41 Ferguson Rd., Franklin, NC 28734
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Home Dave Ramsey Do You Remember? No Way Out! Resorts Creating Problems Timeshare Is Obsolete
Problems with Re-sales Timeshare Scams FAQ'S About Us
Timeshare Scams will not work if Sellers do not send the Scam Artist any money. Beware of whom you are dealing with. How can you tell if it is a Scam Artist? If he asks you for money up front or ahead of the closing it is generally a scam. All fees can be taken out of a closing if your timeshare is truly sold. If you are advertising your unit yourself on a reputable advertising website you should not pay more than $50.00 for an ad.
• ADVERTISING SCHEME
This is the most common scam in the timeshare world today. Upfront fee companies
soliciting with postcards, telemarketing, sending emails to Sellers of
timeshares that they can sell their timeshare for prices comparable to or for
more than what the resort is selling for. This is the first lie. These Companies
have almost convinced the public and the Government that they are legitimate. It
isn’t the upfront fee that is the scam. It is the lie they tell you to get the
upfront fee.
They will tell you this is the only fee you will pay. This is another lie. If it
is an advertising company that is actually selling timeshare they are probably
working with a Broker that will sell your timeshare and charge you a commission.
So what the advertising company becomes is a middle man that is lying to you
about not having to pay another fee. Some of these companies actually own the
Brokerage that will be selling the timeshare and charging you a commission.
Unfortunately the Owners of these companies know how to go around the laws that
are set in place to control advertising companies. There is a lot of work to be
done in this area by the Government. There are many stories that go with this
scam. They will tell you they have open houses at the resorts. They will tell
you they have sold your type of unit for large dollar amounts. They have Buyers
waiting for weeks like yours. They say they deal with Real Estate Brokers that
will also assist in selling your weeks. What they are selling is overpriced
advertising that very seldom ever sells timeshare. They have sold you a bill of
goods.
The telemarketer that calls you to sell you an advertising scam is sitting in a
boiler room type environment. They are soliciting other owners to sell or rent
their unit. They are not Brokers or agents. By law they cannot show your
timeshare to anyone, charge a commission on the sale or advise you of a
recommended asking price. Providing you with an estimate of value or a
recommended asking price is an act of being a licensed real estate agent/broker
in most States and therefore may be fraudulent without a current and valid
license. Tell that to your credit card company to get a refund of the advance
fee. All they are able to do is put your advertisement online and wait for an
interested party to find it. You can do that yourself and save hundreds of
dollars.
• YOUR TIMESHARE IS SOLD.
They call and tell you they have sold your timeshare. All they need to do now is
the title search. You will have to federal express a check to them for the title
search. It is $700.00. The fed ex fee can be deducted from your closing fees.
You should not have to send any money prior to the closing. The $700.00 will be
paid by the Buyer at the closing. The Buyer doesn’t want to pay the fee ahead of
time in case there is a title problem. The Scam Artist receives the check and
then sends you a legal looking contract. They may send the contract ahead of
time to make it look legitimate. The Scam Artist will then disappear, disconnect
the 800 number you are using, or call you to tell you the Buyer backed out but
they will use this title search for the next sale on your timeshare.
• BUYING TIMESHARE FOR A NATIONAL COMPANY.
The Scam Artist states that they are purchasing timeshare weeks for the
executives of a large nationally known company. This nationally known company is
looking for timeshare units to buy to rent out and use with their employees. In
order to be guaranteed a spot for the national company to purchase your
timeshare you must reserve a spot so that they will not purchase someone else’s
unit. You must wonder how they could have placed your unit on the market for
sale if you never gave them an approval. In all cases the Owners are offered a
large amount of money for their units. This Scam moved from State to State.
• GUARANTEED SALE SCAM
Watch out for companies that guarantee a sale. In an attempt to get your money
upfront some companies will guarantee to sell your timeshare. No company can
guarantee your timeshare will sell. They can guarantee that they will advertise
it until sold. They will tell you that you will get your money back at closing
if anyone else sells it before they do.
• GUARANTEE AN OFFER
Be cautious of companies who guarantee to bring you an offer on your timeshare.
What typically happens in these cases is that the same company who is
guaranteeing to bring an offer, will themselves make you the offer for a
ridiculous price; say $100. This keeps their guarantee of an offer “legitimate,”
but obviously isn't what you had in mind. If they are going to bring you an
offer they don’t need an upfront fee to bring the offer.
• THE BUYER WAITING SCAM
You receive a call that someone has a buyer waiting to purchase your property.
Of course you'll be required to pay a fee in order for them to forward this
buyer to you. Once you pay the fee, the buyer either suddenly gets cold feet, or
you never hear another word from the person or their company again. Sometimes
they will tell you they are working with an out of town Buyer and have to have
an answer now and will ask you for a fee for various reasons. All of the reasons
are bogus.
• APPRAISALS
The only time you should pay a fee for an appraisal for a timeshare is NEVER. At
this time it is almost impossible to appraise a timeshare that is sold on the
resale market. There is not enough data complied to produce a bona fide
appraisal. If you need an appraisal for a divorce or the IRS you should make
sure you are using a licensed appraiser who is risking his license to give you
an appraisal.
• PAYS FOR ALL CLOSING COSTS.
This is supposed to pay for all closing costs when the unit closes. Closing
costs are paid at time of closing not before. Any excuse given for this is a
lie.
• SMALL COMMISSION WHEN SOLD.
All the commission should be paid when sold. Why do they need any of it ahead of
time?
• PAYS FOR TITLE CHARGES.
Wrong. Title companies do not collect their fees prior to closing. You will get
your money back at closing. Wrong. There will never be a closing.
• DONATE YOUR TIMESHARE.
If it is a donation you should not have to pay anything. Especially for an
“appraisal” to prove the value. Check to make sure the company you are donating
to isn’t just advertising the timeshare on eBay and getting the profits. Before
donating, determine how and when the deed is recorded and the resort is notified
of your donation so you are off the hook with the resort for future fees! Then
follow up on this to be sure it is done.
• WE BUY YOUR TIMESHARE.
But you must pay closing cost, appraisal etc. If you have to pay anything to
sell your timeshare don’t do it.
SUBSCRIBE, BECOME A MEMBER, PLACE AN AD.
There are Magazines and User groups that will tell you to never pay an upfront fee, you don’t need a Realtor to sell, they have thousands of readers that are searching for timeshares. Maybe, but most people who subscribe or join are joining to place an ad. They give all kinds of advice, but never a real solution to getting out. The truth is you didn’t buy from a newspaper or magazine and neither will most other people.
EBAY, JOIN THE THOUSANDS THAT WANT OUT!
EBAY is not a scam, there are so many for a dollar you get lost in the crowd! The costs are prohibitive now. EBAY was economical; now it will cost you $100-200 to place it on their auction site with no guarantee it will sell.
We here at Cat Creek Realty, have an intelligent strategy to help you get out of your timeshare! Call us now:
1-866-896-2287
Home Dave Ramsey Do You Remember? No Way Out! Resorts Creating Problems Timeshare Is Obsolete
Problems with Re-sales Timeshare Scams FAQ'S About Us
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