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Has anyone ever heard of a company called Strategis? [merged]
- Thread starter johnmax
- Start date
I'm sure there are people willing to provide you with some advice, but we don't really know what your problem is. Can you elaborate?
Sue
Sue
DeniseM
Moderator
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Hi and welcome to TUG! 
ANY company that charges a large upfront fee is trying to scam you. They make their money with the upfront fee and then they make no attempt to sell your timeshare.
There are a lot of scammers out there taking advantage of desperate timeshare owners these days. Most timeshares are selling for 0-10% of retail, but that's a bitter pill to swallow, so owners grasp at shady offers, hoping they are for real. Legitimate resellers charge a commission after the sale, but the scammers all ask for a large upfront payment.
Here are some warnings signs with these kinds of companies:
If you answer yes to any of these questions, then this is the usual scenario:
To see what your timeshare is really worth on the current resale market:
1) Register with eBay
2) Log into eBay
3) Search for the resort by exact name
4) Click on "completed listings" on the menu on the left
(Be sure you look at the completed listings - those are actually SELLING prices - you will find asking prices all over the place, but what really counts is what they actually sold for.)
ANY company that charges a large upfront fee is trying to scam you. They make their money with the upfront fee and then they make no attempt to sell your timeshare.
There are a lot of scammers out there taking advantage of desperate timeshare owners these days. Most timeshares are selling for 0-10% of retail, but that's a bitter pill to swallow, so owners grasp at shady offers, hoping they are for real. Legitimate resellers charge a commission after the sale, but the scammers all ask for a large upfront payment.
Here are some warnings signs with these kinds of companies:
1) Did you get an unsolicited sales call from them?
2) Do they say that they already have a renter/buyer for your timeshare? (or an established market like people attending conventions.)
3) Do they want you to pay hundreds/thousands of dollars for a title search and transfer fees, or taxes, or a closing fee, UPFRONT?
4) Are they offering to rent/sell it for far more than the market value?
5) Do they want you to pay a large up front fee that supposedly you will get back?
6) Do they want your credit card number over the phone?
2) Do they say that they already have a renter/buyer for your timeshare? (or an established market like people attending conventions.)
3) Do they want you to pay hundreds/thousands of dollars for a title search and transfer fees, or taxes, or a closing fee, UPFRONT?
4) Are they offering to rent/sell it for far more than the market value?
5) Do they want you to pay a large up front fee that supposedly you will get back?
6) Do they want your credit card number over the phone?
If you answer yes to any of these questions, then this is the usual scenario:
Once you pay the fee and receive the contract, you discover that the company has only promised to advertise your resort, not to rent/sell it, and they don't mention having a renter/buyer in the contract.
Then, you won't hear anything from them for a long time, and when you contact them, they will tell you that the renter/buyer backed out, but they will advertise your timeshare on their over-priced website.
Finally, when you try to get your money back, they will point out that you signed a contract, and it's only for advertising.
When you try to challenge it with your credit card company, they will tell you that you only had 60 days to dispute the charge, and that it's too late to do anything.
Then, you won't hear anything from them for a long time, and when you contact them, they will tell you that the renter/buyer backed out, but they will advertise your timeshare on their over-priced website.
Finally, when you try to get your money back, they will point out that you signed a contract, and it's only for advertising.
When you try to challenge it with your credit card company, they will tell you that you only had 60 days to dispute the charge, and that it's too late to do anything.
To see what your timeshare is really worth on the current resale market:
1) Register with eBay
2) Log into eBay
3) Search for the resort by exact name
4) Click on "completed listings" on the menu on the left
(Be sure you look at the completed listings - those are actually SELLING prices - you will find asking prices all over the place, but what really counts is what they actually sold for.)
We bought a TS we've never used..VacationVilliage in the Berkshires. We have week 16, a fixed week, a $775 maintenence fee which has gone up every year since we've had it (3 years), and we feel like fools. Now what?! How do we go about selling? Where on here do we post it, how much do we ask? We do not owe Vacation Village anything...we have a personal loan at a lower interest rate and don't know what the next move is. Thank you for your help.
DeniseM
Moderator
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The sad truth is that you can't sell a timeshare that has a loan against it. It has no resale value, so you won't be able to sell it for enough to pay off your loan.
Your best bet is to find out how to use it yourself - we can help with that.
Here's one on ebay - it's selling for $10 and has no bids.
http://cgi.ebay.com/Vacation-Villag...80564164710?pt=Timeshares&hash=item2a0a768066
What ever you do, don't pay an upfront fee - it's always a rip-off.
Your best bet is to find out how to use it yourself - we can help with that.
Here's one on ebay - it's selling for $10 and has no bids.
http://cgi.ebay.com/Vacation-Villag...80564164710?pt=Timeshares&hash=item2a0a768066
What ever you do, don't pay an upfront fee - it's always a rip-off.
