About Andreas Rossler Expertise I'm able to answer general questions on timeshares and specifically in regard to purchasing, renting or exchanging timeshares on the secondary or resale market and through the Internet. I have expert knowledge in sales, mechanics (how and why timeshares work), and timeshare exchanges.
I am also well versed in timeshare financing and may be able to guide you to better financing or refinancing options for your timeshare purchase.
If you ask questions of a legal nature, or those requiring tax advice - I may not be able to answer fully.
Experience I have 10 years of industry experience in sales, management and processing. I'm currently CEO of Timeshare Village, a resource for timeshare owners and industry professionals.
Organizations Mensa - Life Member
Publications I have been interviewed by Channel 7 News in the Bay Area of California regarding my opinions on Worldmark, the Club timeshares as developed by Trendwest-Wyndham Resorts.
Education/Credentials MBA - Master's in Business Administration
BS - Mathematics
BA - Economics
California Real Estate Broker
Question My parents bought into a Fairfield property in Williamsburg, VA, then up graded to a VIP level member ship in Nashville - the resort is into them for $20k -$400 or so a month in mortgage and fees. They are hurting ...
Way to sell out of this? Am wondering if they would be better off to drain a savings account, pay it off - donate it to a charity for a $20k tax deduction, and then put $400 a month back into savings?
They will probably freak at the suggestion, but better to get rid of the high percentage rate trap, than to keep $ on ice earning whatever low interest rate a bank might have on savings ...
Answer There are a couple of problems with this scenario. First, when you donate a timeshare the charity uses a broker and wants a quick sale, so they usually auction off the timeshare for 5 to 10 percent of the purchase price - if that. According to IRS rules, you cannot deduct the purchase price but rather the market price - as would be determined by the sale amount. At best, through the donation process, they would perhaps get a $1,000 - $2,000 deduction.
I will assume the loan balance is large. So selling means a loss (I would say that you would be lucky to get $1,000 for this timeshare if you sold it - after expenses and commissions).
I do agree that it is best to pay off a high interest loan - so long as the have a money cushion in place. I would consult a tax expert to see what sort of deductions are possible.
