Need Non-DVC timeshare sale info for inlaws

[robsmom]

My 80yr old in-laws are planning to sell their Vistana time share. I am hoping that one of you wise time share folks can help me out with this.

The own one week at Vistana. they are considered Red and technically their week in the 2nd week of december.

The Starwoods rep who they talked to told them he believes he can get $27,500 for it plus 2,000/week rental for each of 4 weeks that they have in the bank.

The problem that I have with this is a) do Vistana weeks really go for $2000 - I would never pay that and b) he wants them to pay 2 fees upfront now on a credit card, with no guarantee of a sale. he wants $100 total fee for doing the rentals and he wants $1150 as a service fee on the sale. Is this normal. In regular real estate the sales comission comes out of the proceeds - should they have to pay this up front. I really appreciate an advice you can give me. Thank you in advance.

 

[Chuck S]

Never, ever, pay a sales fee upfront for a timeshare! I don't know if the board sponsor, The Timeshare Store handles non-DVC properties, but you may want to contact them for advice, if they don't handle non-DVC properties, surely they could recommend a reputable resale agent that does. They may also be in a better position to give you a true idea of market value.

 

[Dean]

My 80yr old in-laws are planning to sell their Vistana time share. I am hoping that one of you wise time share folks can help me out with this.

The own one week at Vistana. they are considered Red and technically their week in the 2nd week of december.

The Starwoods rep who they talked to told them he believes he can get $27,500 for it plus 2,000/week rental for each of 4 weeks that they have in the bank.

The problem that I have with this is a) do Vistana weeks really go for $2000 - I would never pay that and b) he wants them to pay 2 fees upfront now on a credit card, with no guarantee of a sale. he wants $100 total fee for doing the rentals and he wants $1150 as a service fee on the sale. Is this normal. In regular real estate the sales comission comes out of the proceeds - should they have to pay this up front. I really appreciate an advice you can give me. Thank you in advance.

They really do go for $2000, unfortunately for your in-laws, that's sale price and not rental. Don't let them pay an up front fee to list it, that is a rip off scam going around for several years now. It's usually $299-599 but I'd seen as high as $799 with the promise of quick and high sales. They take your money and you never have any meaningful contact with the again. Look at TUG and search on closed ebay listings. It doesn't trade well either.

Seriously, they may be able to get a little more than $2000 for sale depending on specifics, but not that much more and certainly any where near even $10K. Realistically I'd say $2500-6000 depending on week and section, assuming a 2 BR/2BA.

 

[Dean]

Never, ever, pay a sales fee upfront for a timeshare! I don't know if the board sponsor, The Timeshare Store handles non-DVC properties, but you may want to contact them for advice, if they don't handle non-DVC properties, surely they could recommend a reputable resale agent that does. They may also be in a better position to give you a true idea of market value.

Chuck, the problem is that their minimum commission is likely almost half the value. NO harm listing with them or others as long as you specify a realistic price and have a non exclusive listing so if you find your own buyer you can opt out.

A review of TSS listings for Vistana is similar to the prices I quoted above.

 

[robsmom]

Thank you. This smelled really fishy to me and knew you guys could help. I checked the timeshare store myself already and see around $5000 as the max. I did see some higher prices on vacation register.com in the $15000 range but have no idea if they actual sell at that asking price!! I also found a kiplinger's finance article from 2000 that says it is illegal to collect a fee up front for a timeshare sale and several other articles that agree with you not to ever pay a fee upfront. i have told them not to pay the guy and to hold off on doing anything until i can do some better research for them.

Thanks again for your quick replies.

lisa

 

[Dean]

Thank you. This smelled really fishy to me and knew you guys could help. I checked the timeshare store myself already and see around $5000 as the max. I did see some higher prices on vacation register.com in the $15000 range but have no idea if they actual sell at that asking price!! I also found a kiplinger's finance article from 2000 that says it is illegal to collect a fee up front for a timeshare sale and several other articles that agree with you not to ever pay a fee upfront. i have told them not to pay the guy and to hold off on doing anything until i can do some better research for them.

Thanks again for your quick replies.

lisa

I bet it's not a Starwood rep anyway.

 

[sigillaria]

I own a 2BR lock off at Vistana (Cascades) and recently checked resale --was told $6000 would be max and maybe not even that.
I paid alot! You have to give them away.
DIsney is the only timeshare you can get your money back.

 

[Dean]

I own a 2BR lock off at Vistana (Cascades) and recently checked resale --was told $6000 would be max and maybe not even that.
I paid alot! You have to give them away.
DIsney is the only timeshare you can get your money back.

