Buying, Renting, and Selling Timeshares

Donating our timeshare

I guess you are right. I am generalizing with my experience and am frustrated because I can't seem to get rid of my timeshare. Do you think the Donate for a cause would be an ok way to go? According to the associate that I talked to I would only have to pay the $599 title search fee and then they would sell it. Apparently, my timeshare is not as bad as I think, but I'm afraid I will be out $599.00 and still be in the same boat and will have to continue paying the high maintenance fee along with any special assessments that may come up. The associate didn't think there would be any problem for them to sell the timeshare, but they would have to do a lot better than I'm doing. I'm just afraid to trust anyone anymore.

Alfred C.

alfredc37 wrote:
I guess you are right. I am generalizing with my experience and am frustrated because I can't seem to get rid of my timeshare. Do you think the Donate for a cause would be an ok way to go? According to the associate that I talked to I would only have to pay the $599 title search fee and then they would sell it. Apparently, my timeshare is not as bad as I think, but I'm afraid I will be out $599.00 and still be in the same boat and will have to continue paying the high maintenance fee along with any special assessments that may come up. The associate didn't think there would be any problem for them to sell the timeshare, but they would have to do a lot better than I'm doing. I'm just afraid to trust anyone anymore.

I don't blame you for being skeptical because there have been many scam operations appearing to be helpful and legitimate.

I'm just wondering about this "title search fee". $599 seems very high.

Lance C.

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.

Last edited by ken1193 on Feb 04, 2011 06:59 AM

Thank you so much. This information is what I was looking for. If I could completely get rid of it for around a $1000 then good ridance!

Alfred C.

alfredc37 wrote:
Thank you so much. This information is what I was looking for. If I could completely get rid of it for around a $1000 then good ridance!

You're quite welcome. Good luck.

For the information and benefit of others, if you DO decide to proceed with DFC, please come back to these forums to share and report your observations, experiences, opinion, total costs, satisfaction, time frame from start to finish, etc.

You've received some pretty good and valuable information here. Demonstrate "good karma" and help others by later sharing your personal experience with DFC if you ultimately go that route...

Last edited by ken1193 on Feb 04, 2011 10:34 AM

I've got an email into them and also left a message with an associate that I talked to earlier. Hate to be negative, but don't think I'm going to get very far with them using the criteria that you put forward. They are savvy! The know exactly what they are dealing with and my Sheraton Broadway Plantation Gold Plus, 2 bd rm floating time share needs a lot more "upfront" money. I will be surprised if they come through. Wish it were on the beach and not 5 blocks away!

Alfred C.

I went ahead with to working with DFC. As I suspected my timeshare is like the millions of others out there- its not really desirable- I had already figured this out. They are going to take it, but it is going to cost me over $3000, but I hope I am goin to be rid of the d.. thing. I let my wife talk me into getting into this and just didn't think about the end. She passed away in April and I have no desire to spend time at a timeshare. I believe this is a reputable company and I'll let you know if everything goes as planned. Let's all get the word out the people that most of these timeshares are not worth anything. They can rent them for 1/2 of what the maintenance fees are and they don't have to worry about sheduling, etc.

Alfred C.

alfredc37 wrote:
I went ahead with to working with DFC. As I suspected my timeshare is like the millions of others out there- its not really desirable- I had already figured this out. They are going to take it, but it is going to cost me over $3000, but I hope I am goin to be rid of the d.. thing. I let my wife talk me into getting into this and just didn't think about the end. She passed away in April and I have no desire to spend time at a timeshare. I believe this is a reputable company and I'll let you know if everything goes as planned. Let's all get the word out the people that most of these timeshares are not worth anything. They can rent them for 1/2 of what the maintenance fees are and they don't have to worry about sheduling, etc.

Why are you going to pay them $3000? Isn't that like bait-and-switch? They told you originally that they would do it for $599. Then it was $1000. Now it's up to $3000?!

$3000 is about 3-4 years' maintenance fees. Why not pay those maintenance fees over the 3-4 years instead of everything right now? In the meantime, try giving it away, renting it out, or letting your children use them as an anniversary present?

Charging $3000 to take it off your hands is what the Post Card Companies (companies that, by the way, are not well thought of) do. DFAC just seems to be imitating these PCCs.

Lance C.

Hi Mike,

Just wondering how were you able to have them toke back the deed? I had asked a couple of times, they wouldn't do that.

Thanks,

James.

James B.

lancec13 wrote:
$3000 is about 3-4 years' maintenance fees. Why not pay those maintenance fees over the 3-4 years instead of everything right now? In the meantime, try giving it away, renting it out, or letting your children use them as an anniversary present?
Charging $3000 to take it off your hands is what the Post Card Companies (companies that, by the way, are not well thought of) do. DFAC just seems to be imitating these PCCs.

