Every day we receive emails from consumers asking for more information about companies that have approached them and offered to sell their timeshare week, points or even their (expired) membership in a discounted holiday club.
A lot of these mentioned companies are brand new, but the tricks and the scams don’t change and therefore we have put together a list of the 3 most common scams used by resale companies you should NOT be dealing with:
Resale Scam 1: “We have a buyer waiting to purchase your timeshare / membership.”
This is one of the most often used strategies inside the timeshare resale scam toolkit. The telemarketer from the resale company calls you on a “cold call” and explains to you that his company is doing great business reselling timeshare to corporate buyers or individual buyers with cash waiting. Most of the times a resale price is mentioned of thousands of Pounds / Euros and all that in an approximate completion time of a couple of days/weeks.
Then you are explained about the legal part of the sale which includes the services of a notary and lawyers who need to be paid upfront for this but this is an “insignificant” amount compared to the money you will receive at the end of this “successful guaranteed sale”.
The greatest strategy to give credibility to this resale rip-off is to first ask questions about your timeshare or membership, but if they do not know the details down towards the last point and penny then I can assure you there is certainly no buyer. Nobody is standing by, checkbook in hand, waiting to invest in a mystery… ever before!
Resale Scam 2: “We guarantee to sell your timeshare in “x” amount of days / weeks.”
This resale scam-tactic once more starts on a cold call and offers you to promote your timeshare. Not everybody has the time or knowledge to actively promote their timeshare. Putting a date and deadline around the sale is normally just enough to knock even the toughest skeptic consumer off from the fence and into paying out the fees the (scam) resale company requests to get your timeshare sold.
Avoiding this timeshare resale scam is easy if you look into the backgrounds of the company who is offering you this service.
Unless the company is actually an actual estate broker then they are not selling your timeshare… you are! Also unless they are an actual estate broker they can’t guarantee that your timeshare will market or how lengthy it’s going to be. In the best case scenario, the estate agent can only give you details from interested purchasers mainly because by law they cannot accept any offer for you.
But let’s be real here, not even the most successful real estate broker will assure you a time when they will have sold your timeshare by….so be really suspicious if a company does give you this guarantee!
Resale Scam 3: Fees to “List” your timeshare on a “for sale by owner” website.
This timeshare resale rip-off begins using the very same cold call, using also a couple of the techniques we just mentioned above. During the pitch they will tell you that they have a web-site that gets a ton of visitors from people all over the world who are eager to buy timeshare each and every day. For a price of a couple of hundred Pounds / Euros and at times even more, they will list your timeshare on their web page.
This kind of marketing support is not totally illegal. These businesses will list your timeshare for you personally, but here are some facts you should think about prior to performing small business with these listing companies; You could list your timeshare for free on the numerous websites that are already set up for these purposes or even better, you could opt for listing your timeshare with one of the RDO recommended resale companies which are listed on the RDO website (www.rdo.org)
The idea of listing your timeshare on the web is of course not a bad idea, but ask yourself the following question; “Did you purchase your timeshare over the internet?” Timeshare differs significantly from real estate, it is a high end product and not to be compared with homes and cars you would purchase over the web. Successfully promoting your timeshare, inside the timeshare resale marketplace, demands aggressive advertising to a highly competent and targeted group of consumers. Nothing less will get the same result in an acceptable time-frame at an acceptable price.
*ALWAYS be very suspicious about offers you receive from companies to resell your holiday ownership and especially if they use the above mentioned tactics.
*HANG UP if they approach you on a cold call. 99.99% of these companies turn out to be fraudulent.
*DO NOT give your credit-card details to a company that asks for upfront fees, never mind the reason. Asking for upfront fees is illegal.
*NEVER EVER trust a company that is interested in selling or listing your timeshare or (sometimes even expired) membership in discounted holiday clubs such as the ones from Incentive Leisure Group.
*ALWAYS CHECK with us first before getting into any dealings with companies who use the above described tactics.