Truth vs. Myths
Answers to the resale timeshare questions
1. Myth – Resale time share companies call all over the country.
They do not register with every county in every state because it would be too costly. The Better Business Bureau is only for ratings (A-F) on companies and they will only register complaints for those companies that sign up with them. They can not help you get a refund of any kind. Check with your local BBB for more information.
2. Myth - A resale timeshare company will process your credit card but they must have your signature on their contract to make the charges valid.
So even though you may have given them a credit card and they have processed it, you can still get your money back if you have not signed their contract. Just make sure you take care of this on a timely basis. If you wait too long some companies will go ahead and process your credit card and will not refund your money. At this point is becomes difficult for the credit card companies to help you refuse these charges if you encounter a problem with the re-sale company. And remember to get confirmations in writing.
3. Myth – Resale time share companies will only list your time-share on their websites because that is how they market them.
Even though they may mention other ways they will market, such as, radio ads, newspaper ads, or television spots don’t be taken in. Remember that these companies usually have hundreds to thousands of timeshares for sale or rent, so common sense tells you that they are not going to spend the fees collected on any individual’s timeshare. It would be too costly. These fees get used to advertise their website, pay commissions and make a profit.
4. Myth – Sales can never be guaranteed, let alone be done in a certain time frame.
Anyone who makes this promise is just plain lying. But believe it or not, some companies will make this promise to get the sale. The truth is that it is more likely they will not be able to resell your timeshare at all.
5. Truth and Myth – Protection from fraud is different in all states, so you need to check with your individual state.
In Florida they do have some protection for consumers. However, don’t expect much support. This is an excerpt from the Department and Business and Professional Regulation website and it states;
“… The fees charged by these companies range anywhere from several hundred to several thousand dollars. Payment is often collected by credit card. Consumers need to be aware that once they pay an up-front fee, even if the fee turns out to be a violation of Florida’s advance fee law, there is no guarantee that the money can ever be recovered if your timeshare is not sold.”
6. Myth – Leading you to believe your time share is in “high demand” is only a sales gimmick.
Remember the timeshare resale market is saturated with sellers not buyers.
7. Myth – Resale timeshare companies will purchase a list from a list company.
Usually a resort will not give out the names, but that’s not to say it can’t happen.
8. Myth – Time-shares very rarely go up or hold their value.
Remember they are NOT REAL PROPERTY. As a timeshare owner you are not paying into equity. If you can even sell your timeshare. You must be prepared to take a loss.
9. Myth – Maintenance fees are never fixed.
They usually will go up every year or two. Sometimes, they can even double or triple from your original fee. Say a natural disaster occurs and you think you are covered by insurance and your fees won’t increase. Think again. They will raise your fees, these replacement costs are not covered by insurance. Expect to pay a lot more money in fees.
10. Myth – All sales must go through the timeshare resort and title company.
You can not sell or rent a timeshare that is not current with all the payments.
Have you been a victim of a scam? Let us help you. Contact us.