Friday, March 24, 2006
Investor Looks For Help In Dumping Timeshares
Q: I invested $5,000 each in two resort timeshare units some years back. Maintenance cost has gradually increased. This year it is $539 per unit. I have invested more than $1,000 with several companies during the past years to try to sell the units, to no avail. When I was younger, I got good use from the units by family members or renting. Now I have to try to rent on my own, which I'm not so good at. I'm nearing retirement, and I must get this off my shoulders. Do I forfeit? If so, how? Or is there another alternative?
A: Ask the developer or the management company if they'll take the timeshares back. Advertise online at EZ Timeshare or in newspapers down there, perhaps a classified ad that says "cost $5,000, will sell for $500." And as a last resort (no pun intended), consult your own lawyer about what would happen if you simply stopped paying the management fees, property taxes, or whatever is required with your particular setup. Often there are not really any consequences.
A: Ask the developer or the management company if they'll take the timeshares back. Advertise online at EZ Timeshare or in newspapers down there, perhaps a classified ad that says "cost $5,000, will sell for $500." And as a last resort (no pun intended), consult your own lawyer about what would happen if you simply stopped paying the management fees, property taxes, or whatever is required with your particular setup. Often there are not really any consequences.
# posted by John @ 4:21 AM 
