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Tuesday, June 30, 2009
Beware Of These Latest Sell My Timeshare Scams
So you get a cold call from someone claiming to have a waiting buyer for your timeshare week for sale. You placed an advert on the internet ‘timeshare for sale’, ‘buy my timeshare’, ’selling my timeshare’, whatever…
The person makes a claim that they can sell your timeshare week for what you are asking, or a figure very close to it, minus their small agents’ commission of course. Being as the market for timeshare resales is very small, this alone should set the alarm bells ringing.
Next comes even more lies:
They will say that they are an ‘approved’ timeshare resales company or bonafide real estate agent, with credentials such as assoication membership. They may even give you their lawyers telephone number and sometimes they will even have a slick website ready for you to find when you start to check them out.
The telephone numbers thay they give you to check will be often be mobile numbers, answered by one of their colleagues in their own sales office! They may also send over a contract which appears to have the name and a signature of a buyer. This contract is a fabrication and even good lawyers have been taken in by them.
You will know for sure that everything up to now has been false when they then ask for an up-front payment, usually ranging from around US$300 to US$3,000. They will state the reason for this payment as to cover legal fees, to cover sales fees, a legal requirement, registration of the deeds, a banking transfer requirement and so on, none of which are true.
The most credible sounding ones, particularly in Europe, will even invite you to their offices to sign the transfer documents and collect your money from the buyer. What happens is that you get sucked in to a very slick sales presentation where you end up parting with even more cash and buy a membership of some holiday club or other along with a ‘cashback’ promise for 3 to 5 years time, something that is almost certainly an empty promise.
They may even tell you that, as a victim of an earlier fraud, you will get back the money you paid (and even some of the money that the fraudsters had promised from the sale of your timeshare). All you have to do is pay a fee now. The caller may well be the same person who defrauded you the first time!
In some versions of this timeshare resales scam, timeshare owners have even be caught out by calls from a ‘bank’ claiming to be holding some money for them. The ‘bank’ says that as soon as your ‘transfer fee’ is paid, they will release your money.
One of the worst things that you can do is fall for the scam whereby you trade in your timeshare week for membership of a holiday club - and pay a fee - then find out at a much later date that your timeshare week has not been transferred, leaving you with the maintenance charges to pay on top of any charges for your new holiday club.
They may pretend to be calling from the UK or the US ” even giving a relevant telephone number ” but are mostly calling from Spain or the Canaries using a call transfer or an international mobile number. But some ARE calling from the UK or USA and they are just as dangerous as those calling from overseas. These companies are acting fraudulently. They are VERY convincing and VERY persistent.
NEVER send any money to any company on the promise of selling your timeshare ” whatever reason they might give you for paying and certainly do not give them your credit/debit card details. NEVER send an ownership certificate, or even a copy of one. Let your lawyer deal with all that.
Why Timeshare Resale Scams Don’t Deliver
Have You Fallen For A Timeshare Resale Scam?
Chances are that if you are reading this article you have or are weighing the consequences of signing up for one of these scam programs. In this article I will be taking you through the ins and outs of these resale programs.
I will be showing why this timeshare scam will cost you thousands like it did for me and the best way for you to sell your timeshare. So if you are looking to resell your timeshare read on.
What is a Timeshare Resale?
A timeshare resale company is basically a listing site that advertises you timeshare on their network, for a fee of course. For example one of the biggest companies that work in this market is Timeshares Only.
Back over a few years ago, I was desperate to sell my timeshare. Then one day I heard an ad on the radio talking about Timeshares Only. So I called and talked to them about selling my timeshare. They informed me that the fee would be $600. A bit high but after long consideration I decided to do it anyways.
My Results With Signing Up To Timeshare Only
After signing up I figured within 3 to 6 months I would easily have my timeshare sold or at least a few offers on the table. After 6 months I didn’t even have so much as a phone call. I hadn’t heard a word out of Timeshares Only.
