Lately, there's been some truly laughable advice about
timeshares; buying, owning and selling that certain people and certain
organizations have been able to get through to the media.
I'm tired of this, so here's my thoughts:
1) ARDA-ROC has positioned itself as 'an alliance of
over one million timeshare owners.’
It's not really 'an alliance of over one million
timeshare owners' when not a single one of them votes, advises or even
participates in anything that they do.
2) Timeshare is a usage product and not something that
should be purchased as an investment, but rather as something you buy to save
money on vacations.
True on the first two points. Usually false on the third.
If you buy a timeshare from the developer then add maintenance fees,
reservation fees, usage fees, etc., the average person does not save money.
Usage or not, any purchase for $20K should have some
residual value after 5 or 10 years, assuming it's been maintained. Not so with
timeshare. Listings abound for $100 or less.
3) You should call your resort to see if they have a
take back program
Hysterical. Why a take back program and not a buyback program? Go ahead, call and let me know what you find out. I have close to 1,600 emails from owners who want out.
4) Work with a broker
Another funny. Did you know that there's at least one
major developer whose product will not be handled by any of the brokers in the
LTRBA? Did you also know that the
residual value of the majority of the timeshares for sale is so low that if a
broker were able to sell it, the original owner would end up paying money for
the privilege of getting rid of it?
Doubt me? Check Sharket.com
5) It's the 'mom and pop drive-inn on the Jersey Shore
that have little to no value.'
None of the 1,600 emails I gave from owners wanting out own at a one of those resorts. They own at Bluegreen, Wyndham, Festiva and Diamond for the most part. There's hundreds more who are members of FB groups. Oh, and although they're geographically close, you may want to check out The Manhattan Club saga.
6) Don't list it for $1
GOLDEN. This comes from a spokesperson for an online
listing platform that charges both a membership fee and a listing fee that has
thousands of listings for $1. This is also the same platform that willingly
takes listings from Diamond properties when they know that Diamond does not
allow listings in third party platforms and will take punitive action if they
are caught.
What does all this mean?
You had better be very careful who you trust with your
money and your decisions concerning buying, using and selling timeshare.
Question everything. Trust no one blindly. Verify everything. Don't believe
something just because it was on the Internet.
Most of all, follow the money.
1 comment:
When request for relinquishment, refund or loan cancellation is denied and the company has no secondary market, our Diamond Resorts Advocacy Group has worked well providing one on one Advocacy, submitting testimony to and working with the developer going one or several steps beyond helpful Facebook posts. We have saved members an estimated $50,000 in attorney fees. Many members struggling under the weight of maintenance fees and high interest rate loans cannot afford an attorney. It is our hope a few Wyndham and other timeshare members consider following our prototype employing strategies similar to Family Court. A lawyer is referred only when all else fails. Due to non disclosure we can only say there have been approximately 18 positive outcomes so far with most previously denied. Most who feel they were deceived or victims of bait and switch need to also alert the appropriate regulatory agencies or predatory business practices will never change.
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