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HOA Warning

prickler

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Just received my annual meeting notice from the HOA at my resort and they included a full page warning to owners to be careful of timeshare resale scams. It pretty specific about how companies contact owners unsolicited and make promises they cant keep for an upfront fee, etc (all the warnings you hear on TUG)

Glad this was included in the notice, these companies are less than scum. Anybody else getting warnings from their HOA since RCI doesn't want to take any responsibility for the safety of its customers?
 

TUGBrian

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that is fantastic news! wish all HOA's and developers would follow suit.
 

eal

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My Geoholiday mfs invoice came in November with a similar explicit warning about up-front scams.
 

california-bighorn

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Just received my annual meeting notice from the HOA at my resort and they included a full page warning to owners to be careful of timeshare resale scams. It pretty specific about how companies contact owners unsolicited and make promises they cant keep for an upfront fee, etc (all the warnings you hear on TUG)

Glad this was included in the notice, these companies are less than scum. Anybody else getting warnings from their HOA since RCI doesn't want to take any responsibility for the safety of its customers?

World Wide Vacation Club has a "warning" in red letters about these schemes when you click "Owner's Corner" on their website.
 

prickler

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Maybe I should push the HOA for a notice to send people to the TUG website for those seeking info on getting out from beneath their timeshare obligation. :whoopie:

I find it interesting that there can be such a wide spectrum on those seeking to rid themselves of their timeshare. On one hand you have people trying to resell at developer prices, while on the other you have people paying thousands just in the hopes that someone will take the m/f burden off their hands. In some cases its for the exact same product!! :eek:

I'd love to know what percentage of people who own timeshares actually have a reasonable grasp of the timeshare industry, but even if you did a poll its pretty subjective.
 

LannyPC

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Just received my annual meeting notice from the HOA at my resort and they included a full page warning to owners to be careful of timeshare resale scams. It pretty specific about how companies contact owners unsolicited and make promises they cant keep for an upfront fee, etc (all the warnings you hear on TUG)

Glad this was included in the notice, these companies are less than scum. Anybody else getting warnings from their HOA since RCI doesn't want to take any responsibility for the safety of its customers?

It's about [insert angry expletive here] time! What took them so long?! These scams have been going on for, how long now, and HOAs, fully aware of the problem, are just now getting these warnings out?

For what it's worth, here's my personal, biased opinion why HOAs have been reluctant to issue such warnings to interval owners. In order to effectively warn and equip owners, you have to make potential marks/victims fully aware of the state of timeshare resales (ie., values hovering around zero; extremely difficult to sell; not worth anywhere near what the resort/developer is selling intervals for).

Many resorts still have unsold intervals and are trying to sell them (at developer prices, of course). We still get letters and requests (with incentives) encouraging us to encourage family and friends to buy at the
resort. As a loving family member and friend, there is no way I am going to encourage any friend or family member to buy from the developer. Heck, I don't think I would even encourage them to buy for $1 on E-bay.

Resorts are probably hoping that owners are as oblivious to the real state of the timeshare industry now as when they (owners) first bought from the developer - perhaps thinking that properties will hold, or even increase, their value. Warning owners of these scams just opens owners' eyes to the sad state of the timeshare industry and, in turn, hurts developer sales.

P.S. Can you tell that I'm "less than pleased" with the resort where we own for not warning us about these upfront fee scammers? :annoyed:
 

vacationhopeful

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One of my resorts had similiar warnings about those "marketing" companies.

But in addition, they offered a lease/buy option for HOA owned weeks. Listed over 45 intervals by week and unit number, with a request to pay a $250 option fee, pay the next 3 years of MFs as they came due, and a final payment of $1250, after which you got the deed. At ANY time, if you decide to drop out of the purchase, just notify them and "POOF", all gone ... and that includes the final "buy" payment.

You get use of these weeks to use, rent, and trade - just like any other week you would own.

And the resort manager asked if I ever heard of TUG. :D
 

prickler

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Resorts are probably hoping that owners are as oblivious to the real state of the timeshare industry now as when they (owners) first bought from the developer - perhaps thinking that properties will hold, or even increase, their value. Warning owners of these scams just opens owners' eyes to the sad state of the timeshare industry and, in turn, hurts developer sales.

I somehow managed to forget that the industry in general preys on uninformed consumers.
 

ran-ran

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Great Option!

One of my resorts had similiar warnings about those "marketing" companies.

