There are both risks and rewards involved in buying a timeshare, largely depending on which timeshare company you choose to purchase one of these properties from. There are many people out there who have had nothing but enjoyment from their timeshare properties while others have seen their dream vacation property turn into a nightmare and a money pit due to the fraudulent machinations of scam artists. Buying a timeshare should be done with a great deal of caution and an awareness of the potential risks. Think carefully about the benefits as well as the risks as you consider buying and of course, always read the fine print before you sign anything.
Timeshares may be either deeded purchases or arrangements with no deed; these are essentially a long term lease which does expire eventually rather than an actual purchase. Deeded timeshares involve an actual deed of ownership which may be passed to heirs in a will and all of the rights of ownership. In either case, the price of the timeshare is determined by the amount of time the buyer has the right to use the property as well as the time of year that they are allowed to use it.
Buying a timeshare is an important decision and is one not to be rushed into. Read over any documents and contracts very carefully, making sure that you understand all of the terms and conditions spelled out therein. Never sign anything unless you completely understand what you're agreeing to. You may want to have your lawyer look the contract over before signing and you should definitely speak to someone who owns a share in the property. Before you buy a timeshare, keep the following points in mind:
-Check into the licensure of timeshare resale companies. You can inquire about this with the State Department, who will usually maintain records about the company's history as well. Be extremely cautious when dealing with an unlicensed firm - your degree of risk will be much higher than with a licensed company.
-A timeshare is meant to be a vacation property rather than an investment; you may not necessarily receive a good return on your investment if you resell.
-If you are buying a right to use timeshare watch out, if the sponsor declares bankruptcy, you may lose your rights.
-If you are buying a timeshare in a property where the facilities have not been fully installed take a written commitment from the seller that they will be finished in a specific amount of time.
-Any claims made by the seller about the returns on the investment in timeshare should be questioned because the future value of a timeshare depends on many factors.
-A timeshare should not be an impulse purchase. Read over all associated documents and consider the matter carefully before you decide.
-Especially if the seller makes any promises to you orally, ask to get it in writing; in fact, get everything in writing.
-Try to find out whether the exchange program will be guaranteed or not. Sometimes it isn't. So make sure to find it out before buying. Buying a timeshare without an exchange program is not worth the money because you will get bored going to the same property every year and also you will not have the flexibility of schedule if you don't have exchange facility.
If you are interested in timeshare ownership and want to learn more Timeshare Information, you should visit We Own Timeshares. Meet and connect with timeshare owners on this Timeshare Ownership social network. It is free to join and you can create your own profile in minutes. Share experiences and reviews of different timeshare properties and begin asking questions in the forum. Visit today.
Thursday, January 20, 2011
Buy A Timeshare And Benefit From North Myrtle Beach Rentals
Timeshare rentals and ownership are becoming increasingly popular and North Myrtle beach rentals are just one place to try a timeshare out. However, why should you spend your time at North Myrtle Beach in South Carolina?
North Myrtle Beach is unsurprisingly a place of 9 miles of great, beautiful beaches. But when you get bored of the beach you will find amusement parks, well over 100 golf courses, shopping and over a thousand ways to dine. Given the beach and ocean, there are a multitude of different water sports to try as well as plenty of different types of fishing opportunities and riverboat cruises. Nightlife is not forgotten either as there are some great live theatre performances as well as the usual casino you would expect to find. Extend your area slightly and you’ll find plenty more to do. Visit and you will soon discover why this location has been named the “Grand Strand”!
You may wish to visit this resort and just rent or perhaps purchase a timeshare there. If you are thinking about buying a timeshare, this is a good place to get one as it is a highly desirable location. However, because of that, prices will be higher as the demand is there. Don’t forget if you do buy to ensure you take precautions against a fraudulent transaction. Given the location, if you do decide to buy a timeshare, then North Myrtle Beach rentals will certainly be possible and perhaps make you a profit over and above your timeshare ownership fees.
Wyndham appears to have a few timeshares available around the North Myrtle Beach area and “Peppertree By The Sea” certainly has some timeshare accommodations available for rental. Other websites you can try are Visitor’s Connection, Redweek Timeshare and Defender Realty.
Two popular choices for example are the Ocean Bay Club that is on the seafront (so no good if you are looking for a quiet vacation!) and offers spacious and elegantly designed accommodation. Or perhaps Fairfield Wyndham Westwinds will suit you with their excellent facilities including your own balcony looking out across the sea. These apartments rent out from between $60 and $200 a night.
