Need guidance on Sale offer

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

Did you read any of these posts??

We are familiar with all types of timeshares, please read the thread just before you posted. This applies to you also. Ignore us and lose your money,listen and you will not send any money to anyone for the sale of your unit.

Greg

I too was contacted by a Mr Gary Shepard at Leisure Resort Specialist. I received a series of documents, from the branch manager at Banamex, Mexico City, the escrow/taxes handler, a purchase offer. I am in the process of checking the validity of these documents. They want me to pay the 14.3% Mexican income tax by wiring it to the escrow handler. I can email the documents that I received.

I had contacted an attorneys office in LA and was told that LRS needed to be a licensed Realtor in CA, upon submitting to the CA website, I find that they are not licensed.

My guess is that it is a scam. I am awaiting a reply from a real estate company familiar with Mexican timeshares.

Mike Erkfritz
merkfritz@yahoo.com

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

My husband and I own a timeshare with 9000 points accruing annually. Currently we have 18,000 points. We never have time to go on vacation since I started working and can not coordinate my vacation time with his. We also can no longer afford it since our oldest daughter in now in college and the added expense is killing us. We want to sell for what we owe on it just to get out from under the mortgage. Any advice on how to do this without getting scammed? Also, we did list it with a company to sell for us. We didn't really research the process so we are out of pocket about $300. Another company called stating they were a non-profit organization that advocated for people who were scammed and could recoup our money. The catch is we give away our points to them for, I think, charity. Right now, I feel like a charity case and just want to get out of the timeshare ownership. Any advice?

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

What type of points do you own?

If you own BlueGreen, and still owe on the original purchase, unfortunately you are stuck. The only way you could get rid of this would be to pay it off and then give it away.
Now, if its Worldmark, you can get out by finding someone to take over your payments.

Greg

My husband and I own a timeshare with 9000 points accruing annually. Currently we have 18,000 points. We never have time to go on vacation since I started working and can not coordinate my vacation time with his. We also can no longer afford it since our oldest daughter in now in college and the added expense is killing us. We want to sell for what we owe on it just to get out from under the mortgage. Any advice on how to do this without getting scammed? Also, we did list it with a company to sell for us. We didn't really research the process so we are out of pocket about $300. Another company called stating they were a non-profit organization that advocated for people who were scammed and could recoup our money. The catch is we give away our points to them for, I think, charity. Right now, I feel like a charity case and just want to get out of the timeshare ownership. Any advice?

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

If you own BlueGreen, and still owe on the original purchase, unfortunately you are stuck. The only way you could get rid of this would be to pay it off and then give it away.
Now, if its Worldmark, you can get out by finding someone to take over your payments.

Greg

Thanks for responding. As it happens, our timeshare is through Bluegreen. Why does that mean we are stuck with it? If someone wanted to buy it, can't we do it like a home mortgage? Pay it off from the sales proceeds?

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

Bluegreen points

You aren't going to want to hear this, but owing money on something that is worth less than 0 makes it really hard to pay off anything from the proceeds of the sale.

For example currently 8000-16000 point ownerships in BlueGreen are selling for less than nothing.
Here is one of the many give away listings on Ebay where the seller is paying the 2011 fees and 14000 points is only netting around $400 including the closing and transfer.

BLUEGREEN POINTS 14,000 ST AUGUSTINE, FLORIDA - eBay (item 380301705747 end time Jan-01-11 17:15:01 PST)

You could take out a second mortgage to pay these off and then give them away along with paying this coming years fees and possibly the closing and transfer fees, otherwise, learn how to use them and try to get some value from that.

Sorry,

Greg

Thanks for responding. As it happens, our timeshare is through Bluegreen. Why does that mean we are stuck with it? If someone wanted to buy it, can't we do it like a home mortgage? Pay it off from the sales proceeds?

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

Thanks for responding. As it happens, our timeshare is through Bluegreen. Why does that mean we are stuck with it? If someone wanted to buy it, can't we do it like a home mortgage? Pay it off from the sales proceeds?

It's not that you couldn't do just that IF you could find a willing buyer. The problem is why would a buyer pay whatever you may owe, and the costs of transfer, for something that is readily available for little or nothing from many resale sources? Most resale buyers are familiar enough with the market to know that the resale value is at or near zero thus making any type of money owed a lost cause.

Owing money on a timeshare today virtually guarantees you are "upside down" meaning you owe more than the "asset" is worth on an open market. Sorry.

