Advice for "deedback" of unused unit?

[bsmith1051 Junior Member Find all posts View Profile Close bsmith1051]

My family has been a long-time owner of a timeshare managed by VRI, but we almost never use it. We finally decided that we've wasted enough money on it, and also long ago gave-up on trying to sell it. Instead, we'd like to just give it back. We called the resort and they told us that we still owed the 2009 assessment AND that VRI was going to charge us several hundred for a "deedback".

Is this fair?

We used to have a 2nd timeshare (at a different resort) and we were able to give it back through a simple/cheap quitclaim deed. Now, it sounds like VRI thinks it can force us to pay for something we don't want? I just totally feel ripped-off here, but am I wrong?

Any advice would be greatly appreciated.

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

The resort is not obligated to take back the deed. Some resorts will do it if they stand a decent chance of giving/selling it to someone else who will pick up the payments. Since you are obligated for the payments until it is no longer in your name, I don't think it's unreasonable for the resort to expect you to pay all fees currently due. The fee for the "deedback" sounds like it might be a nuisance fee, but depending on what you own, it may be a nuisance for them to take it back...

At any rate, I'm sorry you haven't been able to enjoy your timeshare. Depending on what you own, you may be able to transfer it to someone who would be willing to pay the 2009 fees. You can always list it here in the "Freebie" section to see if someone might want it.

whatever you do, don't give anyone any fees upfront for selling your timeshare, or taking it off your hands (unless you decide to deedback direct to VRI).

[bsmith1051 Junior Member Find all posts View Profile Close bsmith1051]

I realize they're not obligated to take it back. But I don't understand how I can be obligated to "stay in the club" either, especially as I'm not going to partake anymore. I wouldn't care if they foreclosed on me, maybe, except that I want to protect my credit score.

[joycapecod Silver Contributor Find all posts View Profile Close joycapecod]

The resort could and likely will turn over the collection of the maintenance fees to a collection agency and thus effect your credit rating. If you wish to "give it away" you could do a listing here on Timershare Forums. I am thinking that if the week and resort are VRI affiliated there should (depending on the unit) be some interest.

Joy

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

I realize they're not obligated to take it back. But I don't understand how I can be obligated to "stay in the club" either, especially as I'm not going to partake anymore. I wouldn't care if they foreclosed on me, maybe, except that I want to protect my credit score.

Have you tried selling it or giving it away, or possibly renting it? You did buy it, and you are responsible for the fees as long as you still own it. I don't see any unfairness in that. I do agree it is a liability, but it goes along with ownership. Paying VRI to take a deed back may be your most cost effective option.

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

Yes.

For someone who claims to have owned a timeshare for a long time, you have surprising little understanding of it.

Just for kicks, and since there are some VRI resorts in some timeframes that we enjoy visiting, what do you own?
- - - - - -
An option frowned upon, but one that quite a few owners in a situation like yours seem to be resorting to is to pay someone to take it off your hands. There are companies doing that and the going rate appears to be around $3500.

really

am I wrong?

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

I realize they're not obligated to take it back. But I don't understand how I can be obligated to "stay in the club" either, especially as I'm not going to partake anymore. I wouldn't care if they foreclosed on me, maybe, except that I want to protect my credit score.

You are obligated to pay the fees associated with the upkeep of your unit. If you don't, the resort has the right to foreclose. They might, or they might not, but it doesn't seem unreasonable to expect you to get your payments current before taking the deed back, if they are willing.

But as others have mentioned, maybe you can find someone who would enjoy owning it (and again, I don't mean the "timeshare relief" people).

[bsmith1051 Junior Member Find all posts View Profile Close bsmith1051]

For someone who claims to have owned a timeshare for a long time, you have surprising little understanding of it.

I'm not 'claiming' to have owned a long time, I have. And it's been an ENORMOUS waste of money over the years. My father got suckered into it but then died before he could take advantage of it. I've continued to keep it partly out of a sense of obligation to him. That and the fact that every time I've tried to sell it it's been clear that it's not 'worth' anything. It just burns me that a supposed 'asset' is really a liability. Not only can't I sell it, i.e., at a profit, but I even have to spend more money (at a loss) to get out from under it.

If anyone here would like to take it then I'd be thrilled. It's a "Prime" week, "Chalet" (1BD) at Tahoe Seasons Resort, literally across the street from the CA side of Heavenly Valley. MF is about $800.

I'm sorry I'm being so bitter, it's just been a tremendous waste of time and energy and money for me. My mom's been fighting cancer (unsuccessfully) for the past several years and the last thing I want to deal with is a collections agency vs another year of MF.

I really appreciate all the advice you people have offered and I will probably post a notice on the "Freebies" section.

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

I'm not 'claiming' to have owned a long time, I have. And it's been an ENORMOUS waste of money over the years. My father got suckered into it but then died before he could take advantage of it. I've continued to keep it partly out of a sense of obligation to him. That and the fact that every time I've tried to sell it it's been clear that it's not 'worth' anything. It just burns me that a supposed 'asset' is really a liability. Not only can't I sell it, i.e., at a profit, but I even have to spend more money (at a loss) to get out from under it.

If anyone here would like to take it then I'd be thrilled. It's a "Prime" week, "Chalet" (1BD) at Tahoe Seasons Resort, literally across the street from the CA side of Heavenly Valley. MF is about $800.

I'm sorry I'm being so bitter, it's just been a tremendous waste of time and energy and money for me. My mom's been fighting cancer (unsuccessfully) for the past several years and the last thing I want to deal with is a collections agency vs another year of MF.

