Returning a Marriott week

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

What is the best way to return a week to Marriott.

It is fully paid off but a gold season in atlantic city is just not worth the annual maintenance fees.

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

What is the best way to return a week to Marriott.

It is fully paid off but a gold season in atlantic city is just not worth the annual maintenance fees.

How much are the MFs?

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

What is the best way to return a week to Marriott.

Annual fees on that ownership should be about $880. That actually isn't a high number for a Marriott week, so your best option may simply be to continue to use, rent, or exchange.

Otherwise- your only option will be to sell the ownership on the open market, since to my knowledge, Marriott is not currently accepting any type of deed in lieu situation for that resort (they have plenty of available inventory for sales at that location). If you don't keep your account or loan current, they will send you to a collection agent and will eventually foreclose on the unit- but only as a last resort and that will take years.

Pricing will be absolutely vital for you to have a chance at successfully finding a buyer. Since there is not a right of first refusal for that property, that location has perhaps been even more inconsistent on the resale market that most Marriott resorts. I'd recommend you contact a respected brokerage that specializes in timeshares to obtain a written cma or estimation of value. Then you'll want to be willing to negotiate just below that number- as the market continues to be in a downward trend and I expect prices will still fall a little further.

If your expected proceeds aren't enough to pay your loan- you will be right back to square one, trying to use the ownership either directly or by renting to others to get some value from your ownership.

Good luck!

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

Hostelling,

You have a PM...