If you own a timeshare that you no longer want, you may be looking for reputable and legitimate companies that buy timeshares. Your search will be very difficult because very few companies want to buy a timeshare. Most charities won’t even want your timeshare if you were to offer it to them for free.
The reason for this is that timeshare is not an investment like traditional real estate. It typically does not go up in value after you purchase it. It’s more like a new car where it loses value the second it is purchased. Unlike a new car that retains some of its value, a timeshare often doesn’t much value at all unless it is a Disney Vacation Club or a high value timeshare in Hawaii.
Need some proof? Head over to Ebay and do a search for “timeshare.” You will likely see many timeshares being advertised for sale for as little as a $1 with no bids. If all these timeshares are advertised for a dollar and no one is buying them on the resale market, why would a company want to buy one from you? Charities don’t want them for free because they don’t want to be on the hook for the rising maintenance fees.
An old timeshare resale scam involves a random person / company calling you out of the blue and offering you a high amount to purchase your timeshare. This person will usually offer you more than the amount that you originally paid for your timeshare to get you excited. Once you’ve agreed to sell your timeshare to them, they will ask for a bogus fee to cover a “transfer fee” or a “paperwork fee”. You’ll pay this bogus fee and the company will disappear with your money and never buy your timeshare. A company by the name of Global Business Consultants is currently running this scam as of 11/25/19.
Many timeshare resale scams operate the same way. Timeshare resale companies will make you believe that your timeshare has value, and all you need to do is pay them an up-front “listing” or “advertising” fee to sell the timeshare. Once you pay the up-front “listing” or “advertising” fee, there is a very good chance that no one will ever buy the timeshare and you will be out the “listing” or “advertising” fee.
The safest way to sell your timeshare is through a licensed real estate broker because brokers are not allowed to charge an up-front fee to sell your timeshare. However, timeshare brokers work on commission, so if your timeshare has no value, as many do not, a timeshare broker will not have an incentive to sell your timeshare.
So, rather than looking for reputable companies that buy timeshares, you may want to reach out to a timeshare exit company instead if your resort won’t take the timeshare back. Timeshare exit companies work with lawyers to cancel your timeshare and stop your future fees. These companies do not buy timeshares or advertise your timeshare for sale.
We typically like to recommend timeshare exit companies that offer an escrow payment option, so the timeshare exit company does not get paid in full until after your timeshare has been cancelled. Learn more about escrow and why it’s important here.
Before working with a timeshare exit company, give your resort a call and see if they will take it back. Sometimes a resort developer will take the timeshare back if you agree to pay them the equivalent of one- or two-year’s maintenance fees and are current on maintenance fees and don’t owe a mortgage. Giving the timeshare back to the resort will always be cheaper than working with a timeshare exit company. Typically, a timeshare exit company will charge more than $2,000 for its services. Be careful when talking to your resort developer because they will likely try to sell you more timeshare rather than help you cancel your current timeshare.
For a free timeshare exit consultation, give us a call at 213-282-5595, submit a contact form or initiate live chat on the right side of the page.