selling timeshare with maintenance fees due

bob&jen · #1 (**permalink**) March 20th, 2008, 02:53 PM

We want to sell our timeshare in las Vegas and have past due maintenance fee's. Is this a problem when selling timeshare? I'm sure there is other timeshare sellers in our situation. Advice?

TAI_Staff · #2 (**permalink**) March 21st, 2008, 11:03 AM

Hello bob&jen,

In order to transfer the ownership of the timeshare to the buyer, the maintenance fee's must be current. You can, however, advertise and market the timeshare to be sold without these fees being current.

bob&jen · #3 (**permalink**) March 21st, 2008, 12:06 PM

okay. I was told that when a buyer is interested in buying my timeshare, I can settle the maintenance fees then. What else will I need to have when a buyer is interested and we are in the transfer closing process?

lawtalk2 · #4 (**permalink**) March 21st, 2008, 12:12 PM

Here's what you will need and how timeshare resale is unique according to the Federal Trade Commission's timeshare Resale Checklist:

Quote:

Selling a timeshare is a lot like selling any other piece of real estate. Check with the resort to determine restrictions, limits, or fees that could affect your ability to resell or transfer ownership. Then, make sure that your paperwork is in order. You’ll need:

the name, address, and phone number of the resort;
the deed and the contract or membership agreement;
the financing agreement, if you’re still paying for the property;
information to identify your interest or membership;
the exchange company affiliation;
the amount and due date of your maintenance fee;
the amount of real estate taxes, if billed separately.

Hope this helps you.

Charles

gilbertson · #5 (**permalink**) March 25th, 2008, 01:35 PM

Quote:

Selling a timeshare is a lot like selling any other piece of real estate.

As a Realtor and a timeshare owner, I beg to differ about the FTC quote about selling timeshare being like normal real estate. Residential homes can be marketed locally local unlike timeshare, which usually has a national or worldwide marketplace.

Perhaps they refer to the legal transfer of ownership similarities because timeshare IS deeded(at least mine is). But, I've been dealing in real estate for years and have no idea nor would I want to undertake the marketing of a timeshare. I don't know any Realtors that would.

McBig · #6 (**permalink**) April 10th, 2008, 03:33 PM

I been reading over the comments here and I spent a lot of time trying to find a realtor with timeshare sale background and record without any real success. The realtor that my friend sent me to near home told he had no idea about timeshare and to go to the web and still nothing except timeshare resale companies. Now I been getting mail from a timeshare company having a seminar to help people get rid of timeshares? Any one know about this, it sounds too good to be true?

TAI_Staff · #7 (**permalink**) April 14th, 2008, 10:34 AM

Finding a Realtor that successfully deals in timeshare can be tough. Realtors typically deal in properties which command a much higher dollar amount and therefor a much more attractive commission. Plus, the costs of marketing a timeshare to the worldwide audience can be too expensive for a Realtor when compared to what is spent marketing local residential or commercial properties. In the rare occasion that a Realtor does choose to deal in timeshare, they often demand a very high commission(as much as 40%).

I'm not exactly sure about the company you refer to, but there have been recent reports about similar solicitations that lure a timeshare owner to a seminar with a claim to "buy" the owners timeshare. It turns out these companies want you to pay them as much as 7 times your annual maintenance fees to take the timeshare off your hands! It's my understanding from these recent reports that these companies then liquidate the acquired timeshares for cash.

I would advise you to be cautious of anything that sounds too good to be true.

If you DO attend this timeshare seminar, I invite you to please post your experience.

McBig · #8 (**permalink**) April 24th, 2008, 02:23 PM

I never went to the timeshare seminar to the buying timeshares invitation I got in the mail. I did call them and it was just like you said. They wanted something like $3,500 to take the timeshare away! I was excited about a sure sale and would have went to a seminar if I had not been warned here, so thanks. With no realtors selling timeshares and no company willing to buy the timeshare from me at a worthwhile amount, what are my options? I've tried the craigslist thing and a few other similar selling sites with out success. Afraid of paying a company to sell the timeshare because of the rumors. Help!