Author Topic: How to dump a timeshare?  (Read 4707 times)

swimgriff06

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How to dump a timeshare?
« on: September 12, 2016, 01:37:25 PM »
SO and I stupidly bought a timeshare with Hilton grand vacations a few years ago. Pre-MMM. Ugh, don't ask!! Total spent was $11k.

Its paid off now. We pay $300/year in maintenance fees.

I want to unload it. Fully knowing I'll get a huge negative ROI (if you can even call it an investment. I call it a stupid mistake.) I've researched how Sell a timeshare and I can't find any satisfactory answers online. Most information involves hiring a real estate agent.

Anyone had any personal experience selling a timeshare?

catccc

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Re: How to dump a timeshare?
« Reply #1 on: September 12, 2016, 02:19:17 PM »
I've seen them for sale on ebay.  IDK how much you would be able to recoup, but it's worth a try.

LeRainDrop

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Re: How to dump a timeshare?
« Reply #2 on: September 12, 2016, 02:23:12 PM »
All I can tell you is that my parents stopped paying the fees and let the club foreclose on their timeshare.  Now they are free and clear of it, but I imagine the foreclosure had some impact on their credit.

Telecaster

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Re: How to dump a timeshare?
« Reply #3 on: September 12, 2016, 02:31:38 PM »
Posting to follow.  My MIL has a timeshare (Worldmark) that she definitely needs to sell.  I don't quite understand how the process works either. 

frugaliknowit

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Re: How to dump a timeshare?
« Reply #4 on: September 12, 2016, 02:32:12 PM »
Dave Ramsey sponsors Timeshare Exit team:  https://timeshareexitteam.com/?exid=site.nav.rec&snid=recommends.timeshare

It sounds like you need to pay to legally get rid of it.  There goes your "investment".  Sorry, it sux!!

katsiki

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Re: How to dump a timeshare?
« Reply #5 on: September 12, 2016, 02:35:56 PM »
I used this company a number of years ago to get rid of one:

http://www.trcsinc.com/default.aspx

mm1970

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Re: How to dump a timeshare?
« Reply #6 on: September 12, 2016, 03:17:26 PM »
ha ha ha!  They keep calling us ALL THE TIME.

Ah well, I'm sorry.  We didn't get sucked in, but my husband (before we met) got suckered into a "vacation club".  Which we used exactly once, on our honeymoon, before canceling.

Mr. Green

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Re: How to dump a timeshare?
« Reply #7 on: September 12, 2016, 03:42:41 PM »
We went to Disney World a couple years back and stayed at a Wyndham property. We all went to the spiel where they try to sell you a time share. Both of my wife's sisters bought one. I signed up for the introductory deal and then I cancelled the contract within my 10 day window after I did my due diligence online and found you could buy timeshares on ebay all day long for less than a grand. The resale value on them is actually so terrible that Wyndham had taken to buying up timeshares people were selling to try and repurpose them. What's ironic is the salesmen use the fact that the timeshare can be deeded to kids or sold as a selling point but that really has no value. If anything it ends up saddling the kids with a timeshare they don't want. I have to admit the guy doing the selling was damn good.

Both my wife's grandparents and parents have timeshares, and both her sisters now have their own timeshares, so I'm sure that will be interesting come inheritance time.

newton

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Re: How to dump a timeshare?
« Reply #8 on: September 12, 2016, 05:57:08 PM »
We went to Disney World a couple years back and stayed at a Wyndham property. We all went to the spiel where they try to sell you a time share. Both of my wife's sisters bought one. I signed up for the introductory deal and then I cancelled the contract within my 10 day window after I did my due diligence online and found you could buy timeshares on ebay all day long for less than a grand. The resale value on them is actually so terrible that Wyndham had taken to buying up timeshares people were selling to try and repurpose them. What's ironic is the salesmen use the fact that the timeshare can be deeded to kids or sold as a selling point but that really has no value. If anything it ends up saddling the kids with a timeshare they don't want. I have to admit the guy doing the selling was damn good.

Both my wife's grandparents and parents have timeshares, and both her sisters now have their own timeshares, so I'm sure that will be interesting come inheritance time.

