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Thursday, February 25, 2010

Transfer Smart News: Walley’s Timeshare Owners Face Special Assessment Fee

Timeshares are closely associated with a number of fees that usually increase over time. For some owners, this may be the main reason why they decided to get out of their timeshares. But one type of fee involve in timesharing is the special assessment fee which may arise anytime the operator needs some amount to cover certain cost. Recently, this is the issue among Walley’s timeshare owners.

According to Mr. Grottke, it is true that the level of nonpayment of dues has risen dramatically in the last three years and it's an industry-wide problem. He added that the Florida-based Celebrity Resorts, which bought most of Walley's real estate and management contract in 2008, held a meeting to discuss a special assessment fee, which may range from $494-$939, that owners are being asked to pay on top of their annual dues.

Grottke said he has a fiduciary responsibility to the owners association being a board member, but also a vested interest in seeing the resort succeed, as Quintus still owns more than 500 timeshare weeks. According to a meeting notice distributed to timeshare owners in January which was signed by board secretary Craig Lewis, the operating funds are depleted, and in order to continue operations, a special assessment is necessary. If the special assessment does not get approved, it is anticipated that the 2010 operating expenses will deplete the Association's assets within the first quarter of 2010. With a positive collection of the special assessment fee, the Association will be able to eliminate the deficit and move forward with operations.

Nowadays, numerous owners are trying to get rid of their timeshares while others even hire a timeshare transfer company such as the Transfer Smart. For most of these owners, cost involved is cited as the main reason in doing so. There are numerous costs involved in timesharing such as maintenance fee but the other hefty fee which may add burden to the owners is the special assessment fee. Such fee is the current issue face by Walley’s timeshare owners.

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