I'm not defending DFC (I never have and I certainly never will) but it is entirely possible (...perhaps likely, even) that in earlier conversation(s), an underinformed phone rep may have incorrectly believed (...and hopefully did not just deliberately misrepresent) that the timeshare at issue had more market value than further research subsequently revealed.

In this economy and weak resale market, it is indeed common for any such "recipient" organization to require the financial equivalent of 4 (or more) years worth of maintenance fees for a low / no market value timeshare. DFC never USED TO do this, but DFC may well now find it a necessity to do so in this rock bottom resale market (yes, just like the PCC's do, as you correctly note). Needless to say, if it then takes the recipient (charity, PCC or anyone esle)several years to "unload" it, then the recipient is making sure in advance that annual fees to the facility can be paid with money on hand, previously collected (and NOT tax deductible for the donor) money. They aren't going to pay those fees with THEIR OWN money. A charity or any other organization does not want a stinky albatross indefinitely hanging around its' neck any more than an individual owner does. If the organization CAN manage to sell it (or give it away) sooner, then they are well "ahead", financially.

Your suggestions and observations are certainly valid regarding other options (such as keeping the ownership and renting it, gifting it, etc.) but some people just plain want to be DONE with the whole business --- NOW! Since alfredc indicated having lost his wife earlier this year, perhaps he just wants to put this whole timeshare matter and memory behind him, asap. To each his / her own...

Last edited by ken1193 on Feb 05, 2011 12:52 PM

I have already made the decision to go through with this. They have the money from my credit card and on Monday I will pay the 2011 maintenance fees. I just want to be out of paying the ever rising maintenance fees and special assessments. My kids don't want any part of it and renting is not worth the trouble. I don't think the resort is even able to rent. They keep lowering their rent which is about 1/2 of what I'm paying now for maintenance fees. Lord knows I've tried giving it away. The word is really getting around about what a scam the timeshare market is. I know there are a few that are desirable. If I can just get out of this with 3 grand then it will be worth it. I shudder to think what the cost will be in 5 more years as the place continues to deteriorate and the poor timeshare association tries to keep thing going. They've got their work cut out for them.

Alfred C.

alfredc37 wrote:
I have already made the decision to go through with this. They have the money from my credit card and on Monday I will pay the 2011 maintenance fees. I just want to be out of paying the ever rising maintenance fees and special assessments. My kids don't want any part of it and renting is not worth the trouble. I don't think the resort is even able to rent. They keep lowering their rent which is about 1/2 of what I'm paying now for maintenance fees. Lord knows I've tried giving it away. The word is really getting around about what a scam the timeshare market is. I know there are a few that are desirable. If I can just get out of this with 3 grand then it will be worth it. I shudder to think what the cost will be in 5 more years as the place continues to deteriorate and the poor timeshare association tries to keep thing going. They've got their work cut out for them.

In the end just make sure that the timeshare is transferred out of your name, however Donate For A Cause seems to be like any other postcard company that charges 3K+ to (supposedly) rid you of your timeshare.

R P.

Last edited by jayjay on Feb 06, 2011 08:41 AM

jayjay wrote:
...Donate For A Cause seems to be like any other postcard company that charges 3K+ to (supposedly) rid you of your timeshare.

Earlier in this same thread, in clear and specific detail, I spellled out the important "night and day" difference between ownership transfer by recording of a new deed in a new name vs. mere execution of a "limited Power of Attorney" (a completely unacceptable route which may NEVER result in a new deed being recorded in a new name).

DFC certainly has shortcomings and faults. That said, it is my understanding that DFC *DOES* (specifically, via Resort Closings Inc. --- and *UNLIKE* many PCC's) prepare and record a new deed out of the "donor's" name and into their own. It can't hurt to repeat and echo this same point all over again, but alfredc has already been very clearly advised to make ABSOLUTELY CERTAIN that an actual new deed is getting PROMPTLY recorded in a a new name and that this is a vitally necessary step to be conclusively accomplished virtually right away in the course of the (NOT tax deductible) "donation".

Last edited by ken1193 on Feb 07, 2011 08:58 AM

Donate for a Cause if a legitimate service company able to assist in getting your timeshare. I submitted my timeshare in June of last year. Took a while (and I did have to pay I believe $1900 or something like that) for the closing cost, but my timeshare in Maui was tranferred over. They were able to get my appraisal of the property back to me. I was able to successfully write off the closing cost, the appraised value (which was $9000, and $299 which we paid for the appraisal. In total, I was able to deduct a little over $10,000 from my charitable donation. Before I committed to DFAC, I did a lot of research - Called my personal tax rep, Called Austin Income Tax Services to make sure it was legit. Contacted American Heart Association, Kidney Assoc, and Cancer Center to inquire about their involvement with DFAC, read several reviews regarding DFAC to see what other people were saying. So yes DFAC is legit, you can write off all monies donated for this charity. In an earlier posting however, someone mentioned 'Donate for a Cause Now'. I can't say that's the same as Donate for a Cause. Also initially I didn't have to pay anything but they couldn't sell it, so I went the guaranteed way, which means you pay something up front. It was worth it for me - my maintenance fees were $1148 and going on. We've owned the timeshare for over 10 years so we got our money worth. Hope this helps. Sorry it was so long.

