Selling Timeshare/Does this sound legit?

[LivingWaterPlease]

A friend is selling a timeshare in Hawaii (can't recall which island) by working through a property management company who is a liaison for companies who buy them for tax shelters.

 

He had to give them something like 7K up front and an additional 4K to the title company.

 

He had an attorney look at it and she thought it looked legitimate and also checked with the better business bureau about the company and there are no problems with the company registered there.

 

Does this sound familiar with anyone as a way to sell a timeshare property?

 

If not, is there a better way to sell?

[CautiouslyOptimistic]

Eeeeek, no idea! My mom just bought a Hawaii timeshare from her sister/BIL for only 2K, but that was a GREAT deal and not typical.....that is literally my only experience with it......

Edited December 3, 2019 by a LoveShack.org Moderator

[LivingWaterPlease]

Thanks for your response, CO.

 

I believe my friend is getting scammed. I sure hope not, though.

 

I don't understand why you should need to pay money up front to sell your timeshare. Doesn't make sense to me.

[sam light]

I think Carhill is active with timeshares. Perhaps PM him.

[salparadise]

The only reason I can think of that he'd have to pay THAT much up front is to pay off what he owed on the timeshare and have clear title, but that wouldn't be paid to the agent. Usually any outstanding loan amount is settled at closing. I think he should be extremely suspicious. BBB is not a reliable reference.

[alphamale]

there is no "good" way to sell a timeshare LWP. avoiding buying one in the first place is propably the best advice

[alphamale]

I think he should be extremely suspicious. BBB is not a reliable reference.

 

I would tend to agree on both points

[carhill]

Never ever give one dollar up front to sell a timeshare. I've owned and sold a few, including high dollar Marriotts I used and rented out. I sold all of mine on Redweek, for a one-time listing fee for a period of time. eBay is another venue that works well.

[LivingWaterPlease]

Never ever give one dollar up front to sell a timeshare. I've owned and sold a few, including high dollar Marriotts I used and rented out. I sold all of mine on Redweek, for a one-time listing fee for a period of time. eBay is another venue that works well.

 

Thank you so much for the tip on Redweek, carhill.

 

I am sick for my friend. Tried to talk him out of paying to sell it but he was determined to go ahead. I'll give him your tip on Redweek when he recovers from his disappointment. He doesn't realize he's been scammed yet.

 

Thanks so much everyone for your posts. If anyone else has any experience please post! He has several so will be selling more.

[LivingWaterPlease]

Never ever give one dollar up front to sell a timeshare. I've owned and sold a few, including high dollar Marriotts I used and rented out. I sold all of mine on Redweek, for a one-time listing fee for a period of time. eBay is another venue that works well.

 

How long is the time period you buy on Redweek? Do they have different options for time periods? And how do you know how much to sell them for? Do you make a profit or just unload them?

 

Have you sold a timeshare on eBay or do you have knowledge of people who have sold there?

 

I really appreciate your advice.

[carhill]

eBay treats timeshare sales generally like real estate, as a binding offer to buy/sell, with the actual sales process occurring like with a real estate sale, in escrow with a timeshare escrow company of mutual choice.

 

You can find more information on selling on Redweek on their site. They have classifieds and also full-service commissioned sales portals.

 

If wanting more independent information on your topic and that company, try Timeshare Users Group. I've not been there in the past year or two but was a member for many years, close to 20, and the wisdom and savvy on timeshare nuances is pretty unparalleled. In the timeshare/real estate world we call this 'due diligence'. Your friend should be doing their due diligence now before doing anything to sell.

 

The last Marriott I sold, for around 20 grand, cost me about 50 bucks in listing fees and a bit over 300 bucks in resort transfer (Marriott) and escrow fees. I used a recommended independent timeshare escrow company in Florida which was quite helpful in navigating the nuances of the Marriott process. Your friend's needs may vary. Some timeshares are sold as deeded real estate, others as memberships, others as points packages. It all depends.

[LivingWaterPlease]

Very helpful, carhill. Am going to copy and paste your reply to give him.

 

Thank you so much for taking the time to explain and to advise on places to get info!