Elderly Parents Bought $30k worth of Points

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

My parents are older and in the last 10 years they have spent about $30,000 on BG points. Now they are having health issues and can't travel much and are feeling the pinch on the maintenance which I understand runs about $2000 per year. Now I know I don't have enough specifics here to get much of an answer and apologize; for now this is all the information I have. They spoke to someone at the BG office and told them they want to sell. My parents were told that people often get 2-3 times their investment when they sell. They offered to list the points for sale on some site and recommended that they list them for two times their initial cost for a "quick sale".

What do you folks think about this? I have a very high degree of skepticism that they will recover anything even close to their initial investment much less twice that amount. So they have listed their points for $60,000! This sounds very sketchy to me. They are getting calls from scam artists who have tried one thing and another. But I am wondering-- have you heard this sales pitch about the 2-3 times investment in the aftermarket?

Does anyone have a real ballpark figure of what they points are actually worth? Honestly, I wish I could just secretly pay the crazy price to help them get out of it, but I really don't want the points, maintenance, etc.

Just thought I'd ask some of you pros on here what you think. I appreciate your response.

[scootr5 Senior Member Find all posts View Profile Close scootr5]

You won't want to hear or believe this, but on the resale market they will be lucky to fetch little more than the $450 transfer fee to give them to someone else. Take a look at ebay for completed resales of Bluegreen points, and you'll see many that don't even sell for the $1 opening bid.

My parents are older and in the last 10 years they have spent about $30,000 on BG points. Now they are having health issues and can't travel much and are feeling the pinch on the maintenance which I understand runs about $2000 per year. Now I know I don't have enough specifics here to get much of an answer and apologize; for now this is all the information I have. They spoke to someone at the BG office and told them they want to sell. My parents were told that people often get 2-3 times their investment when they sell. They offered to list the points for sale on some site and recommended that they list them for two times their initial cost for a "quick sale".

What do you folks think about this? I have a very high degree of skepticism that they will recover anything even close to their initial investment much less twice that amount. So they have listed their points for $60,000! This sounds very sketchy to me. They are getting calls from scam artists who have tried one thing and another. But I am wondering-- have you heard this sales pitch about the 2-3 times investment in the aftermarket?

Does anyone have a real ballpark figure of what they points are actually worth? Honestly, I wish I could just secretly pay the crazy price to help them get out of it, but I really don't want the points, maintenance, etc.

Just thought I'd ask some of you pros on here what you think. I appreciate your response.

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

FWIW, this is my one topic on this forum, and I am pretty much not welcome when I try to advise, but the fact that your parents are elderly, have health issues, and are strapped financially is sorta the "Perfect Storm" of issues when it comes to getting out of timeshares. It is much more persuasive than "I just don't want it any more."

Forget about the lies . . . we were all lied to.

Forget about making a profit. That's one of the lies.

Focus on getting them out, putting forth a persuasive, sympathetic argument to whoever, and being realistic about what you might offer to them (not resale companies) to get it done.

As has been discussed here, very briefly, is that Europe is way ahead of US when is comes to distressed exit strategy, and the situation you have described is almost a virtual out in Europe. At the very least, resorts in their "association" of resorts require letting owners out with no more than three years maintenance fees. I have offered our resorts one year's fees, plus the cost of transfer, and they have turned me down.

If you don't get anywhere, I will offer further advice for going forward on your own, or with the help of a trusted legal, professional.

http://www.rciventures.com/rdo-stren...exit-strategy/

"RDO’s new requirements, recently approved by the Board, go over and above those covered by law and, in addition to it now being mandatory for RDO resort members to have an overall exit programme in place, the following specific new elements have been adopted (although in the case of some members and their clubs such practices have been in place already for a number of years):
◾In the event of the death of a joint owner, the surviving owner can surrender their timeshare if they wish and additionally, the beneficiaries of a will are not obliged to take on the timeshare if they do not wish to do so.*
◾A timeshare owner who has been declared bankrupt may hand back the timeshare without charge.*
◾If a sole owner or either of the joint owners is suffering from a long-term illness that prevents them from travelling to their resort for the foreseeable future, the timeshare interest may be surrendered.*
◾In all other cases, an owner may surrender their timeshare interest at any time, subject to the agreement of the RDO member. In such cases any surrender fee shall not exceed a sum equivalent to three years current maintenance fees."

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

Until recently there was a ready market for Bluegreen timeshares certain folks known affectionately as mega renters would take them off your hands. However in the face of Bluegreens recent changes putting limits on how many rentals one owner can do, this market has pretty much dried up.

In spite of this there are still a lot of Bluegreen owners that love the product and would be happy to take the ownership. And I know a couple of Wyndham magarenters looking at Bluegreen for the diversification. You may have to pay a year or two maintenance fees in advance as an incentive, and pay the transfer companies fees, but Bluegreen can definatly be given away

[rapmarks Moderator Find all posts View Profile Close rapmarks]

I am not an owner so I should not comment, but many buyers are reportung that Bluegreen has started exercising the right of first refusal on bigger packages.

