Donating our timeshare

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Original Message:

Some thoughts... (by KC):

alfredc37 wrote:
Do you think the Donate for a cause would be an ok way to go? .....I'm just afraid to trust anyone anymore.
You are wise and prudent to ALWAYS be cautious and doubtful. Unfortunately, there are LOTS and LOTS of assorted thieves, parasites and maggots associated with various aspects of the the timeshare industry. It's sad, but it's also also undeniably true.

Following are my own thoughts on DFC, for what it's worth:

1. IGNORE any "tax benefit" information or advice DFC might offer. I've seen it; it's misleading and flat out WRONG. The bottom line is that you can legitimately deduct ZERO for a timeshare being given away for ZERO. If you're giving it away for free, the market value is zero. A bogus high "appraisal" from DFC won't change that fact and WON'T hold up under IRS scrutiny in an audit either. Period, amen.

2. Ask DFC to clearly and precisely identify to you, in writing and under authorized signature, WHICH ONE of the following two actions they will actually perform for you:

a). Preparation and recording of a new deed, in THEIR name (this is GOOD and it makes you the "former" owner just as soon as a new deed is recorded in another name) or...

b) If you would be merely executing a "limited Power of Attorney" (this is BAD, since you will STILL remain the owner if they are unable to successfully "move" (sell) the ownership).

If the answer is #1 and you can verify to your own personal satisfaction that you can part with the ownership promptly, permanently and legally for $600, via new recorded deed in DFC's name, then this may well be a route worthy of your consideration. If the answer is #2 however, hang up and walk (no, RUN) away and say "goodbye" --- forever. The PoA route is just FAR too much of a risk and it is a risk that you DON'T want to (and should not) EVER take.

3. "Title search fee" is a relatively meaningless term; there is little or no cost to verify your ownership and account status. What about CLOSING costs? Are they included, or will there be additional CLOSING costs which have simply not yet been mentioned to you? If so, figure on about another $400. Find out for CERTAIN and IN ADVANCE what the TOTAL costs will be for the COMPLETE PROCESS, START TO FINISH --- in writing and under the original sigature of an authorized DFC representative.

I hope some of this helps you to proceed better armed with additional knowledge and the confidence to ask the RIGHT questions, as very clearly spelled out above. Good luck.