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Timeshare Resale Dangers: Seller Beware

Timeshare Resale Dangers

December 12, 2018 – by Primo Management Group

Timeshare Resale Dangers

Looking to unload your timeshare? Timeshare resale dangers are lurking, so beware!

If you’re thinking of selling your timeshare, you need to beware of timeshare resale dangers. We understand why you’d want to get out of your timeshare contract. Unfortunately, timeshare sales can be complex and risky. Scams, fees, and competition are just some of the timeshare resale dangers sellers may face.

Reasons to Sell

We work with people looking to get out of their timeshares every day. We understand because there are so many reasons to consider selling your timeshare. Maybe you are tired of or can no longer afford paying rising maintenance fees forever. Or maybe your once awesome timeshare no longer suits your needs. Many people find themselves traveling less as they age and are unable to make use of their timeshare. And others have just realized that their timeshare isn’t a good value. The price they pay every year is too high for what they get out of it. Finally, people have had enough.

Resale Market Scams

Many consumers turn first to the resale market, which makes sense. After all, when you have something you don’t want or need, you can usually sell it and recoup your investment, right? Well, maybe. Unfortunately, the resale market is rife with scams. Here’s how they work. Scammers contact you directly or through internet ads. They claim to have a buyer ready to purchase your timeshare. The market is great, they tell you. So many buyers! This will be so easy. Just pay an upfront fee by wire transfer to cover closing costs. This upfront cost can be hundreds or thousands of dollars, but don’t worry because you’ll get your money back at closing. And you’re desperate to get rid of your timeshare, so you do it.

Of course, as soon as the transfer is complete, the buyer disappears and the company stops returning your calls. You’ve lost your money and, sadly, you still own your timeshare. Here’s how to protect yourself:

Highly Competitive Market

Remember how hard that timeshare sales rep had to work to get you to buy your timeshare to begin with? Well, you may have to work just as hard to find your own buyer. There are many, many timeshares available on the resale market. If you have a highly desirable week or unit, you may be in luck. But if you have one of the many, many typical timeshares, you’ll have stiff competition for buyers. Unfortunately, the high supply and low demand drives prices down. A person can buy a timeshare for a dollar if they want to.

So, you’ll need to find a way to differentiate yourself and make your timeshare attractive. This means writing a great listing and placing it somewhere visible. You’ll also need to keep your price competitive, which will likely be well below whatever you paid. And you may also need to offer incentives to buyers.

Even More Fees

What? You’re selling your timeshare to escape fees, but now they are piling on more? Unfortunately, yes. There are fees associated with selling your timeshare. Fees from your resort may include things like title change fees for the privilege of escape. If you’re listing your timeshare on a forum, you may pay a listing or membership fee. Plus there are whatever incentives you had to offer to your buyer to make the deal more lucrative for them. As with everything timeshare, you can’t escape the fees.

If you can successfully navigate your way through these timeshare resale dangers and unload your timeshare, congratulations. If you’ve tried and failed or worse, if you’ve been scammed in the process, don’t lose hope. We can help you get out of your contract safely and ethically without fears of scams or begging for sellers on the resale market. Contact us for a free no-risk consultation today.

(Image Source: Pixabay)

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