Pat W.

patw170 wrote:
I did have to pay I believe $1900 or something like that) for the closing cost, but my timeshare in Maui was tranferred over. They were able to get my appraisal of the property back to me. I was able to successfully write off the closing cost, the appraised value (which was $9000, and $299 which we paid for the appraisal. In total, I was able to deduct a little over $10,000 from my charitable donation.

I am not a tax expert --- and I don't play one on television. That much clearly stated, I respectfully submit that the IRS might very well later choose to challenge the legitimacy and /or accuracy of the "appraisal" that was provided to you. Think of it this way --- if you had to PAY someone to take the timeshare, does it not stand to reason that its' market value was not likely to have been anywhere near $9,000???.

I wish you luck and success with this, but merely FILING the deduction claim on your tax return does NOT necessarily mean that it will pass muster upon later scrutiny by the IRS (which will likely not occur until about a year following the tax reporting year)....

Last edited by ken1193 on Apr 29, 2011 06:55 PM

Thanks Ken. Appreciate your comments, which is why I contacted IRS with EVERYTHING before doing anything to make sure DFAC was legit and that claiming the deductions were legit. DFAC had already informed us of the maximum amount that the property could be valued at. But I do value everyone's comments (and I'll definitley keep all my paperwork, whch I do anyway). Thanks again.

Pat W.

Donate Your Timeshare To a Cancer Patient

WHO ARE WE?

Laura's Journeys is a program promoting travel for cancer patients in partnership with Roosevelt Hospital, a 501(c)(3) non-profit organization in New York City. Established in 2009 in loving memory of Laura Parness, Laura’s Journeys is specifically designed to encourage and facilitate recreational travel for cancer patients at Roosevelt and other hospitals within the Continuum Health Partners network. The program facilitates recreational travel for individuals undergoing cancer treatment by awarding vacations for the patient and a companion, while also providing practical advice for traveling during their therapy.

In the first two years since its inception, Laura’s Journeys has awarded more than 20 trips, including one-week cruises to various parts of the Caribbean,New England/Canada and Bermuda; a one-week trip to Athens, Greece; vacation home and timeshare stays in Merritt Island and Palm Beach Shores, Fla., and Galloway Township, N.J.; and weekends in the Berkshire Mountains and Atlantic City.

Winners are selected from random drawings limited to current chemotherapy and radiation therapy patients. In an effort to make the getaways as stress-free as possible, the program’s volunteers assist the winners in all aspects of planning their vacations.

HOW CAN YOU HELP?

Laura's Journeys welcomes all forms of donations from the travel community and we invite individual owners of timeshares or vacation homes to donate week or weekend accommodations. For additional information, please see visit Laura's Journeys website at http://www.wehealny.org/services/ccc_laurajourneys/index.html.

Lauren S.

I heard that donating your timeshare is actually really beneficial. You get can get rid of the timeshare by donating it to a charity. Has anyone tried this? I am running out of options with my timeshare.

Victoria L.

There are several charities that accept timeshare donations. The key has been stated before. FIRST, make sure an actual new deed is filed with the county recorder where the timeshare is located showing you as the seller or grantor and someone else as the buyer or grantee. As of the date of recording you are finally free of any further obligation. SECOND, not all charities do things the same way. Most don't take the deed, they have you continue to hold it while they try to sell it. If they can, they get the cash. If they don't you get stuck. A few will charge you a fee for accepting the timeshare. That fee can be enough for them to have the next several years of maintenance fees paid for in advance so they don't get stuck with future bills. This protects their credit rating in case they can't pay the annual fees. One charity i work with charges a $500 fee plus any about $400 closing costs to take title. They don't care about their credit ratings. They simply don't pay the fees and instead offer it back to the resorts so they can resell it again. This has been discussed in great detail with both negative comments and responses with IRS quotes validating the process in another forum titled "Getting rid of your timeshare".

Dr. K.

I have read a few of the postings on this site and for those interested in donating a time share to charity, I would love to speak with you or get you in touch with the founder of Laura's Journeys. Details of the organization are posted earlier in this forum, but I welcome you to check out the website for additional details: http://www.wehealny.org/services/ccc_laurajourneys/index.html

Please check out the website and either reply to this posting or send me a message through RedWeek. I am happy to answer any and all questions.

Thank you for your attention, Lauren

Lauren S.