I Have a Timeshare That I Don't Want, A Company Is Offering To Try and Sell It, But They Want $500 Up Front, Is This A Scam?
I do not recommend paying up front money to have your timeshare listed for sale. Most of these timeshare listing companies do not sell many timeshares and make their money through the up front fees.
The problem with selling a timeshare is that there is virtually no secondary market for them. In fact, many charities will not even accept a timeshare as a donation! It is one of those classic commodities that is sold and not bought. People buy timeshares after ending up on a tour usually connected to a free gift they were offered. Believe me, no one goes into one of these tours planning to buy.
Due to there being virtually no demand for timeshare resales, prices are very soft. A typical timeshare that sold for $15,000 may only go for $5,000 in the resale market.
The idea of timesharing is a good one conceptually. Why not own 1/52 of a condo in a hot vacation spot and enjoy a first class vacation each year. These two and three bedroom units with kitchens, jacuzzi tubs, and ocean views are fantastic. The problem is that the developers take a condo valued at $300,000 and sell it off for $15,000 per week. The result is a $300,000 unit netting them $750,000. This, not to mention the maintenance fees, which are a another huge profit center for them.
If you do consider buying a timeshare, buy one through the resale market. Better yet, rent a timeshare. You can rent these units for about the same cost as the annual maintenance fee ($700 to $1,000 per week).
If you already own one, use it and try to get some benefit from it. If you want to sell, expect to get 30 cents on the dollar. In no case would I recommend paying hundreds of dollars up front for someone to list your unit for sale.
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