Option to buy out of Timeshare are there hidden costs? [merged]

[Sunfun873]

Hello everyone, I own 2 weeks Legacy Resort, Lake Buena Vista, Orlando, Florida. I have owned for over 30 years. I have been given the option of buying out of my timeshare, which is a relief to me as the cost of maintenance keeps accelerating rapidly. I don't trust the owners. I have cut and pasted their offer to me that started at 804 dollars ( I own 2 weeks) then obviously they had a change of mind and decided to ask me for 804 dollars each week. My concern is that after I pay them the amount that they have stated, they will find other extra charges that they will insist have to be met before they complete the sale back. Had anyone had any problems in buying out of their timeshare please. I have cut and pasted our correspondence. What is a HOA? Thank you for taking the time to read my request. I need to be certain that they won't find hidden charges . Sincerely, Vicki Edmunds.

As requested, please find below the information for your release request
Upon receiving a release request from the account and title holder, it is up to Legacy Vacation Resort’s (“LVR”) discretion to accept the timeshare back to the HOA. LVR has no obligation to take the property back and only accepting if HOA terms and conditions are fully met. Terms and conditions are based on approval of a one-time release payment (via credit card), fully executed Acceptance of Deed Back Agreement, and Deed solely drafted and recorded by LVR. The release process can take approximately 10-12 weeks

The $804.00 quote in record is valid until 08/01/2024 and is subject to change at any time without notice

Their second email to me that changes the amount to $804 dollars for each week.

If you wish to continue with the release request, please contact Legacy Vacation Resorts – Title Services at 1-866-905-8808 to remit payment over the phone with a credit card.

The 2024 weeks and any accrued weeks that you have on your accounts will be available for use up until December 31st, 2024 if you do decide to move forward with the Deed Back process. Please keep in mind that the $804.00 quote is per account and it is valid until August 1st, 2024 on each of the accounts.

Should you have any questions, please reply to this email or contact us at 1-866-905-8808.

 

[Janann]

HOA = HomeOwners' Association.

 

[Family_travel]

Hello everyone, I own 2 weeks Legacy Resort, Lake Buena Vista, Orlando, Florida. I have owned for over 30 years. I have been given the option of buying out of my timeshare, which is a relief to me as the cost of maintenance keeps accelerating rapidly. I don't trust the owners. I have cut and pasted their offer to me that started at 804 dollars ( I own 2 weeks) then obviously they had a change of mind and decided to ask me for 804 dollars each week. My concern is that after I pay them the amount that they have stated, they will find other extra charges that they will insist have to be met before they complete the sale back. Had anyone had any problems in buying out of their timeshare please. I have cut and pasted our correspondence. What is a HOA? Thank you for taking the time to read my request. I need to be certain that they won't find hidden charges . Sincerely, Vicki Edmunds.

As requested, please find below the information for your release request
Upon receiving a release request from the account and title holder, it is up to Legacy Vacation Resort’s (“LVR”) discretion to accept the timeshare back to the HOA. LVR has no obligation to take the property back and only accepting if HOA terms and conditions are fully met. Terms and conditions are based on approval of a one-time release payment (via credit card), fully executed Acceptance of Deed Back Agreement, and Deed solely drafted and recorded by LVR. The release process can take approximately 10-12 weeks

The $804.00 quote in record is valid until 08/01/2024 and is subject to change at any time without notice

Their second email to me that changes the amount to $804 dollars for each week.

If you wish to continue with the release request, please contact Legacy Vacation Resorts – Title Services at 1-866-905-8808 to remit payment over the phone with a credit card.

The 2024 weeks and any accrued weeks that you have on your accounts will be available for use up until December 31st, 2024 if you do decide to move forward with the Deed Back process. Please keep in mind that the $804.00 quote is per account and it is valid until August 1st, 2024 on each of the accounts.

Should you have any questions, please reply to this email or contact us at 1-866-905-8808.

Is this something you requested? Or did you get a non-solicited email? If you did not request I would call Title Services, using a number from your deed or website (NOT the number in the email).
You also need an estimate of the value of your week. Can you sell or give away? If so, why pay the TS to take something back they will try to re-sell.