So I decided to call and get some answers. This was a task in itself. Timeshares Only explained to me that they just advertised my timeshare in their database and were not actually real estate agents. They did nothing to help sell my timeshare property.
So after a year of waiting I got no bids on my property.
Why Timeshare Resale Companies Are A Scam
The reason why timeshare resale companies are a scam is because once they get you to pay their big upfront fee they don’t have any kind of reason to deliver a result you. Think about it. If a real estate agent was selling your home and he couldn’t sell it would he get paid?
Not a chance. But with timeshare resale companies they collect the fee upfront because even they know that they can’t even sell your property. This is a lesson I learned only after I fell for this scam a second time.
The Timeshare Market Pro Scam
Once you sign up for one of these timeshare resale scam sites they all want in on a piece of the action. To this day I still receive calls from these scammers asking me if I would like them to sell my timeshare, and I don’t even own it anymore.
However, I got a call from a guy named Doug almost a year after I signed up with Timeshares Only. He worked with another timeshare resale scam company called Timeshare Market Pro. He proceeded to explain to me that Timeshares Only would never sell my timeshare and that their company could.
He explained that they will bring in potential buyers to show off my timeshare to. So I gave it a shot and signed up, again spending nearly $500 to get on this list. Timeshare Market Pro also informed me that my timeshare market value was worth three to four times what I was trying to get out of it.
Over the next 6 months I waited and again got nothing. So again I called the company back was connected to their operator who informed me that one of their representatives would call me back and update me on the status of my timeshare.
They never called back. At this point I realized I had been ripped off again by another timeshare resale scam.
What I Learn About Timeshare Resale Companies
* Never pay upfront fees. Altogether I paid around $1100 to fees to these companies and have seen nothing in return. You could say that Timeshare Resale Companies are the biggest legal scam that I know of.
* Don’t believe what they tell you. These companies will tell you anything just to get you to sign up. As with the Timeshare Market Pro Scam I was told I would see several bids within a month. They also promised a bunch of extra free stuff just for signing up. I never saw either of these.
* They use hard sell tactics to get you to buy. Most of these companies will also use hard selling tactics to get you to buy. They will keep you on the phone as long as it takes to get you to buy. Don’t fall for it, tell them you sold the timeshare and hang up the phone. This way they won’t call you back.
* They don’t REALLY sell your timeshare. Timeshare resale companies don’t really sell your timeshare for you; they just list it like an ad. Here’s the good news though you can sell it for a lot cheaper on other ad networks for next to nothing. I will explain in the next section.
How To Sell Your Timeshare Yourself
Follow these steps and you should be able to sell your timeshare. You may not make what you got out of it originally but at least you won’t have to deal with those maintenance fees, interval fees and any other charges.
In order to sell your timeshare you need to understand that your timeshare resale value will never be what you bought it for. In most cases you will only get about 10 cents on the dollar of your original purchase price. I know this is hard to accept but the quicker you can do that the quicker you will be able to sell your timeshare off.
Last but not least before I start if you have a mortgage on your timeshare you will have a more difficult time in selling your timeshare. If you can at least get out of your timeshare what you still owe on it I would take it. You’ll be lucky to get more than that.
So if you’re ready and accept what I’ve told you read on.
1. Call your timeshare resort. Tell them you want to sell your timeshare and would like the necessary paper work to do so. At this point you can also ask them any questions about what you should do if you find a potential buyer. This way you can make the transaction smooth and quick.
2. Advertise your timeshare. I would start with Craig’s List and eBay. Craig’s List is free so I would start there first. Keep your price low so you can attract a lot of bidders. If that doesn’t work try eBay. You will have to pay to advertise your timeshare but it will be a lot cheaper than those timeshare resale scams I mentioned earlier.
3. What if you can’t sell your timeshare. When you’re trying to sell your timeshare some locations will sell better than others. For example Florida has a tough market to sell your timeshare in. On the other hand Hawaii is much easier to sell in. With limited supply and beautiful view it’s no wonder these resorts sell a lot easier.
