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Warning about timeshare Post Card companies
Numerous companies are mass mailing postcards to timeshare owners. The card says "We will be in your area making offers".
The offer they make is not to pay you for your timeshare. Rather it is an offer for you to pay the postcard company
approx. $3500 for them to take your timeshare. The presentation usually states (incorrectly) that you can take an IRS loss deduction
for the $3500 fee plus what you paid for the timeshare. We called IRS and were told that such a deduction is not allowable except in the
very rare case wherein the timeshare was purchased and treated on the books as income property from the inception of the purchase.
Also, the presentations usually state that your heirs will automatically be burdened with the property maintenance fees when you
die. Also not true, the heirs can file an Affidavit of Disclaimer if they do not want the asset.
Note: The post card companies typically use Ebay to resell the units WITHOUT Title Insurance and WITHOUT even verifying that
the ownership is in good standing with the resort. Buyers look out! You may be buying a timeshare that has a loan against it or tax liens. Read below.
Warning to E-bay Buyers:
Buyers look out! You may be buying a timeshare that has a loan against it or tax liens or other problems. Read below.
We hear continually about buyers who bought on Ebay only to later find out that they were in for a big surprise.
It is common for sellers and closing agencies to not be aware of benefits that don't transfer on a resale. Many timeshare developers
do not transfer the right
to use points or internal exchanges.
but only a licensed timeshare professional if familiar with this and many other traps which are out there. Closing companies often
don't know about them either. A closing agency
generally only transfers whatever the seller owns. Sometimes what the seller owns it not what you want to
inherit,
such as tax liens, encumbrances, or the inability to use the timeshare in the way you expected. In other words, just because the
seller could use certain benefits, doesn't mean you can.If you buy on ebay and end up with problems, you have generally
are just out of luck, unless you purchased from a licensed real estate broker who has to follow strict guidelines in the first place and who will be
there to recompense you if you don't receive what you thought you were receiving.
Valuable resources for timeshare buyers:
1.) Resort Tours. These are sweet deals to familiarize you with timeshare. Take the tour, then buy a resale at the same resort here!
Ask us what benefits you may or may not lose if you buy resale. Generally you can almost always buy way less expensively on the
resale market!
2.) Study our extensive Timeshare Answers Guide Learn this and you will know
more about timeshare than most sales agents you will meet at resorts.
3.) Read the protection you get if you buy from our company.
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