BajaNomad

Ebay is listing timeshares for $1 in Cabo and other resorts

Nancy Drew - 11-5-2010 at 09:13 PM

With the recession has come a glut of resale timeshares on the market that people cant get sold . The timeshare users group has made recommendations on how to rid oneself of a timeshare.

http://tug2.net/timeshare_advice/timeshare_abandonment.html

However I found another site that said $1 might be too much.
http://timesharerelief360.wordpress.com/2010/05/21/think-twi...

[Edited on 11-6-2010 by Nancy Drew]

wessongroup - 11-5-2010 at 09:34 PM

is that a derivative ?

Nancy Drew - 11-5-2010 at 09:44 PM

Don't know why, but the word derivative I associate with Lehman Brothers.

i found one deal on a page i misplaced where the guy paid $18.000 it is Platiunum with lots of points and he wants $500 for it.

This is tugs user group page, found the Royal Sunset in Cancun for 1 cent.
http://tug2.com/timesharemarketplace/

go down to bargain basement and click on mexico.

Ken Cooke - 11-5-2010 at 10:44 PM

My wife and I were recently invited to view a Timeshare presentation after "winning" the chance at "winning" a "new" car at the local mall.

I told the Timeshare people that we would DEFINITELY come to their (high-pressure) presentation so that we could win this chance to win a new Jaguar sport coupe.

We stayed home and watched tv instead.:lol:

monoloco - 11-6-2010 at 07:19 AM

I wouldn't take one of those things if they paid me.

Bajahowodd - 11-6-2010 at 01:51 PM

However, Cabo was developed rapidly due to the time share process. From the developer's perspective, it was pay as you go. In many cases, the construction was paid for by the time the project opened. I'm guessing that it became the financing of choice due to the, at the time, rather weak banking system and lack of available capital. Cabo, as well as several other big time Mexican resorts would look nothing like they do today, if not for time shares. For better or worse.

tripledigitken - 11-6-2010 at 01:55 PM

These is another obvious source of funding for development.:rolleyes::rolleyes::rolleyes:

Nancy Drew - 11-6-2010 at 02:55 PM

What tipped me off to ebay was when i did a search on scam on a hotel and what comes up is timeshare.

The latest scams being reported on the message boards is where they say they will take your old timeshare in trade. The people sign for the new one thinking the old one is gone , only to find out the paper work dissappears, and now they are on the hook for two timeshares, two maintainces, and possible assessments. One guy posted he buys his on ebay , so off to ebay I go and what do I find , people desperate trying to unload for $1.

Another scam is where the desperate owner pays a company upfront to unload his timeshare, now the boards are reporting that the company takes your money, hence they have made their money and dumps the unit for $1.

Reading up on Tug , I find one fellow who deals on ebay timeshares, commneting on $1 offers that some are not accurate with the maintaince fee , he then senses this as a problem and walks.

The other issues coming up , is that as the resorts gets older it may need heavy duty maintaince, roofs ets, room upgrades and these come back to the owner in a special assessment. I also read on the boards , tug, that if you fail to keep up the maintaince they can send the collectors after you and lien your house.

I find reading Cuba's scams much more interesting. you have to keep scrolling down to get the replies.

http://www.havana-guide.com/cuban-love-or-fraud.html

http://www.havana-guide.com/whos-really-writing-those-emails...

the rest of the stories are here just keep scrolling down they are towards the bottom.
http://www.havana-guide.com/havanajineteras.html#INV

Nancy Drew - 11-6-2010 at 03:35 PM

P.S... I just found out something new about my $1 possible purchase, there a cost $$$ of closing fees, and the buyer pays the transfer fee with the resort to change ownership, now someresorts charge as little as $150 and others 5 times the monthly maintaince , hence I could be paying $3500 or more in transfer fees for my $1 purchase.

woody with a view - 11-6-2010 at 03:59 PM

still ALOT cheaper than your otherwise initial buy in, right?

Bajahowodd - 11-6-2010 at 04:40 PM

Geez. Whoever this person is (Nancy), seems to really have a major issue with time shares. Many people do. Between the high pressure sales tactics, and at least outside the US, where annual maintenance fees are virtually uncontrollable, there's alot to complain about. Yet, there are tens of thousands of very satisfied owners.

In the early days of time share sales, it was most typical that a buyer would actually select a specific unit for a specific week. In that time, it was possible to "lock" into some dynamite locations, and in high demand weeks. What eventually happened was that the time share industry realized that they could oversell their properties, by going to a floating week, first in, first served system. Made more money for the sellers, but crimped the buyers.

Nancy Drew - 11-6-2010 at 05:05 PM

Bajahowood it was your quote on a 95% occumpancy at the Hacienda that of had me do the usual key work searches, and upon finding timeshare scams I read the ususal boring review of how the user was taken advantage of.

Some people make good use of timeshare, check out tugs user group page, and at the right price can work for some, as long as the maintaince fees or assessments dont get to be to high where one cant afford them. I have search the net and have found some good rental rates.

