I own a timeshare outright. And need to get rid of it, because it is falling apart and un-trade-able?
When my wife and I first bought this, it was a great property in the US Virgin Islands. It had high trade value with RCI. However, after a lengthy lawsuit against the former property manager (a suit led by the owners assoc), the property has since fallen apart. Mold is overtaking and closing some units. major repairs in the millions are needed. RCI trade value has dropped to the point where we cannot reasonably trade for decent weeks at other resorts. Our maintenance fees are climbing, and after 10 years of this, there is no end in sight. I AM current on fees and taxes and own the unit outright. I canNOT therefore, simply give it back to the bank. Sooooooo, is a “quit claim” actioni (similar to a divorce) an answer that will protect my credit? The current managament says if I “walk away” they will give to a collection agency, which could severely hurt my credit rating, which is excellent. HELP!
Time shares are pratically free these days. Go ahead and check ebay.
Your best bet would be to donate it to a charity – then get a tax write-off.
Time shares are one of the WORST financial decisions.
Time shares are pratically free these days. Go ahead and check ebay.
Your best bet would be to donate it to a charity – then get a tax write-off.
Time shares are one of the WORST financial decisions.
References :
If there is a mail box or a community bulletin board at your home resort, you can put a “For sale” sign. This will pressure the developer specially if they sell it for $20,000 USD and you offer it for $5,000. Sometimes on the fine print of some sale agreements says that the developer has the first right to buy if your place is ever sold. I have heard of developers paying the money (as long as is not too much) just to take the sign out.
To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, don’t be another victim of a scam.
Unfortunately over 50% of people that really need to sell their timeshare falls for this resale scams where they charge money upfront and less than 10% of them use their only real option which is to post it or offer it trough free advertising options as much, and as many sites as they can (it is ok to pay a few dollars to post in a great place but no more that $20 to $30).
Timeshares do not have resale value and in most situations you would take a loss in what you paid for, as they resale for less than $2000 USD.
There are some free classified ads where you can start posting:
http://timeshareownerscommunity.com/
http://craigslist.com
http://ebay.com
http://recycler.com/
http://usfreeads.com/
http://www.inetgiant.com/
Donation may be for you as well:
There are no upfront fees, the charity will handle the timeshare transfer process for you, and it is taken care of quickly. Many charities will let you start the process online, and then contact you to finish up all of the paperwork. And of course, you will have the knowledge that your donation went to help a worthy cause.
One of the main advantages of donating is the tax write-off benefit. While you will generally receive more money if you sell your timeshare, if you like the idea of donating, you will still get some financial benefits. Once the timeshare transfer is complete, the charity will send you a receipt as proof. There is usually not a dollar amount attached, which is what you will need to determine yourself. Keep in mind that if the fair market value of your timeshare is over $5,000, you will need to get an appraisal to claim that amount on your taxes. You will need to pay for the appraisal yourself, which is often in the $300-$500 dollar range.
Find more info here:
http://timeshareownerscommunity.com/Charities-Accepting-Timeshares-Donations.html
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