Timeshare Resale Companies: Scams, Victims, and Solutions
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An everyday story in the timeshare resale industry
Telemarketers called a Colorado man with dementia and got him to spend thousands.
They called a California resident, who was drowsy on pain pills and dying of cancer, and charged hundreds.
They called a desperate Kentucky man whose house was foreclosed and took his life savings.
This is an everyday story in the industry, specifically Florida, telemarketers dial timeshare owners from behind blacked-out windows avoiding public view.
They promise that, for a fee upfront, of course, they can achieve the impossible dream: Sell an unwanted timeshare.
There are claims there is another buyer on the line, and they explain methods that induce clients to believe it is a guaranteed sale.
Owners hoping to sell their timeshares and avoid future maintenance fees trust foreigners and get nothing in return.
Timeshare Resale companies Analysis
The Tampa Bay Times reviewed thousands of complaints and spent months investigating timeshare resale companies; this is some of what they found:Timeshare resale schemes have become the most rampant form of consumer fraud in the southeast of the US.
Florida AG received 964 complaints against Timeshare resale companies in 2008.
Then there were 2,929 in 2009. Then there were, 12,257 in 2010. Then there were department renewed licenses for timeshare resale that were fined or accused of fraud by timeshare owners.
The resale of a timeshare is a legitimate business. Companies agree to advertise a timeshare for a fee on their websites.
As with advertising, the membership doesn't need to be sold in order the fees to be legitimate.
The difference between an honest timeshare resale company and a scam is when the company falsely suggests they have a buyer waiting for their timeshare or pictures unrealistic, overoptimistic selling possibilities.
Since the 1970s, many Americans have been swayed by the timeshare sales pitch: Own a week here and never worry about vacations again.
For as long as timeshares have been sold, owners have tried unsuccessfully to sell them.
Timeshares are not investments; they are purchases and, therefore, do not increase in value over time.
Their initial prices are inflated by marketing expenses, and their value collapses after the purchase.
Timeshare resale market is so poor that, you can get them on eBay for free; owners are willing to pay the transfer fees.
They just want someone to take over their maintenance fees.
A financial expert said, "Timeshare ownership is a trap from which there is no exit.
"Timeshare resale companies have used this to their advantage.
They know owners are desperate to sell their unwanted timeshares and act upon them.
Victims: in the thousands.
In June 2012, a woman in a humid, air-conditioned office in Vallarta, Mexico, called a 57-year-old semi-retired paralegal and mother of two kids in college named Megan Weinsorgh.
Weinsorgh owns two timeshares, one in Mexico and the other in Florida. She spends roughly $1,400 a year on maintenance fees for timeshares she can't use regularly.
The woman said her name was Jennifer Watson, He worked for Sierra Resales and said he had a client interested in both her timeshares.
The catch: Watson asked for $3,500 on transfer fees.
Megan questioned the woman. She didn't have the money and was hesitant to use her credit card.
Watson assured her the proceedings from the sales would be coming in less than a week after payment was made. That was the last time Weinsorgh spoke to Watson.
Calls were unanswered.
This story repeats itself with different names-almost 40,000 since 2008 across America. Timeshare scams are cyclical.
They are increased during tough economic times. The only way to prevent this is educating timeshare owners.
Possible solutions
The only effective way to get rid of a timeshare and protect yourself from future maintenance fees and the risk of being scammed by one of these companies is by cancelling your timeshare.
Timeshares are expenses, and the only possible way to get any money back from a timeshare is by canceling it and recovering your deposit.
Can this be performed in all cases? "No, but if there is a way to recover our client's money, I will sure find it,"a timeshare cancellation expert says.
If you are tired of owning a timeshare that does not suit your travel needs, is no longer affordable to you, or you simply don't want it anymore.
Contact Mexican Timeshare Solutions for a free consultation on how we can help you cancel your timeshare and reinstate the financial freedom you need.
To receive more information about and how to cancel your timeshare, send a WhatsApp to +52 1 333 239 6589, fill out the contact form, or call us at +1 714 277 3662.
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