As I said I find reading scams in Cuba more entertaining than reading the same old and I mean same old, we have been done in by the time share reports that appear under the Mexican scams, after all , these people have access to the internet. They could have done some research online and they would have saved themselves thousands of a dollars.

Try this link out:
http://www.havana-guide.com/stop-moaning-about-love-in-cuba....

Bob H - 11-6-2010 at 07:02 PM

Quote:
Originally posted by monoloco
I wouldn't take one of those things if they paid me.


Well, maybe 25-cents! :smug:

Huh?

Bajahowodd - 11-7-2010 at 05:09 PM

Quote:
Originally posted by Nancy Drew
Bajahowood it was your quote on a 95% occumpancy at the Hacienda that of had me do the usual key work searches, and upon finding timeshare scams I read the ususal boring review of how the user was taken advantage of.

Some people make good use of timeshare, check out tugs user group page, and at the right price can work for some, as long as the maintaince fees or assessments dont get to be to high where one cant afford them. I have search the net and have found some good rental rates.

As I said I find reading scams in Cuba more entertaining than reading the same old and I mean same old, we have been done in by the time share reports that appear under the Mexican scams, after all , these people have access to the internet. They could have done some research online and they would have saved themselves thousands of a dollars.

Try this link out:
http://www.havana-guide.com/stop-moaning-about-love-in-cuba....


Just scratching my head wondering just exactly is your agenda.

There are all types of scams all over the world. There are scams in D.C. There are crooks everywhere. Alert and literate people usually don't fall prey. I say usually, because there is always the exception. Many seemingly accomplished, wealthy and educated people feel under the spell of Bernie Madoff, for example. Why? just as for so many who are not quite so accomplished, wealthy or educated. Greed.

Anyone who has an inkling that something appears to be too good to be true, should follow that instinct.

We will never do away with the hucksters and charlatans. It's a price paid for so-called free enterprise.

Nancy Drew - 11-7-2010 at 08:14 PM

Sorry Bahawodd, just reread your above comments, when you say they oversell the resorts by using the floating week, does that mean my possible $1 investment plus all its related costs doesn't have any space for me. I will have problems getting into the resort?




By the way here is another good one :
http://www.havana-guide.com/the-cuban-matriarch.html

after reading this i googled nasty receptionist cuba ....wow .... this is for real


[Edited on 11-8-2010 by Nancy Drew]

Happy to provide information if you want it

bajabeachbabe - 11-7-2010 at 08:59 PM

I have been sitting on the sidelines reading this topic, hoping it would go away, but since it hasn't I am willing to provide an expert opinion on timeshares. I have owned timeshares for over 20 years. At one point we had 5 timeshares, have now sold two and plan to use the others. For 5 years I ran a timeshare donation program where people would donate their timeshares for the tax deduction and we would resell them to raise funds for charitable organizations. Timeshare works if you plan to use it and can buy at the right price. Some of the people who donated their timeshares lost lots of money. If you know what you are doing you can own something that can provide years of wonderful vacations for your family.

Most people buy a timeshare when invited by the developer to attend a presentation for the promise of gifts. This is the worst way to buy a timeshare, as you are paying the price for the marketing costs, commissions, and for the free gifts that are given to evey one to attends - not just those who buy. Even if you buy a timeshare for $1, you must realize that you will be responsible every year for the maintenance fees. Look closely at the maintenance fee and see if you could stay at the same resort for a week for less than the maintenance fees. If not, run the other direction. One of the timeshares that I have owned for over 10 years has very low maintenance fees. $350 for a week in Puerto Vallarta in a 5 star resort? That is a real bargain.

Another thing to consider is if the timeshare you are buying is a fixed week or a floating week or points. It makes a huge difference on how you can use your week. Will you use the week or plan to exchange it through organization such as RCI or Interval International.

The $1 timeshare may look like bargain , but if you can't use it every year to vacation or exchange, it is not a bargain. Buying a quality property is another part of the equation. The two timeshares we owned that we decided we couldn't utilize any more because we were going to build in Baja, we were able to sell for what we paid for them or in one case even more than what we paid. We didn't lose any money.

If you want to buy a timeshare and get some relevant advice, please feel free to contact me. There is good, bad and ugly in every industry and timeshare has its host of all three.

Nancy Drew - 11-18-2010 at 10:25 AM

Dont think I would be interested in a timeshare, the overselling of resorts and the inablilty to secure a space, is on the net.

No thank you.

mcfez - 11-18-2010 at 10:36 AM

The bad thing is that many people bought without thinking it through. Some people found out that they didn’t want to be tied to a certain place and certain weeks each year. Other people mistakenly thought that their time share was a real estate investment that would grow in value at the same rate as their single family home (historically, they have NOT increased in value). Sometimes people underestimated the costs of financing the purchase, and when they tried to sell the time share they couldn’t find a buyer — often because the time share complex was over-built and there were so many new units for sale that the re-sale price was not competitive. Also, some people bought time shares while the units were still being built; some of the builders were not financially sound and did not complete the projects, and the buyers lost their money.

You can do better just renting a joint for a month!