So, if you are looking for a good location to buy a timeshare and help fund the investment, then North Myrtle Beach rentals is a good place to begin with.
If you need more information about all aspects of worldwide timeshares, visit our website, or ourtimeshare blog.
Wednesday, November 10, 2010
6 Tips for Timeshare Buyers
Every individual waits for that time of the year, a much deserved vacation and time away from the hectic activities of day to day life. Do you typically wonder where to go? Where to stay? Etc. Smart people plan their vacations long before they actually go out for one. And even smarter people buy timeshare property for vacations to have a peace of mind and a place where they love to enjoy and cherish their most beautiful memories. Everyone wishes to have a timeshare property at their favorite vacation place. Here we discuss some of the important things that you have to remember while buying a timeshare.
1) You need to understand the different types of timeshare properties before you buy one. Basically, there are two types of timeshare plans. The first type is a deeded plan, where you buy an actual piece of real estate and own it along with other owners, but you are only allowed to use it according to the timeshare agreement. A fixed week, fixed unit deeded timeshare permits you to own a specific timeshare property at a specified time each year. A floating time agreement gives you flexibility regarding the dates you can use your timeshare, but many owners prefer that option so you may need to make your reservations on a first come, first served basis. A non-deeded or right to use timeshare is a lease arrangement. Just like deeded timeshares, these plans are categorized into fixed unit and floating time arrangements. After the lease expires, however, you no longer have any rights to the property.
2) Before you buy, research the location. Decide whether you can go there every year. It also would not hurt if you looked into the cost of alternative accommodations available in the location. After all, why should you buy a timeshare when another option is less expensive? However, you should also think about your comfort. The alternative option might not give you the same amount of comfort as the timeshare. Your decision might depend on which factor you think is more important, cost or comfort.
3) Always find out your timeshare rights before buying. Your rights may be violated in some cases. In most of the cases the timeshare properties are governed by legal documents known as Covenants, Codes, and Restrictions. It establishes rights for real estate property owners and governs how the timeshare should be managed.
4) Decide if you want to buy a timeshare for investment purposes or for your vacations. Think again if your only purpose in buying is investment, because reselling timeshare properties is not one of the best ways to make money in real estate. Typically, a timeshares resale value is not that great, and the process of reselling is difficult because of competition from the original seller. Timeshare property is, however, an investment you can make in a Lifetime of Vacation Enjoyment (LOVE).
5) While you may think that the cost of buying a timeshare is simply the cost of buying only the real property. You may be wrong. You should always calculate the total cost of timeshare which includes mortgage payments, maintenance fees, taxes, travel cost, closing cost, broker commissions, financing charges etc. Compare the cost of similar alternative accommodations with the total cost of owning a timeshare now. Remember that hotel accommodation rates increase at a rate of 2-3% a year.
6) Read each and every document carefully before signing any agreement. Never ever believe a promises made by a salesman. Request everything in writing. Also find out about the reputation of the seller and whether he is a licensed timeshare seller. Lastly, never accept properties with unfinished facilities, if you do so take a written commitment from the seller that they would be finished within a specific time frame.
If you are interested in timeshares and want to learn more about owning a Timeshare Property, or if you want to network and associate with other timeshare owners, visit We Own Timeshares.com. We Own Timeshares.com is a new social network full of Timeshare Information. It is free and easy to join this timeshare social network. Create your own profile in minutes, share experiences and reviews of different timeshare locations and start asking questions in the forum.
1) You need to understand the different types of timeshare properties before you buy one. Basically, there are two types of timeshare plans. The first type is a deeded plan, where you buy an actual piece of real estate and own it along with other owners, but you are only allowed to use it according to the timeshare agreement. A fixed week, fixed unit deeded timeshare permits you to own a specific timeshare property at a specified time each year. A floating time agreement gives you flexibility regarding the dates you can use your timeshare, but many owners prefer that option so you may need to make your reservations on a first come, first served basis. A non-deeded or right to use timeshare is a lease arrangement. Just like deeded timeshares, these plans are categorized into fixed unit and floating time arrangements. After the lease expires, however, you no longer have any rights to the property.