 

[Sunfun873]

Is this something you requested? Or did you get a non-solicited email? If you did not request I would call Title Services, using a number from your deed or website (NOT the number in the email).
You also need an estimate of the value of your week. Can you sell or give away? If so, why pay the TS to take something back they will try to re-sell.

Hello, Thank you very much for taking the time to help me. The history of this situation is, I received a letter in the mail from my timeshare telling me that they were giving me the option to buy my way out of the contract for a reasonable amount. In the same letter they indicated that my maintenance fees would be rising again. They are now well over £1.000 dollars a week. I wrote back asking them what they considered to be a nominal amount. I cut and pasted their reply above. I have asked for help from TUG in the past about this matter, one of your people advised me to buy myself out of the situation, as if I stayed I would pay through the nose for maintenance and by the time the solicitors got involved, if the owners sold the property at a massive profit after what could take more than a couple of years, there would little left to share out between owners who refused to budge! My burning question is, after I pay what they quoted as the fee to buy myself out could they come back and demand more, asking for original contracts, paperwork no longer available? I know how these people work, they never tell the truth and they are always out to take advantage of people like me. I want to be sure if I pay the amount they are asking above there are no hidden costs. Of course, living in Britain and retired, it has crossed my mind not to pay any more maintenance fees and let them blacken my name. I don't need to seek credit for a mortgage, if they give me a bad credit score it won't make any difference to my life. I also secretly think that they would be relieved that they would then have another owner fail to pay giving them more opportunity to sell the timeshare without including me in the profit.
Thank you,
Vicki

 

[Talent312]

Any two parties to a deal must at some point trust that the other party will do what they say they put in writing, on paper. Otherwise, there would be no business transacted ever.

 

[Sunfun873]

Any two parties to a deal must at some point trust that the other party will do what they say they put in writing, on paper. Otherwise, there would be no business transacted ever.

Throughout my dealings with my resort over the 30 odd years I have dealt with them, they have consistently broken my trust! At one point they went bankrupt! I haven't got an overactive imagination, I am just cautious due to the way I have been treated over the years.

Vicki

 

[Family_travel]

Throughout my dealings with my resort over the 30 odd years I have dealt with them, they have consistently broken my trust! At one point they went bankrupt! I haven't got an overactive imagination, I am just cautious due to the way I have been treated over the years.

Vicki

What is the timeshare? Others may have experience with them. You may also want to edit the thread post to include the name of the resort to gain more visibility.
I am not a lawyer, but others have posted that timeshares do not generally have the ability to sue those in another country. Maybe someone else can speak on this.
I have given back a contract to Wyndham; it was free.

 

[Sunfun873]

Thank you for your input. My resort is called Legacy Resort, Lake Buena Vista, Orlando, Florida. I have quoted the name of my resort on the original query. Do you mean put it in the subject matter of the Title? I will re-post it.

Best wishes, Vicki

 

[Sunfun873]

Hello everyone, I own 2 weeks Legacy Resort, Lake Buena Vista, Orlando, Florida. I have owned for over 30 years. I have been given the option of buying out of my timeshare, which is a relief to me as the cost of maintenance keeps accelerating rapidly. I don't trust the owners. I have cut and pasted their offer to me that started at 804 dollars ( I own 2 weeks) then obviously they had a change of mind and decided to ask me for 804 dollars each week. My concern is that after I pay them the amount that they have stated, they will find other extra charges that they will insist have to be met before they complete the sale back. Had anyone had any problems in buying out of their timeshare please. I have cut and pasted our correspondence. I need to be certain that they won't find hidden charges . Sincerely, Vicki Edmunds.

As requested, please find below the information for your release request
Upon receiving a release request from the account and title holder, it is up to Legacy Vacation Resort’s (“LVR”) discretion to accept the timeshare back to the HOA. LVR has no obligation to take the property back and only accepting if HOA terms and conditions are fully met. Terms and conditions are based on approval of a one-time release payment (via credit card), fully executed Acceptance of Deed Back Agreement, and Deed solely drafted and recorded by LVR. The release process can take approximately 10-12 weeks

The $804.00 quote in record is valid until 08/01/2024 and is subject to change at any time without notice

Their second email to me that changes the amount to $804 dollars for each week.

