Looking for Sample Template for Letter of Intent to Seek a Buyer

Hello,

I've read that when wishing to dispose of a timeshare property, one of the first steps should be to notify the managers of the property. I've found a lot of timeshare rescission letter templates but none related to notification of intent to resell the property.

Can anyone point me to letter examples/templates at this forum or elsewhere on the Internet?

By the way, after the deal was closed, the salesperson made a point of saying that they would like first right of refusal if we decide to sell. May I assume that's just a sales gimmick?

Thanks,
Bill

BSquared18 said:

Hello,

I've read that when wishing to dispose of a timeshare property, one of the first steps should be to notify the managers of the property. I've found a lot of timeshare rescission letter templates but none related to notification of intent to resell the property.

Can anyone point me to letter examples/templates at this forum or elsewhere on the Internet?

Thanks,
Bill

Click to expand...

I have never heard of that.

In most cases, you will notify the management, when the title company sends them the new deed, recorded in the new owner's name.

There is no reason to contact management in advance, and lots of reasons not to.

What is the name of the resort that you are giving away. (Please don't provide more info. than that, because it may be mis-construed as advertising.)

BSquared18 said:

I've read that when wishing to dispose of a timeshare property, one of the first steps should be to notify the managers of the property. I've found a lot of timeshare rescission letter templates but none related to notification of intent to resell the property.

Can anyone point me to letter examples/templates at this forum or elsewhere on the Internet?

Click to expand...

Not sure what you read or where you read it, but if you own a deeded interval with no unpaid loans or assessments, it is yours to sell as you see fit. You need never "notify" the resort or its' management entity of your intent to sell. You need only notify the resort and its' management entity after a buyer (i.e., new grantee) is named in a valid new deed with you as the seller (i.e., grantor), so that future maintenance fee bills will be appropriately sent to the new owner (grantee).

On the other hand, if you have a (no ownership involved) "membership" in a Right to Use (RTU) contract arrangement somewhere (no deed is involved, since nothing is actually "owned" in the first place) your "club" or its' management entity may require the use of its' own internal paperwork and procedures (and payment of a transfer fee, in most instances) to process the transfer of the contract to someone else. Even then, you certainly need not "notify" them of your intent to seek a new contract holder, assuming of course that the RTU contract is transferable).

Are you perhaps thinking of those limited instances in which a developer / chain may have the option to exercise Right of First Refusal (a.k.a. ROFR) in resales?
Even then, you need not notify them of intent to sell; just know that they might have the right and option to buy the week from you, effectively "replacing" (stiffing?) your intended buyer, for the same price you have already agreed to with your intended buyer. Do you own someplace where ROFR is exercised by the developer / chain?

The unit is at Barefoot'n in the Keys, Orlando.

At several websites, I've read about contacting the management as an early step. For example:

[Link to upfront fee disposal company deleted]

Step 1

Contact the company that sold you the timeshare and notify it of your desire to sell.

Ask the staff if the company has an assistance program for owners and ask how much of a percentage it charges to help you sell a timeshare so that you know what you are getting yourself into before moving ahead with the process.

If the terms are agreeable and the company is willing to help, let it find you a buyer and be thankful that you found an easy way out.
_____________________________________

Re: "There is no reason to contact management in advance, and lots of reasons not to."

Could the author and/or others list some reasons not to?

Anyhow, still looking for a template, if one exists. Just in case I decide to go that route after considering the pros and cons.

Bill

P.S. I see the link has been deleted. Fair enough. Of course, googling within quotation marks a phrase from the quote ... . Or not.

I deleted your link, because is leads to a website advertising upfront fee companies to dispose of your timeshare. We do not support upfront fee companies on TUG - most of them are scams. Sorry if this sounds harsh, but we get a lot of spammers and shills on TUG and this is exactly what they do - register for TUG, and then immediately post links to their company.

The advice is simply wrong: There is no reason to invite the management company to interfere with the sale of your timeshare.

-It's pretty rare for a management company to offer a resale service for owners - and that is not what you asked originally.

-If they do offer a resale service for owners, there will be a fee, and in some cases the fee may be more than the value of the resale.

-Assuming your timeshare has no resale value, I think what you really want to ask the management company is if you can deed your timeshare back to the resort, at NO COST to you.

-However if it does have significant resale value, it may be a better option to either list it with a reputable timeshare broker (who does not charge upfront fees) OR to sell it yourself.

*There is no template, because notifying the management company of your intent to sell your timeshares isn't something that is normally done.

Thanks, Denise.

Sorry about the link; I didn't realize the rule. The rule makes sense. This is all new to me.

The information you provided is helpful. Assuming I don't learn anything to change my approach, I'll frame the letter as you suggested, since the timeshare has little or no resale value.

Any other useful tidbits are welcomed.

