New to redweek and selling timeshare on here?

brendar298 wrote:

Would you know a ball park figure for closing costs, deed, tax stamp (as you mentioned)? I know you are correct in saying everything is a bargaining chip but I am curious if these costs would normally be considered payable by buyer.

I have sold numerous timeshares. If you use (as I always do) an independent, established third part resale closing entity (which you definitely should), figure about $250 -- $300 in collective total for new deed prep, county recording fee, estoppel fee (if any) and escrow.

Resort- imposed transfer fees are entirely separate and unrelated and transfer fee costs are all over the map. Hyatt charges $650. Wyndham charges $299. Most independent facilities (those not associated with any corporate "chain") generally charge $75-100, or sometimes charge no transfer fee at all. In any and all cases, the resort-imposed transfer fee is NEVER part of the closing company costs.

Whether buyer or seller pays closing costs and / or transfer fee is entirely negotiable in private transactions; there is no "standard practice". For a timeshare with little or no demand, a seller may actually have to offer to give the timeshare away for free AND pay all closing costs AND the transfer fee too in order entice a prospective recipient. For a timeshare that actually has some market demand and value, seller can (try to) insist that the buyer pay all closing costs. Sometimes buyer and seller agree to "split" those costs. It all depends upon the individual transaction. When there is a middleman "broker" involved, there is generally a pre-identified standard practice regarding who pays closing costs.

The obscene Palmera transfer fee of $1,500 as described above within this thread is little more than a money grab --- essentially just "legal larceny".

Before joining Redweek, we contacted Resort Release, a timeshare release company out of Rockford IL, to check out the cost of that company taking over our timeshares. Besides the $1500 mentioned in an earlier post for Coral Resorts/Palmera, there was also a title fee for $595 plus Resort Release's holding fee of $4274. These costs are per timeshare and payment is up front. That is why I joined Redweek. Another question, once I start the posting process for listing my timeshares, do I have to complete the process in one session or can I save my information and return anytime later to finish the process?

Brenda -

If you choose to use the RedWeek full-service resale option, we will ask the buyer to pay all closing costs and transfer fees. You will find more information on the full-service option on this page: FAQ Full Service Resales

Please Contact Us if you have further questions.

Phyllis

Hello All, The information you have posted above is very helpful, but I have some questions about renting my HGVC timeshare. I have been told that Hilton does not allow this. Is this true? I want to try and minimize my annual maintenance costs if possible. Any suggestions are appreciated. Thanks, Mike

michaela848 wrote:

Hello All, The information you have posted above is very helpful, but I have some questions about renting my HGVC timeshare. I have been told that Hilton does not allow this. Is this true? I want to try and minimize my annual maintenance costs if possible. Any suggestions are appreciated. Thanks, Mike

Mike: With all due respect, wouldn't you be more comfortable and more confident with an answer provided by HGVC? Might be worth a phone call to get a verified, accurate answer.

I personally wouldn't regard input on corporate policy provided by unknown, anonymous Internet sources as being anywhere near as reliable or accurate as input obtained directly from Hilton itself. Personally, I know absolutely nothing about HGVC, but I can state with certainty that I have seen MANY timeshare rental ads placed by owners at HGVC properties. I inquired into one myself last year (advertised here on RedWeek iirc) but did not proceed, only because I found a much less expensive rental at a nearby place for the same week.

Ken, Thanks for your comments. of course going directly to Hilton is the seemingly the best way to go which I did. Unfortunately their corporate mantra is that renting to 3rd parties is not allowed. Clearly, this is not a policy that hundreds of Hilton owners comply with. That is why I asked on this forum. What I am looking for is actual experience with renting Hilton properties by owners and how successfully.

is Casa del Mar in Ormond Beach a good resale TS - have 23,000 points or 46000 on even years

chasm5 wrote:

is Casa del Mar in Ormond Beach a good resale TS - have 23,000 points or 46000 on even years

Assuming that you're a potential seller, you need to do some homework on your own to determine if the timeshare is "good" and / or if it potentially has any resale market value.

Do you find listings for what you own advertised anywhere? Is your ownership a "fixed" or "floating" week? If fixed, what week number? If floating, what is the range of weeks that can be reserved? Can the resort provide any resale insights, assistance, information or recommendations? Does the resort accept "deedbacks" if the ownership really has no resale market value at all? Assuming that the (unidentified) points are RCI Points (that's not a lot of RCI Points btw), do those RCI Points transfer to a new grantee upon a change in ownership, or does every resale just revert back to just the underlying deeded week, without any points? Both possibilities exist out there; it depends entirely on your resort policy.

