Deed-Backs

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

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.

[FloridaGuy Member Find all posts View Profile Close FloridaGuy]

How 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.

[FloridaGuy Member Find all posts View Profile Close FloridaGuy]

As 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.

First of all I read a lot of stories online about people asking for hardship waivers. They tell you to fill out a form and then decline you. It seems that most TS and especially Westgate are told to say no to everything that is asked of them.

[FloridaGuy Member Find all posts View Profile Close FloridaGuy]

Here'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.

Which is a threat and lie. They can't garnish wages and they can't take your home. All they can do is sue you. If they win they have to find a way to get your money if you don't voluntarily pay it.

[FloridaGuy Member Find all posts View Profile Close FloridaGuy]

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.

The only reason not to take it back is because it is worthless if they take it back. It is generating money as it is. If it had value they would be happy to take it back and resell it. In fact they would offer people the chance to do it. The don't even have to pay people, all the have to do is tell them we will let you out of your nightmare for free.

Even in death they will look to your heirs to inherit an albatross that you don't want to burden them with.

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

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.

[ace2000 Senior Member Find all posts View Profile Close ace2000]

the word getting around that X resort starts selling their weeks at $ 25k, but will come down to 1K could seriously hurt 25k sales.

You 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.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

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.

[FloridaGuy Member Find all posts View Profile Close FloridaGuy]

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.

Which would be wonderful if they came knocking on your door. First you have to find them, and hope you don't get suckered by throwing good money away with a listing agency which is what a lot of foolish people do. Then depending on where you own you have to pay another $150 or more for a guest certificate and you have to assume responsibility if there is any damage.

[FloridaGuy Member Find all posts View Profile Close FloridaGuy]

You 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.

Exactly. Someone else said that the $1 TS on Ebay are hurting them, but the people coming in to get a free gift for a 90 minute presentation do not know about these things. They know what Timeshares are and they think they are not going to buy, but they get suckered because going to the presentation is an impulse choice and then they make a high pressure impulse buy.

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

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.

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

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.

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.

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

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.

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.

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

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.

One of my timeshares had an auction for 5 HOA weeks in one of last year's newsletters. All five sold. Who knows more about the property than people who own there and some of them actually want more time there.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

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?