Be aware of upfront fees and “money back guarantees”. There are countless Australian Securities Investment Commission (ASIC) and Australian Competition and Consumer Commission (ACCC) complaints about fraudulent timeshare exit companies taking consumers’ money and not actually selling their timeshare. These companies collect thousands of dollars from unsuspecting consumers for anything from supposed exit strategies, resort maintenance/levy fees, legal fees, title transfer fees, third-party advertising, promotion fees and closing costs.
Be very cautious of unsolicited callers spruiking their sales prowess and requesting your credit card details. They may well be fraudsters trying to take your hard earned dollars!
Also, when travelling overseas be wary of timeshare spruikers offering to help you exit your timeshare and asking you to pay many thousands of dollars in upfront fees to allow them to do this. We have one customer who has lost US$20,000.00 in Hawaii falling to this scam and the was audacious enough to request another US$1000.00 over the phone for legal fees.
The sale of your timeshare is completely based on the economic principles of supply and demand. Selling your timeshare will depend on the market and the competition for your product. Remember, timeshares are not meant to be a financial investment. Timeshares were designed to be an investment and commitment to future holidays with your family. It is more than likely than not that you will lose money on any resale of your timeshare.
ARE YOUR LOAN AND LEVIES PAID OFF?
Prior to selling your timeshare, your timeshare loan must be paid out and your levies not in arrears. Remember, no timeshare resale company that we are aware of will buy your timeshare if you owe money for your vacation credits/points or monies are owing for levies.
If you sell your timeshare yourself on the open market you may need to pay legal fees in addition to government duties and transfer fees, all of which can be substantial. If you list your timeshare with a third party, you may also have to pay advertising, commission and promotion fees. Research all the fees involved before listing your timeshare. Please note we charge no upfront fees if we buy your timeshare!