If, like hundreds of thousands of others, you’ve been paying into a timeshare in recent years, there’s a good chance you’re now wanting to get rid of it. Unfortunately, the timeshare industry is full of those who simply want to exploit customers and it has been reported that up to 95% of those who claim to be timeshare resellers are committing fraud. As such, before you go ahead and sell your timeshare to one of many resellers who are actively offering to take your timeshare off your hands, we want you to consider a little about finding a genuine reseller.
First things first, it’s important to understand that, for one reason or another, there’s likely going to come a point when you want to get rid of your timeshare. Maybe you’ve outgrown the resort which you’re purchased a timeshare at and may simply want to visit new resorts with facilities more tailored to the current age of you and your family. This is something which happens to almost all with a timeshare, however it’s the unfortunate reality that selling a timeshare isn’t anywhere as easy as you may expect.
When looking to sell your timeshare, it’s important that you make the decision to deal with only a reputable resale agent. Of course, it’s a little harder to identify the good from the bad, as is the case in many industries, however the likes of this list from the Timeshare Consumers Association identifies a small, but trustworthy list of resellers who can be trusted to act in your very best interest at all times. When considering a resale agent not on this list, however, it’s important that you ask yourself a number of questions to try to establish whether or not they’re genuine or are simply out to take advantage of the vulnerable and naive.
- How long has the agent been in business?
- Are they a Limited company? If so, can you obtain accounts for the business?
- Are they given positive reviews from an independent consumer association?
- Do they want cash up front?
- Did they cold call you or did you approach them?
Above anything, it’s important that you do your research given that with everyone wanting out of Timeshare, the market is now awash with real and imaginary “exit” schemes. Don’t EVER answer a cold call as it’s common practice for you to be offered a guaranteed buyer, sending you details of their passport and contact details. You’ll only be asked to pay a fee (often £5,000 or more) on completion and a few weeks later, you’ll receive a letter seemingly from your resort. Unfortunately, it’s often the case that months later, you’ll receive a bill for the following years fee only to find it was a scam, you still own the timeshare and are out of pocket.
Unfortunately, getting out of a timeshare isn’t as easy as many would like it to be, however this makes it all the more important to do your research and ensure any potential buyer is genuine and you won’t be left out of pocket and still owning the timeshare at the end of it.
