lawyers fee, to the tune of $2,750. He sent me the paperwork, said it takes 2 weeks once they process it. I am partly swayed to just do it, to get out from under it, considering if we don't we will be stuck paying anyway.
We co own with my elderly parents, had considered signing over our half to them, and let them just stop paying (credit is not a consideration for them) We are hesitant because we don't know how hard the resort will chase them.
We also have a real estate lawyer friend looking over all the documents we have pertaining to the sale, etc, to see if there are any other options.
I wonder if the best choice will be to just pay, be done with it.
Thanks for all the input I have received through this site, it has been helpful. I dont think I would have pursued the buyback otherwise.
 

DeniseM

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I just looked at the Ad you posted on TUG to give away your timeshare - you posted some rather negative posts on Oct. 4-7, and never came back to add more info to keep it interesting, and to keep your post on the first page of posts. (Adding a post pushes it to the top of the forum.)

Frankly, it takes more effort than that to give away a timeshare.

At the top of that forum, there are detailed instructions that outline the best practices to give your timeshare away:
http://www.tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/
 
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Panina

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I would try again on tug and offer one year of maintence as an incentive, maybe even move. It would be less then the $2750.

You can always pay the $2750 to be done. It is a clean way to get out of your obligation if you can't give it away.

I personally wouldn't sign it over to my parents for two reasons. Elderly people get very nervous when they get legal letters which they probably will and because I feel it wouldn't be right to the other owners of the timeshare for me not to pay.
 

DeniseM

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Panina has a very good idea - but get a fresh start with a new positive Ad and review the post that I linked above for the best way to do it.

I agree - it would be hard on your parents to get calls and letters from a debt collector.
 

theo

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After trying to sell/give away our useless week at Edgewater Beach, I was finally able to get the manager to talk to me about this option. They do allow you to "give" it back, but for a large fee. I had seen elsewhere someone mentioned the deed back on a timeshare was like $250. Edgewater will take ours back for 2 years of maintenance plus the remaining special assessment plus their lawyers fee, to the tune of $2,750. He sent me the paperwork, said it takes 2 weeks once they process it. I am partly swayed to just do it, to get out from under it, considering if we don't we will be stuck paying anyway.
We co own with my elderly parents, had considered signing over our half to them, and let them just stop paying (credit is not a consideration for them) We are hesitant because we don't know how hard the resort will chase them.
We also have a real estate lawyer friend looking over all the documents we have pertaining to the sale, etc, to see if there are any other options.
I wonder if the best choice will be to just pay, be done with it.
Thanks for all the input I have received through this site, it has been helpful. I dont think I would have pursued the buyback otherwise.

The $250 instance you cite would not be the general rule but a statistical anomaly, quite frankly. Most resorts won't entertain voluntary acceptance of "deedbacks" at all. For those that will, it is (IMnsHO) not at all unreasonable for a resort HOA to make pre-payment of a year or two of maintenance fees a condition to HOA's voluntary acceptance of a "deedback". Additionally, let's bear in mind that your particular situation also involves special assessments already billed out; that obligation is not going to somehow just magically disappear on its' own in any scenario.

It's your personal decision, but given the totality of circumstances described here, if in your shoes (if it's not a real financial hardship for you to do so), I would just bite the bullet and pony up the $2,750 for a quick, clean, lawful and permanent exit and move on, secure and comfortable in the knowledge that there will no future legal problems, consequences (or special assessments). This is a smelly albatross around your neck of absolutely no market value and you now have a clear (albeit somewhat costly) option to remove it --- an option often not available at all to owners at most resorts. Do it today, in my personal opinion.
 
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theo

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I just looked at the Ad you posted on TUG to give away your timeshare - you posted some rather negative posts on Oct. 4-7, and never came back to add more info to keep it interesting, and to keep your post on the first page of posts. (Adding a post pushes it to the top of the forum.)

Frankly, it takes more effort than that to give away a timeshare.

At the top of that forum, there are detailed instructions that outline the best practices to give your timeshare away:
http://www.tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/

To give away a winter week at a Cape Cod facility with a checkered (and somewhat ugly) legal history, one special assessment already "out" and others forthcoming (not to mention imminent maintenance fee bill issuance) will frankly take more than lots of effort --- it will essentially require a miracle.

