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Why Timeshare Resale Is a Really Bad Idea (& A Scam)

July 6, 2017 – by Primo Management Group

If you’re thinking that timeshare resale is the way to go, think again. Here’s why it’s a bad idea and the latest info on the scam it really is.

Doesn’t it seem like there are more people trying to sell their timeshares than there are buying them?

The situation is so bad that some sellers price their timeshares at $1 or less . Unfortunately, nobody bothers to tell you how hard it is to sell a timeshare before you purchase one.

However, timeshare resale is just as much of a scam as the original investment.

In 2014, over 350 individuals fell victim to a timeshare resale scam in Florida . As a whole, the scammers cheated these individuals out of over $750,000.

This article will take a closer look at why timeshare resale is always the wrong way to go. Keep reading to find out why you should avoid this scam no matter what.

Signs of a Typical Timeshare Resale Scam

When you own a timeshare, many resell companies will target you. They know that getting rid of a timeshare is next to impossible. As a result, they can’t wait to pounce on you and try to take advantage of your desperation.

Here’s the truth: if something sounds too good to be true, it almost always is. Don’t fall for the empty promises, and keep in mind that it’s not worth the risk.

The following are a few of the biggest warning signs you should look out for to avoid a timeshare resale scam.

They Ask for Upfront Fees

Here’s where they get you. Scammers usually ask for anywhere from a few hundred to a few thousand dollars upfront.

If anyone tells you that you need to pay a fee upfront to cover closing costs, taxes, or anything else, run the other way. Once you actually send them the money, you probably won’t hear from them again.

Also, ignore anyone who promises that they can get back the money you lost from the scam. This is actually just another common scam.

They Promise a Giant Return

One of the first things most resellers will tell you is that they can guarantee huge returns on your resale. While it sounds great, don’t believe the lie.

In reality, it would be a miracle to get back a fraction of what you paid in the first place. When you’re attempting to sell a timeshare, you can expect to lose money on your investment.

The Contract Is Sketchy

By the time resellers show you a contract, it will look a lot different than what you may have discussed with them.

In most cases, you won’t even see a contract. This is another immediate red flag that signals a scammer.

They Brag About Willing Buyers

Resellers love to exclaim that there are numerous buyers waiting to throw money at you. They’ll also make the bogus claim that they can sell your timeshare by a certain date.

If it were this easy to sell a timeshare, you wouldn’t be in this mess to begin with. The reality is that there are no willing buyers. These scammers are selling you a fantasy — nothing more.

They Claim the Market Is Thriving

You’ll sometimes run into a reseller that tells you that the timeshare market in your region is flourishing. They may even try to convince you with phony timeshare resale stats and figures.

However, this is the easiest lie to spot. You know better than anyone that the market in your area is dead. You’d be hard-pressed to find anyone who is eager to take your timeshare off your hands.

What to do if You Still Want to Resell

Timeshare resale makes you vulnerable to many swindlers. It’s extremely rare to get a great return through a reseller.

However, if you’re still convinced that timeshare resale is a good idea, there are many precautions to note. Here are some of the steps you should take before trusting a reseller.

Demand Everything in Writing

Start off by letting them know that you wish to see all of their information in writing. If the reseller refuses to cooperate, move on.

Ask About Licenses

All resellers should have licenses to sell real estate in your area. If they claim to have a license, double check with your state’s Real Estate Commission. Never deal with unlicensed agents.

Probe Them About Fees

Ideally, you should only have to pay fees once the reseller sells the timeshare. If they have any upfront fees, demand a written version of their refund policy.

Never Agree to Anything Over the Phone

Many scammers will attempt to get you to agree to something online or over the phone. Refrain from doing so.

Before you even think about agreeing, try to reach your local state Attorney General . Check to see if they have any complaints in their system. Next, scour the net looking for any online complaints as well.

Throw Them a Curve ball

To find out how serious they really are, ask the resellers how they plan to inform you about their progress. Inquire about how often you can expect to receive progress reports and see how they respond.

Expect to Lose Money on Your Investment

In reality, a timeshare is not an investment. Investments usually involve a return at some point.

Even if you manage to sell your timeshare, don’t expect to get a return. You’re going to lose money no matter how you approach the situation.

The ideal escape is from a timeshare is one that doesn’t involve any more scamming.

In certain situations, exit companies can help you recoup the money you’ve already lost through fees. However, if they’re legitimate, they will not make any phony promises to recover your money.

Remember to keep your expectations realistic . But keep in mind that there is a way to cancel your timeshare properly.

Unload Your Timeshare Safely

The fact is that timeshare resale will get you in an even bigger bind. All the empty promises made by resellers only lead to even heftier fees than the one you dole out every year.

Over the years, timeshares have rightfully developed a bad rap. Consequently, people have become cautious about purchasing them.

However, there’s no reason to hold on to a timeshare and flush more of your hard-earned money down the toilet. Instead of entertaining resellers, your best option is to use the laws to your advantage.

If you want to get cancel your timeshare safely, request a free consultation  with us. We’ll fight to help you get rid of your timeshare in a timely manner.

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Get A Free Consultation

Relieve Yourself of the Unwanted Timeshare Burden

Your information is 100% secure and encrypted. We will never sell or share your information with anyone.

Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.