Annual maintenance fees are a part of every vacation ownership journey. The problem is, that bill will keep arriving, even when you stop traveling or change your plans. Owners with points also owe club dues each year. But be vigilant as you enter the cancellation phase of the process. The majority of timeshare scams rear their heads during the resale process. Individuals claiming to be from exit companies may call you with too-good-to-be-true promises to free you of your timeshare or even inform you that they have already found a buyer for it.
Sadly, timeshare owners who do pay a fee to such a company may then find themselves out hundreds or even thousands of dollars. Some timeshare scams even encourage owners to hold off on their maintenance payments while the sale is being negotiated. The owner is then left with a financial loss and a potentially damaged credit score. All the seller has to do is wire a transaction fee…. You know the rest. To avoid becoming the latest casualty of scammers, follow these steps to stay free of possible fraud:.
By staying vigilant, you can ensure that you profit from selling your timeshare, instead of giving the money to a crook. Get Ratings on the go and compare while you shop.
Sign In. Become a Member. Remember Me. Forgot username or password? Not a member? Need further assistance? In another common scam, a potential "buyer" calls you and offers to purchase your timeshare for say, double what you paid. The supposed buyer or the buyer's representative might not ask for an upfront fee, but in the middle of the transaction, you'll have to pay for a "tax fee," "insurance premium," or something similar, but bogus.
Fees will keep popping up, and as long as you pay them, the scammer strings you along, maybe telling you that you'll get reimbursed. But there is no buyer, and you won't recoup your money. Again, there's virtually no after-market for timeshares. You can purchase most timeshares on the Internet for pennies on the dollar. Very rarely does anyone make a profit when selling one. So, if someone offers you a deal that's too good to be true—like claiming a buyer is seeking you out or offering you significantly more than you originally paid for the timeshare—you're most likely dealing with a scammer.
Don't ignore these kinds of red flags. If you do decide to use a resale company, don't sign a contract when you first meet with the company. Take the documents that the company provides with you when you leave the meeting so you can spend some time reading the fine print.
If certain promises were made about selling the timeshare, make sure those promises are covered in the contract. You should also review the contract and documents with an attorney. And if there's no meeting: beware. If a resale company wants to do the entire transaction over the phone and is unwilling to meet you in person or provide a physical business office address, this is a clear sign that the company isn't legitimate.
If you decide to pay a fee to a timeshare resale service to help you sell your timeshare, be sure you investigate it thoroughly before moving forward with the deal. Ask lots of questions and verify everything the company tells you. In some states, only licensed real estate brokers may list and sell timeshares for resale.
If your state requires a real estate or timesharing sales license, check with the state's Department of Real Estate to make sure the agent has a valid license.
Unless you receive a satisfaction letter and hear directly from your resort or HOA that your debt is fulfilled, you should never stop paying on your timeshare. The last thing you want is the accumulation of late fees, collections, hits to your credit or worse, foreclosure. Exit companies paint pictures of a dismal resale market and scare timeshare owners into not trusting legitimate companies.
Know your options. There is no reason you should be shelling out thousands of dollars when there are reputable companies to market your timeshare for sale or rent and even put cash back in your pocket while waiting for your timeshare to sell.
A viking ship is a timeshare industry term for shell companies formed solely to transfer ownership to. They use scare tactics and false statistics to show owners that their timeshares are a burden.
Most timeshare resale scams take your money and never transfer the timeshare out of your name, resulting in collections and additional expenses to clean up those maintenance dues you stopped paying. When the maintenance fees come due, they have no intention of doing anything about them. The companies are usually an LLC so no real person can be sued. Even if you can track down a responsible party to prosecute, they are long gone.
Viking ships are critical timeshare scams to avoid. If you are trying to sell your timeshare or get out of paying annual maintenance fees, the best thing to do to avoid timeshare scams is to contact your resort or developer. Many are also a part of the Coalition for Responsible Exit, which advocates for the protection of owners from unscrupulous companies. To learn more, head to ResponsibleExit.
Ready to post your timeshare for sale? Fill out the form below to get started, or call us now at She specializes in writing, editing, search engine optimization, as well as graphic design and digital marketing. Mia's past experience is diverse, with a history of interning at UCF's own literary magazine, blog writing for local nonprofits and making weekly op-ed pieces for The Odyssey. She has lived in Orlando, Florida for 21 years and enjoys hiking, spending time at her local lake and being with her family.
Have you heard of Malibu consultants? We are selling our timeshare through them and we have paid transfer fees taxes and now they want more money Can you help me please? Mark Anthony Massa. Hi Elizabeth! Thank you for reaching out. This is a tactic that is frowned upon by legitimate timeshare resale companies and has been detrimental to many owners.
Our timeshare specialists would be happy to help and walk you through the resale process. If you feel like you have received poor services, please check out ResponsibleExit. So all of this begs the question — where do you go to sell your time share? I am an attorney and helping a friend sell her time share. Over the months she has gotten dozens of these unsolicited offers from broker who say they can get buyers.
They all even list a value. We have not reached out to any. But it comes full circle back to the question — where does she look to sell? Hi Adam! Thanks for reaching out. There are many places to find resources on where you can sell your timeshare. We recommend checking ResponsibleExit. Your developer may have in-house exit solutions, or they may refer you to a reputable resale company. If you have any questions, please feel free to reach out at Hi Mia, I am assisting my elderly Dad in attempting to sell two timeshares..
This is raising a red flag to me. How do I know this company is legitimate and not a scam? Hi Janice, it does ring some alarm bells for sure. I would recommend doing research on the company checking their BBB profile, reading reviews on Google or Facebook, or asking forums like tug2.
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