I own a deeded timeshare. What happens when the resort gets old and?
July 21, 2009 by Timeshare Vacation and Fractional Ownership Tips
Filed under More Timeshares Answers
Can you answer nalashelby’s question about Timeshares?:
needs to be torn down. Will I get assessed to build a new timeshare? What if a disaster strikes the building? Who pays to fix it? Can the timeshare resort be sold without the owners, such as myself, approving it?
How To Buy A Timeshare
needs to be torn down. Will I get assessed to build a new timeshare? What if a disaster strikes the building? Who pays to fix it? Can the timeshare resort be sold without the owners, such as myself, approving it?
How To Buy A Timeshare
Timeshares Feedback: When the operating costs exceed the desires of most timeshare owners to continue paying, things start to go down the tubes pretty quickly, because there are no funds to maintain services so more owners stop paying; insurance gets canceled, etc. The association my start foreclosures and/or taking deeds back, & may itself find it hard to keep going. Soon, some developer will come in & start buying foreclosures & individual time shares & make a deal with whoever is left controlling the association & then they’ll make a low ball offer to the remaining owners. Their goal is to knock the place down & re-develope it. If any owners refuse to sell, the developers, acting as owners, will file a petition with the court to liquidate the condominium & “partition” the property; ordering it auctioned off (The developers expect to be the high bidder) & paying each owner & mortgage lender its pro-rata share of the sale proceeds.