Timeshare Frequent Asked Questions
These are some frequently asked question by members and visitors of T.O.C. The answers are common knowledge or have been provided by members themselves. If you have a better answer or if you would like to extend on a given answer please CONTACT US.
*This should not be considered legal advise and T.O.C. takes no responsibility for the use of this information.
1] Are there any kind of membership fees?:
There are no membership fees
2] How can this be free?:
We don’t do this for a profit we are just owners tired of paying fees doing it with help from sponsors
3] Is my Privacy Safe?:
Timeshare owners Community undertakes that it will not reveal any information about an individual owner to another party. Timeshare Owners Community also undertakes that it will not send any material to a user which is not strictly related to an existing timeshare ownership. To see or privacy policy click HERE
4] What are the benefits of the exchanges with TOC?:
You do not have to commit your week. There is no element of banking or depositing or in any way committing your entitlements You will be given the opportunity of having TOC send automatic notices to you of: (a) exact matches to your request and (b) all requests to your resort which match your travel dates. You have the advantage of transacting with another owner. There are many things you might like to know about a resort which the other owner is most likely to know; places to eat at and places to avoid eating at, what should you bring with you, are pets allowed, is there access for the disabled, will you need a car, is there cable television and Internet access? All sorts of things
5] Can I request a larger unit than the one I own?:
There are no limits to what owners can exchange: a studio for a penthouse, high season for low season, points for a fixed or floating week. It doesn't matter just as long as the owners agree between themselves.
6] Can I exchange if I am in a Points system:
There are no limits to what owners can exchange
7] How do I Arrange the exchange?:
Timeshare Owners Community is just a facility for timeshare owners to arrange whatever exchange suits them. There is no rigid procedure to follow but it is essential that each owner is clear about the agreement which has been made. It is also important that each party has confirmation about the booking from the resort in question. Please help other owners by replying quickly to messages, deleting your own listing as soon as you have completed your exchange and, especially, by giving help and advice to the owner you are exhanging with. A little kindness goes a long way.
8] How can I sell my timeshare?:
To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, doesn’t be another victim of a scam.
Unfortunately over 50% of people that really need to sale their timeshare falls for this resale scams where they charge money up-front and less than 10% of them use their only real option witch is to post it or offer it trough free advertising options as much and as many sites as you can (it is ok to pay a few dollars to post in a great place but no more that $20 to $30).
Timeshares do not have resale value and in most situations you would take a loss in whatyou paid for, as they resale for less than $1000 USD.
There are some free classified ads where you start can posting:
http://timeshareownerscommunity.com/
http://tug2.net/
http://craigslist.com
http://ebay.com
http://recycler.com/
http://usfreeads.com/
http://www.inetgiant.com/
Unfortunately over 50% of people that really need to sale their timeshare falls for this resale scams where they charge money up-front and less than 10% of them use their only real option witch is to post it or offer it trough free advertising options as much and as many sites as you can (it is ok to pay a few dollars to post in a great place but no more that $20 to $30).
Timeshares do not have resale value and in most situations you would take a loss in whatyou paid for, as they resale for less than $1000 USD.
There are some free classified ads where you start can posting:
http://timeshareownerscommunity.com/
http://tug2.net/
http://craigslist.com
http://ebay.com
http://recycler.com/
http://usfreeads.com/
http://www.inetgiant.com/
9] Should I pay an up front fee to sell my timeshare?:
To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, don’t be another victim of a scam (it is ok to pay a few dollars to post in a great place but no more that $20 to $30).
10] Can I trust the people in the internet to sale my timeshare?:
You can trust them as long as they don’t ask for a lot of money up-front
11] What happens if I just stop paying for my timeshare?:
1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didn't pay a debt before loaning you additional money. You will either not get the new loan or will pay a much higher interest rate.
2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.
Let's say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as 'other income.' (The loan is considered separately from the property so the $4000 loss doesn't reduce the COD income at all.)
2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.
Let's say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as 'other income.' (The loan is considered separately from the property so the $4000 loss doesn't reduce the COD income at all.)
12] Do I have to join the Timeshare Owners Community to sell my timeshare?:
No, but we ask you to register in the classifieds section at least.
13] How can I transfer the ownership to someone else?:
The first step is to contact your member services department, if the is no money involved they should be able to do it for you. If you a reselling your week to someone that you don’t know then it is better to hire an escrow company (have the new owner pay for it)
14] Where can I donate a timeshare?:
Click HERE to see a page full of options.
15] Why should I donate?:
Donating a timeshare is a quick way to resolve your real estate burden. There are no up-front fees, the charity will handle the timeshare transfer process for you, and it is taken care of quickly. Many charities will let you start the process online, and then contact you to finish up all of the paperwork. And of course, you will have the knowledge that your donation went to help a worthy cause.
One of the main advantages of donating is the tax write-off benefit. While you will generally receive more money if you sell your timeshare, if you like the idea of donating, you will still get some financial benefits. Once the timeshare transfer is complete, the charity will send you a receipt as proof. There is usually not a dollar amount attached, which is what you will need to determine yourself. Keep in mind that if the fair market value of your timeshare is over$5,000, you will need to get an appraisal to claim that amount on your taxes. You will need to pay for the appraisal yourself, which is often in the$300-$500 dollar range.