But in addition, they offered a lease/buy option for HOA owned weeks. Listed over 45 intervals by week and unit number, with a request to pay a $250 option fee, pay the next 3 years of MFs as they came due, and a final payment of $1250, after which you got the deed. At ANY time, if you decide to drop out of the purchase, just notify them and "POOF", all gone ... and that includes the final "buy" payment.

You get use of these weeks to use, rent, and trade - just like any other week you would own.

And the resort manager asked if I ever heard of TUG. :D

The only thing that I would like to see in addition to the HOA selling these foreclosure units, is an option for owners to deed-back and/or be able to unload their units. It is great to warn owners, but you should also give them options to be able to sell their unit as well.

It doesn't seem right to solely beat up on the PCC's if you don't offer a viable solution. IMO.

Regarding FLBR's foreclosure use/purchase option, it is great! I just wish there were options for owners of resorts to deed-back, institute a FROR or list/sell through the resorts sales department if available.
 

timeos2

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Go after them every way we can

Just received my annual meeting notice from the HOA at my resort and they included a full page warning to owners to be careful of timeshare resale scams. It pretty specific about how companies contact owners unsolicited and make promises they cant keep for an upfront fee, etc (all the warnings you hear on TUG)

Glad this was included in the notice, these companies are less than scum. Anybody else getting warnings from their HOA since RCI doesn't want to take any responsibility for the safety of its customers?

We (Cypress Pointe Resort & Cove at Yarmouth) include warnings about resale scams in EVERY newsletter and our on web sites. Interestingly our sales groups at both resorts support such notices not to discourage resales but to (hopefully) maintain value for owners.

Both Associations are going even further by supporting high level actions to make it criminal to take part in the scams that put owneships into various LLC's or other sham groups to purposely abandon the property. If the law goes through the original owners of those deeds - not just the company running the scam - will be liable for prosecution. If it happens that should put a real damper on that "industry".
 

rapmarks

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I a m buying a timeshare off a guy who got a call from one of those companies and thinks his timeshare is worth a real lot instead of him being lucky someone is taking it off his hands.
 

TUGBrian

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PCCs are making MILLIONS off ther current business model, one would think the resorts could adopt a similar (less misleading) model to increase their own revenue as well.

certainly the current strategy isnt working!
 

JamminJoe

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I also received this "Warning" from Grandview at Las Vegas.
 

Jennie

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I received the warning info from Briarwood Resort, Cape Cod, Massachusetts. They have a dedicated HOA and Manager and have come up with several ingenious strategies to help owners who can no longer use/pay for their units.

This resort has a large number of deep off season weeks that have no value. Many of the owners are elderly or have passed away so there is a high m/f delinquency rate. Recently the owners overwhelmingly approved a plan to close the resort for many weeks each year. The small percentage of off-season week owners who had been paying the m/fs will be switched into units in the high demand period. It is, however, contingent upon receiving approval from various government agencies, which they have been fighting hard for.
 

timeos2

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I received the warning info from Briarwood Resort, Cape Cod, Massachusetts. They have a dedicated HOA and Manager and have come up with several ingenious strategies to help owners who can no longer use/pay for their units.

This resort has a large number of deep off season weeks that have no value. Many of the owners are elderly or have passed away so there is a high m/f delinquency rate. Recently the owners overwhelmingly approved a plan to close the resort for many weeks each year. The small percentage of off-season week owners who had been paying the m/fs will be switched into units in the high demand period. It is, however, contingent upon receiving approval from various government agencies, which they have been fighting hard for.

Resorts on the Cape tend to be older and of course extremely seasonal. Those that have independent Boards seem to be leaders in finding answers to the problems having low to no demand weeks - they have to as looking to RCI/II to create value on the backs of other, less seasonal resorts (which some seem to think was a right - not so!) was never viable so looking to some type of variable annual fees and other things like year round amenities to make off season use more valuable is a must.

Those that expect other resorts / systems to bail them out or who wring their hands and claim nothing can be done are taking the wrong approach. Proactively looking for local answers - they are out there - is a much better way to go. I'm happy to hear your resort is trying. Hope the moves work.
 

John Cummings

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Glad this was included in the notice, these companies are less than scum. Anybody else getting warnings from their HOA since RCI doesn't want to take any responsibility for the safety of its customers?

That is a good thing but I don't see the connection with RCI. They are an exchange company so I don't see how they should be responsible in any manner regarding these scammers.
 

