Timeshare Resales
You bought a timeshare several years ago and now you want to resell it. Maybe you were swept away by a very good sales pitch. Maybe you want to resell your timeshare because your kids have grown up or your spouse has died. For whatever reason you need to watch out because this is an area where scam artists operate. Time-share resales are ripe for criminal picking because time-shares typically sell only 30% to 70% of the original investment. Even in real estate booms, re-sales of timeshares are a buyer’s market. If you have a studio or a time-share in the off season, you may not even be able to sell it. It seems hard to accept that you will loose money on a resale and there are people who take advantage of this fact by promising to sell your timeshare for an unrealistic amount of money.
The typical scammer asks for fees up front to resell your timeshare. These can run up to $1000 and you may find that all you have bought is a promise to advertise your timeshare. Or, the seller simply fails to resell your timeshare but does not refund your fee.
Here are some tips to protect yourself against fraud when reselling your timeshare.
*Try to get an agent who is a member of the American Resort Development Association or ARDA.
*Don’t agree to anything over the phone or online. Check the reseller with the Better Business Bureau, state Attorney General, and the local consumer protection agencies in the state where the reseller is located.
*Ask for all information to be in writing.
*Make sure the seller is licensed and verify this with the Real Estate Commission. Deal only with licensed agents.
*Ask how the agent will promote the resale
*Ask about fees and when fees are due. Do not pay any fees until the timeshare has sold.
*Consider using a licensed appraiser so you will have a realistic idea of what your timeshare is actually worth.
Remember, you must be realistic about the price you will get for you timeshare resale. You are going to lose money but don’t lose even more money by falling into the hands of a scam artist.
