Once a timeshare has been purchased this allows owners the right to holiday accommodation for a set period of time each year. Whilst most owners enjoy their holiday home for many years, it’s also not unusual that some consumers find it difficult to meet the annual maintenance and up keep costs, this is mainly due to misunderstanding the commitment when purchasing their week/s in the first place.
Trying to resell a timeshare can be problematic, owing to more owners trying to sell their timeshares than people actually wanting to purchase them. It’s seldom you hear of a gain when selling a timeshare, realistically a loss is more probable.
Should an owner want to sell, they need to be extremely vigilant of the resell scammers out there waiting to pounce when they see a new timeshare become available for sale. They will tell you, they have cash buyers waiting, all you have to do is transfer them their fees up front and they will do the rest.
Below we offer advice on how to spot a scam and to simplify the best way to sell your timeshare.
There are two ways to sell your timeshare.
• The owner may sell privately, usually via timeshare websites
• Or through a timeshare resale expert who will help the owner find a buyer
We strongly advise you research and engage with a timeshare resale professional to sell your timeshare. However, use caution when choosing such an organisation and always do your homework, search for reviews, check the website, search for the owners of the company, search how long the company has been established etc. Unfortunately, the resale scams are on the increase with such outfits operating illegally seducing consumers with the offer of selling their timeshare for huge profits. All scammers will request fees upfront claiming they are needed to cover search fees and administration costs. Once the funds have been transferred that is the last you will hear from them.
Sellers who have signed a timeshare resale agreement within the European Economic Area (EEA), country are protected by the Timeshare Regulations.
What does this mean?
1. The company cannot request any monies from the consumer during the cooling-off period
2. The cooling off period is a 14-day period during which you can withdraw from the agreement
3. All information about the agreement must be explained and a copy given in writing
4. Written information has to be available with regards on how to cancel the agreement along with a cancellation form
If the company does not follow these rules they are breaking the law and your cooling-off period may become much longer than 14 days. Please note if an agreement is signed outside the EEA, these rules do not apply.
Selecting a timeshare resale organisation
• Check if the resale organisation is a member of the Resort Development Organisation
• Research reviews on the internet
• High re sale prices are seldom, therefore be suspicious if the company offers a high re sale price for your timeshare. It is highly unlikely to sell for more than the purchase price if your lucky.
There are many re sale companies who try to take advantage of people who want to sell their timeshares. Often, these companies claim they can sell your timeshare and then pressure you into buying more timeshare products.
Always be wary of:
• Companies that contact, for example by cold calling
• Request any kind of up-front payment, for example a deposit or administration fee
• Claims they have buyers waiting to buy your timeshare
• Bully you into making quick decisions
• Request credit card details or bank account details, claiming to be for ‘file purposes only’
• Offers a heavily discounted holiday including flights and accommodation to attend a re sale presentation
Should an owner wish to sell privately?
• This is possible; however, please ensure you carefully read your contract before trying to re sell. Most timeshare companies apply rules about re sales and most probably a transfer fee will be included.
• It’s always advisable to contact the timeshare company and inquire about their policies on a resale before agreeing to any sale. Alternatively, most timeshare resorts have an owners committee and they may be able to offer advice in the first instance.
If you are considering selling your ownership, please think with caution, our advice from Timeshare Compensation would be in the first instance to contact the resort directly, they usually work with reputable agents who can resell with more success than yourself.
See our recent post regarding exiting your timeshare for your family.