Did my parents get taken with Timeshare?

Question

I inherited timeshare in Makaha,HA from my parents.They paid over $20,000 when they bought it. It is now worth $3,500., minus the cost of probate/escrow. What's left? I encourage people to look into renting before buying. My timeshare fees are approx. $800.00 a year. To rent the unit would be approx. $800.00. I contacted the main office in Los Angeles, CA, asked what is the advantage of owning vs. renting. I never got a reply. I wonder why my parents bought. They were intelligent people. Like so many people of that era, they saved their money, paid in cash, went through the depression, went through the war. My dad, I'm proud to say a "survivior" of the Japan prison camp. I'm a suvivior of cancer and their message was to enjoy. Our time shared together out live the financial loss of the timeshare.

Answer 1

short answer is yes.

Most timeshares have a resale of about 20% of the "new" sale Price. the rest of the original purchase goes to commissions and marketing.

Answer 2

The people who sell timeshares have such convincing sales pitches that intelligent people can get taken in. Timeshares are not a good investment, but the people selling them make them sound fabulous and use such high-pressure tactics that people often buy without realizing what they are getting into.

You have a good attitude about it -- that your time together is the most important thing. Now, you should look into a selling it so you don't have to keep paying the fees -- even if you have to give it away.

Answer 3

If you accepted the timeshare from the estate, YOU have been taken. Forget the appraised value, most timeshares can't be GIVEN away. That puts the actual value at ZERO. If I were in your shoes, I would offer to PAY the timeshare office to take it back.