BEWARE OF TIME SHARE CLOSING COMPANIES

KNOW WHO YOU ARE DEALING WITH AS MANY PEOPLE HAVE BEEN SCAMMED! CONTACT THE TIMESHARE DIRECTLY. MOST REQUIRE THEIR BOARD OF DIRECTORS TO APPROVE OF ALL NEW OWNERS, SO IN MOST CASES YOU MUST SUBMIT AN APPLICATION TO THE BOARD.

hollyv17 wrote:

KNOW WHO YOU ARE DEALING WITH AS MANY PEOPLE HAVE BEEN SCAMMED! CONTACT THE TIMESHARE DIRECTLY. MOST REQUIRE THEIR BOARD OF DIRECTORS TO APPROVE OF ALL NEW OWNERS, SO IN MOST CASES YOU MUST SUBMIT AN APPLICATION TO THE BOARD.

I've bought and sold ten timeshares and none of those transactions had to be approved by th resort's board of directors .... I've never heard of this before.

You are correct, however, in warning people to be aware of upfront fee resale scams.

This information is not really accurate, but I certainly appreciate the sentiment behind the post. The secondary market for timeshares is flush with scams and resale fraud, so consumers must always take care before dealing with any resale or closing organization.

Each resort will have a specific transfer procedure, so before buying or selling- it is always wise to contact the resort management company to request this information in writing. This should disclose any resort specific transfer fees, whether a right of first refusal process is required, as well as any unusual demands such as a buyer credit report or board authorization of the transfer. Very few resorts have these extreme measures, and most transfers are fairly simple but do take time since the majority of the transaction is completed by correspondence. You may also want to ask for any closing company recommendations the resort association can provide.

The most important thing to remember as a seller is that the closing process will normally follow the same procedure as a traditional residential closing. Any seller fees or expenses would simply be deducted from the seller's gross proceeds at closing and no upfront or advance fees should be required (unless you understand at the beginning of the transaction that the sale proceeds will not fully cover the selling expenses such as a mortgage payoff or large broker commission).

Paying some type of upfront or advance fee is the most common consumer complaint regarding timeshare resale and rentals scams!

Potential Buyers have to be able to pay their fees and assesments as if they are not able, they could face foreclosure on their Unit. Many Board of Directors want to make sure that the Buyer is able to incur the costs that come along with ownership. A short Buyers application, including income is required at some Time Shares.