How do I sell this week?

Somewhere around 1994, my then wife and I bought a timeshare at the Flagship Resorts (now called Fantasee Resorts) in Atlantic City, NJ. We bought 1 week, every other year thinking that it was so close, we would use it all the time. Fast forward 20+ years later, we are divorced and still stuck with this thing.

The resort does not buy back properties which is a bad sign to begin with. The unit is paid off and we are stuck with the maintenance fees. From reading other posts, it is not a great idea to simply stop paying it.

Are there any reputable ways to resell this week? I have moved out of state and since remarried. Another question would be how can I remove my name from the deed? My ex has been dealing with this, paying it off.

Any advice would be greatly appreciated.

First of all, I'm sure you're aware of the cardinal rule for trying to sell a timeshare. Never pay anyone a large, upfront fee to do so.

Secondly, it would help to try to find the approximate resale value of your unit. Keep in mind that most units out there are worth about zero dollars resale. Considering that it is a biennial unit and that "The resort does not buy back properties", I'm guessing that it is worth about zero.

You can contact the resale brokers at ltrba.com. They will be upfront and honest with you as to what your unit is worth and if it is worth it or not to use their services (ie., your unit is worth less than $1000 resale). If you find out that it is worth about zero dollars, then try listing it for sale or giveaway here in RedWeek's Bargain Basement. Other reputable timeshare resale sites are E-Bay, Craigslist, My Resort Network, and Timeshare Users Group (aka "TUG"; tugbbs.com) which has a Bargain Deals section that allows you to advertise for free that you want to give your unit away.

If you are dead set on giving it away, you can offer to pay the closing costs (about $200) and maybe even the next maintenance fee. Some resorts might take units back if you pay those costs. If you do go this route of trying to give your unit away, remember to be patient. Some people panic after a few weeks then seek out these firms that claim they can "rescue" or "relieve" you of your timeshare.

mikev111 wrote:

Somewhere around 1994, my then wife and I bought a timeshare at the Flagship Resorts (now called Fantasee Resorts) in Atlantic City, NJ. We bought 1 week, every other year thinking that it was so close, we would use it all the time. Fast forward 20+ years later, we are divorced and still stuck with this thing.

The resort does not buy back properties which is a bad sign to begin with. The unit is paid off and we are stuck with the maintenance fees. From reading other posts, it is not a great idea to simply stop paying it.

Are there any reputable ways to resell this week? I have moved out of state and since remarried. Another question would be how can I remove my name from the deed? My ex has been dealing with this, paying it off.

Any advice would be greatly appreciated.

Please don't shoot the messenger, but...

1. Your Flagship A.C. ownership has no resale market value at all. People who have successfully "unloaded" Flagship A.C. ownerships have actually had to pay all closing and transfer costs themselves AND throw in a gift card of $350 -- $600 just to find a willing new recipient, according to input posted on TUG discussion forums (based largely upon research of completed eBay "sales" of Flagship A.C. timeshares).

2. You cannot unilaterally "remove" your name from a deed. You are a co-owner of record, prior or current marital status notwithstanding. Your ex-wife, presumably the other co-owner of record, would have to cooperate in the preparation and official recording of a new deed in her name alone; something which apparently was not done when you got divorced. For something of zero market value, it may be more easily said than done now to get the "ex" to take over sole ownership. Also, BOTH of your NOTARIZED signatures will be required as "grantors" on any new deed prepared for official recording if / when you are somehow fortunate enough to find a willing new "grantee". Tough situation. Good luck!

Thanks Ken. This is seems like the classic catch-22. Can't just walk away from something with zero value and it will cost money to get rid of it. Probably the biggest mistake of a purchase ever.

Hi Mike, I am in the same situation except that we are not divorced. I was wondering how you ended up with this situation? Any suggestions? I really want to get rid of it at this point, never even use it. Id rather just cut my losses and move on. Any advice is greatly appreciated. Thanks, Vickie H.

victoriah165 wrote:

I really want to get rid of it at this point, never even use it. Id rather just cut my losses and move on. Any advice is greatly appreciated.

The first piece of advice is to not pay any of these companies or charities to get rid of it for you. Some are scams. Others will just charge you thousands of dollars to do what you can do yourself.

If your unit is with Wyndham, Diamond, or Westgate, check out their respective deed back programs. Some will take it back if your mortgage and maintenance fees are all paid up. They might charge you. Diamond is about $250 and Westgate about $900. If it's not with any of those, you can still contact the resort's Homeowners' Association and see if they will take it back. They might ask you to pay closing costs and maybe even the next maintenance fee. But at least it will be a clean, legal transfer that will release you from further maintenance fees.

The other suggestion is to try yourself to find a taker. You can advertise it for giveaway here on RedWeek. You can also try listing it for giveaway on Craigslist, E-Bay, My Resort Network, or Timeshare Users Group (aka "TUG"; tugbbs.com) TUG has a Bargain Deals section that allows you to advertise for free that you want to give your unit away. If you're really serious, you can offer an incentive to the new taker such as paying closing costs and even the next maintenance fee.