If you wish to continue with the release request, please contact Legacy Vacation Resorts – Title Services at 1-866-905-8808 to remit payment over the phone with a credit card.

The 2024 weeks and any accrued weeks that you have on your accounts will be available for use up until December 31st, 2024 if you do decide to move forward with the Deed Back process. Please keep in mind that the $804.00 quote is per account and it is valid until August 1st, 2024 on each of the accounts.

Should I pay? I live in the U.K. I don't need a mortgage. I bought the timeshare outright, there are no debts on the agreement. If I stop payments completely and they give me a bad credit record, it won't affect me as I don't buy things on credit. It seems to me to be a right rip off having paid my maintenance without fault over the years and buying the timeshare outright. I love visiting the USA and I wonder if it will somehow affect my entry for a holiday into the USA if they do decide to take some sort of action against me?

Any help with this matter would be gratefully received.
Thank you, Vicki

 

[Janann]

I love visiting the USA and I wonder if it will somehow affect my entry for a holiday into the USA if they do decide to take some sort of action against me?

This will not happen. This is a civil (not criminal) issue over a very small amount of money.

I don't have any experience with this timeshare company, but based on everything that I've read over the years, I would recommend that you just stop paying. Notify the company that they can have their weeks back, and don't send any money.

 

[Sunfun873]

This will not happen. This is a civil (not criminal) issue over a very small amount of money.

I don't have any experience with this timeshare company, but based on everything that I've read over the years, I would recommend that you just stop paying. Notify the company that they can have their weeks back, and don't send any money.

Thank you for your advice. I think I might email them to say they can have the timeshare back and stop paying. Vicki

 

[Kozman]

Thank you for your advice. I think I might email them to say they can have the timeshare back and stop paying. Vicki

If they can recover the deed from you they can put the property back into use and establish a cash flow for the HOA. It's worth more to them than you or they wouldn't be offering to take it back. Any thoughts otherwise?

 

[WorldT]

Hello @SunandFun83 , it seems you received an unsolicited mail. Before you even proceed with your analysis, you need to make sure you are dealing directly with the resort or management as there are many scams impersonating resort to extract cash from people trying to exit.
Next step is to decide if it is work it to pay them if indeed it is legit. Considering your circumstances, if the resort will take it back for $800 dollars, they will take it for free. Tell them you are willing to sign over the deed but you are not paying anything.

 

[Kozman]

I'm offering information on what a timeshare did to friends of mine when they quit paying MF's this year. They put a hold on the weeks that they paid for and banked with II in a previous year. I'm not sure this is action they can legally take since those weeks were paid for. Any thoughts? However, if you are thinking of walking away make sure to use any banked weeks before doing so.

 

[Sunfun873]

I'm offering information on what a timeshare did to friends of mine when they quit paying MF's this year. They put a hold on the weeks that they paid for and banked with II in a previous year. I'm not sure this is action they can legally take since those weeks were paid for. Any thoughts? However, if you are thinking of walking away make sure to use any banked weeks before doing so.

Thank you for this advice. We are using up all our banked weeks in August. They have been booked. Though they did send me an email to say I had until August 1st to make my decision as to whether I am going to pay them the 800 dollars to get out of the timeshare, which I found strange as we start using our banked weeks on the 2nd of August. Honestly, these people are so sneaky. Our maintenance fees are not due until January 1st 2025. We are up to date until that date. We are fully up to date for this year. And the timeshare was paid in full on purchase.

 

[Sunfun873]

Hello @SunandFun83 , it seems you received an unsolicited mail. Before you even proceed with your analysis, you need to make sure you are dealing directly with the resort or management as there are many scams impersonating resort to extract cash from people trying to exit.
Next step is to decide if it is work it to pay them if indeed it is legit. Considering your circumstances, if the resort will take it back for $800 dollars, they will take it for free. Tell them you are willing to sign over the deed but you are not paying anything.

Thank you, Yes, after I have taken my holiday in August used my banked weeks and my owned weeks I think that I will tell them I am willing to sign over the deed and I am not going to pay any more money. I will walk away.