Is it difficult to sell or transfer?

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

Hello,

I had a question or two about selling or possibly transferring our bluegreen timeshare?

We purchased 10,000 points in August 2005 for about $12,000 and I think the principal balance is still about $9800 although I am not sure what the actually payoff amount is although I have requested it.

I have a medical situation that makes it impossible to travel anymore so it is really kind of pointless to have our bluegreen membership. My wife went with family/friends this year but said it just isn't the same since I am stuck at home. So we would like sell or possibly transfer it ASAP since it is time for maint fees (about$700) and our dues come up in January also.


I was wondering how hard it was to resale or if it is possible to transfer it to a relative (assuming I can find a relative that wants to assume ownership) of our membership?

Needless to say we do not care to make a large profit off the sale but just want to get out of the contract since it isn't useful to us anymore.

Thanks for any help and advice with this situation,
Dean

[T/S Guy Junior Member Find all posts View Profile Close T/S Guy]

Contact BocaBum. He works for an authorized reseller for Bluegreen. He will be able to advise you. You can find him on many of the threads throughout this website. Good luck.

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

Sorry to hear about your situation.

We have been timesharing for 20 years . . . one thing the industry has never been concerned about is owners whose situation changes and they need to get out.

Selling any timeshare is difficult, not to mention one that is not paid for. You can count on having to pay off the balance . . . and what you might get for it will likely be disappointing, if you can find a buyer at any price.

The desire to purchase a timeshare is likely at an all-time low right now.

Google the topic and you will discover that some owners are paying companies . . . $3500 to $4000 . . . to get rid of paid-for timeshares.

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

Paper work is easy for transfer of ownership but...

We purchased 10,000 points in August 2005 for about $12,000 and I think the principal balance is still about $9800 ... So we would like sell or possibly transfer it ASAP ...I was wondering how hard it was to resale or if it is possible to transfer it to a relative (assuming I can find a relative that wants to assume ownership) of our membership? ... Needless to say we do not care to make a large profit off the sale Dean

Dean,

I am very sorry for your health problems.

Transfer of ownership paperwork is very easy with Bluegreen. However, I have no knowledge on how to transfer a mortgage. I am guessing that the original mortgage has to be paid off before ownership can be transferred. Or, the new owner has to legally take over your mortgage. BocaBum will know how that is done.

However, I hate to be the bearer of some real bad news. Anyone who might assume your mortgage is probably going to check the resale market to find out what they are buying. They will find that they can probably get 10,000 points for around $2,500 or less. So the question is not one of profit, but of how much loss can you bear?

The huge difference between retail price and resale price is a function of the expense of marketing and of profit for the developer. If the developer doesn't make more profit than he can get in stocks, bonds, etc., he wouldn't develop timeshares and there would not be any timeshares. I assume you didn't walk into a Bluegreen office and say "sell me a timeshare". Instead you were probably enticed by a "free gift" and a salesman spent a large amount of time with you. Many of his prospects do not buy so his salary has to come out of the sales he does make. And the sale has to pay for all of those "free gifts". Hence, the high retail price.

All of that being said, I do not regret my original purchase at developers prices. As a confirmed workaholic, my BG ownership has forced me to vacation and has provided me, and my family, with many wonderful vacations which has made life more meaningful.

I have two pieces of real advise for you. 1) Is to echo the previous responder and have you contact BocaBum. He is very knowledgeable about timeshares in general and BG in particular. Not only that, he is a very honorable person and easy to work with. and 2) Do NOT pay anyone upfront money to sell your timeshare. They will take your money and not do anything. (A token $25 - $50 might be OK.)

My advise to those considering purchasing a timeshare. Do not do it by borrowing money. You never know what life is going to hand you.

Charles

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

...
My advise to those considering purchasing a timeshare. Do not do it by borrowing money. You never know what life is going to hand you.
Charles

That's always been my advice too. If you can't afford to buy it for cash, you can't afford timesharing. Only a very few have been able to get back their original cost(without even including inflation or the cost of money) from a developer purchase and then only after several years of ownership at a high quality resort. For most people, the original purchase price can be considered lost money or money spent.