Posted by richarde on November 02, 2002 at 15:07:25:
In Reply to: Timeshares are a deeded interest posted by John Behle on November 01, 2002 at 23:58:00:
Thanks for the input-- this is a great site.
I agree with most of your comments regards timeshare deeded properties.I'm in the Resale end—most properties resale for 30 % to 80 % of the developers price, some less some more, (and $2000 of that is the resale brokers fee) Next time you shop for a resort, go to the resort, talk to the marketing dept., make sure you want to own, get the free steak knives and walk away. (Most resorts annual fees are around $450, the cost of a week at Motel 6—which is where I stay.)
Regarding the paper on the resale carry backs. Many sellers carry with 50 % down, just to unload at a good price. They don’t want to carry back—so many would want to sell the paper. The credit worthiness of the payor is really all the investor would have.-- most investors wouldn't want to get stuck with timeshare properties in the event of default.
I ‘d be happy to custom screen any paper including an agents opinion of market value. And could require selling WITH recourse on the paper in case of default).
I’d be happy to act as a referring source or broker to an investor.
Thanks for the input.
Richard E.