Let's not overlook the current / future special assessments previously mentioned; it's not just the pre-paying of maintenance fees involved here.
To each their own of course, but I'd take the "deedback" deal here while it's still even on the table at all. YMMV. :shrug:
 
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DeniseM

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Is the total special assment more or less than $2,750?
 

theo

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Is the total special assment more or less than $2,750?

If I interpret OP post #1 above correctly, the $2,750 "deedback" figure is "all in" for pre-payment of 2 yrs maintenance fees, current special assessment already billed and transfer processing (deed / license prep & recording and attorney fee) to complete the "deedback" start to finish, inclusive. :shrug:
 

DeniseM

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That's what I understand as well - I was just wondering if sweetening the pot by pre-paying the special assessment + closing costs would be more or less than $2,750.

If it's a lot less, might be an option.
 

theo

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That's what I understand as well - I was just wondering if sweetening the pot by pre-paying the special assessment + closing costs would be more or less than $2,750.

If it's a lot less, might be an option.

No disagreement here, but OP would still be left with having to find a willing new recipient for a undesirable winter week on Cape Cod at a place which so badly screwed up and mismanaged its' own records that the courts had to get involved and order the issuance of some goofy form of "license" to owners (instead of the appropriate officially recorded deeds). I am genuinely surprised that the developer there wasn't prosecuted for fraud, quite frankly.

I personally would not take this "product" for pre-paid maintenance fees, pre-paid special assessment and $5k in cash. IMnsHO, OP should pay the $2,750 to get out promptly and permanently --- now! This particular place and its' messy history and very strange "owner licenses" is not something that I would knowingly and willfully hope (or try) to foist upon someone else either. I'd instead just pay up, get out and run while the gettin' is good. Deedback acceptance at any resort offering it today is an option that can suddenly be off the table tomorrow (or at any other time), without notice, at the whim of the HOA.
 
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DeniseM

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Ok - you convinced me.

To the OP - pay to give it back! ;)
 

theo

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Ok - you convinced me.

To the OP - pay to give it back! ;)

As a completely irrelevant aside Denise, although we've never met I actually thought of you indirectly today. Visiting (against my will and better judgement) the tourist trap area of a very congested coastal MA town, I walked past a woman coming from the opposite direction who was wearing "interesting" heart shaped sunglasses. My puzzled brain wondered "...where have I see those sunglasses before?" :ponder:

Then it came to me --- one of your previous avatars --- around Valentines Day, maybe? Those glasses really do exist beyond avatars! :D
 
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vacationhopeful

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Denise,

Think how the owner feels ... long term owners, older parents on the deed .. but there are other issues which most of us might not know.

If the parents need to moving into a Long Term Care home .. a hit on their credit report or a ASSEST, like a vacation week, would require an appraisal could hang up/delay/bad credit disqualify for LTC.

TO everyone reading: A word of advice as we age ... clean out the basement, garage, closest, empty 50-75% of EVERYTHING out of the house and kick the deadbeats relatives out the door.

Then sell the homestead, rent a small place before moving into Assisted Living. None of us needs to be mowing grass when we are 70yo. Besides, most of us, will still be working until age 72 before collecting SS.

PS In my area, the nicest and newest Senior Housing are the Public Housing Authority for the county ... HUD. All the buildings are between 5-25yo, elevator buildings, van service, holiday events .. and your Home Health aide would just be working several of the older residents. 30% of your income .. would include your utilities, cable, internet, parking and van transportation to grocery, doctors and mall shopping
 

bogey21

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If you have the money, pay the money and get this Week legally off your back. At best you are going to get hit up for at least one MF and the Special Assessment anyway. In addition peace of mind has a value!

George
 

swittner

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The $250 instance you cite would not be the general rule but a statistical anomaly, quite frankly. Most resorts won't entertain voluntary acceptance of "deedbacks" at all. For those that will, it is (IMnsHO) not at all unreasonable for a resort HOA to make pre-payment of a year or two of maintenance fees a condition to HOA's voluntary acceptance of a "deedback". Additionally, let's bear in mind that your particular situation also involves special assessments already billed out; that obligation is not going to somehow just magically disappear on its' own in any scenario.

