When we went to Mexico. Went to a time share spiel which started at 59K, then 49K, then 39K, at which point we "graduated" to the next room to be given a new sales pitch.
Instead of a week a year at this one resort we were offered a membership in a vacation club. It included a free week at the resort, six weeks there at $600 each, 8 cruise vouchers, 50 vouchers to book vacation weeks more than 90 days in advance, and unlimited vouchers for less than 90 days out. (These are to something like 50,000 resorts worldwide and run anywhere from 20% off to 90% off). This was offered to us for 25K, then 20K, then 12K, etc, etc, until we said yes for $4,700. It feels like a pretty good deal (just looked, I can stay in Tahiti in January for a week for $99)
Fast forward to this week and I get a call from a company that buys time shares. They are interested in buying my membership. For 5 times what I actually paid but in line with the original ask. It feels legit, any actual exchanges will take place in person through a title transfer company.
Thoughts?
Well, it sounds too good to be true, and you know what they say about such situations....
Might be a good idea to research the buyer online to see if they're involved in any shenanigans.
Do you have a real estate attorney you can ask?
Robbie
PowerDork
11/14/17 8:36 p.m.
It's another opportunity to get you in a room for another high pressure sales pitch. You show up, they offer to buy you out but also want to talk to to you about a better package. Suddenly you are getting a 100k value for 50k minus the 35k they are paying you for your current one. 100k package for only 15k? That's a great deal! How could you say no?
If the offer is legit then sell. Time shares are a money suck and have maintenance fees and the resorts never have rooms available when you want them. My brother was given a time share by his in laws and had no end of trouble trying to use it. He finally decided to sell and it took a very long time to get a tiny amount out of it. Some you can't even give away. So research your buyer and offer and if it's legit jump ship and SELL!
In reply to dculberson :
I owned a couple of time shares before (eBay purchases for literally under 10 bucks). What I own now isn't that, it's a vacation service. It's a smoking deal for someone who vacations a lot, I just don't know how much I'll be able to use it in the next decade.
On a similar tack sort of but not really is the room mate twisting his wife's arm to pay approximately $600 for the platinum Amex annually so they can use the lounge at the airport. I told him it's better to ask for forgiveness.
In reply to KyAllroad (Jeremy) :
Oh whoops sorry for the bad reading comprehension.
In reply to nutherjrfan :
If you travel a lot it's a great deal. I've gotten at least $1000 worth of use in that alone. It's a free meal and a couple beers each time I go in and the food is really good in most cases. Since I travel for work a lot and all my hubs have it, I've used it. Combine that with the uber credit, and the airline fees credit, I get my value out of it.