Bill

BSquared18 said:

Thanks, Denise.

Sorry about the link; I didn't realize the rule. The rule makes sense. This is all new to me.

The information you provided is helpful. Assuming I don't learn anything to change my approach, I'll frame the letter as you suggested, since the timeshare has little or no resale value.

Any other useful tidbits are welcomed.

Bill

Click to expand...

Her suggestion is that you don't need a letter at all.

This is what I would do:

-See if the management company will take it back at no cost to you. *The lower level people that you talk to in management will all say no. The trick is getting higher up in the food chain and reaching someone who has the authority to say yes. You may get 10 no's before you get a yes.

*I would call, and try to reach someone in authority, because you have no idea what happens to a letter, and it will be much slower.

-If you can't give it back, consider giving it away on TUG to someone who wants it, at no cost to you.

Walk-through: http://www.tugbbs.com/forums/showthread.php?t=132509

DeniseM said:

This is what I would do:

-See if the management company will take it back at no cost to you. *The lower level people that you talk to in management will all say no. The trick is getting higher up in the food chain and reaching someone who has the authority to say yes. You may get 10 no's before you get a yes.

*I would call, and try to reach someone in authority, because you have no idea what happens to a letter, and it will be much slower.

-If you can't give it back, consider giving it away on TUG to someone who wants it, at no cost to you.

Walk-through: http://www.tugbbs.com/forums/showthread.php?t=132509

Click to expand...

Not seeking to argue and I admittedly know nothing about the particular Orlando facility at issue, but assuming for the sake of discussion that it is a facility which is no longer in active developer sales, then any "deedback" decision lies solely with the BoD / HOA --- not with the management company nor with any on-site employees.

With that fact in mind, please realize that no sitting BoD / HOA member is actually located at the facility, so phone calls to the resort will not result in directly reaching any BoD / HOA decision makers in authority. Accordingly, phone calls to the resort should perhaps instead focus on obtaining details by which to directly reach the BoD / HOA President and other Board members. Btw, that contact info might already be easily retrievable from the resort newsletter, if the resort periodically issues one.

As Denise notes, don't accept as accurate any "off the cuff" input or opinions from on-site employees. Such input, devoid of any actual authority, is both meaningless and highly unlikely to reflect or consider your best interests.

Good luck, OP. If you already know that your unwanted week has no resale value, then a deedback request and / or a TUG "giveaway" offer are surely your best initial courses of action to pursue. Stay away from any and all of the many, parasitic, up front fee "disposal" entities. They will all gladly take (i.e., require) a few thousand dollars of your money, but when all is said and done you might very well still own a timeshare of little or no resale value and a significantly lightened wallet to boot.

Theo has a good point. The contact person for deedbacks varies from resort to resort. If the resort already has a system set up to accept deed back, then someone in the management company probably has the authorization to process deedbacks. If it is a small resort, you may have to contact a board member. This may take some digging.

Just a point of warning, Capital Resorts recently became affiliated with this resort and has an onsite sale team selling conversions to Capital Resorts and new points packages. They will not be offering to sell your deed for you. Make sure if you contact the resort that you are not transferred to sales. If the HOA is not willing to accept a deed back you need to just go about your business of giving away your deed and then transferring it to the new owner. Do not let sales tell you that paying to convert to trust points will make your deed or ownership more valuable.

This is all incredibly helpful information.

I'm early in my research, but I'm assuming our property has virtually no resale value because Sharket lists it as having a "typical" resale of $10. Zero is fine with us; we got our use from it and simply want to move on.

Ty1on re "Her suggestion is that you don't need a letter at all."

I was responding to the part of her reply that says, "Assuming your timeshare has no resale value, I think what you really want to ask the management company is if you can deed your timeshare back to the resort, at NO COST to you."

Thanks all. I'm sure I'll be posting other questions as I go through the process.

Bill

If you look on ebay, you'll see one current listing, and one completed listing (Feb).

One thing no one commented on was the noise about a "right of first refusal."

Some TS systems do include a ROFR in docs to which reference is made in the deed.
If that's the case, your contract must be made subject to that right and notice given.

But here, saying "they'd like" means its your decision whether to offer it to them.
If you choose to do so, it's entirely voluntary on your part. If you choose not to...
There no reason to involve them in the process, other than paying tranfer fees.
.

Just a quick note.

After learning that Diamond Resorts International has a take-back program, I contacted them and started the process to see if my wife and I qualify. A few days ago I received the paperwork necessary to complete the transfer. It will cost me only $250. What a relief. One other member I've been corresponding with has recently had the same experience. So, as of this date, the take-back program is still active.

If you go that route, expect it to take several weeks before learning their decision.

Thanks everyone for your very valuable advice.

Bill

glad you found success with the DRI deedback program!