Supposedly the retail is $12,000 for each week. I would be lucky to get 2k for each. I was just curious if anyone knows a lender who would give a loan against the deeded property.
2007-09-09 02:41:21 · 6 answers · asked by joe Beta 1 in Business & Finance ➔ Renting & Real Estate
Unfortunately, despite what the people that sold these things to you told you, you don't "own" anything except 7 prepaid vacations. Time shares have no collateral value and very little resale value. Their "retail" value, or whatever the guy that sold them to you told you, has no basis in reality. I'd hate to say it, but they're pretty much a scam. Their only value is that of a vacation destination. In my opinion the whole industry is under-regulated and the people that sell them are right on the edge of legality. Sorry.
Also, ignore anyone that is claiming to be a "lender" or real estate "professional" and is soliciting your business on the Yahoo Answers board. Not only is a violation of Yahoo's terms of service, it is totally unprofessional and most likely a scam.
2007-09-09 02:59:38 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shopand can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.
2007-09-09 06:07:37 · answer #2 · answered by Anonymous · 0⤊ 1⤋
They can't give you a mortgage because you do not actually own any real property. You own the right to use the property, but not the property itself. There would be nothing to foreclose on in the event you defaulted on a loan.
I am not even sure you if could sell them. You should likely just give them to your kids if you don't use them anymore.
2007-09-09 04:35:36 · answer #3 · answered by Landlord 7 · 1⤊ 0⤋
why not just sell one or two of the properties and get the cash you need. I also dont see the logic in owning property that does not make you money. Retail is 12k and lucky to get 2k...does your profit outweigh what you have to pay in insurance and repairs/upkeep?
I would get rid of the ones you dont have to have and are holding you back from your money making potential.
2007-09-09 02:51:14 · answer #4 · answered by railer01 4 · 0⤊ 0⤋
Look to the first word of your post "supposedly". banks do not loan on supposedly.
If you try and sell you will find it is very difficult if not down right impossible. That is why no one will lend you money on them.
2007-09-09 03:56:08 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Actually you can't even give timeshares away. Charities will refuse them as they don't want the expense of the fees.
I've seen folks who inherited timeshares asking if they could refuse to take them.
2007-09-09 05:11:03 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