...In February, we received a call from a couple in New Jersey who said they wanted to buy the timeshare. They were using a company to handle all the paperwork.We sent $1,997 on March 1 to cover the closing fees. They told us it would take about six to eight weeks. The company, Interval Condos Closing, said the paperwork would be sent by FedEx for us to sign and send back. We have been calling for the last two months and have not received the paperwork nor any calls back. We do have a contact person, but his voice mail is always full. He does call back about every two weeks and says the papers should be there soon...
This is unfortunately a common fraud where a fake closing agent is created to scam consumers who believe they are paying "closing costs" to sell a timeshare. The sale never occurs, and no refunds are ever given.
If you are considering selling a timeshare, you have to take the time to discover what the actual closing costs will be and understand the closing process that is required. Contact your resort management company or a respected and well known timeshare closing agency for information.
You can find a list of timeshare closing agents organized by state that I maintain on the TimeshareForums website by clicking HERE. These companies have been recommended to me in the past by clients and individuals who purchased and closed on a timeshare resale.
The article also warns consumers about another upfront fee company calling itself Timesharescape.
...We have a timeshare in New Orleans, and we want out. We went to a meeting at a motel in February 2010 to get rid of it and paid $3,095 to a company called Timesharescape. It’s been well over a year and they still haven’t transferred our timeshare. They said a corporation buys the timeshares. The $3,095 was to pay for paperwork and transfer of deed. I don’t know how to get our money back or how to get rid of the timeshare. We just can’t afford the fees anymore...
These timeshare relief postcard seminar companies are rampant in the industry today. Consumers go to a seminar under the assumption that they will receive an offer to purchase their unwanted timeshare, then are given a high pressure sales presentation to convince the timeshare owner to pay thousands in upfront fees to simply give away the timeshare.
While some of these timeshare relief type companies do actually transfer the ownership, many consumers are reporting that they pay these ridiculous upfront fees only to find that no transfer ever occurs and that they are unable to obtain any type of refund!
If you need to liquidate an unwanted timeshare ownership, contact a respected real estate broker that does not require any type of upfront fee. Ensure that the company you choose operates under a valid real estate license and operates a true escrow account or uses a respected and independent third party closing and escrow agent to hold all funds.