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
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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.