Appraisal

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

Hi all, I'm new here and looking for some advice.

I need to get my timeshare appraised for legal reasons... Does anyone know if its even possible to get an official appraisal of a timeshare?

Any help will be much appreciated

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

Hi all, I'm new here and looking for some advice.

I need to get my timeshare appraised for legal reasons... Does anyone know if its even possible to get an official appraisal of a timeshare?

Any help will be much appreciated

I'm not a lawyer, but unless you have a one in a million timeshare, it's value is between $1 and $500, and many would consider negative value because of the annual maintenance fee obligations if you're not using it as an avid timesharer. I would think that a search on eBay on completed similar timeshares would serve as com parables for appraisal.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Hi all, I'm new here and looking for some advice.

I need to get my timeshare appraised for legal reasons... Does anyone know if its even possible to get an official appraisal of a timeshare?

Any help will be much appreciated

Hi and welcome to TS4Ms.

Most timeshares have very little value on the resale market.

If you have a 'hotel' brand TS, these have retained value a bit better.

Example - Marriott sells their Aruba Ocean Club 2Bedroom lock-off Platinum season - ocean view - for 35K, on the resale market, you can get one for 15K.

Starwood sells their Sheraton Broadway Plantations Myrtle Beach 2BR lock-off Platinum Season for (around) 35K, on the resale market, you can buy one for under $1,500.

There are companies that will give you an"appraisal" but it is usually tied in with you paying them upfront fees ($1,500-3,500) to list your TS unit for sale with them - and then never sell at those crazy inflated prices.

If you would like to tell us
1. what you own
2. what size unit
3. what season/weeks the unit is in - don't tell us "Red Time" - tell us the actual time of year the unit can be used.

....someone here can probably give u an idea....
Just be prepared that the number you will hear is VERY much less then what u paid for it.

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

There is little/nothing to be added to the two replies. They pretty well sum it up. There are no legitimate appraisal companies that compare comps, just illegitimate ones with questionable parents.

But . . . for what legal purposes? Valuing assets in an estate?

Post what it is here and on other timeshare forums, maybe one specific to the timeshare, and go from there.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

There is little/nothing to be added to the two replies. They pretty well sum it up. There are no legitimate appraisal companies that compare comps, just illegitimate ones with questionable parents.

But . . . for what legal purposes? Valuing assets in an estate?

Post what it is here and on other timeshare forums, maybe one specific to the timeshare, and go from there.

or divorce, I imagine.

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

Thanks for the input

I'm currently in divorce proceedings

Its a 1/1 at Coconut Mallory in Key West FL. I've looked at ebay and found one like mine for sale for $1000. We paid 13k for ours. I gave up on selling it a long time ago after paying two companies to list it and getting nowhere.

What I need is a piece of paper with someone's signature on it saying what its worth. I called the resort, they told me they couldn't help me, I called a couple listing companies and everyone's quick to tell me that it's worth 17-20k but no one will put anything writing.

I did a bit of googling for "timeshare appraisals" and found a site called inteliprice.org. Supposedly they send you a "free appraisal certificate" but all I got was an Error after entering all my info...

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

Conch Man is our resident expert on Key West.

Someone rattle his cage.

I'll drop him an email.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Thanks for the input

I'm currently in divorce proceedings

Its a 1/1 at Coconut Mallory in Key West FL. I've looked at ebay and found one like mine for sale for $1000. We paid 13k for ours. I gave up on selling it a long time ago after paying two companies to list it and getting nowhere.

What I need is a piece of paper with someone's signature on it saying what its worth. I called the resort, they told me they couldn't help me, I called a couple listing companies and everyone's quick to tell me that it's worth 17-20k but no one will put anything writing.

I did a bit of googling for "timeshare appraisals" and found a site called inteliprice.org. Supposedly they send you a "free appraisal certificate" but all I got was an Error after entering all my info...

Unless either one of you want it - I would suggest that you list it on ebay for $1 and just get rid of it.
If one or the other does want it - see if it is possible to simply agree to a valuation of $1,000 and do a quit claim deed to the other party.

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

Or, if one wants it, let them have it for free, the value to the other being not being obligated to the annual fee.

Speaking of divorce, I remember well the conversation with my first wife, Plaintiff.

"I've filed for divorce."

"Oh."

"Just one thing."

"You want the Jag."

"Yup."

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

This is a pretty common service that is normally done with a written valuation from a licensed brokerage- and it is used for the purpose of valuation for distibution of assets. I've signed off on hundreds of these, which are generally used for estate, divorce, or bankruptcy proceedings. I, however, only do these for institutional clients such as law firms.

Be aware..... In very rare instances, a uncooperative judge will require a certified appraisal (which can be obtained but is ridiculously expensive) but normally a written cma is accepted without question. If the agent has access to a reasonable number of comparable sales, it will probably only take him about an hour to prepare the document.

Call Jim Heberle at 800-890-1940. He is a licensed agent with Fidelity Real Estate and routinely creates these documents for Starwood resorts and also Florida properties. You'll probably end up paying about $50.

Finally- one thing that I run into over and over again... In the divorce decree, it's likely that the judge will determine that the timeshare shall be awared to one party. The decree will state that the property is to be transferred. The attorney's handling the transaction will likely "forget" to prepare and record a quit claim.. Don't let them! Ensure this is done (regardless of who gets the property) and that the resort is notified of the ownership change. Your resort will also require a $50. transfer fee when the new deed is sent to them.. Send it!

I've seen many situations where these steps were not done, and years after the divorce one party stops paying the annual dues.. Both names still show, and both names are sent to collections.. Or, the "winning" party will later try to sell the interest- only to be stonewalled when the other side refuses to sign.. They can be forced to do so by a judge, but normally this requires more legal action and attorney's fees!

Get everything done now and put this entire thing behind you. I'm very sorry for your personal situation, and wish you the best for the future.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

rikkis - I 'forgot' about you and your line of work.... in the future I will defer.

And I agree the most important part is to make sure the transfer takes place!!!

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

Thanks guys! I'll follow rikkis_playpen's advice. Wish I joined this site years ago