I really appreciate all the advice you people have offered and I will probably post a notice on the "Freebies" section.

Worth posting a freebie here, you could also try on Ebay for $1. The Maintenance fees there are on the high side for VRI (I think, maybe a VRI expert can chime in), otherwise it would be a very attractive week. I am familiar with the resort and the location can't be beat for Heavenly - so for someone who might be able to actually use it, it might make sense. If that d/n work, I'd recommend cutting your losses, paying what's due and walking away. In a different economic environment, it might even be worth something, but as you say, the annual obligation quickly becomes a liability for those who can't enjoy the use of their timeshares, either by occupying them or exchanging them. You could also try reserving a good ski week and renting it for your maintenance fees - I've been doing that with a few of my weeks that I can't afford to use this year.

Sorry about your mom

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

Consider all your options....

Instead, we'd like to just give it back. We called the resort and they told us that we still owed the 2009 assessment AND that VRI was going to charge us several hundred for a "deedback".

Is this fair?

........

If anyone here would like to take it then I'd be thrilled. It's a "Prime" week, "Chalet" (1BD) at Tahoe Seasons Resort, literally across the street from the CA side of Heavenly Valley. MF is about $800.

You may have difficulty even giving that ownership away in the current market. Your resort currently has a pretty high rate of abandoned ownerships (2009 budget showed more than a million dollars for bad debt allowance and I believe around 550 delinquent weeks) which have pushed owners maintenance fees higher than comparable properties.... I'm hoping that the Pacific Monarch acquisitions will help to stabilize those numbers. I believe that Pacific Monarch was paying around $2,000 per interval- but your resort will still take some time to stabilize.

First, contact your HOA and see if they'll accept the deedback to the association. You already have VRI's cost and it will probably be the same, but if the HOA sees any future sales to Pacific Monarch it may be worth a try. Second, Try the freebie forum on this site and give it a week or so. Understand that even with no money to you, the buyer will have closing costs and transfer fees. I personally don't recommend eBay since many individuals don't seem to have much success there.

Then, simply compare each cost with the other. I can certainly understand your frustration, but you at least have a few options!

Good luck with your family, and with your timeshare......

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

The vast majority of owners fall into this category...

For someone who claims to have owned a timeshare for a long time, you have surprising little understanding of it.

We should always try to remember that most owners actually know very little about their ownership. They come to forums like this to educate themselves. We are just spoiled for the most part since the active members of this forum are much more savvy than any other timeshare networking site I've found.

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

We should always try to remember that most owners actually know very little about their ownership. They come to forums like this to educate themselves. We are just spoiled for the most part since the active members of this forum are much more savvy than any other timeshare networking site I've found.

Well said, and a good reminder.

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

Your family bought it & the obligation until it's sold

I'm not 'claiming' to have owned a long time, I have. And it's been an ENORMOUS waste of money over the years. My father got suckered into it but then died before he could take advantage of it. I've continued to keep it partly out of a sense of obligation to him. That and the fact that every time I've tried to sell it it's been clear that it's not 'worth' anything. It just burns me that a supposed 'asset' is really a liability. Not only can't I sell it, i.e., at a profit, but I even have to spend more money (at a loss) to get out from under it.

You seem to ignore the fact that VRI didn't sell the week to you or your family and they didn't FORCE the family to buy in. Like far too many your father got suckered into a slick sales presentation (not done by the Resort OR VRI - they only run the resort for the owners. They do not handle sales) and by doing so became obligated for the ongoing fees until it is sold/transferred to another owner.

If VRI or the resort Association are willing (and they do not HAVE to take it back as you do seem to realize) to take back the week in lieu of future fees due in exchange for the current fees due & whatever transfer fee they may require you would be well advised to do that. It relieves you of all future obiligations and any potential costs for a one time payment. Anything else - giving it away (unlikely to be accepted unless YOU get the fees current just like the deed back would also require), selling it (same current fees required) just leaves you on the hook for the fees until it actually gets transferred. And of course if you refuse to pay it can go to full foreclosure & the resulting hit to your credit status. Your choice. None of the choices are free and you are well advised to take the one that works best for you and minimizes how long you have to worry about this.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

There are 3 different things going on here:
1. The resort is willing to take the deed back. This is great news as there are many resorts which will not accept a deed back.
2. The resort wants several hundres of dollars to do the paperwork for the deed back. Again I don't see this as much of a problem. Many sellers are finding to to get rid of their TS they have to pay some or all of the closing costs. ( previous to this year, it was rare for the seller to pay any of the closing costs)
3. So it all seem to come down to the MFs for 2009 aren't paid. Ask the resort if " if the MFs are paid for 2009, can I use the unit in 2009? And if yes, can I deposit the unit with an exchanage company so I can take my time in find a good time to vacation?"
THe fair thing about MFs is that the person getting the benifit of the week ( or the person who failed to use the week if it has passed) should be the one who pays the MFs. So if the resort is telling you that you must pay the MFs, ask for use of the unit in 2009.

Hope this helps

[bsmith1051 Junior Member Find all posts View Profile Close bsmith1051]

Thanks, those are all excellent suggestions. if nothing else, sounds like I need to pay the MF *AGAIN* and hope I make time/effort to finally dump this albatross... something I've tried/failed to accomplish several times over the decades. cra p.

P.S. Where did you find that info re delinquencies? That would certainly explain why the MF is so high -- other people were smarter than I and got out while the getting was still good!