NOSY RCI question

[Jessica_of_FL]

we finally exercised a Quit Claim Deed and gave the property back.

Quit Claim Deed? Is that a way to get rid of a timeshare you no longer want? My mom has timeshare in Palm Springs that she would DEARLY LOVE to be done with, can she just give it back?

That would be AMAZING.

 

[LouisianaDisneyFan]

Quit Claim Deed? Is that a way to get rid of a timeshare you no longer want? My mom has timeshare in Palm Springs that she would DEARLY LOVE to be done with, can she just give it back?

That would be AMAZING.

Well, yes and no. She can't just fill out a deed and file it with the County comptroller without the willingness of the other party to accept the unit back. It requires both her signature as well as the recipient. Luckily for us, the property where we had units is currently being expanded and so they are in active sales of new units. We had two fully paid 2-bedroom lockoffs during platinum season. So, they will probably be able to resell it to some other poor unsuspecting soul for many thousands of dollars. If you've got a share in a property that is poorly maintained with no active sales staff, I suspect the developer or management of the property will be unwilling to accept a Quit Claim Deed from your mom. She'd need to call the contact number associated with her property to find out, and if they will accept it, they will send her the deed to complete and sign.

EDIT: Just as an aside, your mom might want to advertise it locally to see if anyone might want to purchase it for rental property. Our units at Branson would have been a fantastic purchase for someone who lived close by and vacationed at Branson each summer. In that situation, it would have been the perfect 4th of July getaway for family and friends. But, since we're MUCH further away than a quick drive, it just wasn't the destination of choice for our family. If we're driving that far, it's to Disney or to the mountains for camping & kayaking.

 

[hsmamato2]

seems to me the approx trade for RCI points is about 30k to 77-80 DVC points....at least when we looked. I have been researching how to use RCI,since my Mom owns,and can't resell....(sigh) it's a very nice option if you get your mind around how it works,etc. But DVC is simpler,more straightforward,and has GREAT resale potential if you decide to sell later on.

 

[Dean]

Quit Claim Deed? Is that a way to get rid of a timeshare you no longer want? My mom has timeshare in Palm Springs that she would DEARLY LOVE to be done with, can she just give it back?

That would be AMAZING.

Investigate what the prices are for listings with ebay, TUG and redweeks for the resort in question. If it's zero, ask the resort if they'll take it as a deed back. The quit claim deed is just a method of transferring title that works well in such a situation. Don't be surprised if they say no or require her to pay the fees associated. You could list it on ebay, TUG, craigslist, etc for minimal price. Sadly, many aren't worth $1 plus the associated fees.

 

[JimMIA]

You could list it on ebay, TUG, craigslist, etc for minimal price. Sadly, many aren't worth $1 plus the associated fees.

Yeah...and it's just amazing how out of touch with the marketplace some sellers are.

I was looking at two contracts today at the Wyndham Canterbury in San Francisco -- not that I was going to buy either, understand.

One contract was for 500,000 points and the minimum bid was $84 THOUSAND dollars!!!

The other contract was for 833,000 points and the minimum bid was ONE DOLLAR.

Neither contract had any bids.

 

[LouisianaDisneyFan]

Also check with some local realtors. They will know if there is any rental market for your mom's property. When we were investigating what to do with the Branson property, I called local realtors and was told that I could easily rent the units for about 1.5 times the maintenance fees each summer. Since I had Platinum weeks, I could book the week of 4th of July for both units each year and then rent them out. I really didn't want the hassle of doing that, especially for such a little return that could easily vanish in a few years. The maintenance fees would keep on going long after that. I then looked at what other people were listing the property for, and found a LOT of listings for identical holdings for about $4,000-$7,000, but with really stale listing dates (i.e., no buyers). So, I got out while Westgate was still willing to accept the deed.

 

[Jessica_of_FL]

Thank you so much for your replies! I'll pass the info on to my Mom.