Protect yourself from resale scams
Timeshares Only is not a scam. Timeshares Only is a "For Sale/Rent By Owner" advertising network in business for many years and will be for many years to come. Unfortunately, the timeshare resale industry has long been plagued with unscrupulous organizations. Here are a few types to look out for.
Timeshare Liquidation
These companies begin by soliciting unsuspecting timeshare owners by sending them a glossy postcard in the mail.
The company claims they will buy your timeshare. They are holding a seminar in your area and will only be in your area on a certain date. There is a number to call for the time / place of the meeting, and so they can pre-qualify you over the phone. The qualifications are typically that the deed is fully in your name (all co-owners must attend), and the unit is fully paid for and free and clear of any outstanding maintenance fees. There is usually a small incentive for attending (voucher/gift card/gas card).
Their seminar will tell you all the negative things about timeshares. They will say they’re a financial burden and you won’t be able to sell your timeshare. They will tell you they’re worthless and there is no resale value. They will emphasize all the money you’re spending on maintenance fees, taxes, special assessments etc. At the end of the seminar they will offer to take your timeshare burden off your hands. The cost to you is $3,000+, they ask you to sign over the timeshare and promise you’ll never pay another maintenance fee. You may also be offered membership to a travel club.
Once you pay the $3,000+ the company will have you sign a power of attorney, note: this is not giving them the timeshare legally, even though it’s what they make you believe you’re doing. This is the last real contact you’ll have with the company.
Next the company will put your timeshare on e-bay, for $1 with no reserve. The company isn’t concerned about the price because they already made their money from the $3,000+ you paid them. No matter how much the e-bay auction ends at, it’s all just extra profits for the company, you will never see a penny of this money nor be aware of how they got rid of your timeshare.
If the timeshare doesn’t sell, for whatever reason you will still be responsible for the maintenance fees, taxes and special assessments. The power of attorney you signed doesn’t forego your owner responsibilities.
Their method can work in some circumstances but at a very high cost to the owner. They don’t buy your timeshare as they originally stated. No company will outright buy a timeshare from you, the only way to sell a timeshare is through advertising the unit to prospect buyers.
Have a buyer
This type of company will contact you regarding the timeshare you currently own. They are typically cold calling you from a list of owner’s names they purchased. The company will explain they have a buyer interested in your timeshare lined up. They will tell you the offer (usually more than you paid for the timeshare) and ask if you’d like to accept, you agree. You’re then asked to send costs associated with closing/transferring the deed.
Next you’re told that your closing is set to happen on a certain date. When the date of closing arrives the company will tell you the buyer dropped out, but they will continue to advertise your property until it is sold.
There is another more detailed variation of this story that is commonly used as it gives the company more time and also seems to make consumers less likely to cancel after a certain amount of time has passed.
Your buyer is another company, developer or convention that is purchasing a large amount of timeshare properties to use for business professionals. You pay the closing costs upfront then you’re put on a list for closing and to wait until it’s your turn to close. As you call and check in over the next few months you’re told each time that your number on the list is lower and to be patient. When it comes close to your time to “go to closing” you’re told that the buyer has unexpectedly dropped out but they will continue to advertise your property, even sometimes going so far as to say a new buyer has been found and the whole list spiel starts over again.
With this type of company there is no buyer in the first place, it was a ploy to get your money and the goal is to stall you for long enough that you forget about it or are past credit card cancellation periods.
Cold Calls
These companies purchase lists of owner’s names and begin calling with the assumption you’re looking to sell. If a company calls you out of the blue it should always send up a red flag. There are many variations of cold call companies and what they say to earn your business.
Some will say they give tours of the resorts to buyers, or attend expos and conventions to market your timeshare. This is not true; they don’t go to conventions or expos. They don’t give tours as no one is allowed to tour the resort unless the resort itself provides the tour.
Another typical theme of cold call companies is to offer some sort of guarantee. The most common are companies who guarantee to sell your timeshare within 90 days. They say if they fail to sell within that timeframe they will continue to advertise at their expense until the property is sold. Most timeshare resale companies offer to advertise the timeshare property until sold, the wording these specific companies use is deceiving the customer into thinking they will sell their timeshare within 90 days.
A money back guarantee is also another deceptive way of enticing the consumer into doing business with the company, even though the money back guarantee isn’t what it seems. Some companies offer a full refund if any other company sells your timeshare within 10% of the original listing price. All cold call companies suggest high, unreasonable prices so selling within that 10% is virtually impossible.
The Best Way to Sell Timeshare
The best way to sell timeshare is to advertise where people go to buy timeshare. Timeshares Only combines the resources of its advertisers to advertise and maintain its database of timeshares for sale and rent worldwide. By helping connect timeshare buyers, sellers and renters, Timeshares Only has created an effective solution for timeshare owners who decide timeshare no longer fits their lifestyle. To learn more about buying, selling or renting your timeshare ... Contact Timeshares Only today!