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

Wow! Here's some current news:

https://www.facebook.com/Angry-Blueg...1890975192231/

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

Try to give it away on TUG, EBAY, or Timeshare Nation (which charges a fee only after it gets a "buyer"). You should pay all the transfer costs and so on to make it more enticing. Throw in a gift card or whatever if need be.

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

a visit to ebay shows that bluegreen contracts do indeed sell.

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

$30,000 at retail is likely only about 15,000 points which would likely have a MF of closer to $900 plus the club fee. I wonder if they are still paying off principal of one of their later purchases at a ridiculous developer sponsored ARP of 17-22%. Everything would need to be paid off and then they would be lucky to net $1000 (which is likely how much they paid for their $60,000 ad) after the transfer fee is paid. If their points are associated with a contract for a summer week at Wilderness Club at Big Cedar they may get a buyer willing to pay $1500. If not they probably need to think about giving it away and hopefully finding someone to cover the transfer costs. They (or you) can join the Yahoo BG group to help them find the contract info they will need to sell or give it away. Again it does need to be paid off completely and MF need to be up to date before anything can be done.

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

My parents are older and in the last 10 years they have spent about $30,000 on BG points. Now they are having health issues and can't travel much and are feeling the pinch on the maintenance which I understand runs about $2000 per year. Now I know I don't have enough specifics here to get much of an answer and apologize; for now this is all the information I have. They spoke to someone at the BG office and told them they want to sell. My parents were told that people often get 2-3 times their investment when they sell. They offered to list the points for sale on some site and recommended that they list them for two times their initial cost for a "quick sale".

What do you folks think about this? I have a very high degree of skepticism that they will recover anything even close to their initial investment much less twice that amount. So they have listed their points for $60,000! This sounds very sketchy to me. They are getting calls from scam artists who have tried one thing and another. But I am wondering-- have you heard this sales pitch about the 2-3 times investment in the aftermarket?

Does anyone have a real ballpark figure of what they points are actually worth? Honestly, I wish I could just secretly pay the crazy price to help them get out of it, but I really don't want the points, maintenance, etc.

Just thought I'd ask some of you pros on here what you think. I appreciate your response.

Why would someone pay your parents 2-3Xs the going rate when they can buy directly from Bluegreen or authorized reseller Pinnacle Vacations for $1.25 and get charter benefits?

Your parents are being scammed.

See this thread. http://www.timeshareforums.com/forum...uegreen-Points


I saw this listed in the Bluegreen Facebook page and it really describes what you need to know to sell or give away your Bluegreen Timeshare.
People who are buying/taking your ownership want and need this information

Here is the post

"Call BG and ask them the following questions:
Home Resort,
Week # Unit #,
Trust Fund, Sales Type, Anniversary Date,
MF due date,
Number of points in the account (annual or saved) and when they expire,

List all of this as I did above with the details of WHO (you or the buyer) pays the transfer fee. (Currently $450)
Makes everything go faster.

Once you have the information, Repost with the details like I did in a list format so everyone can read it easily."


Bluegreen Owners Buy and Sell
https://www.facebook.com/groups/1415...55850/?fref=nf

You can list it in the above Facebook group and offer to pay the transfer fee. $450. As long as your parents do not owe anything on there ownership, it will be easy to give away.

If your parents are deeded at one of the more popular resorts there could be value above 0 for their ownership. People will pay for deeds at Big Cedar, La Cabana or anywhere where having the underlying deeded week would be valuable. Owners can reserve these deeded weeks at 13 months out. I just paid $1,500 for 25,000 points at La Cabana with deeded week 52/1/14. People will pay more for deeded summer weeks at Big Cedar.

It is a bitter pill to swallow when something you paid so much for is almost worthless when you want to get rid of it but I hope they had many years of vacations and memories that make it worth it.

You can list your ownership for sale here and on TUG for free, and on Redweek and MyResortNetwork for a very low cost.

Good Luck.

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

You may have to pay a year or two maintenance fees in advance as an incentive, and pay the transfer companies fees, but Bluegreen can definatly be given away

This is "usually" not true with Bluegreen. The usual is that seller pays the transfer fee or splits with the buyer. Have never seen offers to pre pay fees. Just isn't necessary with this product.

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

I am not an owner so I should not comment, but many buyers are reportung that Bluegreen has started exercising the right of first refusal on bigger packages.

Yes, I have seen this posted recently on several different boards/groups. Not all the eBay sales are going through.

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

http://www.ebay.com/sch/i.html?_from...oints&_sacat=0

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

Pinnacle Vacations (Google it) is the only authorized reseller of BG points. This means they can convey the "perks" that might be bundled with the ownership. Could possibly list with them. But they have many listings already. As others have said you can look on eBay in the real estate listing under timeshares for sale, then filter on the word bluegreen and you'll see listings being offered for nothing. One option would be for you to take the timeshare and use it. I think the timeshare can be placed in your name for a small fee since you are a family member.
It is a common sales "tactic" for the salesperson to say it's an investment. At one time it may have been, but not now for years. Good luck on your endeavors.

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

After re-reading your post, do your parents still owe on the mortgages?? If so there is not going to be anything you can do until those are paid off.