Timeshare owners beware
special to the daily
Over the years thousands, no, maybe hundreds of thousands of people have purchased timeshares. What a great deal, be part of an organization that will allow you to vacation in the same location every year for the rest of your life. Or, you can trade your vacation week for another spot almost everywhere in the world.
In theory owning a timeshare is not a bad thing. I know of timeshare owners who get every pennies worth out of the time share they own. These people are experts in planning ahead of the rest of the crowd so they are guaranteed that they can vacation in Tahiti or Hawaii or Orlando. They do their research on the resorts in the areas they want to visit and they make the most of the timeshare plan.
I, on the other hand, could not plan a vacation one or two years in advance. I want to take advantage of a slow time in my business and take a few days off in a week so none of the vacation spots that I want to visit that time of the year are available. The locations that are available are Detroit in January and the California desert in August.
So what are owners like me to do? The first thing I did was get on the Internet and research how to sell my timeshare. It sure looks like every timeshare that is privately owned is back on the market. So I contacted a timeshare resale company and what a mistake that was. Some wanted a few hundred dollars up front to place my timeshare at the bottom of their list of thousands on ones for sale.
Others wanted me to gift my timeshare over to them so they can sell it to big corporations that give them as gifts to their employees. I get no cash but I do get a deduction on my Federal taxes.
I personally consider both as killer deals for the company I was talking to and both can make money, but I get the short end of the deal.
So are there legitimate companies that sell timeshares, you bet. These are companies that are normally local to the region that your timeshare is located. If your time share is in Orland, Fla., it just makes sense that potential buyers are looking for agents selling time shares in that area.
My advice for those who own timeshares and are looking to sell them, look for a local resale agent in the area of the timeshare for help. I also advise you to spend some time in learning how to better utilize the timeshare system as you just may find that if you cannot sell it you can at least benefit from the use of it.
For answers to your mortgage related questions call Bob Kieber at (970) 262-1199 or e-mail him at email@example.com. Bob is a local mortgage lender and principal of Resort Lending. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country.
Support Local Journalism
Support Local Journalism
As a Summit Daily News reader, you make our work possible.
Your donation will be used exclusively to support quality, local journalism.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User