SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Hi all,
My father was sold a time share in March of this year. It is a Wyndham annual points thing. The right of recission period has obviously passed, and he now wants to get out of the contract and stop the maintenance fees. He is willing to swallow his pride and not try to get any of his original purchase price back.
I've been investigating over the past day or two and identified four general categories of options for him that seem workable:
1. Hire a local attorney and try to get out of the contract. There were fraudulent but only verbal misrepresentations made by the sales rep, and it is doubtful whether my father was mentally competent to enter the contract. There is an arbitration clause in the contract.
2. Sell it ourselves on the open market. Ads on TUG, eBay, Redweek, etc. We'd be competing with everyone else and their dog trying to sell it for $1.
3. Use Wyndham's Ovation take-back program. He owns it outright (no mortgage), and I have been told by some people with no dog in the fight that his timeshare is among the better ones.
4. Sell it to someone privately. My Dad thinks he got an offer from a broker for $175 to take it off his hands.
Other options that I've ruled out:
5. Stop paying, do a deed-in-lieu-of-foreclosure. Trashes my Dad's credit, and there may be threatening collection calls, but why should he care?
6. Keep it and use it / rent it out. Not much of a solution unless someone in the family wants it, and I'd worry about the ramifications at Thanksgiving dinner because the new owner would probably regret it too.
7. Donate it. I understand charities take it off your hands, sell it, and keep the proceeds, possibly charging you a fee upfront.
8. Use a third party exit company, like TimeShareExitTeam. I understand they charge $4K-$5K up front and don't always deliver.
My father was sold a time share in March of this year. It is a Wyndham annual points thing. The right of recission period has obviously passed, and he now wants to get out of the contract and stop the maintenance fees. He is willing to swallow his pride and not try to get any of his original purchase price back.
I've been investigating over the past day or two and identified four general categories of options for him that seem workable:
1. Hire a local attorney and try to get out of the contract. There were fraudulent but only verbal misrepresentations made by the sales rep, and it is doubtful whether my father was mentally competent to enter the contract. There is an arbitration clause in the contract.
2. Sell it ourselves on the open market. Ads on TUG, eBay, Redweek, etc. We'd be competing with everyone else and their dog trying to sell it for $1.
3. Use Wyndham's Ovation take-back program. He owns it outright (no mortgage), and I have been told by some people with no dog in the fight that his timeshare is among the better ones.
4. Sell it to someone privately. My Dad thinks he got an offer from a broker for $175 to take it off his hands.
Other options that I've ruled out:
5. Stop paying, do a deed-in-lieu-of-foreclosure. Trashes my Dad's credit, and there may be threatening collection calls, but why should he care?
6. Keep it and use it / rent it out. Not much of a solution unless someone in the family wants it, and I'd worry about the ramifications at Thanksgiving dinner because the new owner would probably regret it too.
7. Donate it. I understand charities take it off your hands, sell it, and keep the proceeds, possibly charging you a fee upfront.
8. Use a third party exit company, like TimeShareExitTeam. I understand they charge $4K-$5K up front and don't always deliver.