2) Before you buy, research the location. Decide whether you can go there every year. It also would not hurt if you looked into the cost of alternative accommodations available in the location. After all, why should you buy a timeshare when another option is less expensive? However, you should also think about your comfort. The alternative option might not give you the same amount of comfort as the timeshare. Your decision might depend on which factor you think is more important, cost or comfort.
3) Always find out your timeshare rights before buying. Your rights may be violated in some cases. In most of the cases the timeshare properties are governed by legal documents known as Covenants, Codes, and Restrictions. It establishes rights for real estate property owners and governs how the timeshare should be managed.
4) Decide if you want to buy a timeshare for investment purposes or for your vacations. Think again if your only purpose in buying is investment, because reselling timeshare properties is not one of the best ways to make money in real estate. Typically, a timeshares resale value is not that great, and the process of reselling is difficult because of competition from the original seller. Timeshare property is, however, an investment you can make in a Lifetime of Vacation Enjoyment (LOVE).
5) While you may think that the cost of buying a timeshare is simply the cost of buying only the real property. You may be wrong. You should always calculate the total cost of timeshare which includes mortgage payments, maintenance fees, taxes, travel cost, closing cost, broker commissions, financing charges etc. Compare the cost of similar alternative accommodations with the total cost of owning a timeshare now. Remember that hotel accommodation rates increase at a rate of 2-3% a year.
6) Read each and every document carefully before signing any agreement. Never ever believe a promises made by a salesman. Request everything in writing. Also find out about the reputation of the seller and whether he is a licensed timeshare seller. Lastly, never accept properties with unfinished facilities, if you do so take a written commitment from the seller that they would be finished within a specific time frame.
If you are interested in timeshares and want to learn more about owning a Timeshare Property, or if you want to network and associate with other timeshare owners, visit We Own Timeshares.com. We Own Timeshares.com is a new social network full of Timeshare Information. It is free and easy to join this timeshare social network. Create your own profile in minutes, share experiences and reviews of different timeshare locations and start asking questions in the forum.
What You Need To Know Before Buying A Timeshare
There are a lot of people who find themselves the victims of fraud when buying a timeshare, usually for the very simple reason that they don't know what their legal rights are in this situation or how to protect themselves from scammers. Like any other situation which requires signing a legally binding contract, it's vital to know your rights and what recourse you have under the law. There are plenty of scams going around in the timeshare industry and you've no doubt heard about some of these yourself. There are fraudulent operators who will try to sell properties which are nothing like promised or in some cases, not even an actual property. Before you make any decisions about purchasing a timeshare, here's a few things to think about.
Your rights vary depending on what kind of timeshare you purchase - there are timeshares which involve a deed to the property as well as those which do not, often known as right to use or license to use timeshares. When you purchase a deeded timeshare, you'll have a deed to your timeshare property which gives you the rights of any other title to a piece of real estate they can even be passed down to your heirs. By contrast, a license to use timeshare is essentially a long term rental of the property in question with a predetermined expiration date.
Due to scams and some questionable sales practices used by timeshare companies, the entire industry has acquired an unsavory reputation. One common occurrence in the industry is a promise of a free trip or another gift which the customer sees as being worthwhile. Upon arrival, the potential buyer is then forced to sit through a lengthy sales pitch full of high pressure sales tactics, only to receive a gift which is not at all what they had been led to believe.
The law dictates that timeshare companies must disclose the length of the presentation ahead of time, that the company must give prospective buyers truthful information on the condition of the timeshare property and that they may not misrepresent either the resale or market value of the timeshare.
Buyers are also protected by provisions in the law which mandate that any oral promises made to a buyer must be included in the sales contract and that any fees associated with the timeshare purchase or ownership be disclosed both orally and in writing. Depending on the state, buyers may also be able to avail themselves of a period in which they may cancel the contract, typically for up to two weeks after signing the contract.
It's important to know your legal rights before purchasing a timeshare, you also need to ask yourself a few other questions such as whether or not you really need to purchase a timeshare or whether you've seen the property for yourself. You should also inquire about the timeshare company with the Better Business Bureau, speak with current owners of the timeshare for sale. Before you make your decision, you need to be fully informed and have decided if you plan to rent the property or if you'd rather have a deeded timeshare, whether or not you're interested in reselling the timeshare later and whether the property is in a location where you actually want to vacation in frequently.
If you are thinking about timeshare ownership and want to learn more Timeshare Information, you should check out We Own Timeshares. Meet and connect with timeshare owners on this Timeshare Ownership social network. It is free to join and you can create your own profile in minutes. Share information and reviews of different timeshare locations and begin asking questions in the forum. Visit today.