Talent312

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We've seen some reports of resellers asking their buyers to send back POA's or
proxies for HOA's. Perhaps the HOA's should warn owners about that, as well.
 

prickler

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That is a good thing but I don't see the connection with RCI. They are an exchange company so I don't see how they should be responsible in any manner regarding these scammers.

My intention wasn't to single RCI out, nor do I believe that it's the responsibility of any exchange company to uncover timeshare scams. It just doesn't seem like much trouble to throw a disclaimer up on a website about a multi million dollar scam that affects thousands of its customers. (well maybe it would be a lot of trouble on the RCI website :hysterical: )

But then again how can I expect decency from anyone in such an unethical industry.
 

DianneL

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I got the same warning by email from Royal Dunes. The warning even stated that some of these people represent themselves as the "Option Team" from the resort. I am happy that Tug as well as many resorts are warning people.
 

ran-ran

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PCCs are making MILLIONS off ther current business model, one would think the resorts could adopt a similar (less misleading) model to increase their own revenue as well.

certainly the current strategy isnt working!
I agree that the HOA should have an active person promoting resales/deed-backs/foreclosures, etc to ensure sustainability. I am not sure why many resorts don't put on their websites the available units for sale. Get the word out.

Resorts on the Cape tend to be older and of course extremely seasonal. Those that have independent Boards seem to be leaders in finding answers to the problems having low to no demand weeks - they have to as looking to RCI/II to create value on the backs of other, less seasonal resorts (which some seem to think was a right - not so!) was never viable so looking to some type of variable annual fees and other things like year round amenities to make off season use more valuable is a must.

Those that expect other resorts / systems to bail them out or who wring their hands and claim nothing can be done are taking the wrong approach. Proactively looking for local answers - they are out there - is a much better way to go. I'm happy to hear your resort is trying. Hope the moves work.
I agree, resorts should plan to offer off season amenities that allow for year round use. Even allow the owners of these units to possible split their single week up into two three day weekends since they are most likely sitting empty anyway. Some out of the box thinking will only enhance the experience for all.
 

John Cummings

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I agree that the HOA should have an active person promoting resales/deed-backs/foreclosures, etc to ensure sustainability. I am not sure why many resorts don't put on their websites the available units for sale. Get the word out.

Our resort does that.
 

vacationhopeful

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The only thing that I would like to see in addition to the HOA selling these foreclosure units, is an option for owners to deed-back and/or be able to unload their units. ... I just wish there were options for owners of resorts to deed-back, institute a FROR or list/sell through the resorts sales department if available.

Sea Gardens HOA association maintains a web BBS which an owner can join. For $5, you can post an AD to sell or rent your interval. It is primative, but I bet Wyndham just sort of laughs at it - too primitive for them to be concerned about it.;)
 

sail27bill

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This is great news. I have had a few phone calls (so have my family) from companies that have mysterious buyers in the wings who want to purchase our timeshares at inflated prices. Called developer after the third call years ago to ask how they were able to know what I own and they suggested that it is possible that these people look for newly recorded deeds and track you down that way. (It is kind of creepy the way these scammers operate). I was warned to be very careful and only go with reputable timeshare resellers.

That said, I have never seen any written warning. Too bad. I really feel awful for people who have experienced hardship only to be taken advantage of.
 

ran-ran

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FLBR has an Owners Forum too

Sea Gardens HOA association maintains a web BBS which an owner can join. For $5, you can post an AD to sell or rent your interval. It is primative, but I bet Wyndham just sort of laughs at it - too primitive for them to be concerned about it.;)

That is at least a start. Our resort, Fort Lauderdale Beach Resort has an owners corner on their website that takes you too an owners forum where you can list your unit for sale and or rent. However, it has limited traffic and the resort doesn't participate regularly with their listings for sale or offer to handle deed-backs. It is just there, but a start I guess.
 

LannyPC

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We (Cypress Pointe Resort & Cove at Yarmouth) include warnings about resale scams in EVERY newsletter and our on web sites. Interestingly our sales groups at both resorts support such notices not to discourage resales but to (hopefully) maintain value for owners.

I guess it's kind of the same dilemma that a mechanic faces. If he has a regular customer, does he considerately give the customer advice on how to maintain the car and avoid costly future repairs? Or does he deliberately withhold such valuable information hoping that the customer's ignorance results in more car troubles and, therefore, more business for him? :ponder:
 
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