Avoid Timeshare Resale Scams:Use a REALTOR® to Help You Buy and Sell
The problem persists – it hasn’t gone away. The only anecdote to timeshare resale scams is consumer awareness and vigilance. Educate yourselves folks! We would like to help. Remember, every industry has its downside. We all know this and regret the fact that there is such a thing as a “downside” that we must make ourselves aware of. But it’s clear that there are those in this world who would take advantage of the uninformed. Do your homework – know what to look for when you seek assistance or a service to buy and sell timeshare. Make yourself informed before you venture into an agreement or contract of any kind – especially in real estate – and, timeshare IS real estate!
In my letter to our customers last September, I pointed out in great detail the various options available for consumers to sell timeshare in the secondary or resale market. This was pertinent information that every timeshare owner should know. As in traditional real estate, you purchase property, enjoy it and have the right to sell it when you so desire with every expectation of being treated fairly and justly. Timeshare is no different. However, in traditional real estate, an owner knows who he or she is dealing with in the transaction -- a licensed professional who has had to go through real estate school, become educated in real estate law, contracts, principles, marketing, etc. If the person is also a member of the National Association of REALTORS®, he or she has an additional obligation – to adhere to NAR’s strict Code of Ethics which is based on protecting the public. In timeshare however, as is stated in the above referenced letter, there are many additional choices available to the consumer – and you may not know for sure who you are dealing with.
These choices come to you in many forms:
1. Licensed Real Estate Agents and Brokers. If you want a professional to assist you, use timeshare broker and realtor services. They are the only ones who can sell a complicated product like a timeshare.
2. Advertising Companies Ad companies are usually just websites that may give you some exposure on the Internet. They would be violating the real estate laws if they offer you pricing assistance; negotiating with the buyer on your behalf; prepare the contracts, and collect earnest money.
3. Wholesalers For owners that want to sell now, there are buyers that purchase low and sell higher at a profit. The faster you need to sell, the lower the price you, as a seller, will receive …
4. Scam artists: They usually tell you that they have a guaranteed buyer and you need to give them money for the closing, to cover the commission to the scammer, to start the closing process, etc. The only guarantee is that… there is no buyer and you may never see that money again.
5. Flippers, Take the Week, Post Card, Our consultants will be in your area making offers, or Come to Our Meeting Companies, take your week after you pay them as much as $5000 to rid you of your timeshare.
Caveat emptor (let the buyer beware). Always keep that phrase in the back of your mind, for it will make you cautious. And that’s a good thing, lest you panic trying to get your problem solved and take a leap in the wrong direction at the behest of (unbeknown to you) a timeshare scam artist. Remember, if it sounds too good to be true… it probably is. There are many legitimate resale companies that will do a good job for you. However, to stay on the safe side, deal only with those who have the proper credentials. These are the people who lay their license on the line each and every time they perform a service for you. When you need timeshare resale assistance, look for the REALTOR® logo.
Check out the choices available to you detailed in my letter of last September. Good luck, be careful and remember to use a REALTOR® when you decide to buy or sell a timeshare!
Wayne A. Stroman President and Broker, Stroman Realty, Inc.
