cash for timeshares

Has anyone ever heard of or done business with the company (Cash For Timeshares)??? www.cashfortimeshares.net

I sold one of my timeshares to these folks. I wanted to sell them both but they wouldn't take my tiannual timeshare. It all went pretty smooth. It took about 2 months to close escrow and get the money. If there is any one out there that wants a triannual timeshare in Austria I will give that one away for free.

Wow I was on tug trying to get feedback on this company and three different bloggers said somewhere down the line they would ask me for money Instead of the 2895.00 they offered me for my timeshare. I was emarrassed to admit I already accepted their offer. It is nice to hear this response. I know if they do ask me for money down the road the deal is off. I checked out the escrow company with the bbb and they were accredited. I promised I would blog positive if they are for real and negitive if they are not.

aniko2 wrote:

I sold one of my timeshares to these folks. I wanted to sell them both but they wouldn't take my tiannual timeshare. It all went pretty smooth. It took about 2 months to close escrow and get the money. If there is any one out there that wants a triannual timeshare in Austria I will give that one away for free.

So, let me get this straight ..... they took your timeshare and paid you money for it? You didn't have to pay them anything? What's in it for them when timeshares are being given away on Ebay and in Redweek's and Tug's bargain basements.

I would have to see many more testimonials from satisfied customers before I could even begin to believe this is not a shill from the company. Look at the bottom of their webpage .... it was copyrighted in 2011 .... another new scam perhaps .... time will tell.

BTW, Redweek and TUG are the last two places shills would want to tout their new scam company.

These guys are not who they say they are, if you click the link on their site for the BBB listing is says they are "Global Resort Transfer, Inc." with a A- rating. Then the guy calls to confirm the Appointment and sends you the link, at this point I asked so do you have the Cash offer for my Timeshare, has say no Kevin will have it and when he calls you after the Webenar.

So I watch a 45 minute video, made to look live, from a Company called "Interval Relief" a timeshare acquisition company. And the video was the same old BS give us $2995 dollars and we will take it off your hands. In My Opinion Cash For Timeshares.net is a SCAM if you have to LIE to get people to hear your sales pitch, then there is something wrong with your Pitch. Oh and WHO ARE YOU REALLY! ! !

I am just updating my post from October. I did get the agreed upon amount from these folks so I am happy with the result. I thought they might try to add some kind of closing cost but they did not. I didn't really have the time or desire to sell on my Summit Watch on my own so this was a good option for me.

I made an inquiry with this company too. After sitting through the 45 minute webinar in which they repeatedly tell you that they will not ask for money to get you out of your timeshare...guess what? for $2995 they will buy your timeshare from you. When I asked the rep why the website says there is "no cost to you" and yet they charge $2995, he said "for a very select number of timeshares, we do offer a cash buyout, but your resort doesn't qualify". I guess it's still better than paying for advertising and not getting anything for it. However, I was disappointed that the website says one thing when in reality, it doesn't apply to the majority of resorts!

angelap231 wrote:

I made an inquiry with this company too. After sitting through the 45 minute webinar in which they repeatedly tell you that they will not ask for money to get you out of your timeshare...guess what? for $2995 they will buy your timeshare from you. When I asked the rep why the website says there is "no cost to you" and yet they charge $2995, he said "for a very select number of timeshares, we do offer a cash buyout, but your resort doesn't qualify". I guess it's still better than paying for advertising and not getting anything for it. However, I was disappointed that the website says one thing when in reality, it doesn't apply to the majority of resorts!

To me, that's essentially bait-and-switch. They "bait" you by implying that they will buy your timeshare. 90% or so of timeshare owners want to sell or unload their timeshare so this sounds like a good opportunity.

Then, when an owner comes to this company, the company pulls the "switch" by saying , "Oh, yours does not qualify. But if you pay us $3000..."

The company running this webinar and operation know full well that 99% of the timeshares out there have zero ,or less, resale value and that basically anyone who comes in looking to sell his timeshare will not qualify for the cash buyout.

If it looks likes a scam and sounds like a scam..... it's a SCAM !!!!!!!!!!!!

I just spoke with them this morning for the first time. They were up-front with me an told me that they do a market analysis and IF your time share has value (a very low probability) they will buy it. If not, they will refer you to their parent company interval relief where you will need to pay them to take it off your hands. I'll follow-up if this moves forward.

On a side note, my wife an I attended a seminar this weekend from a company that will transfer your timeshare to an "approved" third party and they wanted close to $7K to do it. So if you can get out of a worthless timeshare for $3K I wouldn't immediately ignore it...

Never pay anyone upfront money to get rid of a timeshare.

Following up.

Okay, they make (force) you to watch a 15 minute webinar before they share any information (all deed holders MUST watch). Then they follow-up with a call from the parent company timeshare relief inc which as I mentioned is in the business of transferring worthless timeshares to some "pre-approved" third party whom presumably will not get blocked by the timeshare company. I didn't have the patients to go through the whole thing and speak with them cuz it seemed pretty clear that all they were trying to do was convince me to pay them a few years maintenance fee for a "guaranteed" exit. Same as the seminar I had over the weekend.

What I haven't quite figured out is even if these programs are legit and someone is motivated to pay to get rid of their timeshare, if they are worthless, why would a third part agree to take them and why would the timeshare operator approve them?