Your rights vary depending on what kind of timeshare you purchase - there are timeshares which involve a deed to the property as well as those which do not, often known as right to use or license to use timeshares. When you purchase a deeded timeshare, you'll have a deed to your timeshare property which gives you the rights of any other title to a piece of real estate they can even be passed down to your heirs. By contrast, a license to use timeshare is essentially a long term rental of the property in question with a predetermined expiration date.
Due to scams and some questionable sales practices used by timeshare companies, the entire industry has acquired an unsavory reputation. One common occurrence in the industry is a promise of a free trip or another gift which the customer sees as being worthwhile. Upon arrival, the potential buyer is then forced to sit through a lengthy sales pitch full of high pressure sales tactics, only to receive a gift which is not at all what they had been led to believe.
The law dictates that timeshare companies must disclose the length of the presentation ahead of time, that the company must give prospective buyers truthful information on the condition of the timeshare property and that they may not misrepresent either the resale or market value of the timeshare.
Buyers are also protected by provisions in the law which mandate that any oral promises made to a buyer must be included in the sales contract and that any fees associated with the timeshare purchase or ownership be disclosed both orally and in writing. Depending on the state, buyers may also be able to avail themselves of a period in which they may cancel the contract, typically for up to two weeks after signing the contract.
It's important to know your legal rights before purchasing a timeshare, you also need to ask yourself a few other questions such as whether or not you really need to purchase a timeshare or whether you've seen the property for yourself. You should also inquire about the timeshare company with the Better Business Bureau, speak with current owners of the timeshare for sale. Before you make your decision, you need to be fully informed and have decided if you plan to rent the property or if you'd rather have a deeded timeshare, whether or not you're interested in reselling the timeshare later and whether the property is in a location where you actually want to vacation in frequently.
If you are thinking about timeshare ownership and want to learn more Timeshare Information, you should check out We Own Timeshares. Meet and connect with timeshare owners on this Timeshare Ownership social network. It is free to join and you can create your own profile in minutes. Share information and reviews of different timeshare locations and begin asking questions in the forum. Visit today.
Tuesday, October 26, 2010
Timeshares: Are They Worth the Cost?
Buying a beach front property or a vacation villa may be easy for rich and wealthy but not for common middle class people. The introduction of timeshare concept gave hope to those people who could not afford to buy a brand new vacation home. That is one of the reasons why the timeshare industry has grown by leaps and bounds ever since its inception in the United States. One of the aspects of a timeshare property that attracts most people is that they can have a wonderful vacation home without having to worry about its upkeep and maintenance. But at the same time people have many misconceptions about timeshares.
Probably one of the biggest myths when it comes to timeshares is that people believe they have the same benefits as everyday real estate investments. However, this isn't true and the appreciation values are much different. Unfortunately when you own timeshares you don't get the same profitable returns as you would owning a house for a certain period of time. In fact, when it's all said and done you could end up losing money.
So the question that always comes to pass is whether or not it's worth buying a timeshare. It's not an easy thing to answer because there are several factors that come into play. Whether it's comparable rent for alternative accommodation, appreciation of timeshare properties or the finance rate, they are all things to consider. So we want to show you a simple calculation.
Your profitability investment should be the first thing to consider. Here you measure the comparable rental rate, the rate of appreciation, and the finance rate. When you total them all out you will end up with a negative number. So before you get started you should understand that you will most likely lose money in timeshares.
Take your rent for instance, and let's say it costs $1000. The cost of the timeshare itself is $10,000. So your overall rental rate is 10%. When you consider the maintenance fees, membership costs and other expenses, they could run you about $500. So in the beginning you save $500 your rental rate is 5%.
These can also turn into negative percentages as well. If the appreciation rate is 10% and the finance rate is 16%, once you add in the rental rate and appreciation and then subtract the finance rate you end up with a negative percent. So, you're losing 1% every year you compare it to your rent. Keep in mind this is only a rough calculation, because the depreciation rate and finance rates are going to vary.
The maintenance fee costs will be something to look into as well. The majority of them charge reasonable rates, but there are times when you come across others that are extremely expensive. Listen, you want this to be a profitable setup and in order to keep it that way you may think about renting out your week from time to time.
