Getting rid of a time share.

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Original Message:

Not exactly... (by KC):

patw170 wrote:
....I just recently donated my timeshare to 'Donate For a Cause'. Generally, you don't have to pay any money, but bec' mine wasn't selling, you can go the 'guaranteed way' and pay I believe $1895 which was the closing fees....

They evidently have sources that will purchase the timeshares for minimal costs provided they don't have to pay the closing fees....

Actually, MOST timeshares offered to DFAC these days will require payment of those same hefty fees which you paid (...if even accepted for donation at all). This is merely a reflection of the current very weak resale market. Only for a truly "stellar" week, guaranteed to sell quickly and for serious money, will DFAC waive those fees. The assessment of marketability is actually made by Resort Closings, Inc, which handles all DFAC closings (in point of fact, the very same people own and run BOTH entities, which is why "closing costs" are of relatively little concern to DFAC).

As far as the DFAC "sources that will purchase the timeshares" , I believe that most of the weeks accepted by DFAC for donation can be found relatively soon thereafter as "no reserve" eBay auction listings, placed under any one of several different names (e.g., vaca4life is one that comes to mind --- there a few others as well).

To their credit, DFAC DOES place the accepted donation into their own name (unlike many so-called PostCard Companies, which often fail to do so). The only practice that is questionable with DFAC is that they have previously posted tax advice which has been openly and energetically contested by knowledgeable others (CPA's, etc. --- I certainly don't claim to be one of them). Because of this reportedly questionable tax advice, some of those same folks have expressed their doubts and concerns regarding whether "appraisals" provided by DFAC affiliates would / can / will successfully withstand potential scrutiny by the IRS, if challenged later by the IRS. Again, I do not claim any personal knowledge in that arena; I am merely repeating doubts expresssed by far more knowledgeable others...