4. Ask for a buyback option. If you’ve made it to this point you may be desperate to sell your timeshare. With no bids and the maintenance fee due soon, call your timeshare resort back and ask if they have a buyback option. This is where the actual resort buys your timeshare back for a fraction of the price. In my example I bought my timeshare for $4500 and did a buyback option 5 years later and got only $400 back for it. It was a rip off but it was better than paying another year of maintenance fees.
Chances are that if you are reading this article you have or are weighing the consequences of signing up for one of these scam programs. In this article I will be taking you through the ins and outs of these resale programs.
I will be showing why this timeshare scam will cost you thousands like it did for me and the best way for you to sell your timeshare. So if you are looking to resell your timeshare read on.
What is a Timeshare Resale?
A timeshare resale company is basically a listing site that advertises you timeshare on their network, for a fee of course. For example one of the biggest companies that work in this market is Timeshares Only.
Back over a few years ago, I was desperate to sell my timeshare. Then one day I heard an ad on the radio talking about Timeshares Only. So I called and talked to them about selling my timeshare. They informed me that the fee would be $600. A bit high but after long consideration I decided to do it anyways.
My Results With Signing Up To Timeshare Only
After signing up I figured within 3 to 6 months I would easily have my timeshare sold or at least a few offers on the table. After 6 months I didn’t even have so much as a phone call. I hadn’t heard a word out of Timeshares Only.
So I decided to call and get some answers. This was a task in itself. Timeshares Only explained to me that they just advertised my timeshare in their database and were not actually real estate agents. They did nothing to help sell my timeshare property.
So after a year of waiting I got no bids on my property.
Why Timeshare Resale Companies Are A Scam
The reason why timeshare resale companies are a scam is because once they get you to pay their big upfront fee they don’t have any kind of reason to deliver a result you. Think about it. If a real estate agent was selling your home and he couldn’t sell it would he get paid?
Not a chance. But with timeshare resale companies they collect the fee upfront because even they know that they can’t even sell your property. This is a lesson I learned only after I fell for this scam a second time.
The Timeshare Market Pro Scam
Once you sign up for one of these timeshare resale scam sites they all want in on a piece of the action. To this day I still receive calls from these scammers asking me if I would like them to sell my timeshare, and I don’t even own it anymore.
However, I got a call from a guy named Doug almost a year after I signed up with Timeshares Only. He worked with another timeshare resale scam company called Timeshare Market Pro. He proceeded to explain to me that Timeshares Only would never sell my timeshare and that their company could.
He explained that they will bring in potential buyers to show off my timeshare to. So I gave it a shot and signed up, again spending nearly $500 to get on this list. Timeshare Market Pro also informed me that my timeshare market value was worth three to four times what I was trying to get out of it.
Over the next 6 months I waited and again got nothing. So again I called the company back was connected to their operator who informed me that one of their representatives would call me back and update me on the status of my timeshare.
They never called back. At this point I realized I had been ripped off again by another timeshare resale scam.
What I Learn About Timeshare Resale Companies
* Never pay upfront fees. Altogether I paid around $1100 to fees to these companies and have seen nothing in return. You could say that Timeshare Resale Companies are the biggest legal scam that I know of.
* Don’t believe what they tell you. These companies will tell you anything just to get you to sign up. As with the Timeshare Market Pro Scam I was told I would see several bids within a month. They also promised a bunch of extra free stuff just for signing up. I never saw either of these.
* They use hard sell tactics to get you to buy. Most of these companies will also use hard selling tactics to get you to buy. They will keep you on the phone as long as it takes to get you to buy. Don’t fall for it, tell them you sold the timeshare and hang up the phone. This way they won’t call you back.
