use of resale companies

[grannyb78]

Has anyone used Resort Source in Hilton Head to resell? If so, how was your experiece/ were they successful? If so, what was the time frame?
Granyb78

 

[DeniseM]

There are some reputable resale companies, but you have to be careful, because many of them are just scammers.

Most of the companies that collect an upfront fee are scammers, who just want your upfront money, and have no intention of actually selling your timeshare. They have your money - so why bother trying to sellit.

The real issue is that most timeshares have no resale value, so you end up giving them away, and paying the broker $1,000 or more for their services.

Your first step should be to find out what the actual resale value is - I would start by seeing what they are selling for on ebay. Not what they are LISTED FOR - but what they are actually selling for.

If you find oout that your timeshare has no resale value, then you can give it away yourself, to save the broker fee.

How to give your timeshare away on TUG: http://www.tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/

 

[grannyb78]

There are some reputable resale companies, but you have to be careful, because many of them are just scammers.

Most of the companies that collect an upfront fee are scammers, who just want your upfront money, and have no intention of actually selling your timeshare. They have your money - so why bother trying to sellit.

The real issue is that most timeshares have no resale value, so you end up giving them away, and paying the broker $1,000 or more for their services.

Your first step should be to find out what the actual resale value is - I would start by seeing what they are selling for on ebay. Not what they are LISTED FOR - but what they are actually selling for.

If you find oout that your timeshare has no resale value, then you can give it away yourself, to save the broker fee.

How to give your timeshare away on TUG: http://www.tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/

Thank you! I have not seen our resort listed on e-bay but I will check again. The company we were considering using charges $99. I, also just found out the company that handles our resort does have and "exit" plan.

 

[DeniseM]

I would not pay anyone an upfront fee - reputable timeshare brokers charge you AFTER the sale.

 

[DeniseM]

Here is a short list of reputable TS Brokers who are TUG members - they can tell you if your property has any resale value, and if they are interested in listing it:

Fred Messreni (TUG user name FredM)
www.timeshare-gallery.com

Seth Nock (TUG user name Seth Nock)
www.sellingtimeshares.net

Judi Kozlowski (TUG user name Judi Kozlowski)
www.timeshareresalepros.com

 

[grannyb78]

Thanks! I had found a listing of brokers from a 2006 thread. The one that charged $99 was listed. I have sent an email to Judi. Will try the others you mentioned.

 

[theo]

....just found out the company that handles our resort does have an "exit" plan.

The devil is in the details. If this "exit plan" is that the resort HOA will accept "deedback" (without an exorbitant fee), then that is almost certainly the most efficient and expedient route to lawful and permanent "exit" (I am assuming, perhaps incorrectly, that your interval may have little or no resale market value).

Any broker, even those who only charge commission upon sale, will likely require a minimum commission of $1,500 --- regardless of the actual selling price.
If the interval sells for less than that amount, you will owe the broker the shortfall / difference.

Just make very certain that this unspecified exit plan offered by "the company that handles your resort" is, in fact, offered by an entity with the legal standing to even be making any such "exit" offer at all in the first place. Are you referring to the resort HOA (HomeOwners' Association)? Some other entity?

 

[grannyb78]

I'm fairly sure it's the HOA. The number and extension I was given is for our timeshare company. It keeps being busy! The extension number was given to me by the law office that handled our contract. Thanks so much for your input!

 

[grannyb78]

What is considered a reasonable deedback cost?

 

[Passepartout]

What is considered a reasonable deedback cost?

An amount less than the next maintenance fee bill.

 

[theo]

What is considered a reasonable deedback cost?

Like so much on Planet Timeshare, the truly accurate answer is --- "it depends".

Many resorts simply won't accept deedbacks at all --- period. Some will accept deedbacks charging only deed prep and recording fees and for the time and effort required to get it all done --- typically under $350 in total. Others want one or two times (sometimes even more) the annual maintenance fee amount, giving them some time to try to get the ownership into the hands of a new fee-paying owner; a HOA owned week obviously generates no maintenance fee payments and is a financial liability to the resort, particularly for smaller, non "chain" independent properties. Understandably, a resort HOA would like to keep the books as balanced as possible if / while accepting "deedbacks".

Personally, I feel that a year's maintenance fee plus actual deed work related costs is not unreasonable. If it's an interval which would be difficult to even give away for free, that's frankly almost a bargain for a quick, clean, lawful and permanent exit. On the other hand, if it's an interval that has some resale market demand or value, a year's maintenance fees might be regarded by some as excessive (and I would be hard pressed to strongly disagree). There is simply no universal "one size fits all" correct answer to this question, IMnsHO.

 

[RIMike]

I would not pay anyone an upfront fee - reputable timeshare brokers charge you AFTER the sale.

Denise, do you have a recommendation for a TS resale company for Vacation Village at Parkway, Orlando. My brother in law's wife is dying of cancer and they have already spend 4k trying to sell it. I said I would try and help. A recommendation of where to find a reputable company. They will be happy to receive anything just to be out from under this stress. Thanks, RIMike

 

[DeniseM]

I'm so sorry about your SIL, but unfortunately, it has no resale value. If it's paid off, their best bet is to give it away on TUG:

https://www.tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/

 

[dayooper]

I'm so sorry about your SIL, but unfortunately, it has no resale value. If it's paid off, their best bet is to give it away on TUG:

https://www.tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/

I agree. The bargain bin is a great way to give a TS away.

 

[LannyPC]

I will add to Denise's and dayooper's suggestion. Your brother-in-law can also try contacting the resort seeing if they will take the TS back. Have your BIL explain the situation to the resort's Homeowners' Association saying why he needs to get rid of his TS.

You mentioned that he has already spent thousands of dollars on resale companies. Well, advise him not to spend any more money on resale or exit companies as they will just prey on him and his wife and possibly scam them.