TATOC Consumer Helpline

Email: info@tatocconsumerhelpline.eu

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TATOC Consumer Helpline Guide No. 11

Timeshare resales.

Timeshare is a long-term holiday purchase and is not a financial investment or an investment in real estate, so it is unrealistic to expect to obtain the original purchase price or anything near it. The value of your timeshare product will depend on the specific product you own together with its location, time of year, size, facilities etc. and, because sales and resales depend on supply and demand, it is not always possible to guarantee that your timeshare product will sell.

It will not be possible to sell your timeshare if the fees to your timeshare company are not up to date. In addition, your timeshare company will have its own recognised forms and procedures for executing transfer of ownership whether through a resale agent or by private agreement and only these will be accepted by your timeshare company. Most timeshare companies make a charge for transferring ownership. You should familiarise yourself with the transfer procedures and costs before venturing into resale.

If you are keen, for whatever reason, to sell your timeshare we suggest you contact your own resort or timeshare company to see if there is any in-house resale scheme or other approved resale process they recommend to owners. We also suggest you establish if there is an Owners Committee for your resort or timeshare product and, if so, to contact them for similar information and guidance. They may also have advice on how best to sell your timeshare privately.

Owners do not always find it easy to sell their timeshare product. To increase your chances:

•    Deal only with your timeshare company or with a reputable timeshare resale company.
•    Seek guidance from your resort Owners Committee if there is one.
•    Be realistic about the price you are hoping for.
•    Be guided by your Timeshare Company or Resale Company.
•    Be prepared to be flexible on price and consider offers.
•    Recognise there will be a charge levied by your timeshare company to transfer ownership.
•    Check what this is and factor in into your considerations.

TATOC approved resale list contains details of companies who have committed to follow our consumer-focused TATOC Resale Code of Practice and have been examined to ensure compliance. It is not our policy to approve or recommend any specific company, or to imply any success in achieving a sale, but these companies follow the TATOC Code of Practice which provides some degree of protection and an indication that the company will act responsibly.

SOME WARNINGS:

The advance payment: Unfortunately, there are a number of companies operating in a dishonest or illegal manner who prey on timeshare owners offering them false hope of selling their timeshare property for grossly unrealistic prices. Many imply or even state they have a buyer already waiting and ready to purchase your timeshare. These unscrupulous companies will almost certainly request some form of up-front payment disguised as a deposit, bond of trust, legal fee., etc. as a necessity for the sale to proceed. It is unlikely that the timeshare would be sold or that the unfortunate owner would be able to get their money back.

The hidden sales pitch: Some companies invite owners to a presentation on the pretence of selling their timeshare. Meetings may be in the UK or elsewhere in Europe. Owners are tempted into attending these meetings on a promise of selling their timeshare, but the real reason for the meeting is to subject the owner to an aggressive sales pitch for another product. The existing timeshare is often accepted as a generous discount against the purchase but it is very common that the company does not take ownership and the owner is left with two products instead of one.

The investment: Some companies encourage owners into discussions/meetings based on a resale opportunity and then persuaded them into considerable investments on the promise of a profitable return in 2 years, 4 years … etc. A considerable number of owners fall for these high-pressure sales techniques only to subsequently regret doing so. Timeshare is not, and must not be sold as a financial investment.

For further information on these matters please see TATOC Consumer Helpline Guide No 12.

The above consumer warning is now prohibited under EU Directive 2008/122/EC which is implemented in all EU member states. Please visit the ‘legislation’ section on the TATOC Consumer Helpline website for more information.

Download the guide: tatocconsumerhelplineguide11

 

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tatoc consumer help

TATOC, the Timeshare Association, is celebrating its 25th anniversary in 2014. The TATOC Consumer Helpline is TATOC's flagship service providing advice, support and information to timeshare owners and the general public. If you have a question about timeshare, don't hesitate to contact the Helpline team.

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