I bought some timeshare in florida for 12k its next to walt disney, universal studios and sea world. I need help selling it.

There is no out, those are iron clad contracts.

You can not even give them away, no one wants to pay the yearly "maintenance" fee. You might try paying someone to take it.

I’ve always made on-time monthly payments on my timeshare until now…I’ve filed for hardship with the timeshare company but haven’t received an answer from them. I am thinking of letting it go into foreclosure because I can’t make payments anymore. They won’t let me sign the Warranty Deed in Lieu of foreclosre and instead offered me a downgrade. I’m afraid of legal issues. What should I do?

I would say that if you have not applied for a HELOC, then you are safe. If you went and refinanced using your equity in your home, then the debt is with your home mortgage lender and not the timeshare company. You might want to look at selling for what is owed on ebay or craigslist. Visit Timeshare Advocacy International for more.

I know a lot about timeshares because I used to process contracts for a timeshare company.

What I don’t know is how one timeshare company compares to another and how to shop for what is best.

Am I looking for my favorite locations? Transferability? Number of locations? I can figure out my cost options myself, I just want to know what else other owners watch for or wish they had.

What we wished was true and what made most of us owners buy is that it’s a financial investment, that you can rent it and make money on it, that you can exchange it for anything you want and finally that you can resale it and make a profit. Not easy hu?

But here is the real deal:
Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.

BIG "NO,NOS" IN TIMESHARE:

*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU
*It is not a financial investment
*Don´t buy if you plan to rent it
*Don´t buy if you plan on reselling
*Don´t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER

THE RIGHT CIRCUMSTANCES:

*This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.
*Get it in an area the you LOVE and that you would visit every year without a problem
*Get it in a very nice Resort (where normally people would pay at least $200 a night)
*Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee.

HERE ARE THE NUMBERS:

$200 USD a night (in a decent resort) x 6 nights = $1200 USD

Maintenance fee in a NICE RESORT x 6 nights = $700
*Maintenance in a "decent resort" x 6 nights = $400

We’re looking into getting a timeshare but there’s so many places it’s hard to know who has the best service and offers the most for your buck without breaking the bank. We’d prefer something deeded at the minimum but we’re open from there as far as point systems or scheduled weeks…etc. Any feedback on companies and info on how they work is greatly appreciated!

Hi there. You may want to try eBay. Please check this link for further details: http://pages.ebay.com/realestate/timeshares.html

If someone could please explain the point system ( ike diamond resorts uses) why it is good or bad. I have heard why the regular timeshare is bad, but the point system seems different. Anyone with personal experience would be great.

Point systems were created because the resorts where running out of things to sell. If they deed weeks they can only sell 50 weeks per unit. Obviously that puts a cap on how much the resort can make. With points there is no limit to how many points they can sell because a point is fictitious and has no value compared to a physical deeded week. Usually they do have a set amount they can sell specified in the resort docs however it is usually always stated that they can increase that amount. The nice part to points is you can use them at many resorts especially if you are talking Wyndham, Diamond, or even DVC. This gives you a lot more flexibility.

If you are looking at Timeshare points as a way to save for vacation I suggest a savings account and renting a timeshare. I rent timeshares a couple times a year and love it. I usually pay $500 to $1000 depending on what resort I am going to. I would suggest you rent a timeshare a few times and see if this is something you want to then buy into. You don’t want to buy it then never use it like most people do. Check out http://www.buyatimeshare.com that is where I get most of my rentals.

I just purchased a timeshare property with my sister who is still in college. I’m just wondering if her name is on the deed if she will have to claim that somewhere on taxes this year?

Not until it’s sold, or if you rent it out and make money from it rather than using your time yourselves.

If i only want to use wyndham/fairfield resorts, are resale points treated any different than the points that i but from wyndham? If I did want to use a different timeshare, how do i trade my points? Can I use my points for other things like cruises, airfare, and rental cars?

Yes — they are different. To trade your points for a different timeshare, you need to belong to a timeshare broker organization, such as RCI or II. For a fee, they allow you to exchange your "points" for other properties, get airline miles, rental cars, etc..

There are a lot of scam artists who ask for an up-front fee to cover their "marketing costs". There is no guarantee that they will ever sell your timeshare. And, if they’re being paid up-front, they have no incentive. Any ideas?

I bet they didn’t tell you that a timeshare is like buying a car. It depreciates the minute the ink dries. For that reason the government doesn’t allow timeshare companies to offer timeshares as investments.

I don’t have any suggestions other than those programs I have seen advertised on tv. Have you tried selling it back to the company? Also you could advertise on www.craigslist.org I sold a rental house I owned sight unseen within 3 hours. Maybe you will get lucky.

I bought the timeshare with my friend in Cancun with Club Regina 6 years ago. Both of us are tired of paying the maintenance fee. Does anyone know how to give up? The timeshare is paid in full.

there are places that buy and sell timeshares
do a search and contact some

I might be interested, but I’ve heard good and bad… What are the pros/cons of owning a timeshare?

Advantages: Timeshares on an annual basis can save you money on vacations and the amenities the resorts offer BLOW away a standard hotel or motel. You can find inexpensive resorts for sale on the resale market and the annual maintenance fees most likely will run you about $500 to $700 a year (depending on what location and size of unit you choose). You don’t have to stay at the same location on an annual basis all timeshares affiliate with an exchange company, which enables you to stay at resorts across the country and world.

Disadvantages: You will be responsible for paying the maintenance and taxes every year whether you use the unit or not. There will be restrictions on exchanging depending on the rating of your home resort (that’s where research comes in). Selling the timeshare can also be a challenging task, but if you buy resale your losses will be minimal if at all.

If you are planning on buying a timeshare I suggest doing lots of research and lots of financial planning.