It's your personal decision, but given the totality of circumstances described here, if in your shoes (if it's not a real financial hardship for you to do so), I would just bite the bullet and pony up the $2,750 for a quick, clean, lawful and permanent exit and move on, secure and comfortable in the knowledge that there will no future legal problems, consequences (or special assessments). This is a smelly albatross around your neck of absolutely no market value and you now have a clear (albeit somewhat costly) option to remove it --- an option often not available at all to owners at most resorts. Do it today, in my personal opinion.
thanks for the feedback. I am planning on just biting that bullet, and being done. HIndsight, wish I had known there was this option years ago, especially prior to the special assessment. The only other thing that might happen- we have an experienced real estate lawyer friend who is examining all the paperwork associated with the timeshare purchase. If he finds something that is something illegal enough, he will get us out. Worth his looking , he said. Otherwise, I have the paperwork ready to turn it back.
 

WackyLucy

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thanks for the feedback. I am planning on just biting that bullet, and being done. HIndsight, wish I had known there was this option years ago, especially prior to the special assessment. The only other thing that might happen- we have an experienced real estate lawyer friend who is examining all the paperwork associated with the timeshare purchase. If he finds something that is something illegal enough, he will get us out. Worth his looking , he said. Otherwise, I have the paperwork ready to turn it back.

Knowing a little bit about the strange history of Edgewater Beach Resort (it got a fair amount of local press at one time), I'd be willing to bet that the only thing your attorney friend will actually find is something that you already clearly know --- deeds were never properly recorded, way back when. Since that oversight / mess was subsequently tackled by the courts and those odd "licenses" were issued instead, I suspect that your attorney friend will find nothing useful to you and surely nothing to invalidate or reverse the original purchase.

Don't beat yourself up about the "deedback" option. For all you know, it was never even previously offered or available. I'd also point out that for all you know, that deedback "window" won't remain open indefinitely either, so I hope your attorney friend doesn't drag his feet before offering you his input.
You don't want that "deedback" window to close shut before you can climb out. Good luck!
 
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swittner

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Thanks for the support. We have long come to terms, try not to beat ourselves up. As for our lawyer friend, he is just baffled by the mess in researching the paperwork on this- so much is just not clear, readily available, as far as pertinent documents.He can't even find where it is spelled out what it is exactly that we "own".
He began asking for certain things, but as he realized how much time would be involved (as well as expense in research) he concluded that the deedback option was best. However, the paperwork they sent me for that is awful, not only flawed legally ( they want our signatures notarized, but there is nothing on there that is their signature), but there is a mistake in that two different dollar amounts are noted.
I did not get the impression that the deedback option was something not offered before, or time limited, the manager said yes we have that option. I know my lawyer wouldn't let them pull that. At this point, my lawyer has concluded the whole operation operates loosely, held together by a band of owners, the manager doesn't know much, but their lawyer is a good guy. They have been in communication over fixing the paperwork, because my lawyer will see it done correctly. He reassured me it will get settled in time, and, given his many years in the real estate law business, I know he will.
I hope any other Edgewater float week person who feels screwed over sees this, and gets out.
 

theo

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Bearing in mind that acceptance of "deedbacks" can be initiated (or ceased) by any resort at any time, with no requirement for any advance notice, I think that you are wise to energetically pursue this option now while it's even still on the table.
 

RX8

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If the paperwork and documentation at this resort is in so much disarray that it is difficult to determine who owns what then it must be a challenge for them to proceed with a proper foreclosure process. Not that I am advocating walking away....:)
 

theo

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If the paperwork and documentation at this resort is in so much disarray that it is difficult to determine who owns what then it must be a challenge for them to proceed with a proper foreclosure process. Not that I am advocating walking away....:)

There is a long and ugly legal history associated with this Edgewater Beach Resort, largely the result of their failing from the outset to properly record deeds. Local courts got involved and oddball "licenses" were apparently issued to address / attempt to resolve the deed mess. Bottom line is that their billing (and special assessments) are certainly squared away enough that just walking away would likely not be clean or easy (...although I certainly see your point ;)).
 
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