What it comes down to is you should add up your timeshare costs for the entire year. Considering everything above you could be looking at 520,000. Would you really pay that much if this was regular real estate? The profits end up lining the pockets of the developers and investors that sell the timeshares. If you just take the time to weigh all the factors you will be able to get the timeshares you desire.
If you are thinking about timeshare ownership and desire to discover more Timeshare Information, you should visit We Own Timeshares. Meet and connect with timeshare owners on this Timeshare Ownership social network. It is free to join and you can set up your own profile in minutes. Share experiences and reviews of different timeshare locations and start asking questions in the forum. Visit today.
Probably one of the biggest myths when it comes to timeshares is that people believe they have the same benefits as everyday real estate investments. However, this isn't true and the appreciation values are much different. Unfortunately when you own timeshares you don't get the same profitable returns as you would owning a house for a certain period of time. In fact, when it's all said and done you could end up losing money.
So the question that always comes to pass is whether or not it's worth buying a timeshare. It's not an easy thing to answer because there are several factors that come into play. Whether it's comparable rent for alternative accommodation, appreciation of timeshare properties or the finance rate, they are all things to consider. So we want to show you a simple calculation.
Your profitability investment should be the first thing to consider. Here you measure the comparable rental rate, the rate of appreciation, and the finance rate. When you total them all out you will end up with a negative number. So before you get started you should understand that you will most likely lose money in timeshares.
Take your rent for instance, and let's say it costs $1000. The cost of the timeshare itself is $10,000. So your overall rental rate is 10%. When you consider the maintenance fees, membership costs and other expenses, they could run you about $500. So in the beginning you save $500 your rental rate is 5%.
These can also turn into negative percentages as well. If the appreciation rate is 10% and the finance rate is 16%, once you add in the rental rate and appreciation and then subtract the finance rate you end up with a negative percent. So, you're losing 1% every year you compare it to your rent. Keep in mind this is only a rough calculation, because the depreciation rate and finance rates are going to vary.
The maintenance fee costs will be something to look into as well. The majority of them charge reasonable rates, but there are times when you come across others that are extremely expensive. Listen, you want this to be a profitable setup and in order to keep it that way you may think about renting out your week from time to time.
What it comes down to is you should add up your timeshare costs for the entire year. Considering everything above you could be looking at 520,000. Would you really pay that much if this was regular real estate? The profits end up lining the pockets of the developers and investors that sell the timeshares. If you just take the time to weigh all the factors you will be able to get the timeshares you desire.
If you are thinking about timeshare ownership and desire to discover more Timeshare Information, you should visit We Own Timeshares. Meet and connect with timeshare owners on this Timeshare Ownership social network. It is free to join and you can set up your own profile in minutes. Share experiences and reviews of different timeshare locations and start asking questions in the forum. Visit today.
Desperate timeshare owners falling for scams
Selling a timeshare vacation property has always been a challenge. These days, it can be nearly impossible. The market is flooded with units for sale. People who are struggling to make ends meet are desperate to liquidate.
Con artists are cashing in on that desperation. Fraudulent telemarketers across the country are taking in millions of dollars by making promises they cannot keep.
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They say they have a buyer lined up whos ready to buy your property, explains Jeanette Kopko with the Dallas
Better Business Bureau. And they make it sound like you need to pay their fee right away or this buyer is going to slip out of your grasp.
But the bottom line is always the same: There is no buyer. All the company does for the money if it does anything at all is list your property for sale.
They just lie to you, says Catherine Aviolo of Chicago.
Catherine and her husband, Joe, are both unemployed construction workers. They need to sell their timeshare in Florida to pay off their mounting credit card debt.
One day they got a call out of the blue from a company in Texas that guaranteed to sell their unit within six months. Catherine and Joe thought their prayers had been answered.
The caller said theyd have to pay a small fee for the service: $399 in advance. Thinking this was a sure thing, the Aviolos came up with the money. But the company never came up with a buyer.
Every time we contacted them they said they had no one interested in it because we were asking too much money, Catherine says.
The timeshare is still on the market and the company wont refund the money. The Aviolos are now on what telemarketers refer to as a suckers list because this summer they were contacted by at least 14 different timeshare resellers. All wanted money up front.
John Davis, who lives in New Mexico, got taken by a timeshare resale con artist for $2,200. Davis was thinking about selling a unit he hadnt used much recently. Thats when he got an unexpected call from a telemarketer who said his company had a buyer. The deal would close in 30-60 days, but Davis would have to pay the closing costs in advance.
