How To Deal Safely With Timeshare Resale Companies
Timeshare resale companies have emerged over the years as one of the most dangerous types of businesses to do business with. Despite being investigated by the regulatory authorities in several major countries, they are still getting away with taking thousands of dollars of client money under false pretenses. A timeshare scam is easier to operate in the European resorts, where there are international barriers for the scammers to hide behind. If you have a timeshare to resell, it is essential to carry out your own timeshare company reviews and study the market in advance so that you are aware of the potential pitfalls.
There are two major problems that can catch you out. The first and most obvious is when you are asked for an up front fee before any timeshare will be listed. This is a very common tactic amongst scammers, in fact it is almost universal in practice. Any reputable organization would list your timeshare on a commission basis. If it sells, they take a cut for the work they have done. If it does not sell, they take nothing. When you are asked to part with money upfront, just ask yourself what you are parting with it for.
Another common tactic is to demand that you travel to see the person who may buy your timeshare, especially if that person is in another country. What happens so often when someone has timeshare which is not worth a great deal, is that a scam company will tell you that they can get a good buyer for it. They ask for a fee up front, usually a four figure fee, for connecting you with the buyer. You also need to travel to the location where the buyer is. This sounds dodgy and it is.
Now, the scammers are in a position where they cannot lose. They already have your money which they will not return. They also have you on their premises where they can try to sell you another deal. At this point, they reveal the truth about the value of the timeshare, or worse, slightly undervalue it. They offer to take it off your hands for nothing in exchange for a note which will pay you money in several years time.
Obviously, by now the victim will realize that he has been scammed, but it will be too late to do anything about it. The front money will be lost, and there will be no chance to recover anything through selling the timeshare. The alleged timeshare resale companies get money for doing nothing, and the resort, which is often a partner company, gets some timeshare at a knock down price. Of course, they will still try to sell the victim some more points at a new inflated rate.
So the golden rules are, if you have timeshare to sell don't even look at any offer where you have to pay out money in advance, don't sell unless you know the market and know your valuation. This way, you can find one of the genuine timeshare resale companies and they are many good ones if you look and follow these simple rules.
| Timeshare Marketing Scams Timeshare owners across the country are being scammed out of millions of dollars by unscrupulous companies that promise to sell or rent the unsuspecting victims' timeshares... | ||
Royal Resorts Resale Program Launched by Selling Timeshares, Inc., Aims to . - San Francisco Chronicle (press release)
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Market Wire - Sell My Timeshare NOW Posts Substantial Gains in Quarterly Sales Through Timeshare Brokerage August 8, 2011 -- Sell My Timeshare NOW, the leading online service company for reliable timeshare resale , rental and resort services, has posted a 27.5... | ||
Timeshare Bill Proposed to Reduce Fraud - Housing Predictor
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Market Wire - Sell My Timeshare NOW and Timeshare Broker Services Present Over $284 Million in Offers in 2011 October 13, 2011 -- Sell My Timeshare NOW and Timeshare Broker Services announce strong third quarter sales that position the companies as the industry leader in... | ||
Timeshare Owners Unite and Fight Back Against Resale Firms and Resorts - San Francisco Chronicle (press release)
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Florida Legislation to Rein in Deceptive Timeshare Resale Practices ARDA and Timeshare Industry Applauds Actions, Hopeful that Legislation will Lead to Better Consumer Protections (PRWeb January 31, 2012) Read the full story at http://www.prweb.com/releases/2012/1/prweb9153984.htm.. | ||
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