How To Survive Timeshare Ownership During Economic Crisis
December 4th, 2008 by Bobby Kip Hernandez, under Vacations. No Comments
With the global economy in crisis, timeshare developers are facing a credit crunch that reduces the number of timeshare buyers. With a reduction in overall sales, timeshare companies must tap another source of revenue for some relief to these tough financial times. Timeshare owners have already started receiving notices of abnormally large special assessment fees.
Many timeshare contracts allow the timeshare companies to charge special assessment fees for repairs, emergencies and extenuating circumstances regarding the timeshare resort. Moreover, those fees may have no cap, and many owners do not know their obligations until it is too late.
Recently, timeshare owners have opened up their mailboxes to find bills ranging from $500 upwards of $3,000. It’s a crushing blow to those who may have lost jobs, experienced cuts in pay and/or work hours, and seen their stock portfolios plummet in value. Owners are truly understanding where they fit in the financial pecking order of the timeshare industry.
You would think that the millions in upfront cost and annual maintenance fees would be able to keep afloat all timeshare resorts. Unfortunately, many corporations leverage what they have to build more timeshare units in different locales. This strategy works well in good economic times but tragically multiplies the draining effect when credit is scarce and when revenue decreases.
And what if the special assessment fees are not paid? Not surprisingly, many timeshare contracts are skewed in favor of the developer. They charge non-payment penalties, garner wages, and put liens on real property like the homes of timeshare owners. What’s worse, default judgments can impose these penalties immediately following the payment due date.
With the timeshare resales market already saturated, there is little left to do but to pay the bills and keep the timeshare. Many charities don’t even want the liabilities. For some relief, owners can try to rent their units to recoup some cost. But, they need to realize that their resorts are probably doing the same thing, yet at lower rental rates.
How to Sell a Timeshare Without Paying a High Commission
November 26th, 2008 by Sarah Davidson, under Vacations. No Comments
If you own a timeshare and have decided that you no longer want it, how can you sell it for the most money without having to pay too many fees?
Brokers in the timeshare market can charge as much as 30 to 40% of the sale price. There is a more affordable way to sell timeshares that also will increase your chance of selling your timeshare for a better price.
A much better alternative to a broker is for you to sell a timeshare yourself using the help of reputable timeshare listing companies and specialists. These businesses make use of the Internet to allow timeshare sellers to list and market their timeshares for one low price.
Another reason this is the better choice is because timeshare buyers automatically go to the Internet when looking for properties. These companies specialize in finding these buyers when they are looking. They have professional web presences that help buyers understand this process and review listings. Most broker websites will not have the same level of detail and professionalism that these timeshare specific companies have.
These timeshare specialists also aggregate enormous pricing data for all the timeshare properties. If you use their services, they can help you arrive at the proper price for your timeshare. Some brokers will actually try to charge you $500 to obtain an appraisal to determine pricing. An appraisal is just not necessary if you are working with a company that has relevant market data.
With a broker, you run the risk that he will not market your timeshare as much as it needs to be marketed in order to find a good buyer. When you sell yourself, you can leverage the expertise of a listing and services company and decide when and where to market. Or, they can handle the marketing for you for an affordable fee. In this case, you will know exactly what they are doing and can choose how much marketing you want.
Many of these companies can provide a complete turnkey service and handle every detail for you. Their fees will be much less than using a traditional broker. Plus, they have better market reach and attract more timeshare buyers at the right time when they are looking on the Internet. Given this alternative, it just does not make sense to hire a traditional broker and pay the exorbitant commission and other fees.
Timeshares are past their sell by date!
November 10th, 2008 by Eliza Mc Namara, under Vacations. No Comments
Timeshares have been a fabulous way to travel over the past quarter of a century, but Timeshares are quickly becoming a ‘thing of the past’. Timeshare companies and resorts have realized that Travelers need more flexibility, more Choices and less upfront costs.
Eliza Mc Namara explains how Global Resorts Network fills those needs…
Here is the comparison
Traditional Timeshare
Price $3,500us +
Term 100 years
Home Resorts 1 traditionally
Maintenance Fees Yes - extra fees on top!
Guest Weeks for friends No - guest weeks
Restrictions on Travel Yes
$298 Hot Weeks Extra through RCI
Online Booking Very complicated Indeed!
Discounts on Air and Cruise Extra through RCI
Closing fees Yes -There are closing fees
Exchange fees Yes - exchange fees
Global Resorts Network
Price $2,995us
Term 100 years
Home Resorts 5,000+
Maintenance Fees No extra fees
Guest Weeks for friends Unlimited *
Restrictions on Travel No -Travel Anytime & Anywhere
$298 Hot Weeks Unlimited per year:-)
Online Booking Yes - included
Discounts on Air & Cruise Yes - included
Closing fees No extra fees
Exchange fees No extra fees
Now what would it mean to you if you could stay in the same 4 and 5 star resort, in the same 1,2 or 3-bedroom condominium without the huge upfront costs or unnecessary maintenance fees?
It is now possible through Global Resorts Network, a premium Vacation Club offering their membership for one low onetime fee of $2,995!
That you only pay for once!
Global Resorts Network offers over 6,000 home-based resorts to choose from with no exchange fees ever. There are no huge upfront costs,there’s no point system to figure out and no maintenance fees ever!
You really can’t beat that with a timeshare…
If you want more information please go & visit
www.globalresortsnetwork.com/successpass
Get Rid of Your Timeshare in 1 Week
July 31st, 2008 by Willie Bird, under Vacations. No Comments
If you felt pressured when you purchased your timeshare, it’s likely that you will want to get rid of your timeshare. You may also want to make your money back. There are many reasons why you may not get to enjoy your weeks as often as you want.
Therefore, getting something back on your investment is a high priority. Timeshare resales are a market all by themselves. How exactly do you go about selling yours?
If you’ve done any research on the subject of timeshare resales you have no doubt come across a company that will do it for you. At least, they claim that they will do it for you. While there are some reputable companies out there that will do it, beware of scams. One way to tell if the company is a scam is if they ask you for any upfront fees to sell your timeshare.
Companies make money to get rid of your timeshare, but you have to watch out for some of them. Some companies will ask for “appraisal fee” or a “processing fee” and say they have a number of buyers lined up for the property. Whatever you do, do not give these companies your money. Instead do a little research and find a company that isn’t going to ask for money upfront.
Once you decide whether you’re going to sell it yourself or employ someone else to, you have to determine your asking price. What sounds like a good number? Everything that you invested? Don’t get your hopes up.
If you made your purchase from a developer, the odds of accomplishing this are very poor. You might have to settle for as little as 30% of what you initially invested in it. Several factors might cause you to reduce the selling price.
In the first place, you could have paid too much money for it. If you accepted the initial asking price, then you certainly paid far more than the product was worth. Furthermore, you cannot duplicate the high pressure sales presentation like the developer. It is impossible for you to afford either to bring hundreds of people in for “free vacations” or to employ many salespeople.
In most cases you will have to accept and take a loss when selling. Do your homework before decide on a figure. Take a look at different websites, like E-Bay auctions, that show what other timeshares are being sold using their database. This may help you feel more at ease with setting the asking price.
How can you get rid of your timeshare? There are many websites that will allow you to sell timeshares. Some exclusively sell timeshares, while others that do not exclusively sell timeshares, such as eBay auction, will allow you to list a timeshare.
There are many different things you can do to get rid of your timeshare and being flexible will give you a better chance. Keep trying different incentives to discover one that works. Timeshares sell everyday and yours will sell too.