How To Deal Safely With Timeshare Resale Companies
Timeshare resale companies have emerged over the years as one of the most dangerous types of businesses to do business with. Despite being investigated by the regulatory authorities in several major countries, they are still getting away with taking thousands of dollars of client money under false pretenses. A timeshare scam is easier to operate in the European resorts, where there are international barriers for the scammers to hide behind. If you have a timeshare to resell, it is essential to carry out your own timeshare company reviews and study the market in advance so that you are aware of the potential pitfalls.
There are two major problems that can catch you out. The first and most obvious is when you are asked for an up front fee before any timeshare will be listed. This is a very common tactic amongst scammers, in fact it is almost universal in practice. Any reputable organization would list your timeshare on a commission basis. If it sells, they take a cut for the work they have done. If it does not sell, they take nothing. When you are asked to part with money upfront, just ask yourself what you are parting with it for.
Another common tactic is to demand that you travel to see the person who may buy your timeshare, especially if that person is in another country. What happens so often when someone has timeshare which is not worth a great deal, is that a scam company will tell you that they can get a good buyer for it. They ask for a fee up front, usually a four figure fee, for connecting you with the buyer. You also need to travel to the location where the buyer is. This sounds dodgy and it is.
Now, the scammers are in a position where they cannot lose. They already have your money which they will not return. They also have you on their premises where they can try to sell you another deal. At this point, they reveal the truth about the value of the timeshare, or worse, slightly undervalue it. They offer to take it off your hands for nothing in exchange for a note which will pay you money in several years time.
Obviously, by now the victim will realize that he has been scammed, but it will be too late to do anything about it. The front money will be lost, and there will be no chance to recover anything through selling the timeshare. The alleged timeshare resale companies get money for doing nothing, and the resort, which is often a partner company, gets some timeshare at a knock down price. Of course, they will still try to sell the victim some more points at a new inflated rate.
So the golden rules are, if you have timeshare to sell don't even look at any offer where you have to pay out money in advance, don't sell unless you know the market and know your valuation. This way, you can find one of the genuine timeshare resale companies and they are many good ones if you look and follow these simple rules.
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Fighting timeshare resale scams The U.S. Federal Trade Commission and Visa have established a joint effort to warn consumers about timeshare resale fraud. Timeshare resale scams have generated a lot of consumer complaints: the FTC says they've "more than doubled in recent years" and the Florida Attorney General's Office reports that timeshare fraud is its highest complaint category. The scammers won't voluntarily quit: You ... | ||
BBB Watch: Timeshare tips In a tough economy some struggling families look for ways to reduce their expenses. One popular option is to unload any timeshares in order to recoup their investment or stop paying maintenance fees... | ||
Market Wire - Sell My Timeshare NOW and Prosper.com Partner, Bringing Liquidity to the Timeshare Resale Market March 23, 2011 -- Sell My Timeshare NOW, the global leader in timeshare resales and rentals, announces it is partnering with Prosper.com to offer an... | ||
Time share fraud lands on law enforcement's radar - USA TODAY
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My Traffic Value - The Complete Summary | Sell Timeshare My Traffic Value is all about producing, monetizing and sharing again the Traffic Value we create by all coming to this internet site... | ||
Travel and leisure news: Ways To Sell A Timeshare Free (Sell a . Among the best methods to sell timeshare at no cost is to place it on craigslist as well as auction web sites. Both of these . Several timeshare owners are finding it to be a reliable way to sell timeshare for practically nothing... | ||
How to Buy and Sell Timeshares - Money Talks News (blog)
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