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Timeshare Swindles

By
Industry Observer with Retired

Timeshare Swindles

 
Many families that are facing financial difficulties have been trying to sell their timeshares.  The monthly payments and the annual maintenance fees are straining household budgets.  Those that can no longer afford timeshares are finding that selling their units can lead to a state of desperation.
 
Timeshare owners that are under pressure have become targets of creative swindles.  Timeshare resellers promise to sell the units for a front end fee and then the owners discover that that the only thing the resellers do is to collect the fee.  No real efforts are made to sell the timeshares.
 
Then, the next group of schemers step in as recovery companies to get back the fees paid to the resellers.  As you have already guessed, the recovery companies also charge a front end fee and that is the extent of their efforts.
 
The Consumer Federation of America is tracking some of these scams and is trying to warn very vulnerable timeshare owners.  The Federation is advising timeshare owners to contact a licensed real estate agent in the area where the timeshares are located.
 
Recommending a real estate professional appears to be good advice.  I wonder how many real estate professionals are really going to be able to assist timeshare owners with their sales. 
 
 
Can you recommend real estate professionals that will successfully handle timeshare sales in your market area?

New Guinea Impatiens, Longwood Gardens, Flowers IMG_3176
Photograph by Roy Kelley using a Canon PowerShot G11 Camera.
Roy and Dolores Kelley Photographs
 

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Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Show All Comments
Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

This has been going around and is common in Florida as well, which is why governor just signed new law to prevent it.

Aug 01, 2012 05:24 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

I am not a huge fan of time-shares.  It's the swiftest way to lose control of your vacation dollars that I know.  I know of no real estate agents that deal with them in my area.

Aug 01, 2012 06:34 AM
Roy Kelley
Retired - Gaithersburg, MD

It is always good to receive your comments.

I hope you are having an outstanding week.

Zinnia, Longwood Gardens, Flowers IMG_3186

Photograph by Roy Kelley using a Canon PowerShot G11 Camera.

Roy and Dolores Kelley Photographs

Aug 01, 2012 08:59 AM
Laura Murray
Weichert - Silver Spring, MD
Search Montgomery Co., MD for homes www.MDRealEstateOnline.com

I can not imagine that the commission on a timeshare would make it worth a lot of agents time?  It is one weeks worth of a propert or 1/52, wouldn't the commission also be a small percentage of th value.

Aug 01, 2012 11:13 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Got hate these scams Roy. They always pop up in times of trouble.

Aug 01, 2012 11:20 AM
Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

So sad that there are always these types of individuals around who take the opportunity to scam those who are already down.

Aug 01, 2012 11:58 AM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Roy

Thanks for the post and time share information. Have a great day

Aug 01, 2012 12:39 PM
William Johnson
Retired - La Jolla, CA
Retired
Hi Roy, I have bever understood the facination with time shares but perhaps it is that having stayed in one, I wasn't impressed with the value for what was being paid. As for the scamers, it seems they smell the blood in the water. While I love free enterprise, these people usually represent the lower form of life on the plantet.
Aug 01, 2012 01:56 PM
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Roy, there are several time share locations near me.  I will have to keep up to date on this.

Aug 01, 2012 02:02 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Roy, the East Coast of Florida and Orlando are loaded with timeshares. We get "free weekend offers" all the time if we agree to attend a presentation (more like a police interrogation!). Visited a friend at one one weekend and were followed to the pool by a salesman. A whole different world are the timeshares!

Aug 01, 2012 08:44 PM
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Roy, I have a client that I will refer to this post today. This is excellent information that those who own or are even thinking about owning should be aware of. Thanks for sharing....

Aug 01, 2012 09:16 PM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

I used to be in the timeshare buisness. There are tons of scammers. I live in the Disney World area so timeshares are every where.

Since you asked......

My mom and brothers own a timeshare resale business. They do not charge upfront fees and they only sell Disney Vacation Club. They have been in the business for many many years and have an excellent reputation

resalesdvc (dot) com

 

 

Aug 01, 2012 10:25 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Roy, you hit this one out of the park. NEVER PAY AN UPFRONT FEE!! Timeshares are next to impossible to sell unless you want to sell them for a song and even then it's tough. Best thing I can come up with is to "Will" the timeshare to someone you don't like. =;O)

Aug 01, 2012 11:15 PM
Kristin Hamilton CA REALTOR
Berkshire Hathaway California Realty - Beaumont, CA
(909) 557-6966- Specialize 55+ Communties Banning

Hi Roy,

I have read about this problem and it is so sad when something that seems like so much fun ends up getting someone in financial trouble and cannot sell it so has to walk away. Then the company re-sells it and their scam starts all over to unsuspecting buyers looking for some fun in the sun.

Great post and maybe this recovery place will help but upfront fees are not good either. They should take a percentage out of the recovered funds instead.

Aug 02, 2012 01:18 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks so much for your comments.  Prospective timeshare buyers should have plans to pay the fees for the life of the project.


Kentlands, Summer Flowers IMG_2934

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Aug 02, 2012 07:16 AM
Roy Kelley
Retired - Gaithersburg, MD

I hope you are enjoying a most productive summer.

Keep cool and have a great day!

Aug 02, 2016 01:20 AM
Roy Kelley
Retired - Gaithersburg, MD

We have a beautiful Wednesday morning in Kentlands but expect a very hot afternoon.

Keep cool and have a great day.

Aug 10, 2016 01:28 AM
Roy Kelley
Retired - Gaithersburg, MD

We have another very hot day in Maryland. Keep cool and have a great day.

Jul 13, 2017 04:39 AM
Roy Kelley
Retired - Gaithersburg, MD

Our tech support person is coming this morning to try to correct some of the problems we have experienced since the Monday afternoon storm and the partially successful work by Comcast.

Jul 19, 2017 04:49 AM
Roy Kelley
Retired - Gaithersburg, MD

We are expecting very hot weather for the weekend. All of us need to be prepared for conditions that may be dangerous for some.

Jul 22, 2017 01:41 AM
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