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Getting out of timeshare - a bumpy ride through the secondary market - Part IV
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There are many ways to rid your self of your timeshare, and the annual expenses that go with it, without paying a lot of money up front. The worst of the scams I’ve seen out there involves the companies that “help” frustrated owners by taking the timeshare deed off their hands.
Not out of the goodness of their heart, mind you. The owner looking to be out from under the obligation simply pays these companies $3,500 and turns over the deed, and they are done!
Not $3,500 to list and sell the share - simply to accept ownership of the program! I thought they were gone years ago – I was part of an expose carried out by Michael Finney and Seven on Your Side when one of those groups put on a presentation at a San Francisco hotel.
Larry Hayden ,as well as people from TUG , tell me they are still preying on unsophisticated victims.
What do you do if you’ve been victimized by an exploitive company in your desperation to sell? It goes without saying, its best to avoid that situation in the first place; a little homework could reduce the risk.
But the longevity and increasing sophistication of the scammers’ shows that just about anyone could become a victim. Here are some tips if you feel you may have been ripped off:
- Request a full accounting from the company, asking them to detail the efforts made in an attempt to sell your timeshare; at the very least have the designed the web site or published the magazine that was supposed to feature your ad?
- If they are unable to document results or efforts, try to determine the state in which they are headquartered. Are they licensed?
- Contact the Department of Real Estate for that state, as well as the Better Business Bureau. Remember, though, many are not licensed, and the same bad players resurface under different business names
- Contact attorney general for the state where the resale company is doing business, as well as the department of consumer affairs.
- Reach out to local consumer advocates who may be able to provide assistance.
That’s what Steven Lam ultimately did. He contacted Michael Finney, Northern California consumer czar with ABC7. It just so happened I was a guest on Finney's program that day. The advice he received served two purposes.
He learned what to avoid when it came to disposing of his ownership at Paradise Village, now that he no longer wanted it.
In fact, he went on line, found a local charity that would put his timeshare to good use, and he’s not only done with it, he may qualify for a nice tax write off, to boot.
By the way, one tax advisor suggests collecting several online listings similar to the timeshare you are selling, and keeping track of their offering price.
This “arms length” documentation may be helpful when justifying any write off you take – and always be sure to consult with your tax professional.
And another note from Steven Ham – the Florida’s attorney general office, working with a special prosecutor in Daytona, was able to get him a full refund, totaling almost $2,000!
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