Joan Bennett, Keller Williams of So. NV
They should give you a better idea of value and the difficulty of selling it.
Prudential California Realty
Beverly Hills, CA
Bad news follows. Get out your tissues.
Time Shares secured by a deed are considered real property in the State of Nevada. If you are employing a person to sell the property for you, they must be licensed by the Division of Real estate as a Nevada Licensee.
An individual can sell their own deeded real estate (time share) without a license as a "For Sale by Owner". You cannot sell anybody else's without a license. If the property is in Nevada, you must have a Nevada state real estate license to sell a deeded property that you are not the owner. An attorney may sell another person's property, without a real estate license, if it is in the course of his other duties acting as a attorney for his client. (NRS 645).
Older Timeshare property may be conveyed with a deed that was received when you purchased it.
Other Timeshare is a point system. Ownership in that system may be a deed securing the point value.
Newer Timeshare programs are used where the owner owns nothing, zipo, nada.. They purchase a right to use, and points assigned, depending on the amount of money extorted out of the Buyer when they first purchase. This is like a gym membership. Have fun buying and selling points. No need to worry if you do not purchase enough points. The system allows to you purchase more points at a perceived value later to keep you doing the things you want at enormous carrying costs.
The real issue is that there is absolutely no resale demand for timeshare property. Look on the WEB for individuals selling their timeshares. You can get them almost free. Check E-bay and Craig's list.
There are companies throughout the country/world that promise to sell your timeshare with upfront fees. They get the upfront fee because they need to get paid when the timeshare does not sell. I suggest you look for a company that will sell it without an upfront fee. Anyone you choose to work with should get paid when it sells. Just like I do for selling property. I call it a success fee. If I am not successful in what I do, I do not get paid. If a person/company needs to get paid before they do the task, go somewhere else.
The real question is what to do with it. Some ideas:
You may want to contact Polo Towers and ask if they have a rental program to mitigate some of the cost.
Give it to charity (if they will take it).
Work with the Polo Towers to take it back so you do not need to pay the fees.
Rent it out if allowed by the Polo Towers.
Come to Las Vegas once a year and try to make up for the expense in the Casinos.
Give it away. I have a timeshare that was given to me. I don't speak to him anymore. It has been more than 8 years.
If you stop paying the fees, the PT will eventually take it back and you are still liable for fees and costs. That option will cost you a lot of money and a bad report to credit Agencies. (Not advisable).
I hope this was helpful. Let us know what you decide to do. It is always good to hear back from people when they decide what to do. I wish you well.
Final word: Do not, NEVER EVER....sign the property to another without them agreeing to pay the fees in writing. Many people sign the property to a company hoping to sell it. The company controls the property and you are stuck with the fee.
New Web Sites:
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
BTW: My firm does not sell Timeshares. I excell in completing short sales and investment homes.
Steven Goldman, CRS
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135