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Hi, My name is Nayma Yousuf and my parents purchased a timeshare from Kings Creek Plantation in Williamsburg, VA back in 2007. It was a very bad decision on their part but now they are stuck with increasing yearly maintenance fees, and barely ever do they get any rental income bc the company claims not enough ppl are coming to stay at the resort. They have paid off the mortgage back in 2011 and now tried several online real estate companies to sell the timeshare, but all seem to be scams. Is there anyway they can get rid of this yearly expense and hassle?
1 ANSWER
Not an easy problem to solve at all. Locally, I've had 3-4 people donate the time share for a charity auction, and if it sells, they pay off the unpaid HOA fees then the unit was deeded to the purchaser. We were able to sell 3 units like this, one in Virginia and 2 in Florida. You can offer to deed it back but many companies won't take them back. You can also try to offer a monetary amount, plus the deed, just to get rid of it.
I'd suggest (1) see if the HOA will take it back; (2) if that fails, try the charity route-boys scouts, girl scouts, little league-any nonprofit that might be doing a fund-raising event.(3) This would be the "Will you take it for $____?"
Most of the companies thast advertise deals to sell it for you end up taking your money with no good results.
Good luck.
Answered on Mar 01st, 2013 at 3:37 PM