My mom-in-law sold a blue week to friends for $4,500

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

Another question: (This one may be better as a new thread to attract interest.)
If you did not know about ebay, TUG or TS4MS and owned a timeshare that you used successfully for trading that did everything the salesman told you it would do (cherry red week at a great resort), what would you think of your timeshare purchase?

I will tell you my answer, after I see your answers.

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

In Kansas and Missouri you do not need a lawyer for a quick claim deed - do not know about other states.

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

Another question: (This one may be better as a new thread to attract interest.)
If you did not know about ebay, TUG or TS4MS and owned a timeshare that you used successfully for trading that did everything the salesman told you it would do (cherry red week at a great resort), what would you think of your timeshare purchase?

I will tell you my answer, after I see your answers.

Ignorance is Bliss

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

Mom just called and wanted me to know that they agreed on a price of $1,500. Still higher than I think it should be, but at least it is not $4,500. Mom just thinks they are getting the bargain of the century and that she is practically giving away a valuable piece of real estate. I think she is mad at Rick and me. She was short on the phone just now.

I couldn't win with this situation. I would either feel guilty for the buyer or for Mom by telling the truth. To Mom, she owns 1/50 of a gorgeous three bedroom townhouse, but I told her as a timeshare, it is not worth the same as real estate. How can I explain something to her that even I don't understand.

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

Mom just called and wanted me to know that they agreed on a price of $1,500. Still higher than I think it should be, but at least it is not $4,500. Mom just thinks they are getting the bargain of the century and that she is practically giving away a valuable piece of real estate. I think she is mad at Rick and me. She was short on the phone just now.

I couldn't win with this situation. I would either feel guilty for the buyer or for Mom by telling the truth. To Mom, she owns 1/50 of a gorgeous three bedroom townhouse, but I told her as a timeshare, it is not worth the same as real estate. How can I explain something to her that even I don't understand.

Cindy, this was a very awkward situation but your MIL will not stay mad very long. She still has her young friends and they must feel good too that she told them the truth and they both made out OK. It may not be good enough for some people here but they bought it for use or exchanging and not to make money with.

This whole industry needs changing. First, the developers take ignorant buyers to the cleaners because they don't tell them that a timeshare is like buying a new car. The value is gone, the moment you sign the contract and the ink is dry. Then these poor people do not get the benefits they were told they could expect so they put it up for sale and then you get another bunch of shysters taking them to the cleaners again so they lose most of the money they originally paid.

It will hopefully all change once everyone gets computer savvy and will find out how this industry works. Timeshar buyers are no longer going to buy these overprized timeshares so the developers will have to find a way to offer them closer to the resale price.

In the meantime, your MIL still has her friends and can look them in the eye and you can feel better too.

[m61376 Senior Member Find all posts View Profile Close m61376]

Cindy-
Your experience typifies human nature in this whole business. If owners have enjoyed their experiences they tend to overvalue them; moreover, most never really look into what the real market value is, making assumptions based on original purchase price and real estate (in general) appreciation.

Most buyers, if anxious to make a purchase, don't really study the market. Most timeshare purchases are made in haste (otherwise, the developers wouldn't be as successful as they are selling to the public). Especially when we are on vacation we tend to overspend...how many hundreds/thousands of dollars have you spent on "extras" when you were away that you would have never bought if home? Look at the sales in all the jewelry stores (my personal nemesis ).

You felt caught in the middle here. If this couple had been a stranger, then you would have been better off not saying anything and letting your mil be happy- sometimes ignorance is bliss, and you had no obligation to do the buyer's work for them. It would be no different than a sale through a developer, or someone getting caught up in an auction on Ebay and overpaying (which happens all the time, not necessarily in timeshare purchases, but in general).

However, there was a relationship here that would be marred if the buyer found out, because they certainly would be angry. You can't put a price on friendship.

I think in a day or two, after the initial shock has worn off, you should call your MIL and simply tell her the truth- that the timeshare market doesn't always follow logic and because of competitive forces that the property that held such wonderful memories for her family, isn't selling for the price she'd expect, perhaps because today people or more anxious to go to exotic places (or some other excuse that she will accept as a reason that her "prize" is seemingly worthless). Tell her it doesn't make sense to you either, but that's just today's market and that, knowing how much these people have meant to her, you wanted to make sure she didn't jeopardize their friendship. Let her know you never meant to hurt her, but were trying to protect her feelings. She'll feel better and so will you.

Good luck!

[4ARedOctober Super Moderator Find all posts View Profile Close 4ARedOctober]

I think that price is just fine, the right thing to do, and we are proud of her. She did not have to do it.....but she did.

Mom just called and wanted me to know that they agreed on a price of $1,500. Still higher than I think it should be, but at least it is not $4,500. Mom just thinks they are getting the bargain of the century and that she is practically giving away a valuable piece of real estate. I think she is mad at Rick and me. She was short on the phone just now.

I couldn't win with this situation. I would either feel guilty for the buyer or for Mom by telling the truth. To Mom, she owns 1/50 of a gorgeous three bedroom townhouse, but I told her as a timeshare, it is not worth the same as real estate. How can I explain something to her that even I don't understand.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Speaking of value and friendship

This is from a news regarding Morritt’s Tortuga Club

Mr. Hoffmann (the resort manager) said he believes in the resort. His sister visited him from the United States recently and has decided to buy a week at Morritt’s.

“If I doubted at all the financial status at Morritt’s, she wouldn’t be buying here,” he said. “The job is one thing, but she’ll always be my sister.”

You want to guess what market she bought? And will she ever be able to find out the value of a TS?

Jya-Ning

[arlene22 Senior Member Find all posts View Profile Close arlene22]

I think you did the right thing. When this couple goes to the resort and gets invited to an "owner update" they will likely learn what the true value of the week is.

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

Good outcome

You did the right thing. Knowledge is everything. Your MIL will make out in the deal by keeping her young friends and her reputation!