Mistake 9: Buying Into the Timeshare Resale Company’s Exaggerated Claims
It’s quite common for timeshare resale companies, even reputable ones, to quote the year to date dollar amount of offers i.e. “Year to date we’ve have had over $10 million in offers. Sounds impressive, doesn’t it?
To the unsuspecting timeshare owner this number, even if it is true, is very misleading. They think “wow, if they have sold that much they will easily be able to sell mine!” So they sign a listing agreement and many times pay money upfront to do so and then wonder why months later there hasn’t even been one offer.
The deception is in the verbiage. $10 million in offers is radically different that $10 million worth of timeshares sold. Many timeshare resale companies regard just listing your timeshare on their website as an offer when in reality an offer consists of an interested third party actually expressing interest in starting the buying process either at the listed price of the timeshare, or more commonly, at a lower price.
The information you want to know before signing a listing agreement is how many dollars worth of timeshare they have actually sold YTD. If you want to see some fancy dancing by the listing agent, just ask that question. Getting a straight answer will be problematic.
If he does quote you a number ask him to email it to you just to see his reaction. If he won’t, call back a few days later and ask the same question to another agent. You’ll probably get a vastly different number and you will then know if the company is credible or not.
The next post will be a list of questions to ask timeshare resale companies to determine if they are legitimate.
Mistake 10: Selling Because You Are Desperate
Unethical timeshare resale companies know that there are a lot of desperate people wanting to unload their timeshare and they are very aggressive about contacting them. If you have a deed to your timeshare then it’s public knowledge and on record at the county courthouse. Scammers access the courthouse records to make lists of timeshare owners and sell the lists to timeshare resale companies.
If you’ve owned your timeshare for any length of time you have probably already received an unsolicited letter or phone call from a timeshare resale company. This is usually the sure sign that someone’s out to scam you out of a listing fee. The phone solicitors can be
particularly persuasive in convincing you that they will sell your timeshare quickly and for a tidy profit. Coincidently, they have a hot buyer who just so happens to want what you have and you’d better move fast before he buys from someone else. They’ll then suggest you list it over the phone and pay the listing fee so they can call the prospect with the good news.
The rest of the story goes like this. You never hear back from the agent nor can you reach him at the office. You’ve left many messages for him but he won’t return your calls. If you complain to someone they may tell you he no longer works there but not to worry because your timeshare is listed and will continue to be listed until sold.
Never go for the quick sale no matter how persuasive the agent is. If it sounds too good to be true, it is. Make sure you check out the company and remember that it’s going to take a while to sell your timeshare.