Do you know about - Avoiding The Timeshare Resale Trap
Quit Claim Deed! Again, for I know. Ready to share new things that are useful. You and your friends.Timeshares are one of those concepts that appear relatively unobjectionable at first glance, but whose industry has been so ravaged by mismanagement and downright fraud that it is very unlikely to ever enjoy unabridged social acceptance ever again. However, about 3-5 million Americans own timeshares, this author included, so it becomes prominent to identify timeshare frauds and schemes and avoid losing your money in the process.
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If you are seeing to resell your timeshare, the process is rife with rip-off artists. Quite perhaps the most overused line in the timeshare resale game is "We have a buyer waiting". For this to be true, you would have to have the Only unit available at that singular resort, with the buyer specifically curious in it. This is nothing more than a sales technique designed to get you to sign with whoever is claiming they can sell your unit.
Beware of ridiculous guarantees such as "We will sell your timeshare within thirty days!". For starters, who can predict when a piece of property will sell? And two, yes, they might sell it within thirty days, even if it means dropping the cost to a ridiculously low level, robbing you of any inherent behalf (but still guaranteeing their commission).
These "sales people" will not sell your unit. They will list it online and wait for a buyer to come to them. You can do this yourself and save hundreds of dollars in listing fees.
One of the beloved tactics in the world of sales is the high pressure close. If you're just not willing to pull the trigger and go with it, expect to be handed off to an list manager, someone who will make the best inherent case as to why they need your property now and you have to sign and list with them. There is no truth to this other than the fact that they want you to close quickly. Don't fall for it.
They also like to hike the value. I can't count the estimate of times I have been told my slight Ormond Beach Fl timeshare is worth three times what we paid for it. It just doesn't happen. You should never expect to get your money out of a timeshare. Just reconsider yourself lucky if you are able to unload it.
Open house. For a timeshare? Really? There are habitancy who go and open up hotel rooms for viewing by habitancy who just walk in off the street with the idea of selling it? Of course not. It doesn't happen, never will happen, and don't let any person talk you into it as a windup gimmick.
Deferred payments. Don't fall for this one either. They will offer to allow you to pay half of the listing fee now and the other half after the unit sells. Truth is, they won't have to worry about the other half because they just hiked your advertising fee up to a level that covers the other half.
The Sold sign. You may also get a call or postcard claiming that your timeshare has "sold" (odd how it could be sold when it was never put on the market, right?). You are then asked to FedEx them a check for 0 for the title search. This should be a red flag if the introductory call wasn't as you should never have to put up any money prior to closing. The scammer then vanishes, disconnects the 800 estimate you were using to sense them, or they tell you the buyer backed out and your 0 will be used for the title quest for the next buyer. Either way, your money has gone bye bye.
The estimate Racket. One of the easiest ways for the rip-off artists to get money from you is to tell you that an estimate is required before your property can be listed. This can be anywhere from 0-0. Of course there is no estimate that is as a matter of fact required, and the someone you talked to will suddenly vanish after you have sent them your money.
Donate your timeshare? Yeah, I'd do it, but if it is a donation you should not have to pay anything, especially for an "appraisal" to prove the value. Check to make sure the enterprise you are donating to isn't just advertising the timeshare on eBay and getting the profits. Before donating, settle how and when the deed is recorded and the resort is notified of your donation so you are off the hook with the resort for future fees! Then ensue up on this to be sure it is done.
Unfortunately, it is approximately impossible to stay ahead of all the timeshare rackets out there. Just use your base sense and don't get in too much of a hurry. You can get rid of your timeshare and keep your shirt.
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