Legitimate Companies That Buy Timeshares
Legitimate Companies That Buy Timeshares
Table of Contents
Are there Legitimate Companies That Buy Timeshares?
Selling a timeshare you no longer want may be very difficult. Oftentimes, no one wants to buy a timeshare because of its growing financial burden. Even few companies will have interest in buying your timeshare. So, your search for reputable companies to buy your timeshare may take you longer than expected—that is, if you will eventually find one. More often than not, most timeshare owners later give up selling their timeshares. Some end up offering their timeshares to charities while some are still stuck in their contract, waiting impatiently to get out of it.
Surprisingly, you will see many timeshare owners on eBay and Craigslist offering their timeshares for as little as $1. Even at that low price, no one will still show interest in buying them. Some charities will not even accept timeshares for free. They believe that accepting a timeshare will not be in any way different from buying it. They will still have to spend on maintenance fees, which can become a big burden. Even considering all of these factors, there is one real reason why no one will take your timeshare, even if you are willing to give it away—and here’s why.
A timeshare is not an asset that appreciates. Timeshare is neither a land property nor a real state property. When you buy a land or a real estate property, you are meant to make a profit, because land and real estate generally increase in value. No matter how long you’ve owned such property, when you want to sell them, the possibility is high that you are still going to make profit rather than lose money.
However, the situation is different when you own a timeshare. Your timeshare begins to reduce in value the moment you sign the contract. In fact, some timeshares won’t even have value at all the moment you want to sell them. That is not to say that all timeshares are like that. Buying a timeshare at Disney Vacation or owning a timeshare in Hawaii could be a little bit different. However, a very small percentage of timeshares can retain their value. So, when people think buying a timeshare will yield them a reasonable amount of money when they are ready to sell, they may want to think twice.
Prospective buyers may decide against buying your timeshare because profit is not guaranteed. Now tell us, when an individual person decides against buying a timeshare, which company will want to buy your own timeshare? Which company will want to buy a timeshare that will not yield them any return? Ultimately, there may not be any legitimate company which will be willing to buy your timeshare except the resort developer itself.
Avoid a Timeshare Resale Scam
Many people know that some timeshare owners are usually desperate to get out of their contracts, especially when they have just forfeited their chance to exit through rescission law. Rescission law states that timeshare owners who recently purchased their timeshares should be allowed to exit their contracts within a very short period of time. This method of exit is safe and free. But the opportunity is only open to those who are new, and those who know there are certain days they can decide to end their contracts.
On the other hand, timeshare owners who just missed out on the opportunity to exit through the rescission window, and those who have been on the timeshare contract for long, are targets for scammers. You will see these scammers offering to buy your timeshare for even a higher amount than you got it. These people will get your contact and call to sell their scamming agenda to you. They will do everything they can to make you believe them. They know that once they offer you a handsome amount of money, you will feel like you don’t have any other choice but to agree.
Then, they will demand a huge amount of money from you, calling it a “transfer fee,” or the money for “paper work.” And once you give them the money, they will disappear. And, as of 25/11/ 2019, a company by the name Global Business Consultants was employing these same scamming tactics.
All timeshare resale companies with scamming agenda operate similarly. They will all make you believe that you can recoup all the money you have spent on your timeshare. They will make you believe that your timeshare has value and then get you to pay certain amount of money to help you list or advertise it.
Once they get the money from you, know that may be the end of the deal. There is a high possibility that no company will buy your timeshare at a high price. If you want to get out of your timeshare, you may need to use other means than selling it to a company.
But the question is, how then can you get out of your timeshare contract without being scammed? Well, the following are some of the ways you can take to exit your timeshare if you have already missed your rescission period.
1. Contact a Licensed Real Estate Broker
One of the safest ways to exit your timeshare contract is selling through a licensed real estate broker. This is because a real estate broker will not charge you an upfront fee before they agree to help you sell your timeshare. However, brokers work on commission, which is why they usually agree to sell timeshares they believe have value. If your timeshare does not have value, as that is the case for most timeshares, brokers may not have incentive for selling your timeshare.
It is safe to hire brokers to help with the sale of your timeshare because they are not allowed to charge any upfront fee. So, if they are unable to get rid of your timeshare, that means you will have nothing to lose. Instead of losing a lot of money to a company which offers to sell your timeshare or, in another case, offers to buy your timeshare, getting a licensed broker would be a better option. After all, you won’t be under any obligation to pay for the service until they get the deal done. That gives you a guarantee that you won’t be scammed.
2. Contact a Timeshare Exit Company
Before you take any step toward your timeshare exit, it is advisable that you first consult your resort. This is because some resort developers offer some programs that allow them to buy timeshares back from their customers. Some timeshare companies even allow their customers to advertise their timeshares on their websites. This is to ensure they help their customers who do not owe any outstanding debt on their current deals get out if they no longer want their timeshares. Although such customers will also be made to pay certain fees, this option is safer than hiring a resale company.
If you contact your resort developer and discover that there is no program in place for you to get out of your timeshare deal, you can then look for a reputable timeshare exit company which makes use of attorneys. Not all resort developers offer a Deedback program, and not all timeshare owners are entitled to such program. If you owe a mortgage or any astounding maintenance fee, you may not be qualified to benefit from the program. You are then left with one option: hiring a timeshare exit company.
Timeshare exit company will not work to help advertise your timeshare and neither will they work to help resell your timeshare. With the help of experienced attorneys, a good timeshare exit company will help you cancel your timeshare contract and help prevent any future fees. Some timeshare exit companies are so good that they will also help you recover the money you have already spent on your timeshare.
If you do to hire a timeshare exit company, we urge that you hire the one which makes use of an escrow payment option. An escrow payment option ensures you will only pay the company as soon as they help get the job done. Timeshare exit companies sometimes charge more than $2,000 for their services. So, be prepared to pay a service fee while aiming to hire a timeshare exit company.
Exiting through this option may take time, depending on the condition of your timeshare contract. Some contracts may even take up to a year before it is finally cancelled.