Photo: Flickr / David W Oliver
Excessive fees and a decline in value are pushing timeshare homeowners to list their properties for as little as a dollar, reports SmartMoney’s Anna Maria Andriotis.Sites like Timeshare Resale Vacations and SellMyTimeShareNow are pushing the trend, featuring bargain listings in destinations as near as Florida and as exotic as the Carribbean.
Clearly, homeowners are desperate, but they need to be cautious of resale scams. One Florida couple behind the Timeshare Mega Media and Marketing Group allegedly defauded thousands out of $2.7 million or more, according to the Federal Trade Commission.
How did they do it? By telling anxious timeshare owners that buyers were ready to cut a check, then asking for a refundable thousand-dollar fee that never led to a sale.
If anyone pops out of the blue claiming they can help you sell your property lickety-split, you’d better steer clear. Never pay for services like these upfront, warns the FTC. They’re almost always the sign of a scam.
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