Need Bluegreen Points Appraisal for Medicaid

[Finnegan123456]

Thank you in advance for any help.

My dad is 81 and in a skilled nursing facility now. My brother and I are helping him complete the process of applying for Medicaid. The timeshares he and my mom own are making it almost impossible. We are at a standstill...the elder law attorney cannot apply until we have an appraisal or market value for their bluegreen points based timeshare. Bluegreen legal department will only give us what they show as the amount my parents purchased the current allotment of points for.

Some history, since I don’t really understand this whole thing...they purchased a timeshare at Laurel Crest in Pigeon Forge TN in 2000. I have the deed and it lists a specific unit and week but also lists 5000 points, at a cost of $6000ish. My dad says they haven’t made any purchases since. Fast forward to current day, the following is all we can get from Bluegreen legal as to a current valuation: xxx purchased a timeshare interest in Bluegreen Vacation Club on (specific date) in 2015, which included 21,000ish points, purchase amount was $32,000ish.

Obviously, the email received has specific date, points, my parents name, purchase amount, I’m leaving it out for anonymity. Any suggestions for where I can get a legitimate appraisal/value? My parents, unfortunately, own five other timeshares, and each was willing to just email us the current selling price of the unit. Do they no longer own a timeshare at Laurel Crest, instead just points? Is it even possible to value points?

Again, thank you, my brother and I are going insane.

 

[WinniWoman]

Wow! This is something people never think about. How about going on line on Ebay or TUG or Redweek or other resale type sites and seeing what they are asking? Maybe even the giveaway sites like Sumday and Timeshare Nation?

And check out this site:
http://sharket.com/

 

[montygz]

Most timeshares are worth $0.

Your parents are probably responsible for thousands in maintenance fees, making them a huge liability.

What a developer sells a timeshare for has nothing to do with what they are actually worth on the resale market.

I would wonder why anything of worthless value is of interest to Medicaid.

 

[dayooper]

I wonder if one of the trusted brokers could help you. Someone like Judi Koz could tell you what they are going for.

 

[Braindead]

Thank you in advance for any help.

My dad is 81 and in a skilled nursing facility now. My brother and I are helping him complete the process of applying for Medicaid. The timeshares he and my mom own are making it almost impossible. We are at a standstill...the elder law attorney cannot apply until we have an appraisal or market value for their bluegreen points based timeshare. Bluegreen legal department will only give us what they show as the amount my parents purchased the current allotment of points for.

Some history, since I don’t really understand this whole thing...they purchased a timeshare at Laurel Crest in Pigeon Forge TN in 2000. I have the deed and it lists a specific unit and week but also lists 5000 points, at a cost of $6000ish. My dad says they haven’t made any purchases since. Fast forward to current day, the following is all we can get from Bluegreen legal as to a current valuation: xxx purchased a timeshare interest in Bluegreen Vacation Club on (specific date) in 2015, which included 21,000ish points, purchase amount was $32,000ish.

Obviously, the email received has specific date, points, my parents name, purchase amount, I’m leaving it out for anonymity. Any suggestions for where I can get a legitimate appraisal/value? My parents, unfortunately, own five other timeshares, and each was willing to just email us the current selling price of the unit. Do they no longer own a timeshare at Laurel Crest, instead just points? Is it even possible to value points?

Again, thank you, my brother and I are going insane.

I’m assuming your trying to get an appraisal to get your father qualified for Medicaid.
Do you or your brother have any interest in the timeshares? If you do, I would claim $0 value on the Medicaid application [I highly doubt that Medicaid will argue a $0 value on a timeshare] & transfer the ones you or your brother want into your or your brothers name.
For the ones you don’t want I would call the resorts and offer to give the contracts back to the resorts at the resorts expense.
If the resorts say no, just say that’s fine as my father is going on Medicaid and he IS NOT sending you another dime.
In my state the Medicaid recipient keeps $50 of their SS a month for personal expenses. Your father will not have the resources to pay the MFs

 

[bogey21]

It is possible that transferring the Weeks (Points) to you or your Brother could be misinterpreted by Medicaid as an attempt to fraudulently deplete his assets. If the Resorts won't take them back, another way to go is to list them for sale on Ebay with a starting bid of $1 with you covering all the costs to transfer title. If they don't sell, this should support $1 valuations on his financial statement. If they sell, you can totally ignore them...

