Have You Fallen For A Timeshare Resale Scam?
Chances are that if you are reading this article you have or are weighing the consequences of signing up for one of these scam programs. In this article I will be taking you through the ins and outs of these resale programs.
I will be showing why this timeshare scam will cost you thousands like it did for me and the best way for you to sell your timeshare. So if you are looking to resell your timeshare read on.
What is a Timeshare Resale?
A timeshare resale company is basically a listing site that advertises you timeshare on their network, for a fee of course. For example one of the biggest companies that work in this market is Timeshares Only.
Back over a few years ago, I was desperate to sell my timeshare. Then one day I heard an ad on the radio talking about Timeshares Only. So I called and talked to them about selling my timeshare. They informed me that the fee would be $600. A bit high but after long consideration I decided to do it anyways.
My Results With Signing Up To Timeshare Only
After signing up I figured within 3 to 6 months I would easily have my timeshare sold or at least a few offers on the table. After 6 months I didn’t even have so much as a phone call. I hadn’t heard a word out of Timeshares Only.
So I decided to call and get some answers. This was a task in itself. Timeshares Only explained to me that they just advertised my timeshare in their database and were not actually real estate agents. They did nothing to help sell my timeshare property.
So after a year of waiting I got no bids on my property.
Why Timeshare Resale Companies Are A Scam
The reason why timeshare resale companies are a scam is because once they get you to pay their big upfront fee they don’t have any kind of reason to deliver a result you. Think about it. If a real estate agent was selling your home and he couldn’t sell it would he get paid?
Not a chance. But with timeshare resale companies they collect the fee upfront because even they know that they can’t even sell your property. This is a lesson I learned only after I fell for this scam a second time.
The Timeshare Market Pro Scam
Once you sign up for one of these timeshare resale scam sites they all want in on a piece of the action. To this day I still receive calls from these scammers asking me if I would like them to sell my timeshare, and I don’t even own it anymore.
However, I got a call from a guy named Doug almost a year after I signed up with Timeshares Only. He worked with another timeshare resale scam company called Timeshare Market Pro. He proceeded to explain to me that Timeshares Only would never sell my timeshare and that their company could.
He explained that they will bring in potential buyers to show off my timeshare to. So I gave it a shot and signed up, again spending nearly $500 to get on this list. Timeshare Market Pro also informed me that my timeshare market value was worth three to four times what I was trying to get out of it.
Over the next 6 months I waited and again got nothing. So again I called the company back was connected to their operator who informed me that one of their representatives would call me back and update me on the status of my timeshare.
They never called back. At this point I realized I had been ripped off again by another timeshare resale scam.
What I Learn About Timeshare Resale Companies
- Never pay upfront fees. Altogether I paid around $1100 to fees to these companies and have seen nothing in return. You could say that Timeshare Resale Companies are the biggest legal scam that I know of.
- Don’t believe what they tell you. These companies will tell you anything just to get you to sign up. As with the Timeshare Market Pro Scam I was told I would see several bids within a month. They also promised a bunch of extra free stuff just for signing up. I never saw either of these.
- They use hard sell tactics to get you to buy. Most of these companies will also use hard selling tactics to get you to buy. They will keep you on the phone as long as it takes to get you to buy. Don’t fall for it, tell them you sold the timeshare and hang up the phone. This way they won’t call you back.
- They don’t REALLY sell your timeshare. Timeshare resale companies don’t really sell your timeshare for you; they just list it like an ad. Here’s the good news though you can sell it for a lot cheaper on other ad networks for next to nothing. I will explain in the next section.
How To Sell Your Timeshare Yourself
Follow these steps and you should be able to sell your timeshare. You may not make what you got out of it originally but at least you won’t have to deal with those maintenance fees, interval fees and any other charges.
In order to sell your timeshare you need to understand that your timeshare resale value will never be what you bought it for. In most cases you will only get about 10 cents on the dollar of your original purchase price. I know this is hard to accept but the quicker you can do that the quicker you will be able to sell your timeshare off.
Last but not least before I start if you have a mortgage on your timeshare you will have a more difficult time in selling your timeshare. If you can at least get out of your timeshare what you still owe on it I would take it. You’ll be lucky to get more than that.
So if you’re ready and accept what I’ve told you read on.
- Call your timeshare resort. Tell them you want to sell your timeshare and would like the necessary paper work to do so. At this point you can also ask them any questions about what you should do if you find a potential buyer. This way you can make the transaction smooth and quick.
- Advertise your timeshare. I would start with Craig’s List and eBay. Craig’s List is free so I would start there first. Keep your price low so you can attract a lot of bidders. If that doesn’t work try eBay. You will have to pay to advertise your timeshare but it will be a lot cheaper than those timeshare resale scams I mentioned earlier.