* They don’t REALLY sell your timeshare. Timeshare resale companies don’t really sell your timeshare for you; they just list it like an ad. Here’s the good news though you can sell it for a lot cheaper on other ad networks for next to nothing. I will explain in the next section.
How To Sell Your Timeshare Yourself
Follow these steps and you should be able to sell your timeshare. You may not make what you got out of it originally but at least you won’t have to deal with those maintenance fees, interval fees and any other charges.
In order to sell your timeshare you need to understand that your timeshare resale value will never be what you bought it for. In most cases you will only get about 10 cents on the dollar of your original purchase price. I know this is hard to accept but the quicker you can do that the quicker you will be able to sell your timeshare off.
Last but not least before I start if you have a mortgage on your timeshare you will have a more difficult time in selling your timeshare. If you can at least get out of your timeshare what you still owe on it I would take it. You’ll be lucky to get more than that.
So if you’re ready and accept what I’ve told you read on.
1. Call your timeshare resort. Tell them you want to sell your timeshare and would like the necessary paper work to do so. At this point you can also ask them any questions about what you should do if you find a potential buyer. This way you can make the transaction smooth and quick.
2. Advertise your timeshare. I would start with Craig’s List and eBay. Craig’s List is free so I would start there first. Keep your price low so you can attract a lot of bidders. If that doesn’t work try eBay. You will have to pay to advertise your timeshare but it will be a lot cheaper than those timeshare resale scams I mentioned earlier.
3. What if you can’t sell your timeshare. When you’re trying to sell your timeshare some locations will sell better than others. For example Florida has a tough market to sell your timeshare in. On the other hand Hawaii is much easier to sell in. With limited supply and beautiful view it’s no wonder these resorts sell a lot easier.
4. Ask for a buyback option. If you’ve made it to this point you may be desperate to sell your timeshare. With no bids and the maintenance fee due soon, call your timeshare resort back and ask if they have a buyback option. This is where the actual resort buys your timeshare back for a fraction of the price. In my example I bought my timeshare for $4500 and did a buyback option 5 years later and got only $400 back for it. It was a rip off but it was better than paying another year of maintenance fees.
Thursday, June 18, 2009
Timeshare Professionals During The Recession - A Solution To The Drama?
I have been a professional timeshare-rep for more than 5 years now. Never have I experienced what we are experiencing right now. The irony is this: Our resort is breaking every record. Hard to believe, right? We know that in the U.S. Vacation Ownership Sales-reps are moaning and groaning and suspecting, the world is coming to an end. Yes, word travels fast. And by the way, my company is in Mexico. But this article has still been written with you in mind.
The success the company is experiencing is for a variety of reasons. New products, higher price-points, and a company that has a marketing-machine working on it's behalf. So is that a good thing? Hardly.
Let me explain...
Things have changed down here in beautiful Mexico. This used to be our bubble. We have our own economy. Real-estate goes up no matter what happens in other parts of the world. Swine-flue will just be a temporary bump in the road. Tourism still goes super-strong down here.
But it's only one company dominating the market and you basically can't work anywhere else anymore. And this company's rules have just changed....
What happened to our bubble, our niche? I used to be proud of making good money, simply because I dared what nobody else dared. Leaving it all behind, and working from a beautiful Resort.
But this is the problem:
You have no idea, how many top-closers there are down here. There sure are enough tours for everyone most of the time (there are about 160 reps working here). However, because management knows about the "bubble-status" we have down here, they also understand: they have the power. Staff can't go anywhere, because: where to? Basically, it's a love-line. People down here who used to make 6 Figures, have to sell their cars. The ones in bed with management make 30K a month. I know this might be a bit hard to believe from where you're reading, but it's true. But don't come down here.....the best spots are taken. 80 percent of us suffer just like you do. We are as trapped, as we used to be when we still lived in our respective countries. Just that there are palm-trees outside.
The solution for myself?
