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 kind timeshare scam will cost you thousands as 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 Company?
A timeshare resale company is basically a listing site that advertises your timeshare on their network, for a fee of course.
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 Resale Company. 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 anyway.
My Results With Signing Up To Timeshare Resale Company
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 them.
So I decided to call and get some answers. This was a task in itself. The company 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.
Why Timeshare Resale Companies Are A Scam
The reason why timeshare resale companies are a scam is that 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 timeshare resale company. He worked with another timeshare resale scam company called Timeshare Market Pro.
He proceeded to explain to me that my current timeshare resale company 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
#1 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.
#2 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.
#3 They use hard selling 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.
#4 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 to read on.
#1 Call your timeshare resort
Tell them you want to sell your timeshare and would like the necessary paperwork 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.
#2 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.
#3 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.
#4 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 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.