DVC certainly has held it's value though there are other values out there as well. The price on the buy in, the location and the yearly fees tend to determine what the ultimately value is.

 

[mbb]

www.tug2.net Timeshare Users Group - fantastic group of people

HTH!!

 

[spiceycat]

you can list it yourself.

www.redweek.com - it cost - but nothing like a sales person.

tug has been mentioned.

if you want a good price you might advertise in your local paper. Of course that can get expensive too....

you can also run your on auction on www.ebay.com

 

[ClarabelleCow]

To the original OP, if they have owned it for a long time, would it benefit them to release it and give it to charity??? Maybe they could use the tax deduction. Just something to look into. Also, Vistana is deeded for life, so they can transfer it to a child or whoever. Depending on when they bought, they may take a beating on it. So why not give it to family or something. I bought 2 weeks, I won't go into all the ugly details, but got about half back!! I wish I had just given it to charity and taken the deduction!

 

[Dean]

To the original OP, if they have owned it for a long time, would it benefit them to release it and give it to charity??? Maybe they could use the tax deduction. Just something to look into. Also, Vistana is deeded for life, so they can transfer it to a child or whoever. Depending on when they bought, they may take a beating on it. So why not give it to family or something. I bought 2 weeks, I won't go into all the ugly details, but got about half back!! I wish I had just given it to charity and taken the deduction!

To add, the value for tax purposes would be based on fair market value, not retail price.

 

[robsmom]

thanks again. I don't know that the charity thing would really benefit them too much as they no longer own a home and so i don't think they itemize. Plus they can only deduct the FMV as dean said. In theory, however, it is a capital investment and they probably could take a capital loss for the diffference between what they paid and what they get. At $3000/ yr limit, it would take a few years but that might save them some taxes. At $5000 or so, my husband and i would consider buying it from them but I don't think they will every really believe that it is worth that little since for a year or two they have been hearing $20,000+ figures!! I think i will try to encourage them to sell it with a fee at sale arrangement just so they get a real feel for the value.

 

[ClarabelleCow]

Robsmom - how long ago did they buy it??? When we originally did the tour back in probably 1995 or 1996, and they wanted close to 30K for an every year unit in Fountains. We then bought resale for 4K for an every other year, then bought at World Golf Village for 9K for another Every other year (direct), when WGV failed, I freaked on Vistana/Starwood because it was just a month or so after we bought, so they gave us the same thing at Vistana/Orlano in Fountains also. We sold the resale for 3K and I think maybe got 4K for the one we spent 9K on. So I guess we didn't do that bad, 7K for both, a little more than half. I sold one to a friend, and the other on e-bay. No commissions and then used Timeshare Closing Service to do the closing.

 

[robsmom]

The bought it in 1972. the unit is in "the falls" older section. I am not sure what they paid for it then.

 

[robsmom]

The bought it in 1972. the unit is in "the falls" older section. I am not sure what they paid for it then.

Actually for some reason I think it was about $5000 so there may not really be a capital loss! They have really gotten use out of it over the years so i think for them it was money well spent. i think they just have their hopes up now as to the value.

 

[Dean]

thanks again. I don't know that the charity thing would really benefit them too much as they no longer own a home and so i don't think they itemize. Plus they can only deduct the FMV as dean said. In theory, however, it is a capital investment and they probably could take a capital loss for the diffference between what they paid and what they get. At $3000/ yr limit, it would take a few years but that might save them some taxes. At $5000 or so, my husband and i would consider buying it from them but I don't think they will every really believe that it is worth that little since for a year or two they have been hearing $20,000+ figures!! I think i will try to encourage them to sell it with a fee at sale arrangement just so they get a real feel for the value.

I don't think they could take a loss unless it was bought solely for and used solely for investment purposes such as rental.

 

[MiaSRN62]

Robsmom - how long ago did they buy it??? When we originally did the tour back in probably 1995 or 1996, and they wanted close to 30K for an every year unit in Fountains.

We bought the end of '94 and own prime, floating, every year in the Fountains/Fountains II. Paid $9,500 for what we were told was a previous default loan. At the time we purchased, they were trying to sell us the Lakes and they were going for around $16-$18K. We feel we've gotten very good use out of it and realize we'll never recoup anywhere near the amount we paid should we decide to sell. I think the highest I've ever seen the Fountains resale for is about $4K-$5K.

The bought it in 1972. the unit is in "the falls" older section

I think you must mean 1982 ? Vistana purchased the property in 1980 and the Falls wasn't even built until 1982.