How hard is it to get rid of a timeshare?

[cooper Junior Member Find all posts View Profile Close cooper]

First, sorry for clogging up the message board with all my questions! But this seems to be one of the best resources around for finding clear answers.

We are very close to buying a RCI points timeshare. We have found what we think to be a pretty good deal. We do take one or two vacations a year and RCI seems to be everywhere we would want to be so buying into a timeshare SEEMS like a good idea.

My questions is more for down the road. If our life changes or we simply find that the timeshare is not working out for us, how hard is it to sell/get rid of a timeshare. I have seen threads on here about people paying (and sometimes getting ripped off) to get rid of their time share. I am not looking to make money selling it later but makes it seems like a shaky idea to buy something that you might have to pay someone to take from you down the road.

Thanks!

[longtimer Senior Member Find all posts View Profile Close longtimer]

In the current market, you can expect to get very little money for most TS (that's why the deals on the resale market are so good). In some cases, people have been unable to give away their TS. You shouldn't be looking at this as an investment opportunity.
There are a number of things to consider before making a purchase. What week are you purchasing (or how many points if it's a points-based system)? Where is the resort located? What size unit do you have? All of these factors influence the trading power of your TS should you trade with RCI or II.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

The outfits that charge 3 or 4 thousand dollars to rid you of your timeshare are rip-off artists. Some resorts will take the week back and I'm pretty sure if you offered them $ 1000 to take it back, they would.

[philsfan Administrator Find all posts View Profile Close philsfan]

For me, when thinking about a points resale purchase, I am looking at the price and more importantly, the maintenance fees in relation to how many points I will receive every year. If you want to sell me a unit with $800 mfs that gives me 50,000 RCI points and another guy has one with $400 mf's for 50,000 points, which one am I likely to consider if the price is relatively equal?

If your purchase price is lower, I am still going to look for a better price at the other resort before I ever consider yours.

Unfortunately, mf's are not something you have a lot of control over. However, if you start with a good ratio, you have a better chance of still having it when you decide you want to sell.

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

How easy it is to get rid of depends on how attractive an ownership it is. Someone else has to be willing to take on the maintenance fees. If you have something high end, you might even be able to sell it.

I have successfully given away two timeshares this year - one was a prime ski week in Park City and another was a prime summer lake week. The first I posted here on TS4Ms in the "freebies' section, the second I deeded back to the resort. I might have been able to get a few dollars for the ski week but was happy to give it away.

[1950bing Senior Member Find all posts View Profile Close 1950bing]

It took me a little over 4 months. I paid no money to anyone. The buyer paid all costs to close. I sold it via mynetwork. July 3 it will be six years!!!!!!!!

[Susana Junior Member Find all posts View Profile Close Susana]

I sold one to someone on our Yahoo group. It was never an expensive timeshare (I paid $600 for it) so I sold it for $300 plus closing I had already paid this year's maintenance fees (usage was in July) so the resort let them notify RCI immediately and approved the deposit/exchange even before they got the final deed based on the fact that I called the office first.

I loved my unit but haven't used it the last two years. I did exchange it on CraigsList, though, for some home maintenance issues. My lifestyle radically changed, though, so the timeshare just didn't work for me any longer.

If you read too much on here, they are incredibly hard to get rid of it. If you bought cheap on the resale market, Ebay is a great place. I got rid of my first time share to buy the one I just sold thanks to Ebay. But both were at a small loss.

[mrspigdoc Member Find all posts View Profile Close mrspigdoc]

See the for sale here: I have RCI points for $500....would give them to you if you paid closing costs.
Teresa

[joycapecod Silver Contributor Find all posts View Profile Close joycapecod]

Over the past few years I have given several away, even did the deed transfer and paid any fees associated. I used Craig's List for the give aways. I will say that I do title (deed) work and if you do that yourself it is much cheaper to do a give away. I think I paid a total of less than $20 to give away the Orlando 2 bedroom and less than $15 to give away the tennessee unit.

I recently sold a Cape Cod end of summer unit for $500 and the buyer paid the recording fees.

Our lives have changed and we do not vacation as we once did. My timeshare holding have gone from 15 weeks to 3 weeks and a small points account over the past five years.

