From Deseret News archives:
Value: Properties can greatly depreciate over years
For example, in the six weeks between Sept. 11 and Oct. 25, the online auction site eBay reported more than 2,000 auctions of timeshares. At least 71 sold for bids of $1 or less. Another 641 timeshares that sought starting bids of $1 or less failed to sell or receive any bids, even at that low price.
Three timeshares in Utah sold on eBay in that time, while three others failed to receive any bids. Two of the former sold for $1, both for ownership of weeks at Sweetwater at Park City Lift Lodge.
While those owners received at least a pittance of money, many others give theirs away entirely. Search sites on the Internet show scores of charities willing to take them under certain circumstances, or companies offering to help arrange such donations.
James Tarpey is founder of Donate for a Cause, an Internet company that helps arrange timeshare donations to charities. He said he had the idea for starting it as he operated a closing company for the timeshare resale market.
His company has a list of charities that work with it, and donors can pick one to receive any profits. "We only accept timeshares we know we can move in six weeks to a new buyer," he added, and buyers pay closing costs. "We're picky and accept only about 65 percent of the properties offered to us."
The properties then are offered for cheap, quick sale and profits go to the charity. "We've raised about $700,000 for charities since August of 2004," Tarpey said. "We are doing about 15 (donations to charity) a day. We're quite shocked at what interest there would be."
For those who cannot even give away undesired timeshares, at least one company offers to take them off owners' hands for a fee.
The Morning News obtained paperwork from a company called We Collect Timeshares of Tumwater, Wash. Papers show the company asks for a nonrefundable fee to take over timeshare ownership and annual maintenance fees.
Real estate agents said some older couples reported that the company had told them that if they paid it to take timeshares off their hands, that would avoid sticking their children with annual maintenance fees when they died. The company did not respond to Morning News inquiries about its operations.
Paperwork from We Collect Timeshares did not say what its fees are for the initial timeshare weeks it assumes from clients but did say it charged nearly $1,000 in fees for each additional timeshare week it assumed after a first one (and required that all maintenance fees be made current before transfer, and that clients pay all recording and transfer fees).
Comments
- Packers defense big in win 7:01 p.m.
- Nowitzki leads Mavs past Pistons 6:51 p.m.
- Cardinals rally for 31-20 win 6:31 p.m.
- Layton home has $100K in damages 6:24 p.m.
- TCU stuck at fourth in BCS 6:21 p.m.
- It was past time for Dobbs to go 6:11 p.m.
- Lessons from tempting the universe 6:11 p.m.
- Web surfers spill their guts on Net 6:11 p.m.
- Fight over smoking hurts family 6:11 p.m.
- Lack of languages limiting 6:11 p.m.
- SLC council OKs gay rights policies
362 - BYU happy to escape with victory
226 - TCU creams U.
218 - Editorial: Mormons and gay rights
202 - Will state consider gay rights law?
149 - Letters: Strange breed in Utah
133 - Can BYU root for (ick) Utah Utes?
130 - Utes remain silent about BCS
120 - RSL heads to MLS title game
119 - Celtics crush Jazz
104
Sears is holding a special VIP night Sunday, Nov. 15, in stores and online.
How do you handle kids and contests? Our oldest daughter, 7, is of the...
Why does the BCS poll matter to either BYU or Utah? We aren't going to a BCS...
The tragedy in these cultures is that they are losing their rich traditions...
what Rights and Protections? said - When all those who are against...
TCU is fortunate to be 4th, coming from a weak conference. There is no...
Yeah, look at that! Utah still ahead of BYU. Look for that gap to widen...
TCU is the small school that carries every other little school's hope for a...
This is the wrong place to vent. If you really want change we'll see you at...
Great post Sacramento/SLC Aggie Alum, you hit the nail on the head. This team...
To: gays, please explain this: | 2:01 p.m. Nov. 12, 2009 "Please explain...
if you times 9k by the number of students that would be a great amount off...

You can be the first to comment on this story.