In order to have a smooth transfer of the timeshare over to the charity, there is some paperwork and initial information you will want to collect. You will want all of the resort contact information, and additional paperwork, such as any exchange agreements. The deed to the property, the membership agreement to the resort, and any financing information, if it is still being financed, are also necessary. You'll also want to gather your maintenance fee information and any real estate taxes.
If you decide to donate a timeshare, instead of selling, you will, in many cases be saving yourself from the time and hassle involved in advertising and marketing your timeshare. In many cases, you will be receiving a tax benefit, plus the gift of donating to charity. While you may not receive the full amount of money you would from selling, you will gain piece of mind.
One of the main advantages of donating is the tax write-off benefit. While you will generally receive more money if you sell your timeshare, if you like the idea of donating, you will still get some financial benefits. Once the timeshare transfer is complete, the charity will send you a receipt as proof. There is usually not a dollar amount attached, which is what you will need to determine yourself. Keep in mind that if the fair market value of your timeshare is over$5,000, you will need to get an appraisal to claim that amount on your taxes. You will need to pay for the appraisal yourself, which is often in the$300-$500 dollar range.
In order to have a smooth transfer of the timeshare over to the charity, there is some paperwork and initial information you will want to collect. You will want all of the resort contact information, and additional paperwork, such as any exchange agreements. The deed to the property, the membership agreement to the resort, and any financing information, if it is still being financed, are also necessary. You'll also want to gather your maintenance fee information and any real estate taxes.
If you decide to donate a timeshare, instead of selling, you will, in many cases be saving yourself from the time and hassle involved in advertising and marketing your timeshare. In many cases, you will be receiving a tax benefit, plus the gift of donating to charity. While you may not receive the full amount of money you would from selling, you will gain piece of mind.
16] I'm considering a Timeshare should I do it?:
Here is the deal. If you usually stay at Marriott then you pay a lot of money a night ($300USD and up) that is over $2000 USD a week right?
Maintenance fees depending on the size of the unit are around $600. It looks like you will save some money.
Most of the people complaint about timeshares but that is because they did it for the wrong reasons and the wrong way.
If you don’t travel - Don’t buy a timeshare
If you normally pay $100 bucks a night - Don’t buy a timeshare
If you can’t afford the airfare every year - don’t buy a timeshare
If you are planning on renting it out - Don’t buy it
If there is a chance you will resale it - Same answer
And the last and best - DONìT BUY FROM THE DEVELOPER
DEVELOPER PRICE $30,000 USD - RESALE PRICE FOR THE SAME MARRIOTT PRODUCT $1000 USD
GET THE POINT?
Maintenance fees depending on the size of the unit are around $600. It looks like you will save some money.
Most of the people complaint about timeshares but that is because they did it for the wrong reasons and the wrong way.
If you don’t travel - Don’t buy a timeshare
If you normally pay $100 bucks a night - Don’t buy a timeshare
If you can’t afford the airfare every year - don’t buy a timeshare
If you are planning on renting it out - Don’t buy it
If there is a chance you will resale it - Same answer
And the last and best - DONìT BUY FROM THE DEVELOPER
DEVELOPER PRICE $30,000 USD - RESALE PRICE FOR THE SAME MARRIOTT PRODUCT $1000 USD
GET THE POINT?
17] Is timeshare for me?:
*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU
*It is nota financial investment
*Don’t buy if you plan to rent it
*Don’t buy if you plan on reselling
*Don’t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER
*It is nota financial investment
*Don’t buy if you plan to rent it
*Don’t buy if you plan on reselling
*Don’t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER
18] Is it a good investment?:
It is important to remember that purchasing timeshare should never be viewed as afinancial investment with the expectation of gaining a profit in either reselling it or renting it to someone else. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.
19] How many weeks should I buy?:
Here is the catch: for every timeshare week that you own you have access to an exchange company (RCI, II) these companies do a terrible job when it comes to exchanges but, they will offer you an unlimited amount of weeks that you can purchase every year at very good prices (I have seen weeks for $199) these weeks are NOT EXCHANGES so it’s just a flat price and you get the destination that you want without the 'exchange' game.
20] Do I get the same benefits buying a resale time share?:
Exactly the same, but, be care full, as soon as you visit your home resort for the first time, they will invite you to attend a sales presentation where sometimes aggressive and sneaky sales people might lead you to believe the opposite, then off course they will offer you an ' upgrade' to your membership to solve some kind of imaginary problem.
21] Are there certain advantages to buying direct from the developer rather than buying a resale?:
Every resort is different but technically it should be the same product.
22] The salesperson offered to buy it back from me at current market value is it true?:
They usually offer this 'benefit' at the point of sale but they will never put it on writing, because it will never happen.
23] Is there a timeshare that includes free airfare?:
That would never happen.
BE CAREFUL, there are some salespeople that would tell you that but it's a flat lie. The maintenance fee would be over $2000 if it included the airfare and nobody would ever pay it.
