KathyOnOBX
newbie
- Joined
- Aug 15, 2019
- Messages
- 3
- Reaction score
- 0
- Points
- 1
- Resorts Owned
- Brandt Point Courtyard, Nantucket MASS
Hi! My best friend Linda owns a timeshare at a 14 unit complex on Nantucket (Island, Mass). She needs to sell it or get out from under it. There is no outstanding balance on it. The maintenance fees are paid through 2019. Her fixed week #21 was last spring. It is not part of a points system. Purchase price was only $1,500 (and still is) for this and similar units. Maint fee is $988. There are no additional amenities, free or otherwise.
I'm trying to help her as she has no business sense to speak of! LOL The "resort" lists units that are currently for sale and for which week they are for sale. There are NO weeks for sale in any unit there except around Thanksgiving and Christmas. Her week is the week leading up to and including Memorial Day. Nantucket weather is questionable for that week! We were unable to find a renter this last spring for her unit, though we didn't know about TUG or RedWeek etc until today. I've spent the last few hours here reading up on everything.
My questions, if anyone is willing offer advice:
1. Looks like she'll have to essentially give it away. Does the value increase at all since there are few or no other timeshares on Nantucket, and none for sale at this resort in spring or summer?
2. If she ends up giving it away, how much are the associated costs for that? Closing? Maybe $300-$500 for closing? Other costs? Title transfer fees? Resort transfer fees? (She is flat broke.)
3. The onsite manager and management (by board of directors) are not nice or helpful in any way. Not flexible. Very cranky and snooty. Only sales agent they will go thru is a member of their board of directors. Meaning, calling them rarely results in getting any questions answered! Hard to find out if they charge transfer fees, for example.
4. At the resort's website it appears they are members of VRI Americas but the wording is very vague. Is that a reciprocity group? Does she have to pay to belong to that? Can she keep the timeshare and perhaps use it somewhere else? (She left New England and moved to Vegas a couple years ago.)
What else do we need to know, please? Thanks in advance for any help!
Kathy
I'm trying to help her as she has no business sense to speak of! LOL The "resort" lists units that are currently for sale and for which week they are for sale. There are NO weeks for sale in any unit there except around Thanksgiving and Christmas. Her week is the week leading up to and including Memorial Day. Nantucket weather is questionable for that week! We were unable to find a renter this last spring for her unit, though we didn't know about TUG or RedWeek etc until today. I've spent the last few hours here reading up on everything.
My questions, if anyone is willing offer advice:
1. Looks like she'll have to essentially give it away. Does the value increase at all since there are few or no other timeshares on Nantucket, and none for sale at this resort in spring or summer?
2. If she ends up giving it away, how much are the associated costs for that? Closing? Maybe $300-$500 for closing? Other costs? Title transfer fees? Resort transfer fees? (She is flat broke.)
3. The onsite manager and management (by board of directors) are not nice or helpful in any way. Not flexible. Very cranky and snooty. Only sales agent they will go thru is a member of their board of directors. Meaning, calling them rarely results in getting any questions answered! Hard to find out if they charge transfer fees, for example.
4. At the resort's website it appears they are members of VRI Americas but the wording is very vague. Is that a reciprocity group? Does she have to pay to belong to that? Can she keep the timeshare and perhaps use it somewhere else? (She left New England and moved to Vegas a couple years ago.)
What else do we need to know, please? Thanks in advance for any help!
Kathy