Timeshare Resale Brokers play an important role by providing a secondary market for timeshares. Some developers have gone to great lengths to suppress a secondary market, going so far as to advise in annual reports that a “viable secondary market poses a risk to (stock and bond) investors.” When considering a timeshare, consumers should consider purchasing Marriott Vacation Club or Disney Vacation Club timeshares on the resale market. Both Developers support a secondary market.
It makes little financial sense to buy something accompanied by annual maintenance fees that you can’t sell or maybe even give back. Think what would happen if our primary residences had no secondary market, or if we could not sell our home because of an outstanding loan. Scams would flourish. There’s hardly a day goes by without someone calling to let me know there are “investors” eager to buy my timeshare.
Parents and grandparents share with their offspring the nightmare that comes with being stuck with an unwanted timeshare. We’ve heard from volumes of timeshare members and owners, and their kids and grandkids, astonished at the difficulty of extricating themselves from a timeshare. It is a fact that you must pay some Developers to be released, IF they are willing, to take back the timeshare.
Stock prices seem to reflect the concern, although there are always various factors influencing stock prices. Both Hilton Grand Vacations and Marriott Vacation Club show a two-year downward trend. The lack of a secondary market tarnishes the industry, which is why sales agents are dodging the word timeshare, calling in “vacation ownership” instead of timeshare.
British comedian John Oliver’s outrageous timeshare rant about timeshare nightmares had over five million views. As a rebuttal, Jen, of Magic in the Music, responded with a YouTube of her own, defending Disney. No wonder Jen had not heard of companies that “get you out of their timeshare.” Disney’s secondary market is alive and well. Jen’s YouTube is included in this report:
True Timeshare Realty, founded by Florida resident, Tom Kessler, specializes in Marriott Vacation Club and Disney Vacation Club resales. When Tom emailed me asking if I knew a bored senior who might like to help with his growing resale business, I applied. I am far from bored, but decided if there was something I could do to support the secondary market, I should do it. Tom told me about an exit company that charged a senior $15,000 to get out from under three deeded weeks – weeks that could have netted the owner $20,000 or more on resale.
After a month or so, Tom suggested I take the Florida Real Estate Exam. At that point I questioned Tom’s mental health, considering I am 72 years old, but lo and behold, I completed the pre-license course through ProLicense Florida, and passed the exam on October 28th, a newly minted Florida real estate sales associate.
Test-taking and Prevagen
The Florida Real Estate Exam requires considerable memorization. As a senior, I find Prevagen’s TV ads infuriating, encouraging seniors to take a memory-enhancing drug. Their ads make it sound like if you lost your car keys, you should take Prevagen. My husband Don and I go to great lengths not to take prescribed medications unless absolutely necessary. Don is 85 and on no prescribed meds. I am 72 years old. Without Prevagen, I scored 100 on the pre-license course final exam, and passed the 3 ½ hour Florida Real Estate Exam online in 1 ½ hours on the first try. Whatever happened to growing old gracefully?
The more common side effects of Prevagen, not including “less common” or “rare” side effects, are below, courtesy of the Mayo Clinic: Although not all of these side effects may occur, if they do occur they may need medical attention. Check with your doctor immediately if any of the following side effects occur.
- Absence of or decrease in body movements
- increase in body movements
- seeing, hearing, or feeling things that are not there
- uncontrolled repetitive movements of the tongue, lips, face, arms, or legs
Back to timeshare – ASK QUESTIONS AND VERIFY IN WRITING SECONDARY MARKET POLICIES
Hilton Grand Vacations also has resale value, but new points purchased are likely US Collection points (formerly Diamond US Collection points). These are the same old Diamond points, but being sold to upgrade Diamond members who wish to gain access to HGV MAX so that they can book stays at Hilton properties. Hilton acquired Diamond Resorts. US Collection points have no resale value. Unless Hilton has recently changed Diamond’s secondary points policy, if someone buys Diamond points on the secondary market, the buyer must buy 50% of the number of points purchased directly from Diamond/Hilton to “clean” the points. If not, the buyers will not be able to join The Club, the internal program that allows members to stay at multiple locations. No other developer imposes this restriction.
I’m excited about my new opportunity to help consumers who want great vacations for about a third of the price or to help those transitioning out of timeshare to get at least something for their timeshare. How can a viable secondary market be considered a risk?
There is another senior waiting in the wings to take her Florida Real Estate exam. More later.
Some “Legacy” resorts have no secondary market. Tahoe Beach and Ski is an exception:
Resorts with little or no secondary market
Why is there a Westgate Timeshare Hostages Facebook Group
Sheri (Vacation Village) March 18, 2022
Diamond Resorts (acquired by Hilton Grand Vacation)
Congratulations Irene on passing your exam, one thing we can count on is you will follow the rules, which cannot be said for all brokers. Resales is a minefield, some will list a timeshare for sale even though we all know that any reputable broker wouldn’t touch them with the proverbial bargepole, Diamond points come up regularly. As Irene pointed out, when you purchase on the secondary market, you have to purchase further points from Diamond to “clean them”, but I’ll bet no one is told that at the original point of sale.
As you will all be aware, AIT has not been publishing during the week for a while, this was due to a problem in returning back to Gran Canaria from Hamburg. The only way back was from Hamburg to Dublin, then Dublin to Malaga and then the final leg to GC. Not all went according to plan, and the journey time increased from 12 hours to 36 hours. To cap it all the dreaded “travelling” lurgy hit me and has laid me out flat. Baby Dog as usual just slept through it all, have a great weekend.