Is There Any Market for Not Paid Off TSs?

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

I bought a biennial 2 bedroom (8 person) timeshare on week 2 at Vacation Village at Parkway in Kissimee, FL with 55,500 points about 6 months ago. I started planning to take a points vacation and realized that I am not saving money booking through RCI. I realize I made a mistake and in researching my options to get out, I found this site with a lot of helpful info.

There is probably about $9,000 left on the mortgage. Do I have any options to cut my losses?

It sounds like deedbacks are rare, and even then, only apply to paid off properties. Ebay sales for timeshares at this resort are starting at $1 and are probably paid off. I will call Lando Resorts (the property owner) this afternoon to see what they have to say.

Are foreclosure and sucking it up until it's paid off my only options?

[timeos2 Senior Member Find all posts View Profile Close timeos2]

There is virtually no market for paid off, giveaway timeshares today. One with a loan is impossible to sell.

You may be better off approaching your resort/lender to see if they will let you out or pay a reduced amount to turn it in. Otherwise you may want to consider defaulting & suffering the credit hit vs paying for a worthless (to you & buyers as it sits) ownership that will also require annual fees.

Good luck.

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

First thing would be to try to get the resort to take it back.

If that doesn't work, figure out how you can get your best usage out of it and keep it. Or, default on the loan and ruin your credit rating. Both will be costly choices.

RCI isn't working for you, but have you looked into the smaller trading companies? You may have other options that way.

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

Thanks for the quick responses. Unsurprisingly, they're not willing to take it back. I'm thinking my best option might be to pay it off using a personal loan at a lower interest rate and sell the timeshare to avoid future maintenance and assessment fees. A real estate agent that advertises on this site estimates that the timeshare would sell for about $500.

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

I doubt that you could get $ 500 for it. Resale was tough before the economy got bad, so I doubt if you could even give it away right now. Not sure what outfit said that, but not everyone that advertizes here is legitimate. If there is an upfront fee required, run away quickly.

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

I doubt that you could get $ 500 for it. Resale was tough before the economy got bad, so I doubt if you could even give it away right now. Not sure what outfit said that, but not everyone that advertizes here is legitimate. If there is an upfront fee required, run away quickly.

$500 I could see. What are the maintenance fees for those 55k points? Are they RCI points? Probably a 2BR lock-off unit as well. I'm sure if it was someone from here they asked those questions.

Orlando has become quite the RCI trader for specific weeks so you might find interest if it could get say christmas week or other holidays and people DO like to visit Orlando for some unknown reason.

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

Maintenance fees are about $700, including tax, on use years. The points are RCI. It is a 2 br lock-off unit. I've read the dangers of upfront fee realtors, but this one does not ask for upfront payment.

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

In addition to what has been said here, Orlando is probably the gluttiest of any TS glut area. Take a look at craigslist Orlando, and other vacation rental/TS rental/sales sites and you will see them up the wazoo.

Sorry, but facts are facts.