Another irony hit me . . . some HOAs don't accept deedbacks because they don't have to, because resales are not a problem at that resort . . . and some HOAs don't accept deedbacks because they don't dare, because resales are a big problem at that resort.
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RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick
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Originally posted by Ridewithme38 View PostHow old are you Timeos2? I'm still young and have a steady job, so i can't see a time where i'm retired and on a fixed income, its a long way away....But i thought you were older then me...With medical costs and property taxes going up yearly, most of the baby boomers are hitting a point in their life where every cent matters....i don't think its a matter of people deciding not to pay...i think its a matter of being able to afford heart medicine or pay a MF
While i kinda agree that that deedbacks shouldn't be available for anyone who just wants to walk away...if you have a good valid reason, it should be an option
If the full mortgage is paid off and the owner wants out and the only way out is to let them offer him a deed in lieu I see nothing wrong with that. The TS company in not going to get the maintenance money for the unit for that year.
Take that unit and offer it as a last ditch effort to people who are walking away. Tell them you will give them the unit for $2,500 (with the old pitch you can afford about $100 a month for two years can't you) . The same one you tried to sell them for $15,000 and then half an hour later for $7,500. Westgate claims a 25% sales rate on presentations. They can up that by at least another 25% by offering deals that seem amazingly great, and the new owner pays the maintenance fee.
People are wising up and this can't be a trap forever and if the TS companies can't think of a new strategy they are looking to bankrupt the industry.
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Originally posted by timeos2 View PostAs I said. There is a way. It's documented, it's clear & all they have to do is follow the rules & prove it's a hardship & not a simple "want to get out" situation and the process relieves them of the burden & the other owners agree to accept it.
Clean. Fair & established. No need to water it down or change it to fix a non-issue. If they just want out there are ways to do that without burdening the paying owners. The right tool for the job either way.
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Originally posted by JLB View PostHere's a statement from an Association:
We do not take deed backs and try not to foreclose. Rather we get a judgment and lien homes, take paychecks, etc.
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Originally posted by JLB View PostAnother irony hit me . . . some HOAs don't accept deedbacks because they don't have to, because resales are not a problem at that resort . . . and some HOAs don't accept deedbacks because they don't dare, because resales are a big problem at that resort.
Even in death they will look to your heirs to inherit an albatross that you don't want to burden them with.Last edited by FloridaGuy; 08-09-2012, 03:59 AM.
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So timeshares that take deed backs are not worthless? Having a deed back program is great for owners who no longer have a life style that makes for timeshare use and who have no idea how to sell their timeshare. Having such a program involves some expenses, so deed backs should have a fee involved to cover title change, selling and administrative expense. Deed backs are tough to have at a resort that is still actively selling as I have little faith that any attention would be paid to resales while there are big commission items still to sell. I also think trying to sell deed backs as an exit strategy for someone who doesn't buy on a presentation is not going to be worthwhile or a good idea. First, non-buyers who have endured a 90-300 minute sales pitch might not be in a frame of mind to even take a timeshare for free. Second, the word getting around that X resort starts selling their weeks at $ 25k, but will come down to 1K could seriously hurt 25k sales.
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Originally posted by tonyg View Postthe word getting around that X resort starts selling their weeks at $ 25k, but will come down to 1K could seriously hurt 25k sales.
Buyers who buy at the high pressure sales pitches are just not informed.
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Another category of prospects who may be interesting in buying your timeshare:
People who rent from you.
But, then, that seems illogical at the same time it seems logical.RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick
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Originally posted by JLB View PostAnother category of prospects who may be interesting in buying your timeshare:
People who rent from you.
But, then, that seems illogical at the same time it seems logical.
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Originally posted by ace2000 View PostYou could make a similar statement now. When the word gets out that X resort starts selling their weeks at $25K, but you can get it on ebay for 1K...
Buyers who buy at the high pressure sales pitches are just not informed.
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This thread went off on a tangent with discussion about everything from the perceived value of timeshares, to questions about the validity of IP addresses.. I have moved those posts to http://www.timeshareforums.com/forum...d=1#post502784.
Please keep this thread contained to discussion about resort deed backs.my travel website: Vacation-Times.org.
"A vacation is what you take when you can no longer take what you’ve been taking."
~Earl Wilson
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When I had the resale portfolio on my HOA board, one of the ways we marketed HOA weeks was to do a mailing once a year to everyone who had rented a week at the resort or exchanged in, offering all HOA owned weeks for sale. It is a good target group for selling those weeks.
Originally posted by JLB View PostAnother category of prospects who may be interesting in buying your timeshare:
People who rent from you.
But, then, that seems illogical at the same time it seems logical.
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For many years, the only developer still in sales on the OBX has been Barrier Island Station at their Kitty Hawk resort. That developer has pretty consistently taken deedbacks not only at Kitty Hawk but at their two sold out resorts and then recycled them through developer sales. The deeds went straight back to the developer, and whether they did anything to reimburse the HOA's (which were developer controlled) for the lost m/f's is anyone's guess. Similarly, all foreclosures were deeded to the developer, not the HOA.
Originally posted by tonyg View PostSo timeshares that take deed backs are not worthless? Having a deed back program is great for owners who no longer have a life style that makes for timeshare use and who have no idea how to sell their timeshare. Having such a program involves some expenses, so deed backs should have a fee involved to cover title change, selling and administrative expense. Deed backs are tough to have at a resort that is still actively selling as I have little faith that any attention would be paid to resales while there are big commission items still to sell. I also think trying to sell deed backs as an exit strategy for someone who doesn't buy on a presentation is not going to be worthwhile or a good idea. First, non-buyers who have endured a 90-300 minute sales pitch might not be in a frame of mind to even take a timeshare for free. Second, the word getting around that X resort starts selling their weeks at $ 25k, but will come down to 1K could seriously hurt 25k sales.
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Originally posted by Carolinian View PostWhen I had the resale portfolio on my HOA board, one of the ways we marketed HOA weeks was to do a mailing once a year to everyone who had rented a week at the resort or exchanged in, offering all HOA owned weeks for sale. It is a good target group for selling those weeks.
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Since we are back off the tangent, it has always been recognized that one of the best targets for sales is/are people staying at the resort . . . exchanges, rentals, guests, or whatever.
Working that is up to whatever piece of the industry is running the resort, whether it be the developer or management company or HOA employees. If there is still a developer involved, we all already know what their answer will be . . . "we can't handle owners' resales because . . . "
Well, who does that leave?RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick
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