- What if you can’t sell your timeshare. When you’re trying to sell your timeshare some locations will sell better than others. For example Florida has a tough market to sell your timeshare in. On the other hand Hawaii is much easier to sell in. With limited supply and beautiful view it’s no wonder these resorts sell a lot easier.
- Ask for a buyback option. If you’ve made it to this point you may be desperate to sell your timeshare. With no bids and the maintenance fee due soon, call your timeshare resort back and ask if they have a buyback option. This is where the actual resort buys your timeshare back for a fraction of the price. In my example I bought my timeshare for $4500 and did a buyback option 5 years later and got only $400 back for it. It was a rip off but it was better than paying another year of maintenance fees.
Have You Ever Had Luck With Timeshare Resale Companies
I have never heard of anyone having any luck with any of these Timeshare Resale Companies like Timeshares Only and Timeshare Market Pro. So I will challenge this, if you have ever had any luck with any of these companies leave a comment and tell me about it. I would love to know if one of these timeshare resale scams have ever worked.
Chris
Challenging
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It’s a fact that timeshares are difficult to resale, but certainly not impossible. Regretfully, there are resale companies who take one’s money and do nothing. To lump all companies that resale timeshares into that group is just not accurate or truthful. It seems that you are recommending that the timeshare owner should just practically give their timeshare away (throw money away and go through an effort to do it)before they should put some of that money towards letting professional timeshare specialists attempt to make a sale. I think it’s worth the chance to sell your timeshare for something using a reputable company. That would be a company that can demonstrate their clients are making sales and can offer more than just advertising. Look for the proof first. And, in answer to your question, my Dad did actually sell 2 of his timeshares using the services of http://www.TimeshareAdventures.com. He liked the fact that interested buyers were shopping at their site because they knew they wouldn’t have to pay any commissions or closing fees. It did work for my Dad.
Mary,
First, thanks for commenting. Second, I don’t disagree with you their are some credtable companies out there. It just happened that I bought into 2 specific companies that didn’t do anything except take my money. However the question is what is a credtable company and which is not? Maybe the company you mentioned is better than most, I don’t know I just know about the companies I’ve been scammed with.
Also I’m glad that your dad was able to sell his timeshares. My question for you is, what did he origanally pay for his timeshares and what did he get back out of them when he sold them?
It is very important to know the dilemmas and possible problems in buying timeshares before they decide to buy. You need to make sure that you price you timeshare right. You may want to get an appraisal on your timeshare from a reputable company. I’m glad that there are tips and ways to avoid such problems and conflicts with timeshares.
Brenda,
I wish only I heard this all when I bought my timeshare. They seem to make everything look so great but their is always a down side to buying a timeshare. Whether it’s maintance fees, exchange fees or some fee you have to keep with your exchange company they make their money in the end.
Also thanks for the comment I look forward to hearing more form you.
If your property is advertized on a website. The website is doing exactly what it should be doing. Timeshares sell on this listing sites everyday. The companies that don’t advertize on the internet and just have a website are the ones that steal your money and do nothing. I would like to see someone compani about putting an advertisement in the newspaper for a year, which would only get a percentage of the exposure the internet gives and then complain the newspaper did nothing to sell it. People buy timeshares off these websites every day. The companies are not the scam, the problem is the piece of garbage you bought. Atleast with signing up, you have a chance.
I myself had worked for a company such as this a while back. They sold resale services to owners for thousands of dollars and never did a thing to fulfill the agreement. I became so good at it (unfortunately) that I quickly got bumped into management and got to see how things worked behind the curtain. I was not impressed with what I found, but it was a paycheck and I did it. I did however learn all of the ins and outs of the timeshare resale business. About a year ago, I was really down and out, unemployed and not very happy with myself. I attributed the bad luck to all the wrong I had done to people as I believe in karma heavily. With a background in writing and graphic design, I decided I was going to help people get their money back from timeshare resale companies that scam their clients. So I posted a website http://www.timeshareowneradvocates.com with a free guide on how to get your money back. I hope people read it, and it helps, because karma is a pain.
Good luck to all.
Blake,
Great story, I’m glad their are people like you out there fighting for those that are getting burned by the scammers that you once worked for. I have gotten burn by two of these companies and lost over $1200 to them. I can personally say it was one of the biggest financial mistakes I’ve ever made. I may not be able to get my money back but at least I can share my story with others so they don’t get burned like I did.
