It was nice to read the recent Los Angeles Times article by Liz Pulliam Weston where she mentioned RedWeek as a great resource for timeshare resales. Liz writes the Money Talk column for the paper and a timeshare owner had written in with this question:
“Dear Liz: We bought a time share in Orlando, FL. We tried to sell it through someone who turned out to be a con artist and lost $2,600 to him. Please help us unload this curse.”
Liz offered a few suggestions and RedWeek was mentioned as one of the top choices for an online solution when you need to list a timeshare for resale. In addition, she also suggested that you contact the resort’s developer to see if you can transfer the time share back.
“You’re unlikely to get any money from the developer”, says Liz, “but you could at least get out from under maintenance and other fees. If you borrowed money to buy this time share, you’ll have to figure out a way to pay off the loan or risk a default that could trash your credit.”
Don’t be a victim of timeshare resale scams. Never pay a large, upfront fee to any company, even if they insist that they have a buyer ready and waiting. This is a typical scamming tactic and, in this economy especially, people are taking advantage of the desperation of others. If you do need to sell your timeshare, see the resources section of RedWeek.com for more information.