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About The nugget. (Sisters, Or.) 1994-current | View Entire Issue (Sept. 11, 2019)
Wednesday, September 11, 2019 The Nugget Newspaper, Sisters, Oregon How do I get out from under a timeshare? Dear Property Guy By Mike Zoormajian Dear Property Guy, I9ve had a timeshare for almost 20 years. When the kids were younger, and I was travelling more, it was fun. But now, it9s just an expen- sive hassle. The maintenance and annual fees are killing me. I just want to be done with it. 4 Timeshared in Tumalo Dear Timeshared: Property Guy has a few rules for clients and friends: First, we don9t sell, we BUY property in Oregon. Second, we NEVER buy timeshares. We9ll go over the other rules in a different column& Timeshares can be struc- tured a few ways, but basi- cally you are a part-owner with the right to use the prop- erty for a pre-determined period of time each year. The rub is that you are on the hook for: maintenance, management, repair, and any other fees the timeshare com- pany dreams up in the future. I9m not a timeshare expert, so I reached out to some attorney friends who are. Strangely enough, none of them actually own timeshares. Timeshare presentations can be pretty slick. And when combined with free food and booze, can also be very com- pelling. Timeshare salespeo- ple have even been known to (gasp!) lie about facts to get you to buy. Timeshare staff actually rank somewhere between used-car dealers and politicians on the trustworthy scale. When it comes to exiting a timeshare, you have a few options; none are really awe- some. But let9s work through them. Talk it out. Always start here. It9s easy and it doesn9t cost anything. Call the com- pany and ask what your options are for sale or for a <deed back / surrender.= You9ll find that (surprisingly) most timeshare companies don9t even want their own stuff back for free. Most will even try to sell you some- thing else during the call. Try to sell. Websites like Sharket, RedWeek, and Timeshare User Group can help you determine market value your property. These sites also provide listing ser- vices. This is probably the best option if you can make it work. Unfortunately, the market value of many time- shares is less than free as a result of high annual mainte- nance fees. A quick search on those sites showed pages and pages of listings for under a dollar. Timeshare exit com- panies. These come in all flavors. Some are outright scams and others are very good. The ones that are scams will demand an upfront fee, and you will never hear from them again. Good ones will come with excellent refer- ences. There are many law- yers who specialize in this. The key here is to research, research, research before you pay anyone to help you get out from under a timeshare. There are no guarantees here, and the average cost for these services is about $5,000. Walk away. This is just as it sounds. You can stop pay- ing the bills, but this doesn9t stop the obligation. You will start getting nasty let- ters from important-sound- ing attorneys and collection agencies. Your credit may take a significant hit, and there is potential for legal judgments and attachment of assets. Or you may never hear from them again. Just the luck of the draw. The best way to avoid get- ting burned by a timeshare is not to get involved with one. With the advent of AirBnB and VRBO, there is no rea- son to <own= something to explore different areas of the world. If you9ve already taken the timeshare plunge, there are always options. Mike Dear Property Guy, A few columns ago, you talked about the importance of reviewing HOA financial documents. I have asked our HOA for our records, but they have not been forthcom- ing. Help? 4 Concerned HOAm Owner Dear Owner: This is not a good situ- ation, and one that may require a competent attorney, and perhaps even the District Attorney. It is important to note that HOA officers are bound by their governing documents and state laws. HOA officers can face crimi- nal prosecution, and be sued for breaches. My experience is that HOA members tend to be more forthcoming with documents when reminded of this fact. 4 Mike Mike Zoormajian is prin- cipal at WetDog Properties in Sisters. Providing local property management and investor services. Questions, comments to: letters@ wetdogpnw.com. Free legal advice is worth what you pay for it. Consult a real attorney before doing anything crazy. Classified ads go online every Tuesday afternoon www.NuggetNews.com Our agents have served Central Oregon for over 30 years. C o m m e rc i a l | R e s i d e n t i a l | F a r m | L a n d Land & Homes Real Estate Sandy Goodsell Jonathan Hicks Principal Broker Principal Broker ABR, CDPE, CIAS, GRI, SRES 541-923-0855 560 NW Birch Ave., Redmond 541-480-0183 sandygoodsell @gmail.com Jennifer King Broker 865-335-6104 jwhicks000 @gmail.com 541-923-4567 jenniferkingsisters @gmail.com LICENSED BROKERS IN THE STATE OF OREGON SEED TO TABLE: Event marks a true transition between seasons Continued from page 3 down part of a greenhouse they are so heavy with ripe. A tomato a day keeps the doc- tor away is my new saying around this time of year. In addition, a record of 20 red bell peppers has decorated a single pepper plant! The pole beans are growing through 31 the roof of our 14-foot-tall greenhouse and the zucchini has provided ample amounts of zucchini muffins.= In Central Oregon we only get a small window for eating and purchasing these nutrient- dense and local foods. The Fall Harvest Dinner has tickets available at www. seedtotableoregon.org/events. Stop by the Sisters Farmers Market from 11 a.m. to 2 p.m. at Fir Street Park each Sunday through the end of the month. PHOTO PROVIDED Seed to Table’s Fall Dinner celebrates summer’s bounty as the seasons turn.