DEAR BENNY: Many people talk about how to get rid of a time-share unit. I went to a meeting where the broker wanted $4,000 to assist me. I left the meeting and did not pay anything. A nonprofit organization was having a fundraiser and auction, so I donated the time share to that organization. It sold for $800.
The bidder was happy; the nonprofit was also happy because it received the $800; and I received the tax deduction by way of a statement from the auction organization. –J.Z.
DEAR J.Z: You may have been lucky, but let me ask a question: What happens if the successful bidder decides not to make any payments to the time share — either the monthly (or quarterly) assessment or payments on the promissory note that you signed when you bought the timeshare?
Your bidder did not sign any legal documents with the lender/time-share developer, so he may not be liable should he be sued. But you signed the documents, and you can be sued.
Furthermore, many nonprofit groups are unwilling to take over a time share, even if it is only to try to auction it off.