Wanting to sell

I have a 6 week time share on Fort Myers beach. I rented it recently and they were interested in buying,a portion. I called the HOA in Wisconsin to ask him if I can sell 1 0r 2 weeks. He told me to hire an attorney to see if it was possible to part it out or sell the whole 6 weeks. Why wouldn't he know since he is the new owner? Do you have any advice on this? Why would I need a realtor for this transaction? Thanks for any advice you can give. R. Chamberlain

royinec wrote:

I have a 6 week time share on Fort Myers beach. I rented it recently and they were interested in buying,a portion. I called the HOA in Wisconsin to ask him if I can sell 1 0r 2 weeks. He told me to hire an attorney to see if it was possible to part it out or sell the whole 6 weeks. Why wouldn't he know since he is the new owner? Do you have any advice on this? Why would I need a realtor for this transaction? Thanks for any advice you can give. R. Chamberlain

Do you have a deeded ownerhip, with a deed officially recorded in Lee County, FL --- or is this a "right to use" (RTU) membership of some sort, with a date-specific expiration?

If it's deeded ownership, are the six weeks you own all fixed weeks, all floating weeks, or some combination of the two?

Do you own the "package" free and clear? Are there currently any outstanding loans, mortgages, liens or other encumbrances on your particular ownership(s)?

Is the (as yet unidentified) facility perchance Neptune (a relatively recently attempted conversion of a former motel to timeshares, located on the northern end of FMB)? If so, this situation has apparently had some financial "complications" and some changes in investors / deveopers / ownership which MIGHT also complicate YOUR ownership status as far as having clear title in order to sell.

More pertinent facts and specific details, starting with the above identified items, would help a whole lot toward being able to maybe give you some better informed feedback...

Do the six weeks have a deed (owned by you) attached to each and every individual week .... if so, then you can sell as many of those individual weeks as you wish. If you bought them in a bundle then selling individual weeks might be complicated ..... you'd need to talk to a real estate broker.

It is a deeded property with the Rels title company. My condo has been paid for in full. I have the condo fee's paid for the year. All the taxes are current. My weeks are fixed. You're right it is the Neptune. I have found out that it is a package and will have to be sold as one. If I have someone interested, why couldn't I transfer the ownership and title to the new owner. My book of home ownership states I must let them(whorver that is) know about the details of pending sale,just in case they want to buy it back(right). The developer went belly up and new ownership is located in Wisconsin. There are no home owners on the board,we tried but lost.

royinec wrote:

My book of home ownership states I must let them (whorver that is) know about the details of pending sale,just in case they want to buy it back (right).

This is customarily known as "right of first refusal", often abbreviated ROFR. In effect, it means that if you find a buyer, the developer (or in this case, the current, second tier investors) can choose (or decline) to step in and buy it from you instead, at the same price as your other would-be buyer. You might think this is unlikely to occur, but don't be too sure. If you can only get offers representing a small fraction of what you originally paid, the developers / investors might very well choose to exercise ROFR. After all, doing so would mean their being able to sell that same package ALL OVER AGAIN to someone else --- at full retail price! In either case, however, it remains YOUR responsibility to first find that (likely elusive) willing buyer for the package. Unfortunately, the checkered history and shaky finances of that whole Neptune fiasco will make finding a buyer much more easily said than done....

royinec wrote:

It is a deeded property with the Rels title company. My condo has been paid for in full. I have the condo fee's paid for the year. All the taxes are current. My weeks are fixed. You're right it is the Neptune. I have found out that it is a package and will have to be sold as one. If I have someone interested, why couldn't I transfer the ownership and title to the new owner. My book of home ownership states I must let them(whorver that is) know about the details of pending sale,just in case they want to buy it back(right). The developer went belly up and new ownership is located in Wisconsin. There are no home owners on the board,we tried but lost.

If you bought these weeks as a package and you have a recorded deed, then yes you can sell the package. If the weeks are during snowbird season, you shouldn't have a hard time selling if the price is fair, however if the new management insists that you inform them first of a pending sale and it's in their book of home ownership rules then you must do so as they have the right of first refusal.