Timeshare scam

[Great to be Debt Free]

First, Dh and I have 2 timeshares. We love timeshares. IN general. But, it's because we use them. In general.

One of the timeshares, however, is one we don't really use as it is. We do exchange it and pay a fee to do so, but it still works. However, we would like to sell it. We are not desparate to dump it as some people are and as some folks need to to get out from under maintenance fees, etc.

Here's the question, and a warning about a scam.

Question,

Has anyone successfully resold their timeshare for a decent price?

Warning,

We got an invitation in the mail to meet with a company who would make an OFFER on our timeshare. Sounded good. I called and set up an appointment. But I was leery and did some research. It seems this, and other companies like it, get people in who are desperate to dump their timeshare properties. They show a slide show about how timeshares are a burden, etc., etc. Then they tell you how you can "rent" a timeshare -- you pay in about $2500 more than they offered to purchase your timeshare for and then they have your timeshare and another $2500 of your money for something you probably don't need if you were already so desperate to dump your timeshare in the first place. I saw one listing for a FL property that was sold to the company for $10!

[jeffrey]

Re: Timeshare scam

Timeshare problems (unfortunately) are one area where I get the most questions of what people should do. A lot will depend on what you consider a "decent price" - like cars, they lose a huge amount of value the minute they are purchased (usually 50% - 80%) so that is where you should be looking for what you can expect to get for it - depending on the location and time slot you have.

If you list it with a company, never, ever prepay to list. That is money down the drain. There are a number of ways you can try and sell it. List with a regular real estate agent, go to timeshare reseller websites, through local newspaper ads where the timeshare is located, etc. it can be done as long as the price you expect reflects the true value of the timeshare.

[Great to be Debt Free]

Re: Timeshare scam

Thanks Jeffrey, what about donating timeshares to charity. Do you know how that works, or what tax deductions you get to make? Just curious. We aren't desperate to dump, just wouldn't mind reinvesting in a better option.

[gopher]

Re: Timeshare scam

For whatever it's worth, I know a bit about Timeshare Relief. I'm not familiar with the swap described in the initial post however. Perhaps this is in relation to a company other than Timeshare Relief. At any rate, I posted a while back in response to another timeshare related thread with my thoughts. You can read it here:

http://www.savingadvice.com/forums/showthread.php?t=20178

My understanding is that they charge a fee to take your timeshare off your hands and that it is a complete transfer of title. Once you complete the transaction it's a done deal. I also know how the timeshare industry works (used to sell them) and can vouch for their dislike of ANY company that dares to expose their shady business tactics as Timeshare Relief does. Keep that in mind when doing your research. A lot of what you see out there is put out there by timeshare sellers and people with a vested interest in keeping the timeshare "dream" alive.

Good luck.

[jeffrey]

Re: Timeshare scam

Timeshare donations to charity will give you up to a $5000 deduction. If you want to deduct more than that you need to have an appraisal done. If a charity accepts your timeshare, then you could obviously sell it on your own since they are not looking to get stuck with it. Here is a list of charities that accept timeshare donations.

[gopher]

Re: Timeshare scam

True, however, bear in mind that the responsibility for maintenance fees, etc... - until the timeshare sells - continue to be paid by you, the owner.

[AmyBlue]

The truth is that Timeshare scams are increasing, and every day more victims fell for them. Fortunately, there are many solutions to get rid of an unwanted timeshare; however, the best way to dump a timeshare is by cancelling the contract. Timeshare cancellation has many advantages, but the most important is that once the contract is properly cancelled, there are no further responsibilities attached to the resort.

[eugeniia]

Timeshare Scams

Timeshare fraud has been around since the timeshare idea was created, but they increase during poor economy. When times are difficult, timeshare owners are stuck with properties they can´t travel to or even afford. Desperate to recoup some money to pay for bills, they can easily become victims to scams artists pretending to be their timeshare salvation who will take upfront fees -as much as five number figures in some cases- but fail to fulfill their promise.