Best way to sell my "timeshare"

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

I have a "vacation program/package" that is not a traditional timeshare (even though I apparently own some sort of a deed). It is through Midwest Family Resorts and Travel (which is owned by Summer Bay). I am able to go to three different resorts as many times a year as I want providing there is availability. Due to the economy and our financial situation, we haven't been able to use it and we'd like to sell it. What would be the best way to do so without putting a lot of up front money into it?

Thanks in advance for any help.

Chris

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

I'm not familiar with your specific program, so take this as very general advice only!

First- contact your member services department to determine if the ownership can in fact be transferred, and to confirm that you do have a deeded interest that can be conveyed.

Ask specific questions about what the transfer process will require (transfer forms, transfer fees, deed prep and recording, buyer approval, corporate ownership restrictions, etc).. Get everything in writing that you can. You will also want to review your original purchase agreement and any point of sale documents that you were given to discover if any transfer information was contained therein.

Be prepared that many vacation club memberships cannot be transferred (regardless of what the salesperson may have stated). There are few clubs that declare that transfers are allowed, but will never disclose what the transfer process requires. There are many others that only allow transfers to direct family members.

Finally, be prepared to discover that there may be no resale value at all for what you own, and that you may find it difficult to even give the ownership away. There will be MANY upfront fee companies who will promise you the moon and stars and try to convince you that there are buyers waiting in the wings at ridiculous prices- don't be fooled.. Either actively sell on your own, or via a trusted resale broker who only earns a commission at closing. Learn what the expected resale value is and advertise accordingly.

Resale do still occur, but in this market they are neither easy nor plentiful. Take your time and be sure that you have tried to use the ownership to its fullest before deciding to liquidate- as the vacations and memories are often the only true determination of value from any type of vacation ownership product over time..

Good luck!

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

Years ago I was a member of the predecessor to your plan, also based out of Litchfield. It did not turn out like we expected and we wanted to get out of it. There was a lawsuit but we missed the deadline for opting into it. Anyway, the only way we were able to get out of it was to pay it off and then have them cancel our membership.

Hope you have better luck! But if it is not paid off, I think you will have a very difficult time.