Timeshare ownership has mainly been known for two things: their beautiful properties and their frightening sales practices. Due to the fraudulent tactics used by some timeshare companies to sell vacation memberships, there are a large number of timeshare owners who feel they were scammed with their purchase. Desperate to recover some of the money they lost, some of them try to sell their properties.
The cold facts are that timeshares are really difficult to sell. The supply of timeshares significantly exceeds the demand, which makes the resale of a holiday ownership next to impossible. However, there are many options to consider when trying to sell a timeshare, and one of the most popular is hiring timeshare brokers to take care of the sale.
Broker is a licensed Real Estate agent who specializes in selling timeshares, according to the client’s interests. When you hire the services of a timeshare broker or agent, you are allowing them to take part of the timeshare resale process. Brokers must have knowledge and business contacts in the timeshare industry, as well as experience in negotiating timeshare sales.
Timeshare brokers are in charge to train all sales agents. They are also responsible to oversee that the contracts to get the sale done are prepared correctly. They charge a commission once the timeshare transaction is done, because they work as an intermediary, and most times the seller never meets the buyer.
Beware of dealing with illegitimate companies
The biggest problem with timeshares is that they lose value immediately after the purchase, and reselling a timeshare can be an expensive and potentially dangerous proposition. As well as it happens with many timeshare resale companies, there are lots of illegitimate timeshare brokers. Even though they can be very convincing, friendly, helpful and trustable at the beginning, once they earn your trust, you will be very likely to be scammed.
Finding a good timeshare broker is not simple, not all real estate brokers deal with timeshare sales, being that reselling a timeshare is not an easy job. Holiday ownerships are not considered as a financial investment, not anyone is willing to pay the timeshare maintenance fees. Because of these reasons, along with the struggling economy and the bad reputation timeshares have gained in the last years, selecting the right broker is very important.
Tips to protect yourself
There are many financial and legal aspects to consider when trying to sell your timeshare. Before hiring the services of any timeshare brokers, we highly recommend you to follow these tips:
- Never pay an upfront fee in the effort to sell your timeshare. Licensed brokers aren’t allowed to ask for upfront fees. They can only collect fees after the sale is done.
- When dealing with brokers, do it on a commission only basis.
- Make sure the timeshare sales agents are really licensed
- Beware of unsolicited phone calls giving you unrealistic promises about the sale of your timeshare
- Verify that the interested entities are who they declare to be
- Research some good timeshare brokers near to you timeshare unit
- Do not hesitate on asking anything related to their success or experience in selling timeshares
- Verify the reputation of the company on the BBB (http://www.bbb.org/)
Visit our article timeshare resale scam companies to know more tips on how to protect yourself from being scammed.
Unfortunately, the resale of a timeshare is not the best option to get rid of an unwanted vacation property, since there is no “hot market” for timeshares, and it never will be. On the other hand, timeshare cancellation is the most effective solution to dump a timeshare. When properly cancelling a timeshare, there is no further strings attached to the resort. At Mexican Timeshare Solutions, we assist timeshare owners who feel they were scammed. Contact MTS today for a free consultation on your matter and get a final relief from your timeshare contract.
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