sale my timeshare

I get mail offering to get me out of my timeshare (guranteed ) they will make me an offer.Whats the catch?

jerryc44 wrote:

I get mail offering to get me out of my timeshare (guranteed ) they will make me an offer.Whats the catch?

I am not Lisa Ann Schrier, but it doesn't take an "expert" to answer this particular question...

These mailings are from so-called "PostCard Companies" (although, these days, many such mailings come in an envelope instead). They invariably invite you to "a meeting" in your area", providing no other meaningful information or details until you actually "attend" (preferably accompanied by a copy of your deed and your credit card).

A PCC MAY "get you out" of your timeshare --- but they will do so ONLY after you first PAY them somewhere between $2,500 -- $3,500 (...so, there's the "catch" you asked about). Sound good to you so far?

Even after taking your money, the PCC may not actually transfer the ownership into their own name, instead merely executing a Power of Attorney with you, which authorizes the PCC to sell (or give away) the timeshare for you IF THEY CAN (...and they will keep any and all money received from a sale, by the way). If they CAN'T sell it or give it away, then YOU will still own it (and you will still own the future annual maintenance fee obligations too). Still sound good?

Please make sure that you very clearly understand the difference between an actual transfer of ownership, which is completed by the official recording of a new deed in a new owner name vs. mere a Power of Attorney. A mere PoA still leaves YOU as the owner of record in the eyes of the law until such time as a new valid deed is recorded in the name of a new owner. Recorded new deed in new owner name and mere PoA execution are as totally different as night and day.

In either instance, the "upfront money" required from you, which will generally be several thousand dollars, will likely send you promptly running away anyhow....

jerryc44 wrote:

I get mail offering to get me out of my timeshare (guranteed ) they will make me an offer.Whats the catch?

Also, upfront fee resale companies will tell you all kinds of lies to get the upfront fee such as, "we have a guaranteed buyer that wants your timeshare" or "corporations are wanting to buy your timeshare for conventions" .... all are BS and lies .... once you turn over that upfront fee then you never hear from them again .... that's all they want .... they are scammers/thieves just like those that are locked up in prisons and jails.

jayjay wrote:

Also, upfront fee resale companies will tell you all kinds of lies to get the upfront fee.....

PostCard Companies (PCC's) while certainly collecting a substantial amount of advance money, are not actually "resale companies" at all.

PCC's instead utilize third party entities (Vacation Innovations Inc., better known as vininc on eBay, being among the most prominent) to dispose of PCC-"acquired" timeshares. The reseller makes most of its' money from the closing costs (...even if the sale is for only pennies). The PCC ALREADY made its' money --- directly from the owner.

Although I cannot and do not personally recommend using PCC's, if a truly desperate owner wants "out" badly enough (and has no loans and all fees are paid up to date), they MAY actually be willing to pay a PCC $3k to get "out". If so, that choice reinforces my critically important point above to VERY clearly understand the difference between transfer of ownership by new, recorded, valid deed (which makes it a legally "done deal") versus a mere Power of Attorney (which provides ABSOLUTELY NO guarantee of any future ownership transfer).

(they will make me an offer)

As Ken as said, the offer they make will be that you pay them ($3,000 or more) and not that they pay you. They hold all the leverage in this one sided transaction and you have little or no negotiating power.

Still, it might be in your best interest to "sell" the timeshare to them if the timeshare is one you can not sell or give away and the maintenance fees and special assessments are significantly in excess of the rental value of the timeshare. But, you must be wary and insist on certain steps and walk away if they will not agree to a level playing field that protects both parties.

1. Have a contract of sale (preferable reviewed and approved by your attorney) signed by both parties (you and the owner or officer of PCC) in which you agree to the terms including the use of a legitimate third party closing company not owned or controlled by the PCC. The agreement must require that the title pass to them within a set time frame.

2. Pay no money to the PCC. Place the $3,000 in escrow with the closing company with the written agreement that it be refunded to you in the event any terms of the purchase agreement are not satisfied.

3. Use a closing company that will prepare and record the deed, will pay the transfer fee to the timeshare management company, and will close within the time frame previsouly agreed to in the purchase contract.

The selection of an independent closing company is crucial and the PCC will probably not agree but this is absolutely crucial to ensure that the title passes out of your name and that you are free of future maintenance fees.

In summary, protect yourself and remember the PCC is looking to make money and has not a scintilla of interest in helping you. And remember never ever give the PCC a dime but instead use an independent closing company and definitely don't give them a power of attorney to do anything in your name.

Call your resort and ask them if you give them $3000 if they will take your timeshare back

"Call your resort and ask them if you give them $3000 if they will take your timeshare back"

Certainly worth a try following the principle that the simplest of two solutions should first be tried (Occam's Razor). But, I doubt the timeshare will even consider the proposal. In time they will collect in excess of $3,000 in maintenance fees without the burden of trying to unload the possibly worthless timeshare unit.

Thank you -thank you -thank you