I also had a chance to look at you website and free guide you put together and I’m very impressed. So much in fact I am going to put a post together about the free guide because I feel it is so important people know that this great information is available to them. The post will be up later this week. I will also link back to it from this article as well.
It’s sad to say that the timeshare owners wanting to get rid of their properties are very vulnerable to these scams as most of them are desperate already in getting rid of their timeshares. The Timeshare Relief Inc. gives hope to these owners to eventually dump that timeshare intelligently.
Thanks for the comment, timeshare resale companies have burned a lot of desperate consumers like myself for years now. I also had a chance to check out your site Timeshare Relief and found it very informative.
How can I get out of my timeshare with Westgate. We tried two companies that said they would be able to sell it. One said that we could rent out week. Well they both did neither. We have paid it for over 1 year. I have had some medical issues. We can barely pay our bills. Westgate called and said they will call every week and after one month they will give it to people who will call more. We bought at Planet Hollywood in Las Vegas. It is not even open yet and I am sure they can sell it again. They said too bad. They do not do that. What can they do to us and what can we do to be sure they cannot ruin our credit. Things are hard enough right now. HELP !!
Fran,
I know exactly what your going through. I’ve been in your shoes before and know how depressing things can be when you can’t sell something that is only dragging you deeper in debt. First off, the timeshare resale companies are a rippoff. I have never seen one deliver what it said it was going to do.
Second, you said you’ve been paying on your timeshare for a year. I’m assuming you don’t have your timeshare paid off yet. So the timeshare company will probably be hesetant to do a buy back option.
Third, look into selling your timeshare on eBay. EBay has great buyers guide you can check out here that will walk you through how to sell your timeshare on eBay. You can check that out here: http://pages.ebay.com/realestate/timesharesellerguide.html
Find out how much you owe on your timeshare and shot to pay off as much as you can on the amount owed. You may have to make a short sale, this is a sale where you sell for less than the amount owed. You may still have to make payments but at least you’ll have it sold and won’t have to make any more maintance fees.
Finally, check out my post on a free ebook you can get to help you get your money back from the scandalous timeshare resale companies. Getting your money back from these companies will definaltly help your financial situation. Although it may take some time but it’s worth the shot. Check that guide out here: http://stumbleforward.com/2009/08/19/the-guide-to-getting-your-money-back-for-scandalous-timeshare-resale-companies/
Give this a shot and let me know how it goes.
IF YOU WERE CONTACTED BY TIMESHARE TRAVELS, TIMESHARE MARKET PRO, VACATION DEPOT, TIMESHARE DEPOT, PREMIER, CREATIVE VACATION SOLUTIONS, EXECUTIVE TIMESHARE MARKETING, TIMESHARE RESALE, RESALE TIMESHARE, I.M.G. FINANCE, 5 STAR RESORT, RESORTS CONDOS PLUS, GMAC, ICARE TIMESHARE, OR ANY OTHER TIMESHARE RESALE COMPANY AND YOU PAID THEM MONEY UP FRONT AFTER BEING PROMISED A BUYER OR ANYTHING ELSE THEY PROMISED THAT NEVER HAPPENED? PLEASE CONTACT ME AND TELL ME YOUR STORY. LEAVE ME YOUR CONTACT INFO. YOUR MONEY ISN’T GONE YOU JUST HAVE TO DO SOMETHING ABOUT IT. I CAN HELP. fight_back2009@live.com. YOU CAN’T AFFORD NOT TO. JUST KNOW YOU ARE PROTECTED AS A CONSUMER AND NOT ALONE.
The Guide to Getting Your Money Back webpage link no longer exists. Do you know of anywhere that has that information archived?
I work for a reputable Brokerage, but we only handle WorldMark by Wyndham Contracts. No upfront fees. There are others who do not charge fees, but sadly we make alot less money than the crooks who are taking over the internet…do your research on a company before talking to them or giving them money. BBB certified does not mean anything. An A+ rating once verified means ALOT however. Do your research and if they have an AD ON TV, they are probably not reputable, In my opinion/experience.
Good to see a good community of timeshare owners tackling this problem. We are about to get started with Timeshares Recovery Only where we try to reclaim some, if not all the money lost to timeshare scams. Hopefully we can bring some power back into the hands of timeshare owners.
Thanks David,
I would hate to think of how many people including myself who have been ripped off by a timeshare or timeshare resale company. Your website may prove to be a powerful asset to those wanting learn more about the industry.
Chris,
Were you ever able to find that PDF? The website http://www.timeshareowneradvocates.com/ is no longer up.
John, thanks for commenting back I had almost forgot. I’ve looked everywhere I can think of and I just can seem to locate it. I wish I could do more to help.
Chris.