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

Thanks for responding. As it happens, our timeshare is through Bluegreen. Why does that mean we are stuck with it? If someone wanted to buy it, can't we do it like a home mortgage? Pay it off from the sales proceeds?

Some options:
1. Send a PM on this board to BocaBum and ask him what your options for selling might be. He deals in bluegreen points.
2. List your points for sale at Pinnacle Vacations (but NOT before talking to BocaBum).
3. Learn to use the points and enjoy some vacation time. Especially if you have Travelers Plus with the Hot Weeks and can travel short notice. You say you both can't get the time off at the same time. Where there is a will there is a way....

General comments:
Right now resale BG points can be had for almost nothing - so consider that.
Take some time and look at Pinnacle Vacations website and see what points are listed at. Also look at eBay. This will give you an idea of current resale pricing.
Some current BG owners might be interested - especially those wanting more points to achieve premier status with BG. In order to do this they would need to pay a minimum of $1.25 per point, but I'm sure that is the max they would also pay. BocaBum might be able to achieve this but you need to check. At best you could get $1.25 per point.
BG owners that already have premier status would want the points for free, or almost.

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

Thanks for all of the advice. I will certainly look into these options. And maybe it will just be a matter of finding a way to take a vacation together if we are stuck with this timeshare.

[ART RYDEN Junior Member Find all posts View Profile Close ART RYDEN]

Same offer from same company

I'm new here, my name is art from chicago. I'm dealing with leisure resort specialist of san francisco who made me an offer roughly equal to what i paid 12 years ago for my club regina timeshare. Of course, i'm suspicious.

Any experiences with this company? They haven't asked me for any money yet and suggested that i open a special bank account specifically for deposit of the payment which i could then close as soon as i receive it.

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

Club Regina

I keep hearing from folks that have received offers to buy their timeshares, but none of us can figure out the scam. I would like to hear from someone who has actually been victimized and how, or who has had a successful sale.
Thanks,
Karl

[Spence Super Moderator Find all posts View Profile Close Spence]

I'm new here, my name is art from chicago. I'm dealing with leisure resort specialist of san francisco who made me an offer roughly equal to what i paid 12 years ago for my club regina timeshare. Of course, i'm suspicious.

Any experiences with this company? They haven't asked me for any money yet and suggested that i open a special bank account specifically for deposit of the payment which i could then close as soon as i receive it.

I keep hearing from folks that have received offers to buy their timeshares, but none of us can figure out the scam. I would like to hear from someone who has actually been victimized and how, or who has had a successful sale.
Thanks,
Karl

Without fail, anyone who contacts you out of the blue will take your money, not your timeshare.

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

Leisure Resort Specialist offer

When I was called by LRS, I was told that I need to wire the 14.5% Mexican tax to their escrow handling legal team. I was suspicious and made several phone calls. I was given two respected timeshare resellers in Florida. One of them called Club Regina and inquired about the Mexican tax, they were told that there should not be any taxes.

I let LRS's offer expire!

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

Leisure Resort specialist

I was also contacted by a Kathye Johnson, who said that her company was purchasing high end timeshares for big businesses. In fact when I picked up the initial phone call it was identified as "lucasfilms, INC". She said the company was LEISURE RESORT SPECIALISTS FROM SAN FRANISCO and I admit that I did get excited. She said that the company was looking for sellers at the Club Regina properties. They would only take a 5% fee out at closing and there would be no additional fees. I had lots of good looking paperwork emailed to me, a contract, the buyer, the escrow acct #, etc. The next phone calls I made I found out that Kathye was no longer working there. Then the other shoe fell: Now the Mexican government needed me to pay 2973.00, in taxes, up front, and wire the money to an account at Banamex in Mexico City, but to a person (was told she was the manager of escrow). I actually went to the bank to see about doing this and they said don't do it. Can't seem to find anyone that actually was scammed, or actually sold any property. I'd love to sell too, but can't afford to be scammed, again. Anyone out there with good or bad dealings

[wery.nbvg Junior Member Find all posts View Profile Close wery.nbvg]

Every guy trying out for the team will feel the same way. Monitoring the input we give ourselves on a daily basis is important for self esteem.
______________________________

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

Leisure Resort Specialist

I was contacted in October 2010 with the same deal. I own at Club Regina. I contacted the resort and was told that you would not have to pay any Mexican taxes as the timeshare is not real estate. Do not go for it. Strangely, less than a month later, I was contacted by Boston Resale Group with an almost identical offer, then the email came that I needed to pay Mexican taxes up front. The scam is gaining popularity. It all appears to be legit, don't fall for it!