Resale Scams, a top 3 checklist for detecting the Scam Companies

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.
BOTTOM-LINE!

*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.

About mindtimeshare

Mindtimeshare SLU is registered Company reg number: B35957182 Mindtimeshare provides assistance to timeshare owners who have been defrauded by holiday clubs and bogus resale companies. The Mindtimeshare project was launched in February 2011. After dealing with timeshare members over several years who had been defrauded by numerous bogus companies and for large amounts of money, I considered launching an Organisation to help timeshare owners that have been targeted by bogus companies. On this blog you can find information about the different active scam companies and their “modus operandi” and also place comments, ask questions and see comments from other consumers who have the same doubts or have been through the same experience. Mindtimeshare has resulted in a huge success and has received the back up from not only timeshare consumers but also from the professionals in the timeshare Industry. Mindtimeshare helps timeshare owners who have been scammed by bogus Discount Holiday Clubs; bogus cash back companies; fraudulent timeshare resale companies; bogus class action companies and false lawyers and notaries. We offer professional answers and advice to Timeshare users. If you want to send an email instead of posting a comment on the blog please do so by emailing: customercare@mindtimeshare.com
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22 Responses to Resale Scams, a top 3 checklist for detecting the Scam Companies

  1. wendy says:

    does anyone know of a conmpany called Praetoria Legal who are giving advice on how to deal with debt collectors

  2. Una says:

    Just been contacted by a Company called “Sell my Timeshare.com” They have not asked for any money upfront and quoted that they buy your timeshare from you and then sell it on. Is this Company ligit as I have already been conned by a resale company. ? Thank You

  3. Dave says:

    Please help I need help in drafting a letter to say I’m giving my timeshare back as I was mis-sold it and I need to know how to word it, I have just had my first letter threatening to take me to court because I haven’t paid this years maintenance

  4. s says:

    anyone hard of lingfield associates who want to pay me some money back because a company we dealt with were taken to court and lost and he can give us our money back but he won’t just send a cheque he has to have our bank details

  5. Donna says:

    What. About pro timeshares?

  6. Elise says:

    It’s nice to have this website about how you can get ripped off inn99% of the time…but what is the solution if you want to sell your timeshare. I have had mine for more that 15 years, it’s all paid off, not trying to get out of a contract. So??? How does one sell their timeshare? Thank you. Elise29

  7. Lindsey says:

    Hi I am talking to a company called Sell My Timeshare. Does anyone know if they are legit please.

  8. martin says:

    does halfmoon holdings have an address in malaga or is it just an post box

  9. Jane Johnson says:

    A common timeshare scam is for the resale agent to contact the client and say that they have a confirmed buyer for the client’s timeshare membership. The purchase offer will include an attractive purchase price and various terms that the client is required to agree to in order to process the sale. One of the terms will typically be for the client to ensure that all monthly payments and maintenance fees are paid up to date with their resort. This is one way for the resorts to ensure that unhappy clients are not delinquent in their timeshare fees.
    I just found this information in an article i read a few minutes ago, i let you the link so you can take a look at it:

    http://www.timesharescam.com/blog/72-purchase-offers-from-timeshare-resale-companies/

    let’s keep ourselves informed

  10. Diane says:

    Just had a call from them today and was wondering the same thing.

  11. Ralph says:

    Has anyone heard of Global Exchange Network in Boston and are they legitamite.

  12. Sandra says:

    Has anyone heard of holidays lettings and sales company

  13. Bonnie Haga says:

    I was just contacted by phone from 1st class resale, and was told they had a buyer wanting to buy Wyndham vacations property and did i want to sell. I have been taken before so i said maybe…I listened to him and i asked if there was upfront fees. He told me no but i would have to pay for legal fees after i seen a contract with names of the buyers. I don’t think this is legit….do you?

    • Hi Bonnie,
      Thanks for your message on the blog.
      Any fee upfront, whatever they call it, is an upfront fee and goes straight against the Timeshare Directive!
      So not to be trusted!
      Kind regards
      Customer Care

  14. charles maly says:

    I was called by –Vacation Condo Exchange– by Allison Turner(situated in southern division of USA) for this company headquartered in Casper, Wyoming. They said that had a buyeer that had deposited 20%($3,300.00) of the 16,500.00 offer. Official sellers affidavit,authorization to release information,identification, was then faxed to my Bank for me and wanted to sign have notorized, and send back. Said needed to send $1522.00 for transfer,title search,closing costs, and would get 1/2 back when deal completed. Any thoughts to this???

    • Dear Charles,
      Thanks for your message.
      Our thoughts are; cold call & money upfront = not good
      99.99% of companies that cold call consumers are fraudulent.
      Kind regards

      Customer Care

    • Glenda says:

      I have had a similar call from TDE SERVICES in Spain ( so they say, but the female has a English accent ) they are wanting 1,425 Euro from me on my Credit card as a holding Bond …I am the selling .Why do I pay a holding Bond on my CREDIT CARD ? Scam I am sure and of course they have the buyer for my timeshare !

  15. Mike Kite says:

    My wife took a call from WATERSTONE INVESTMENT COMPANY LAMBERHURST, today Thursday 14 June 2011. They are buying up INCENTIVE LEISURE holidays. We are to be invited to attend a meeting at Lamberhurst and are expected to arrive with an idea of the price we want for our membership. The 1st offer is made unconditional at a 1 hour presentation and 9 out of 10 people take the first offer. The 2nd offer is taken up by 1 out of 10 people and is for reinvestment. There is a promise of a cheque sent to your home address within 4 to 5 weeks, 6 weeks maximum. Anybody know about this?

    • Dear Mike,
      Many thanks for your message. It actually confirms our suspicion as you have been explained that there will be a presentation for resale and one for reinvestment. There you go, it would have been too good to be true that everything was going to be free of charge until you actually sold your membership. My advice, don’t take your credit card and if it sounds too good to be true, most probably it is.

      Thanks for the update!

      Customer Service Department

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