Timeshare Resale: How The Scam Works
Beware of the Timeshare Resale scam happening these days, aka the Timeshares For Sale Scheme. If you are stuck with a vacation property and ask yourself, ‘How to sell a timeshare?’ we hope it’s not too late. In this article, we’ll show you how the scam works, how to avoid it, and how to report it. Meanwhile, hopefully, you find legitimate timeshare resale companies and, eventually, a buyer.
Feel free to submit fraudulent businesses, names, or your experience in the comments section at the end of the article. Let’s start by exposing one of the most common timeshare scams that exist out there.
The Timeshare Resale Scam is perpetrating mostly in North America, Australia, and the U.K. Imagine the following scenario (maybe you are into this situation right now as an owner):
You didn’t really use the timeshare you bought four years ago while on vacation. Now you are looking to sell it. You check the best places with timeshares for sale listings and take the plunge. You post an ad online, looking for a buyer. One day, you receive a call or email from a company that deals with timeshare resales. It sounds like they will save the day as your broker, but beware of a tricky timeshare resort scheme going around this month. How does the scam work?
Timeshare Fraud: Watch How It Works
Watch the video below to see the Timeshare Resale scam exposed or keep reading:
A rep from the agency calls you and introduces the organization as a specialty resale company in this niche. He says that they have a client for you, who is willing to pay according to the resale market and the real estate rules.
“Good news, the buyer loves your place! He likes the location, the interior design, and the resort amenities, so you will finally sell it! It would be nice to stop paying that annoying vacation ownership interest and the annual maintenance fee. We’ve been dealing with any resort and exchange company you’ve heard of, as well as with all the major chains, like Hilton Grand Vacations or Marriott”, he adds, trying to build trust.
You feel good, and it is your lucky day!
>Happy to possibly have a real buyer and get rid of your vacation ownership, you think you found one of the most legitimate timeshare resale companies out there. So, you agree to their terms – including an upfront fee or a title search tax. They are both usually a few hundred dollars each, so you don’t need a loan, but maybe consider that the investment is good, as long as they facilitate this timeshare sale successfully.
You sign the contract, send the fee, and everything is kosher.
They tell you the paperwork will be done in 14 to 20 days as they are acting as your timeshare broker. You will just need to wait.
Time passes. Three weeks go by. When you call back after the waiting period, you get a “number is not in service” notification. You just fell victim to the Timeshare Resale Company Scam as an owner. You are stuck with the property at the vacation destination, simply because there was no timeshare buyer in the first place.
Look For Legitimate Timeshare Resale Companies
Research very well how to sell a timeshare, whether you have full ownership or it is shared with friends. Visit specialty pages and forums or check recommendations on websites with timeshares for sale. Don’t just fall for the official-looking name and logo of the company the scammers use.
As realistic as the paperwork might look, always research their online reputation and past clients. As a timeshare reseller, you may have a tough job to do it successfully, but it is doable.
If you want to be able to get rid of your timeshare unit legally, make sure you spend a good amount of time preparing for all the obstacles. Alternatively, although it is more expensive, you can consult a lawyer or a real estate agent who can help you with your timeshare property. However, make sure you are dealing with a licensed real estate agent in every situation.
Last but not least, make sure you check the timeshare company profile on the Better Business Bureau‘s website, to see if they have one.
Since we are on this topic, make sure you read below and educate yourself about the other two popular timeshare owners-related schemes: the Timeshare Presentation For Free Gift and the Timeshare Rental Offer.
What else you can do? Search online for timeshare resale companies under investigation.
Timeshare Resales Scams: How To Report Them
Make your family and friends aware of the Timeshare Resale scam by sharing it on social media. You can also officially report the timeshare scammers to the FTC (Federal Trade Commission) using the link below:
How to protect yourself more:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You’ll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other timeshare ownership or resale market scammers.
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anyone work with we finance co?? in the middle of the process????
M&L realtors – New York. On the list of scammers. Played these guys game for a month just to waste there time. Finally at the stage of them wanting money, I told them I did own the timeshare anymore ( 7 years past ) and still threatened legal action for cancellation fee -lol
Anyone heard of Coastal Capital finance? They call, claiming to have buyers ready to do business and who already have money in an escrow account…..
anybody heard of petratourguide supposedly buying tomeshare
Anyone ever scammed by 1 Stop Realty in TN?
I recently received a call out of the blue from a group supposedly buying timeshares for Resia, a travel planning company. The offer was for $33,000+. Great! Right? The Philip H. Lee Law Office in CA was to handle the legal work. I then received a phone call from “Festiva”, the owner of the timeshare in Orlando saying that I would need to wire 10% of the selling price to a bank in Mexico as the transfer fee. I did a lot of digging before agreeing….until I found this website and was able to do the website authenticity search. http://www.office of phl.com has a “0” out of “100” rating. Very intricately laid out scam. DO NOT FALL FOR IT!!
I have had 8 offers for my two time shares in Mexico in the last 2 weeks.Has anybody successfuly sold their TS and who did you use.
