Sunday, September 25, 2016
Scott, We bought two separate times at HICV in the past two years and are purchasing at two separate resorts.
Scott, We bought two separate times at HICV in the past two years and are purchasing at two separate resorts. I am so totally lost about how the whole thing works and can't seem to get straight answers from HICV. My husband has been injured on the job as a home inspector, and cannot continue to work. I am a Realtor (which is why I seem to buy into anything that looks good) - and I need to liquidate some debt. We are paying a mortgage on both these properties. The first is a 2 Bedroom - WV (don't know what that means) at OL, week 28 Peak - $159,000 points annually, maintenance and tax $912. The second is a 2 bedroom / B at LV, Prime week, season 1 - $148,000 points on even years, maintenance and tax $598. I have read many of the posts here - and I'm sure I sound totally ignorant - you can see I can use some advise and help. I don't know if it's even possible to sell these timeshares - because we don't truly own them. Any advise will be helpful to me. If you wish to keep this off-line, please contact me carter.anne2011@gmail.com. Thanks
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Anne, I hate to be the barrier of bad news but in difficult times it is best be completely honest each other.
ReplyDeleteIf you go to ebay you can search for time shares for sale. You will start to realize there are many out there and the ones that sell will go for a few hundred dollars at most. Some units with high demand time time periods may go for a $1000 but most will not sell without giving something to the customer.
Here are your options:
You can sell your weekly stays on e-bay and hopefully cover the maintenance fees and wait for times to get better for your work life.
You could approach HIVC and let them know you will not be able to cover the mortgage and ask them to reduce the principal or suspend your payments until your both working. They may do this if you let them know your only other option is bankruptcy in which case you will turn your deeds over to them and they will get nothing.
I never encourage bankruptcy but the threat of it may get their attention enough to work with you.
By the way WV stands for West Village it was the original time shares at Orange lake. The 2 BR in Las Vegas is a good unit. You get a lot of points for a very low maintenance fee. If you did not have a mortgage on it could sell for $400-$900.
Best of luck and I hope everything works out.
Jerry Ackerman If you can get large quantities of 169K annual Las Vegas units for $400 each, how would a 148K biennial sell for $400-$900 with a typical $300 closing fee?
ReplyDeleteGood catch, I did not see the (b) in her question. The biennial would sell for less. I have not purchased a biennial so I do not know the market price.
ReplyDeleteYou are correct the seller usually covers the $300 closing fees. Everything is negotiable.