My parents have one.  They have told me that it will become mine when they pass on.  Am I obligated to take it?  Any taxes or other concerns I need to be aware of?  Never thought of that :)

SimplyMarvie

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Re: How to dump a timeshare?
« Reply #9 on: September 13, 2016, 09:14:42 AM »
My understanding (from sitting through a Hilton Grand Vacations presentation, and then telling the sales agent that my dream vacation was to take the family to the rock churches in Lalibela, Ethiopia. Which both got us out of the presentation, and had the bonus of being true) is that Hilton has the right of first refusal any time you try to sell one of their properties for less than you bought it for. Perhaps you could find a way to make them an offer they couldn't refuse?

Yokan

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Re: How to dump a timeshare?
« Reply #10 on: September 13, 2016, 09:17:05 AM »
yeesh. I would second that time share exit team. I've heard about that working out anecdotally. It's definitely not cheap. I've also heard of people "donating" the time share as well. Not sure if you're up for that.

Lucky Girl

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Re: How to dump a timeshare?
« Reply #11 on: September 13, 2016, 09:35:16 AM »
Please don't donate your timeshare unless you hate the charity you are giving it to.  I worked for a non-profit that foolishly accepted the timeshare before I started.  It cost them money every year in annual fees, and had no value.  I tried to sell it, but of course no one wanted it.  I think they are still paying the exorbitant fees for that useless donation.

Yokan

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Re: How to dump a timeshare?
« Reply #12 on: September 13, 2016, 09:42:12 AM »
Please don't donate your timeshare unless you hate the charity you are giving it to.  I worked for a non-profit that foolishly accepted the timeshare before I started.  It cost them money every year in annual fees, and had no value.  I tried to sell it, but of course no one wanted it.  I think they are still paying the exorbitant fees for that useless donation.

Agree, it's definitely a moral dilemma. I wouldn't do it personally.

charis

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Re: How to dump a timeshare?
« Reply #13 on: September 13, 2016, 09:49:07 AM »
It only cost $300/year?  That doesn't sound too bad.  Would renting be a better option than selling?

boarder42

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Re: How to dump a timeshare?
« Reply #14 on: September 13, 2016, 01:24:19 PM »
you can give it away on ebay.  i'm not familiar with HGVC point system but for 11k and only 300 per year you probably dont even have a full week annually.  you'll have to give it away or pay someone to take it away though.

CrispRetirement

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Re: How to dump a timeshare?
« Reply #15 on: September 13, 2016, 01:40:18 PM »
You're going to have a hard time trying to sell it. Your best luck will probably be to find somebody who really likes the area in which it's located and will take it off your hands for free. This is the only way I've personally known somebody to get rid of a timeshare.

catccc

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Re: How to dump a timeshare?
« Reply #16 on: September 13, 2016, 02:10:02 PM »
Is there any way to monetize this if you keep it?  Like, rent out your usage to someone else?

Mr. Green

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Re: How to dump a timeshare?
« Reply #17 on: September 13, 2016, 03:35:20 PM »
My parents have one.  They have told me that it will become mine when they pass on.  Am I obligated to take it?  Any taxes or other concerns I need to be aware of?  Never thought of that :)
You are not obligated to take it. The transfer of deeded real estate requires the consent of both parties. Though I'm not exactly sure how you not taking it would affect the estate. Does all property has to be disposed of (sold or given to heirs) before an estate can be settled? If so then would having the timeshare company foreclose on the deed hold up the settling of the estate? I don't know the answer to those questions but you definitely, beyond a shadow of a doubt, do not have to take it.

tomsang

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Re: How to dump a timeshare?
« Reply #18 on: September 13, 2016, 04:08:43 PM »
Maybe you could go on vacation to the resort.  Stand outside the presentation with a make me an offer sign!

LeRainDrop

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Re: How to dump a timeshare?
« Reply #19 on: September 13, 2016, 07:32:32 PM »
Maybe you could go on vacation to the resort.  Stand outside the presentation with a make me an offer sign!

OMG, best idea!

tonysemail

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Re: How to dump a timeshare?
« Reply #20 on: November 04, 2016, 02:09:46 PM »
tugbbs forum is a good resource for this.

here is a guide on selling-
http://tugbbs.com/forums/showthread.php?t=44

here is a recommendation to give it away to other forum members-
http://tugbbs.com/forums/showthread.php?t=132509