They sounded legitimate, he recalls. And he wanted to cash out of the unit, so he gave them his credit card number to cover that enormous fee.
Davis waited the 60 days and nothing happened. When he called the company he was given excuses. This went on for months. Finally, the company stopped answering the phone and Davis knew hed been burned.
They told me exactly what I wanted to hear and I fell for it hook, line and sinker.
Law enforcement agencies across the country are reporting a spike in complaints about timeshare resale scams.
It is very large and growing problem, says Terence McElroy, communications director for the Florida
Department of Agriculture and Consumer Services, which licenses telemarketers in the state. A lot of people really need to unload their timeshares, and unscrupulous telemarketers are able to exploit this situation.
Timeshare resale complaints are now the most commonly reported consumer problem to the Florida
Attorney Generals office. Since the beginning of the year, more than 8,500 people have filed complaints.
The increasing level of fraud in the timeshare resale industry is alarming, says Florida Attorney General Bill McCollum.
His office has active lawsuits against nine timeshare resale companies and is investigating 49 others.
Illinois Attorney General Lisa Madigan says her office has
seen victims taken for as much as $5,000. Madigan tells me the fake resellers often send timeshare owners bogus documents that look legitimate to make the potential sale seem real.
While some of the scammers still take a credit card numbers over the phone, Madigan says most now want the money wired to an out-of-state bank account.
Wire the money and you might as well throw it in the garbage, because youre not going to see it again, she says.
By the time people realize they've been taken and complain to the authorities, the con artists have closed their bank account, disconnected their phone and moved to a new location.
Its not easy to resell a timeshare. The market is weak, and the number of available units is staggering.
If youre lucky you may be able to get 10 cents on the dollar trying to sell it in the resale market, says Ed Perkins, contributing editor at
SmarterTravel.com.
Thats why most real estate agents wont bother with a timeshare resale, which means youre on your own. Your best bet is to sign up with a legitimate listing organization. Perkins says theyll charge you around $25 to post your message on their bulletin board.
Con artists are cashing in on that desperation. Fraudulent telemarketers across the country are taking in millions of dollars by making promises they cannot keep.
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West get ready, here comes China 2.0
They say they have a buyer lined up whos ready to buy your property, explains Jeanette Kopko with the Dallas
Better Business Bureau. And they make it sound like you need to pay their fee right away or this buyer is going to slip out of your grasp.
But the bottom line is always the same: There is no buyer. All the company does for the money if it does anything at all is list your property for sale.
They just lie to you, says Catherine Aviolo of Chicago.
Catherine and her husband, Joe, are both unemployed construction workers. They need to sell their timeshare in Florida to pay off their mounting credit card debt.
One day they got a call out of the blue from a company in Texas that guaranteed to sell their unit within six months. Catherine and Joe thought their prayers had been answered.
The caller said theyd have to pay a small fee for the service: $399 in advance. Thinking this was a sure thing, the Aviolos came up with the money. But the company never came up with a buyer.
Every time we contacted them they said they had no one interested in it because we were asking too much money, Catherine says.
The timeshare is still on the market and the company wont refund the money. The Aviolos are now on what telemarketers refer to as a suckers list because this summer they were contacted by at least 14 different timeshare resellers. All wanted money up front.
John Davis, who lives in New Mexico, got taken by a timeshare resale con artist for $2,200. Davis was thinking about selling a unit he hadnt used much recently. Thats when he got an unexpected call from a telemarketer who said his company had a buyer. The deal would close in 30-60 days, but Davis would have to pay the closing costs in advance.
They sounded legitimate, he recalls. And he wanted to cash out of the unit, so he gave them his credit card number to cover that enormous fee.
Davis waited the 60 days and nothing happened. When he called the company he was given excuses. This went on for months. Finally, the company stopped answering the phone and Davis knew hed been burned.
They told me exactly what I wanted to hear and I fell for it hook, line and sinker.
- More on selling your timeshare
- Tips for selling your timeshare
- Seling a timeshare is no picnic
Law enforcement agencies across the country are reporting a spike in complaints about timeshare resale scams.
It is very large and growing problem, says Terence McElroy, communications director for the Florida
Department of Agriculture and Consumer Services, which licenses telemarketers in the state. A lot of people really need to unload their timeshares, and unscrupulous telemarketers are able to exploit this situation.