I'm no biz wiz, but I was thinking maybe I could transfer the timeshares to an assett-less shell company but then I was told the operator can block that. So if they don't block this other third party, I'm wondering if the operators themselves are the third party and they're taking them back for free so they can resell them?

Anyone thought this through? Is there a thread somewhere for these transfer strategies?

frankg106 wrote:

Following up.

Okay, they make (force) you to watch a 15 minute webinar before they share any information (all deed holders MUST watch). Then they follow-up with a call from the parent company timeshare relief inc which as I mentioned is in the business of transferring worthless timeshares to some "pre-approved" third party whom presumably will not get blocked by the timeshare company. I didn't have the patients to go through the whole thing and speak with them cuz it seemed pretty clear that all they were trying to do was convince me to pay them a few years maintenance fee for a "guaranteed" exit. Same as the seminar I had over the weekend.

What I haven't quite figured out is even if these programs are legit and someone is motivated to pay to get rid of their timeshare, if they are worthless, why would a third part agree to take them and why would the timeshare operator approve them?

I'm no biz wiz, but I was thinking maybe I could transfer the timeshares to an assett-less shell company but then I was told the operator can block that. So if they don't block this other third party, I'm wondering if the operators themselves are the third party and they're taking them back for free so they can resell them?

Anyone thought this through? Is there a thread somewhere for these transfer strategies?

Resorts are catching on to this scam and are not accepting transfers from an owner to the relief companies. That would leave you still the owner and still responsible for all future fees involved, however the scam company has your 'upfront fee' .... that's all they wanted in the first place.

This company is a total scam. They probably will not offer you cash for your timeshare. They will beat you down until you agree to pay them for taking it. I did not and hung up on them, but don't waste your time. This is another nonsense company.

DO NOT PAY AN UPFRONT FEE TO ANYONE - they're all SCAMS.

A better alternative is just to walk away. See below. It takes guts and determination but it works.

There is a very interesting letter from ADRA (Resort Owners) to the Bureau of Consumer Financial Protection in which they (Resort Owners) basically state that defaulting on a TS loan isn't a major issue and that they simply resell them again anyway with rarely any major effect on the consumer. So why not just "walk away".

Text from the letter is below and you can find the whole thing at http://www.ardaroc.org under "legislative" - note the last 3 sentences.

The timeshare industry has remained resilient and successful throughout this present economic downturn. According to the 2012 Second Quarter Pulse Survey: A Survey of Timeshare & Vacation Ownership Companies prepared by Deloitte & Touche LLP for the ARDA International Foundation, there has been a decrease in delinquencies (Q2 2011 compared to Q2 2010) in timeshare consumer loan portfolios and there is no foreclosure problem or credit crunch as exists in the current residential mortgage market. Additionally, and even more importantly, consumers are not at risk of losing their homes if they default on their timeshare loans. A "foreclosure" of a timeshare does not have the economic impact that it does when a lender forecloses on a consumer's principal residence; and timeshare lenders rarely, if ever, seek deficiency judgments. So in practice, there is virtually no recourse to a consumer that defaults on a timeshare loan. The developer simply takes back the timeshare interest in order to resell it.

Once again .... posted on another thread concerning this subject:

ARDA = American Resort DEVELOPER Association .... If a week is bought from a developer and the loan is paid off then some developers may take it back, BUT many resorts are run by HOAs and it's up to the HOA as to what to do about non payment of mortgages and maintenance fees.

Also, there are many 3rd party lenders (not resort developer lenders) that couldn't care less what a legally signed contract was signed to buy .... they want their money, so ARDA doesn't speak for all resorts concerning non payment of loans and maintenance fees.

ARDA is a voice for resort developers, not timeshare consumers. If I were a resort developer, I would not condone the above info from ARDA concerning foreclosures.

I find the above statement by ARDA hard to believe .... in economic hard times luxuries (timeshares are a luxury) are the first things to go .... have no idea why ARDA is trying to pull the wool over our (or resort developer's) eyes.

Also, in thinking more about this discussion I posted the following on another thread here .... thought it should be repeated in this thread:

I appreciate your interest in informing the consumer of options in getting out from under a timeshare mortgage or yearly maintenance fees, but you tend to state unequivocally that ARDA states that all one has to do is stop making payments and no repercussions will occur to their credit.

Again, I don't even understand why ARDA (American Resort Developer Association) would make that statement in the first place .... they have no idea what ALL developers or HOAs would do in case of defaults.

If ARDA is so concerned about the lies timeshare salespeople tell to make a sale, then it's up to them to clean up the industry and to clean up developer sales presentations ..... they need to set up strict guidelines and if a developer salesperson is caught lying then that resort should be banned from ARDA .... actually, I've always thought all developer timeshare presentations should be tape recorded.

That's the only way the industry will become clean in the future in that now it's just the 'he said' .... 'she said' (verbally) syndrome .... when it's all said and done it's only the written legal contract that is binding in a court of law.

ARDA must be in the forefront by cleaning up the industry.

I read all the messages on this site, somewhat confused, so decided to give it to try. Don't want to repeat previous postings, so please read jimr82's post from Jan 10, 2012. I had the EXACT SAME experience. Don't waste your time even to listen toi their webinar, nothing new in it , WASTE OF TIME!