Looking to sell two Timeshares but I still have outstanding mortgage.

I've spent some time on these forums reading about the various do's and don'ts of selling timeshares and I'll probably do the selling myself (even though it seems quite daunting) as I've been stung in the past and I don't want to repeat it!

However I've still got outstanding Mortgages on both the properties, would it be worth my while to pay those off before selling, or could I still put ads up?

I'm concerned more about the legal side of things rather than sale price so any advice would be gratefully appreciated. :)

One is in Orange Lake Resort, West Village and after reading many of the comments of the state of timeshares in that area, I'm resigned to essentially giving that one away!

The other is Ascutney Mtn Resort, Brownsville and I've not seen many postings in this area, so I'm not holding out much hope for this one either!

It would be to your advantage to pay off the loans on the timeshares, however, even if you do it will be hard to make any profit in this economy. If you just want out from under the yearly maintenance fees you can offer to give them away at Redweek's Bargain Basement and offer to pay maintenance fees and closing cost .... it just depends on how eager you are to rid yourself of your timeshare ownership.

Pretty eager. :)

I figured as much from reading the other posts and can see using this bargin bin is a popular option.

Would I have to phrase the advertisement differently if there is still mortgage outstanding on it?

Quick update on this, I contacted Orange Lake and they will honor deedback as long as the mortgage is paid off. :)

daveh325 wrote:

Quick update on this, I contacted Orange Lake and they will honor deedback as long as the mortgage is paid off. :)

That's great news dave .... we formerly owned at Orange Lake, a fantastic resort.

jayjay wrote:

we formerly owned at Orange Lake, a fantastic resort.

Yes it is indeed a fine golf resort. Unfortunately, it's in the over-saturated area of Central Florida. It's also one of those resorts where you can usually find a rental for cheaper than the maintenance fees and, accordingly, one where an owner would have a difficult time recouping the maintenance fees from a rental.