I have only about a year ago opened other venues for myself. It's only a coincidence that my new business deals with vacations also. Back then, I had no idea about a bad economy coming up. Imagine you had a vacation-product that would only cost 3K, that it really (really really) offered superior value and that you made 1K commission for every sale online. Could you sell it? Would you want to?
The success the company is experiencing is for a variety of reasons. New products, higher price-points, and a company that has a marketing-machine working on it's behalf. So is that a good thing? Hardly.
Let me explain...
Things have changed down here in beautiful Mexico. This used to be our bubble. We have our own economy. Real-estate goes up no matter what happens in other parts of the world. Swine-flue will just be a temporary bump in the road. Tourism still goes super-strong down here.
But it's only one company dominating the market and you basically can't work anywhere else anymore. And this company's rules have just changed....
What happened to our bubble, our niche? I used to be proud of making good money, simply because I dared what nobody else dared. Leaving it all behind, and working from a beautiful Resort.
But this is the problem:
You have no idea, how many top-closers there are down here. There sure are enough tours for everyone most of the time (there are about 160 reps working here). However, because management knows about the "bubble-status" we have down here, they also understand: they have the power. Staff can't go anywhere, because: where to? Basically, it's a love-line. People down here who used to make 6 Figures, have to sell their cars. The ones in bed with management make 30K a month. I know this might be a bit hard to believe from where you're reading, but it's true. But don't come down here.....the best spots are taken. 80 percent of us suffer just like you do. We are as trapped, as we used to be when we still lived in our respective countries. Just that there are palm-trees outside.
The solution for myself?
I have only about a year ago opened other venues for myself. It's only a coincidence that my new business deals with vacations also. Back then, I had no idea about a bad economy coming up. Imagine you had a vacation-product that would only cost 3K, that it really (really really) offered superior value and that you made 1K commission for every sale online. Could you sell it? Would you want to?
Selling Timeshare In Mexico During Swine-Flue And Recession - What Are The Options?
If you're reading this, you are probably a timeshare-sales rep in Mexico. So am I. If your situation is anywhere similar to mine, you have either just been laid off. Temporarily suspended. Taken a voluntary vacation. Or you are a good boy, girl, and you still go to this cold hard place - the temple of your choice. That's awesome.
This article is being written from Bucerias, near Puerto Vallarta. As I write this I am wondering why it is this hot this early in the year. Why are the beaches so deserted? Why am I sitting at home? Will it really take until December for things to get better? Why is everyone buying into the swine-flue anyway? (what a "scam"!)
Has the world become completely insane now?
What happened to our bubble?
Why has everything turned against us?
We are the courageous ones. We left our respective countries, we moved to a better world. We were rewarded for our guts, our ability to leave it all behind, to seek a better life, to make some decisions. Yes, we made good money, didn't we?
It's frightening. One of my colleagues just had to sell her car. About 50 people got laid off on the track that I am - currently just officially - working for. How are you doing?
I hope you are doing well.
It has been estimated, that most airfares to Mexico have been slashed in half right now. The tours that are down here right now, are a vacation ownership sales-person's nightmare.
Thank God, I don't care.
This article is being written from Bucerias, near Puerto Vallarta. As I write this I am wondering why it is this hot this early in the year. Why are the beaches so deserted? Why am I sitting at home? Will it really take until December for things to get better? Why is everyone buying into the swine-flue anyway? (what a "scam"!)
Has the world become completely insane now?
What happened to our bubble?
Why has everything turned against us?
We are the courageous ones. We left our respective countries, we moved to a better world. We were rewarded for our guts, our ability to leave it all behind, to seek a better life, to make some decisions. Yes, we made good money, didn't we?
It's frightening. One of my colleagues just had to sell her car. About 50 people got laid off on the track that I am - currently just officially - working for. How are you doing?
I hope you are doing well.
It has been estimated, that most airfares to Mexico have been slashed in half right now. The tours that are down here right now, are a vacation ownership sales-person's nightmare.
Thank God, I don't care.
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