George

 

[Braindead]

It is possible that transferring the Weeks (Points) to you or your Brother could be misinterpreted by Medicaid as an attempt to fraudulently deplete his assets. If the Resorts won't take them back, another way to go is to list them for sale on Ebay with a starting bid of $1 with you covering all the costs to transfer title. If they don't sell, this should support $1 valuations on his financial statement. If they sell, you can totally ignore them...

George

Possible yes, to support the $0 value on the Medicaid application.
I would send a letter to the Resorts asking them to take back the contracts.
The ones that say no. Ask for it in righting, that would support the $0 value

 

[Panina]

We are at a standstill...the elder law attorney cannot apply until we have an appraisal or market value for their bluegreen points based timeshare. i

I went through the process with my dad. Any issues I had my lawyer found out about and handled and guided me through the whole process. My lawyer took the time to find out. My concern is what else can come up that he might not know about.

I would first try to call you state Medicaid office that deals with applications and see how they view timeshares that have no value and what they require. I have read some states know most timeshares have no value and are a financial liability.

I personally would try to get rid of all the timeshares asap if possible.

 

[Finnegan123456]

I wonder if one of the trusted brokers could help you. Someone like Judi Koz could tell you what they are going for.

Sorry, I am not familiar...is Judi on this site?

 

[TUGBrian]

sadly most bluegreen points are given away for nothing on the resale market

if you are looking for evidence to support this, you can find it just about anywhere listed above (tug/ebay/craigslist/etc). even the bargain deals section is full of bluegreen freebies.

 

[dayooper]

Sorry, I am not familiar...is Judi on this site?

She is a member of Tug, but her business is brokering sales of timeshares. Here is her website www.judikoz.com

Most Bluegreen points are worth zero, but Judi can confirm that.

 

[VegasBella]

The county tax assessor's appraisal should be good enough for Medicaid/Medicare.

This website might also help with valuation: http://sharket.com/

If I were you, I'd just try to get rid of the timeshare at this point. It's definitely more of a liability than an asset.

 

[HudsHut]

Welcome to TUG. I'm glad you found us.

This post is about a different Bluegreen resort, but the info may be relevant.
https://tugbbs.com/forums/index.php?threads/in-process-of-deed-back-to-bluegreen.280829/

If that fails, here are some ads to use as "comps":
On Sell My Timeshare now, there are two ads for this property asking a very low amount:
2386454
2386455

On Redweek there are three ads for Bluegreen (none for this specific resort) asking between $50 - $200.
There is one ad for this specific resort asking a 4 figure amount that will never sell.

And last, but possibly most helpful, there are many, many ads in the Bargain Deals section on TUG, giving away Bluegreen points for free. Here are a few random examples within the last six months or so (there are more out there)
https://tugbbs.com/forums/index.php?threads/free-bluegreen-8000-points-biennial-free.285402/

https://tugbbs.com/forums/index.php?threads/free-7-000-annual-blue-green-points.285096/

https://tugbbs.com/forums/index.php?threads/free-bluegreen-vacation-club-points.284241/

https://tugbbs.com/forums/index.php?threads/bluegreen-points.279411/

 

[Braindead]

Welcome to TUG. I'm glad you found us.

This post is about a different Bluegreen resort, but the info may be relevant.
https://tugbbs.com/forums/index.php?threads/in-process-of-deed-back-to-bluegreen.280829/

If that fails, here are some ads to use as "comps":
On Sell My Timeshare now, there are two ads for this property asking a very low amount:
2386454
2386455

On Redweek there are three ads for Bluegreen (none for this specific resort) asking between $50 - $200.
There is one ad for this specific resort asking a 4 figure amount that will never sell.

SMTN is almost always very high priced also.
They have a ton of 4 figure listings that are worth $0

 

[HudsHut]

Braindead:
I didn't find any current listings or recently sold auctions for Bluegreen Laurel Crest on ebay, so I had to search the alternate sites. You are correct that most of the prices on Sell My Timeshare Now are astronomical, and don't have a chance of ever selling.

 

[Bailey#1]

Here is a facebook bluegreen users group site that might be able to help you.

https://www.facebook.com/groups/1415493675355850/

 

[TUGBrian]

plenty of bluegreen completed listings on ebay...but odd that company is charging closing costs for non deeded timeshares (and that folks are paying it)

https://www.ebay.com/sch/i.html?_from=R40&_nkw=bluegreen&_sacat=0&rt=nc&LH_Complete=1