Originally posted by: sscasteel on 5/30/2006 7:37:52 PM
I recently went to a meeting to see about selling a timeshare I own from 1989. I found out some amazing facts.
Only those that use a timeshare a lot, does this not pertain to in whole. Only some.
First it is now almost impossible to sell or trade a timeshare date around anymore to any one.
However there are literally thousands of them out there for "RENT" And that can range from $29.95 a day to maybe as high as $65.00 [in most cases]
One of the major RENTING companies mentioned was RCI, which I believe stands for Resort Condominiums International.
Try to trade or sell a time share with them, and it will almost never happen or be ignored. <!--graemlin::(-->
Ask to RENT a room or unit for a few days, and there is usually hundreds to choose from instantly, in many locations. [USA and abroad]
The object is to get the renter so impressed they will "BUY" a timeshare and pay the Maintenance fees. Monthly, semi-annual, or annual.
WARNING.. [Lost in Space] <!--graemlin::eek:-->
Once you sign on the dotted line for a time share... you have committed yourself, your wallet/purse, and all heirs to the Maintenance fees "FOREVER" <!--graemlin::(-->
This trick work in the aggreement means that if the owner dies, it will go to a spouse or their children, or other relatives, ... EVEN IF THEY DON'T WANT IT. <!--graemlin::eek:-->
If an Heir refuses to pay the Maintenance fees, then the Timeshare company will file a lien against morgages, homes, cars, property, whatever they can.. to collect that fee and any late fees due also. In affect, they can cripple or ruin one's Credit rating for inheriting a timeshare property and not paying the scheduled Maintenance fees, even though they don't want it.
Incidently these timeshare companies can raise the Mainteance fee anytime they want too, without notification to or the approval of the owner. Thus you are "STUCK" paying the increase as well. <!--graemlin::(-->
I understand that before 2003, Many companies would buy time shares for pennies on the dollar then claim full value on property taxes and investments.
So in 2003 the IRS changed the value of all timeshares in the USA to ZERO... <!--graemlin::eek:-->
So now you see ads for companies selling times shares, at $495 to $500 up front, and they will continue to sell until done. THey will never sell it, only hold on to it and your money <!--graemlin::mad:--> saying they have a "POTETIAL" buyer and need more funds for a study on a PROPERTY EVALUATION, = how much the property is worth.
They may quote needing as much as $350 to $500.00 for this study = ALL OF WHICH IS UN-NECCESSARY.
All timeshares have a Property Valuation of ZERO = by the IRS since 2003.
So paying them anything is just a bigger waste of your money on a timeshare. And stuffing in their pockets.. <!--graemlin::eek:-->
So if you own a timeshare and don't use it much, or plan to purchase one = BACK OFF NOW.
All you will be doing is setting yourself and future heirs up for many financial headaches, because Timeshares just cannot be sold anymore.
They can be turned over to a Company that will absorb your title and Maintenace fees and you can file for a loss on your Income taxes somehow for 7 yrs. So in the end, one cannot even get back what they have invested in their bought timeshare at all. Just get back a fraction of it.
I have heard that one can "REFUSE" all or part of an inheritance. I don't know what would happen, [but I think] if someone refused a timeshare in an inheritance, then the Timeshare Co. just keeps passing it down to the next available heir until someone accepts it, and all fees involved. <!--graemlin::rolleyes:-->
So, it is actually cheaper to "RENT" a timeshare property a few days than it is to buy one and own it.
LET THE RENTING BEGIN.. <!--graemlin::rolleyes:-->