BE CAREFUL, there are some salespeople that would tell you that but it's a flat lie. The maintenance fee would be over $2000 if it included the airfare and nobody would ever pay it.
24] Can timeshare be a source of income?:
Most timeshare owners must go into debt to purchase their timeshare from the developer. They go into debt so willingly because they are often told they can rent out their unit and actually make some extra money.
The problem is that timeshare owners generally have no idea how to effectively rent out their unit. The resort is more than happy with this situation as they usually provide a service to rent out the unit for the owner -- for a FEE. This fee is typically around 35% of the rental price. And they don't guarantee a rental. I fit doesn't rent, you're out of luck. This is definitely not a guarantee.
Every timeshare unit also comes with yearly maintenance fees. These fees cover up keep and taxes at the home resort and range from $500-$1000 per unit per year. Often an aggressively-priced timeshare rental doesn't even cover these fees.
Every timeshare unit also comes with yearly maintenance fees. These fees cover up keep and taxes at the home resort and range from $500-$1000 per unit per year. Often an aggressively-priced timeshare rental doesn't even cover these fees.
25] Can you make money by renting out your timeshare?:
Unless is a Friend or family it will be almost impossible. Don’t fall for those traps out there. If anyone offers to rent it out and asks for money up-front.....RUNAWAY!!!
26] Is timeshare fraud?:
Timeshare is not fraud.
Fraud is the way sales people pitch it and sale it and not only that, they get away with it.
The industry is full of scams and unfortunately one scam leads to another.
Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.
Fraud is the way sales people pitch it and sale it and not only that, they get away with it.
The industry is full of scams and unfortunately one scam leads to another.
Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.
27] Would you recommend selling timeshares for a resort?:
Here is the deal:
You can make a ton of money. Depending on your skills, there are people making over $150k a year doing that. But the job is definitely not for everybody.
It is a brutal sale, a lot of pressure and it does not compare to any kind of sales you have seen before. For instance car sales are hard but you see people who walked in to your dealer by their own will and they are kind of interested and they will buy a car sooner or later.
In timeshare you see people who don’t want to be there in the first place, they were bribed with gifts to attend the presentation by a rep in the street, they know timeshare has a bad reputation, before they attend the presentation they(husband and wife) already made a decision and a 'pact' that no matter what they hear they WILL NOT BUY ANYTHING NO MATTER WHAT, they intend to take their freebies and leave and the best part: you have to close the deal in one hour and a half (that’s how long the presentation last).
So if you can handle that kind of job.......and you are good at it......you deserve and will make over $100k a year.
You can make a ton of money. Depending on your skills, there are people making over $150k a year doing that. But the job is definitely not for everybody.
It is a brutal sale, a lot of pressure and it does not compare to any kind of sales you have seen before. For instance car sales are hard but you see people who walked in to your dealer by their own will and they are kind of interested and they will buy a car sooner or later.
In timeshare you see people who don’t want to be there in the first place, they were bribed with gifts to attend the presentation by a rep in the street, they know timeshare has a bad reputation, before they attend the presentation they(husband and wife) already made a decision and a 'pact' that no matter what they hear they WILL NOT BUY ANYTHING NO MATTER WHAT, they intend to take their freebies and leave and the best part: you have to close the deal in one hour and a half (that’s how long the presentation last).
So if you can handle that kind of job.......and you are good at it......you deserve and will make over $100k a year.
28] We are being asked to convert from a 'weeks' system to a 'points' system for an additional $6000.00. Is this yet another scam?:
It is not another scam but another way for companies to get your money; you should compare the 'benefits' with the price.
29] What are some things I should look for and ask when considering renting out a timeshare?:
If you are renting from a resort is no different than choosing a hotel room.
If you are renting from an individual: ask for confirmation of reservation from the Resort, sleeping capacity of the unit? Is there an all inclusive meal plan? Is the all inclusive mandatory? Is it a five star Resort? And what is the check in dates?
30] What are some tips on attending a timeshare presentation only to receive the freebie?:
It is easy; you just have to handle it right.
Here is the formula, set an Appointment somewhere else to start 20 min. after the sales presentation supposed to be over. (Doctor, Dentist, show, water park, what ever,) Be cordial, let them do their job, let them know that you are broke and there is no way you can afford anything, bring the document (invitation) that states the time length, 30 min. before it supposed to be over let them know of the appointment. Leave.
Here is the formula, set an Appointment somewhere else to start 20 min. after the sales presentation supposed to be over. (Doctor, Dentist, show, water park, what ever,) Be cordial, let them do their job, let them know that you are broke and there is no way you can afford anything, bring the document (invitation) that states the time length, 30 min. before it supposed to be over let them know of the appointment. Leave.
31] Where can file a legal complaint?:
File a complaint with the FTC
http://www.ftc.gov/
File a complaint or get information from your State's Attorney General
http://www.naag.org/
File a complaint on Mexican Timeshares.
http://www.profeco.gob.mx/
http://www.ftc.gov/
File a complaint or get information from your State's Attorney General
http://www.naag.org/
File a complaint on Mexican Timeshares.
http://www.profeco.gob.mx/