Timeshares are relatively simple to implement, but hard to navigate regarding ownership responsibilities. Timeshares have been around for more than 50 years. Today, the Florida timeshare market is still very much alive with buyers, but also with some dissatisfaction. Legitimate timeshare exit attorneys are helping timeshare owners who want to leave their shares.
Due to the relatively large numbers of timeshare owners, there are also a lot of scammers trying to catch sellers with their promises of a quick turnaround. Scammers are posing as brokers for reselling timeshare properties.
The main difference between legitimate resale brokers and scammers is the requirement of upfront fees which average $5,000. This is supposed to cover services, maintenance fees, taxes and closing costs. The scammer disappears once the money has been paid, with the sale never finalized.
To prevent scammers, timeshare owners should try to resell with the help of the resort development association. They have a list of licensed brokers who are experienced in reselling timeshares. To avoid bogus resale companies, it is suggested that the seller avoid brokers or companies who charge upfront.
The seller should also be patient and not fall for promises of a quick sale. The seller should also research the company, checking them out with the Better Business Bureau and local consumer protection agencies to determine their legitimacy and to check if there have been any complaints against them.
The secondary market for resales have experienced an increase recently, and it has also helped those who want to dispose of their timeshare. Resale values in 2017 were priced at an average of 76% of the timeshare value. There has been an increase of 40% since 2013. As of the first quarter of 2018, the average selling price is around $4,800, with premium timeshare properties fetching an average of $7,260. Also, some developers like Wyndham, Diamond Resorts and Disney are helping timeshare holders who want to sell.
Timeshare is a tight market to get out of. Those who want to sell their timeshares have to avoid scammers who promise a quick sale, but with an upfront payment. However, some developers are helping people who do timeshares who wish to dispose of their shares.