Was it difficult to rid myself of these, yes and no. Being in a position of owning "right" and being able to do the closing myself made it easier since cost was less. It was still difficult to find a family that wanted unit, even for free!

Joy

[longtimer Senior Member Find all posts View Profile Close longtimer]

We had been looking for awhile for a second TS (we already own enough points with DRI for 2 weeks in a 2 BDRM unit). We considered a bunch of options, but, even at resale prices or giveaways, had a hard time justifying another big MF for one to two more weeks of vacation. We didn't want to buy any more points in DRI because there aren't enough resorts on the east coast within a reasonable driving distance. Instead, we opted to buy a vacation home. We bought into a gated community that has an indoor pool, two outdoor pools, two beaches, three lakes, two clubhouses, tennis courts and a skate park for the kids. Out home has 3 bedrooms and two baths and it's ours to go whenever we want. Since it's only 90 minutes away, we can go for the day, several days or a week or two at a time. And we can let family and friends stay without a hassle and trying to get more units. Our home owner association fees are $1600 and taxes add another $2000. We couldn't even get 8 weeks of a TS for that.
I don't want to discourage anyone from purchasing a TS. We still love the TS we have and will continue to use it to take vacations to other destinations. We also have a membership with II and love the getaway specials. Also, home ownership isn't for everyone, especially a second home. But I think people should at least consider that option and weigh the pros and cons of each type of vacation opportunity. For us, at least, it has given us the best of both worlds.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Perhaps the reason it takes so many people so long to divest is that they set an unrealistic high price. Buyers will be looking to pick up the lowest price unit up for sale and bypass the high priced ads. Right now prices are about as low as they have ever been and in 2 years or so they will most probably be higher.

[GloriaPom Junior Member Find all posts View Profile Close GloriaPom]

Mystic Dunes Resort & Golf Club

I tried to donate my timeshare and/or I would be happy to give my timeshare away I can't even do that! I bought it over 10 years ago and now live in Florida so hence I'm on vacation all the time. It is fully paid for and you exchange or use through Interval International, and they are great.

Maybe you would be interested in this timeshare

[Hobbitess Senior Member Find all posts View Profile Close Hobbitess]

I think it's harder to get rid of timeshares that are in places that are overbuilt and thus easy to trade into or to find incredible deals - Orlando, Pigeon Forge, etc. And it's harder to get rid of a timeshare in a resort that has not been kept up, I am sure.

But I'm guessing most of the time you can get rid of most timeshares if you offer them for transfer fees here or on TUG and keep them listed for a while. Whether that's true right now, I'm not sure, but I do know someone listed Bluegreen points over at TUG a few months back -- I think it was 12000 points for $10 -- and that was snapped up within a day or two of my seeing it. I was tempted to go for it myself, to be honest.

[estepgm Junior Member Find all posts View Profile Close estepgm]

Time Share Give Away

I am just beginning to give away a time share - Westgate Painted Mountain Golf Resort in Mesa Arizona. Tried to deed back - but they do not do that ever (they said) and will foreclose if fees are not kept up. So I am trying to donate to a charity - but everyone wants $$ to do so. Frankly - if someone wants it - I am not interested in selling it. I cannot use it anymore. Point is - it is NOT easy to give away a timeshare unless you want to pay big $$$...

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Hope you find a buyer

I am just beginning to give away a time share - Westgate Painted Mountain Golf Resort in Mesa Arizona. Tried to deed back - but they do not do that ever (they said) and will foreclose if fees are not kept up. So I am trying to donate to a charity - but everyone wants $$ to do so. Frankly - if someone wants it - I am not interested in selling it. I cannot use it anymore. Point is - it is NOT easy to give away a timeshare unless you want to pay big $$$...

You are SO correct. Yet there is a rather long thread OY with a single voice or two claiming that there is money to be made "flipping" timeshares! They are in a dream world! Especially when I see one of the weeks they claim shows proof it works is a Wastegate,VV week 51 that they say sold fr $3000 while I know you cannot give away that exact week! Me thinks they protest too much and are most likely sitting on a bunch of time they want to sell an are trying to hype the prices.

Sadly you'll have to work to find someone to even take your week - and maybe sweeten the deal by paying transfer/closing as that is still far cheaper than one of these rip off post card company deals. Good luck.