boatboatboat said:
Dean, what happens if someone buys a bargin time share, like a Spice Bush on HH for 2k for the week, and over the course of time the place is allowed to run down, and simply becomes some place you don't want to stay at, and are unable to sell.
The taxes/dues still need to be paid, what happens if you don't pay those?
At that point I could care less if the time share is TAKEN away from me, in fact that is what I hope happens. I simply want to walk from the deal. Can I do that, or can they come after me and force me to continue to pay the taxes/dues even if I am willing to GIVE THEM the time share back, and just eat my small investment of 2k?
Spicebush and Swallowtail are no longer Marriott's. You mean they're not already run down? LOL, actually just kidding. It goes back to an old discussion on SB/ST vs Marriott over the pat few years on TUG.
Most, if not all states, actually specifically state you are financially responsible. I know FL does as I was just looking at the info last night. They even have a FAQ that addresses those issues, deed backs and the like. But nothing will last forever and that includes
DVC, Top Marriott's, etc. I know of a number of horror stories and just changes that happen over time, some good and some bad. For Marriott, they have dropped now 7 and 1/5 resorts over time. One is no longer in business I believe or at least doesn't belong to an exchange company if it is. Marriott dropped the condo's on HH aggregately know as Sea Pines villas a few years ago and then SB/ST a couple of years ago. Recently they have dropped one building of the Vail property because they would not upgrade to Marriott standards, I suspect that will still get ugly. Previously to that other properties included a resort in NH (Loon), LongBoat in FL, Paradise Resort Bahamas' and a resort in Barbados. Those that bought with the idea of doing Marriott to Marriott trading were not very happy as you can imagine. I bet they believed it wouldn't happen either. I predicted it, as I did the Vail issue, but everyone jumped on me saying it'd never happen, well it did.
But more specific to your question, that is why you need to get educated. Make sure you find out all the likely issues, get a great price and then learn the system and use it to your advantage. An approach that some on DIS seem to have a problem with both in terms of learning and using. Decide what you want to use a property for and what options will work for that use. Include details like which exchange company is best, will a certain points system work so you don't have to join an exchange company, any likely special assessments, yearly dues, purchase price, what unit size you need, how/when you will exchange, how far out you can plan ahead and will you use it part of the time.
I would tell you that unless you will use it a large portion, paying $2K for an off season HH week is not a good value. However, shoulder season and high season weeks at HH can be a good value. Remember you're closing costs and yearly dues are going to be the same with most options, points systems excluded usually. I never make even semi specific recommendations of what one should do unless I have a good feel for their situation. And even then, it's just some options that would work which might not end up being the best for them.