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Timeshare Problems |
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Edith, My mother and her husband were sold a resort timeshare in their declining years. Now they are unable to travel. They do not need the burden of paying the fees associated with it. I am trying to help my mother out of a stressful situation.
I have learned that timeshares are not "investment property" and are difficult to sell. But they need to get out from under this burden and I would like to know if you have any advice. They have already paid over $600 dollars up front to some outfit who promised to sell but only came back for more money. If it can’t be sold, what becomes of this "property" upon their deaths? |
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The first thing I would have advised was steering clear of those ineffectual agencies that ask upfront fees for marketing timeshares, but it’s too late for that. So:
Ask the developer or management if they'll take the timeshare back.
Put a classified ad in the paper out there, "Cost $__, will sell for $500."
Offer a real estate broker 50 percent commission for selling it. (That’s because probable sale price is so low it won’t pay for an agent’s time otherwise.)
If all else fails, consult a lawyer about what would happen if your folks simply stopped paying the fees; often there are no real consequences. And remember: You can always refuse an inheritance. |
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Edith
Originally published on April 6, 2006 |
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