These are all issues and questions whose answers you really need to obtain on your own. If you advertise, a savvy buyer will surely want to know ALL these things, so you'd best know and understand those details BEFORE you advertise. A seller who cannot answer specific questions about what s/he is selling makes savvy potential buyers very uneasy. Good luck.

There should be a law against the selling tactics they use to sell. Most buyers have no idea that the resale values are like 1/3 of the original price.

Most timeshares are worth 0-5% of the original selling price. Few are worth more than 10% of the original selling price. I think most people would be happy if they could sell for 30% of what they paid.

cheukl wrote:

There should be a law against the selling tactics they use to sell. Most buyers have no idea that the resale values are like 1/3 of the original price.

As much as I hate the tactics that these sales people use, one protection that buyers have is that they have a rescission period where they can take the contract home and look it over for a few days without the pressure of the sales people. They have the legal right and option of rescinding and getting a full refund, no questions asked, no penalty.

But if it were up to you, what law would you put in place for these timeshare sales?

brendar298 wrote:

...will Redweek through the Full-Service Timeshare Resale be able to provide the seller with all the costs associated with one's timeshare resale?

Fwiw, there is a different forum here entitled "Ask RedWeek". I think your specific inquiry would be more likely to be seen and responded to in a timely manner if posted over in that forum instead. RedWeek representatives are surely the best sources to answer questions regarding details of their "full service".

That being said, if Palmera (formerly Coral) is imposing a larcenous $1500 transfer fee, I'd frankly be inclined to think that you might be looking at "giving away" rather than "selling" a Palmera timeshare --- but I hope that I am completely mistaken. Aside from transfer fees, specific to individual resorts and chains, you can take it to the bank that the OTHER closing costs will be in the range of $200-$400, no matter WHO you utilize for closing services.

Btw, I could be mistaken, but my recollection is that SC is one of the very few states that actually requires licensed attorney involvement in timeshare transfers. Good luck.

Selling a bundle with rentals included: I am new to redweek and have a timeshare to sell. Is it possible to create a bundle? For example: you get 1 Week PLUS 1 additional floating week to trade within the next 2 years plus the RCI membership is paid through 2019. Or do I need to rent the existing weeks and sell the timeshare separately?

You will of course have to PAY to place a "for sale" ad listing on RedWeek. Don't be surprised if your above post gets completed deleted by moderators, since it is essentially a promotion and an ad in and of itself, inappropriately placed in the discussion forums.

In the body of your PAID ad, you can of course list any and all of the great and wondrous features that you wish to mention. It's unclear to me what you mean by "selling rentals", but if there are already signed, legally binding contracts executed then those contracts must be honored; you'll have to work out appropriate compensation arrangements with your buyer.

Appreciate your input. Looks like someone deleted the inappropriate information from the original post. The question is specifically, if I have several weeks banked, plus a timeshare is it better to sell the timeshare with the banked/reserved weeks included as a part of the deal (bundle) or rent the weeks separately and simply sell the timeshare.

judyc385 wrote:

Appreciate your input. Looks like someone deleted the inappropriate information from the original post. The question is specifically, if I have several weeks banked, plus a timeshare is it better to sell the timeshare with the banked/reserved weeks included as a part of the deal (bundle) or rent the weeks separately and simply sell the timeshare.

I don't play the "exchange game", but WILL note (in regard to your "banked' weeks reference) that both II and RCI very clearly prohibit (and both have ALWAYS prohibited) renting out weeks obtained from them via "exchange". In essence, if you make exchange reservations with those banked weeks, you cannot rent out those reserved weeks, as you don't actually own an "exchanged" week to rent it out in the first place. People try to get away with doing so, in clear and obvious violation of II and RCI terms and conditions of membership, but if discovered and caught the exchange (and the membership) can both be cancelled outright. Is that worth the risk to you (or to any prospective renter)? Not in my view.

You might be better off using your "banked" weeks for exchanges that you (and / or other family members) will enjoy, keeping your prospective timeshare sale cleanly separate as a stand alone transaction. You can certainly retain and use those "banked" weeks even AFTER selling the timeshare, as long as you maintain your II / RCI membership and make the exchanges within the time frames identified by the respective exchange companies. You won't "lose" your banked weeks by selling the timeshare, but if you have already "banked" FUTURE years, you certainly cannot "unbank" them now (or later) and you would be obligated to fully disclose any "already banked" future years to any prospective buyer.

Has anyone here used Red Week's full service resale service? I'd love to hear about your experience.

Depending on location and time, you may be able to cut some losses by renting while you wait for a sale.