Timeshare Resort Resales IndigoGuide Timeshares

Timeshare Resort Resales Avoiding SCAMs

Timeshare resort resales are difficult to achieve and vary so considerably according to location, season and resort that it is difficult to estimate a reasonable selling price. As a result resellers tend to over price their weeks not realizing that the value of their timeshare has in fact decreased by up to 50 percent. These factors make the timeshare resort resale market a prime target for scams. Owners eager to sell their weeks will often do almost anything to get rid of them and so the prospect of a company selling it for them, potentially at a profit, can be very enticing.

These companies usually make contact by phone, mail or e mail and ask the owner to call them up and discuss selling their timeshare. They also claim that the resale market is reliable and that they have a list of potential buyers just waiting to buy your timeshare. Timeshare owners should be immediately wary of a company's motives when they are told that, for an upfront fee of between $300 and $700, the company will resell their timeshare at a value equal to or greater than what you originally paid for it. This is an unrealistic promise as most timeshare resort resales are only worth half of their original sale price.

Another indication of a scam is when you are also promised a money back guarantee or a government bond if your timeshare is not sold within a certain period of time. In most cases timeshares are not sold, people do not get their money back and government bonds don't usually amount to more than $70. Another tell tale sign of a possible scam is if you are charged an advanced appraisal fee. These are not usually necessary in selling timeshares.

There are a number of precautions that can be taken to avoid being scammed on timeshare resort resales. Never agree to anything over the phone or before you've had a chance to check on the company in question. Always ask for written information, previous customers that you can contact and the company's location and contact details. Be sure to verify with the state licensing board that salespeople are licensed to sell timeshare in your location. It's a good idea to find out whether the company charges commission on sales as these are usually a better option. Find out what fees you will be asked to pay, such as upfront advertising or listing fees, and what the fees cover. Also find out if escrow services are provided. Contact the Better Business Bureau or your local consumer protection agency to find out whether there have been any complaints against a company.

Another way to avoid being scammed is simply to sell the timeshare yourself by placing ads in newspapers, on the Internet and with resorts. This does not necessarily mean taking responsibility for the entire sales process as escrow companies can be hired to deal with title transfers and ownership recording.