Timeshare resale complaints are now the most commonly reported consumer problem to the Florida
Attorney Generals office. Since the beginning of the year, more than 8,500 people have filed complaints.
The increasing level of fraud in the timeshare resale industry is alarming, says Florida Attorney General Bill McCollum.
His office has active lawsuits against nine timeshare resale companies and is investigating 49 others.
Illinois Attorney General Lisa Madigan says her office has
seen victims taken for as much as $5,000. Madigan tells me the fake resellers often send timeshare owners bogus documents that look legitimate to make the potential sale seem real.
While some of the scammers still take a credit card numbers over the phone, Madigan says most now want the money wired to an out-of-state bank account.
Wire the money and you might as well throw it in the garbage, because youre not going to see it again, she says.
By the time people realize they've been taken and complain to the authorities, the con artists have closed their bank account, disconnected their phone and moved to a new location.
Its not easy to resell a timeshare. The market is weak, and the number of available units is staggering.
If youre lucky you may be able to get 10 cents on the dollar trying to sell it in the resale market, says Ed Perkins, contributing editor at
SmarterTravel.com.
Thats why most real estate agents wont bother with a timeshare resale, which means youre on your own. Your best bet is to sign up with a legitimate listing organization. Perkins says theyll charge you around $25 to post your message on their bulletin board.
Wednesday, October 6, 2010
Timeshare Deals – Where Are the Best Timeshare Vacation Deals?
If you are familiar with timesharing, you already know that developer’s prices for timeshares tend to be through the roof. But there are definitely deals available. So if you’ve been wondering where the best timeshare deals are, we’ll take a look at some of your options here for buying timeshare resales. Timeshare resales are definitely the best way to get a timeshare vacation deal.
While occasionally you will find owners advertising their timeshares in the real estate section of your local paper, if you really want to get the best price, online is the best place to start your search. Of course, if you do want to keep an eye on your newspaper, that might be a good way to find a timeshare another owner needs to get rid of because they can’t afford it anymore. Even if it isn’t a property that you want, you might be able to sell it yourself online and take that cash and put it towards the resort you really like!
But assuming that’s too much hassle, let’s take a look at where to find the timeshare deals online. Here’s a few of my favorite places to scout for bargains.
Ebay
I’ve picked up one timeshare on Ebay already and I’m always on the lookout for another deal. I bought a Royal Holiday Club timeshare for 0 plus closing costs and transfer fees. After adding up everything, I paid a total of 0 for a timeshare membership that includes resorts located in lots of urban locales such as New York City, San Diego, London and Paris. The original owner probably paid twenty or even thirty thousand dollars for this timeshare, but I picked it up for a song.
So it definitely pays to shop Ebay if you know what you are looking for. Just make sure you add up the winning bid amount plus the other costs involved to make sure that you are truly getting a good deal. I’ve seen some auctions that didn’t look so hot after you added in closing costs, transfer fees and the maintenance fee. Beware of any supplemental charges. This occasionally happens at resorts that suffer some weather damage – such as hurricanes, etc.
CraigsList
While I think the sellers on Ebay have a better understanding of the timeshare resale market than Craigslist sellers do, that’s primarily because Ebay sellers tend to actually be real estate companies. If you see a timeshare listing on Craigslist though, it is likely the owner selling their timeshare directly. Now often, the initial asking price is overinflated, but if you keep track of the listings that interest you, it can be worthwhile getting in touch with the seller a month or so down the line and see if they are ready to accept reality yet. If they are, then you might be able to avoid any heavy closing costs for the sale by either doing the due diligence yourself or searching for a closing company that won’t charge you an arm and a leg.
Timeshare Owners forums
Have a particular brand of timeshare you are interested in buying? Use your Google search skills to find an owners forum, message board or mailing list for your favorite brand of timeshare. There are forums for Worldmark owners and forums for Hyatt owners and message boards for DIsney Vacation Club owners. So search around. Also there are general timeshare message boards too, such as the TUG forum (Timeshare Users Group). Most timeshare forums will have a Buy/Sell section on the boards so owners can trade or sell to each other. It’s a good place to find a really nice timeshare that may never wind up on Ebay.
You can also find great timeshare deals on Emma’s website: Time Share Resales. For more helpful articles on timeshares and how to get the best deals, be sure to check out Emma’s tips on Orlando Timeshare Promotions and Are Timeshares a Good Buy?
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