BEWARE OF THESE COMPANIES, connected to confirmed Timeshare Scam Activity, either by being a fake company or impersonating a legitimate one: GREAT LAKES TITLE & ESCROW in Alabama. GRATEFILL PROPERTIES in New York. INTERNATIONAL ADVISORS LLC in New York. ESCROW SERVICE INC in New York. REAL ESTATE PURCHASE COMPANY LLC in New York. FREEDOM TRAIL CORPORATION in Boston, MA. AMERICA MANAGING REALTORS. CLEAR MEADOW. Never send money to Mexico to pay fees and taxes upfront, with the promise of being reimbursed. These individuals will cold call with offers that are favorable to sell, do not fall for it! Research legitimate companies on-line with substantial reviews and reach out yourself if interested in selling.
Delete
Anyone heard of Rockefellers Property Consultants? Out of Chicago trying to get us to use them as an agent to facilitate the sale out timeshare in Loreto, Mexico. Trying to confirm its a scam.
Hi Laura,
This company has contacted us as well regarding selling our timeshare in Puerto Vallarta. Did you go forward with the sale and if so, what was your experience like?
I have Gibson Lennox and Coors Prop Group out of Las Vegas with an offer to buy my Vidanta TS.
Has anyone any info on them
Hi Harvey,
I just rented my timeshare with them, I gotta say Vidanta told me they were not good but I trusted my gut feeling since they are very professional. I took the deal and have another scheduled deal come january once I get more weeks, I sold with an Marshall Murrey Zucker.
Caller claimed she found a buyer for my time-share ( which I no longer own). I told her so. It was a high amount, but not too high that it was not credible. She even gave me a Real Estate agent’s license number and a (Florida) phone number. The buyer was very motivated, looking forward to buy it, etc. He was from Central America; so, I had to pay some type of “International transfer” tax. I asked her to have her legal Dept. confirm that I did not own the property. In the meantime, I called the Florida (County) Tax Collection Agency and verified I no longer owned the property. She had someone from the Treasury Dept. call me to verify some information in order to complete the sale. Repeatedly, asked her to verify the property “title” with her Legal Dept. and she said it was all good. The scam: I had to pay up-front these international taxes (a few thousand dollars); and then, they would send me the whole amount the buyer had offered for the property. I called the FBI. They were not interested in catching these scammers.
Anybody has any feedback on the Marriott timeshare deals? interested in timeshare resale market.
If you look around, the timeshare market is freaking full of scammers. If you go to Ripoff report, there is a bunch of companies and questionable guys that victims complain about: Sedona Pines resort, Sundance vacations, Trevor Barran (nice Sotheby’s), Royal Holiday vacation club, Dreams Vacation Services, Resort Vacations International, Wyndam Timeshare (or Wyndham Vacation Club), Sheraton Flex Vacations, CMS Infinite Opportunity, Bluegreen Vacations, Timeshare Exit team, JCS Swain and other scammers!
If you tried to cancel but your cancellation period has already expired, the best thing you can do is to hire a timeshare recovery expert. He or she has the ability to resolve your situation efficiently.
At Timeshare Solutions we specialize in timeshare cancellations. We have a team of timeshare cancel professionals who are able to handle cases involved with the timeshare industry. It does not matter when you purchase, we can offer you help in fast. Contact today for a free consultation and find out how to cancel your timeshare contract.
olliewagoner31@gmail.com
Sell Hell, I would be happy to just give it away. You cannot sell what has no worth ( ANY time share). The company managing mine ( Orange Lake) laughs when I suggest to them they take it back, ye they continue to pay hucksters to try and sell intervals they have in inventory. It took me a while to understand how they could pay people to sell something that has no value, then it finally hit me. There profit is in the outrageous maintenance fees, that you have no control over ( Orange Lake paid raises to housekeeping staff in 2009 and 2010 and 2011 in Las Vegas while the unemployment rate was pushing 20%. so, go figure. I am sure they will tell you it is because finding great vacuum cleaner operators and bed makers is real hard). Just like a movie theater, they do not make money on the advertised product (the movie in this case), but rather in grossly inflated add ons ( Maintenance fees = $10 a bucket popcorn). If you do not own a time share and are having a complete lapse of common sense, like most of us posting here, and considering buying one, run , do not walk, the direction. You have a better chance of breaking even at a casino or by buying shares of the Brooklyn Bridge.
My current plan, is to set up an LLC and qualify it as a 501(C)3. Donate my weeks to the LLC. Then dissolve the LLC. Won’t be free, but I will be in control of the costs and will know that my name will be removed from this money pit.
did this work? the LLC plan?
This fraudulent sales practice is commonly used by sales managers as well as timeshare developers; however, they are very clever and very well protected. A common way to offer the resale of existing timeshares is to hire other companies to take charge of the sale or resale (paid by customers).
Another one to watch out for is "My Timeshare Expert". I just got a SPAM email from them and did a quick Google search on them. Pretty scary stories of people being overcharged thousands of dollar, myriad negative BBB reports, etc.
The truth is that the cost of owning a timeshare doesn’t just stop by paying the total purchase price. There are other timeshare fees that must be taken into consideration. By the time you pay the maintenance fees on your timeshare, plus the other fees and expenses, you’ll realize that you’ve paid as much, if not more, that the total cost to stay it a good and nice hotel. Avoid Villa del Palmar: http://www.timesharescam.com/timeshare-complaints-resorts-black-list/2-villa-del-palmar-timeshare-complaints/
avoid Net Management Group or Harris Title! They are scammers! They use high pressure sales tactics in an attempt to get us the elderly, to sell our timeshares!