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Give it away
About the best you are going to do now is to be out from under the fees due, which you are getting nothing from if you aren't using the time each year. There is virtually no resale value so use a post here or any timeshare site to offer it for the cost of the deed transfer to a new owner. That way you are done, you owe no more fees and you've learned an expensive lesson in whim purchase of a major item without understanding it.
Otherwise learn what you own, how to use it and get some value out for your money.
At the most you might, over time, get $500-$1000 for a sale but you'd have to keep fees current until then. Best just to dump it and move on is my guess.
About the best you are going to do now is to be out from under the fees due, which you are getting nothing from if you aren't using the time each year. There is virtually no resale value so use a post here or any timeshare site to offer it for the cost of the deed transfer to a new owner. That way you are done, you owe no more fees and you've learned an expensive lesson in whim purchase of a major item without understanding it.
Otherwise learn what you own, how to use it and get some value out for your money.
At the most you might, over time, get $500-$1000 for a sale but you'd have to keep fees current until then. Best just to dump it and move on is my guess.
Did you mean "legally" we cant sell the timeshare? What about the ebay link? Can we still sell it there? Whatever we get goes to paying off the TS anyway...whats the difference?
DeniseM
Moderator
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The link I posted is a TS at the same resort selling for $10 - are you willing to sell it for $10 and then pay off the loan out of your own pocket? It has no resale value.... In fact, you will have difficulty giving it away.
It's not just your timeshare - it's the economy. Right now there are 2 or 3 hundred timeshares on ebay that people are just trying to give away.
That's why I suggested that you try to learn to use it and get some use out of it. When you originally bought it, what were your plans?
It's not just your timeshare - it's the economy. Right now there are 2 or 3 hundred timeshares on ebay that people are just trying to give away.
That's why I suggested that you try to learn to use it and get some use out of it. When you originally bought it, what were your plans?
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Get out ASAP
IF the loan is based on the timeshare deed, unlikely, then you cannot sell it without paying off the loan. If it's a personal loan then the fact that you used the money for the timeshare doesn't matter as you need to pay it off if you have the timeshare or not. In fact holding the timshare, and the fees it requires, just reduces the money you may have to pay off the loan. So again it may make more sense to simply give that away for the closing costs and concentrate on paying off the loan.
It's not good but you need to get it behind you. Good luck. Keep asking foir whatever help we can be although it is probably limited in scope.
IF the loan is based on the timeshare deed, unlikely, then you cannot sell it without paying off the loan. If it's a personal loan then the fact that you used the money for the timeshare doesn't matter as you need to pay it off if you have the timeshare or not. In fact holding the timshare, and the fees it requires, just reduces the money you may have to pay off the loan. So again it may make more sense to simply give that away for the closing costs and concentrate on paying off the loan.
It's not good but you need to get it behind you. Good luck. Keep asking foir whatever help we can be although it is probably limited in scope.
No way - pay nothing to them
Oh - specifically for this group do not pay them upfront for anything. It is yet another way to separate you from your money you need to pay off that loan and leaves you paying to give away your timeshare. Better to do that by yourself and save the money you would pay this group to do it.
Oh - specifically for this group do not pay them upfront for anything. It is yet another way to separate you from your money you need to pay off that loan and leaves you paying to give away your timeshare. Better to do that by yourself and save the money you would pay this group to do it.
T_R_Oglodyte
TUG Lifetime Member
There are two parts to that question - legal and practical.
First, the legal.
I'm not a lawyer, and I'm not providing legal advice. I'm just providing comment as a private individual, such as might occur if you were in bar striking up a conversation with a stranger.
Timeshare loans generally are one of two types. In one case the loan is a mortgage against the property. In this case the property is collateral for the loan, and the loan will be, effectively, a mortgage against the property. In the second case, the loan is an unsecured personal note, essentially equivalent to credit card debt. If you read your loan documents you should be able to decide what you have. If it's doesn't say the loan is secured by the property, it's probably an unsecured personal debt.
I'm sure there are other situations, but those two are by far the most common.
Second, the practical.Timeshare loans generally are one of two types. In one case the loan is a mortgage against the property. In this case the property is collateral for the loan, and the loan will be, effectively, a mortgage against the property. In the second case, the loan is an unsecured personal note, essentially equivalent to credit card debt. If you read your loan documents you should be able to decide what you have. If it's doesn't say the loan is secured by the property, it's probably an unsecured personal debt.
I'm sure there are other situations, but those two are by far the most common.
- Personal debtContinuing, if it's personal debt you are free to do whatever you want with it, but the debt will continue to be your obligation until you pay it off. Also, since this is your personal debt and the debt is totally independent of the property it's very unlikely that the lender would allow you to transfer the debt to the purchaser. Your recourse is to repay the debt with the proceeds from the sale. And if the proceeds are less than the amount of debt you are still on the hook for the remaining balance even though you don't own it anymore.
- Mortgage/secured debtIf you have an outstanding loan on the timeshare, generally you will not be able to transfer the loan to someone else without the lender's permission. In most cases a lender will require the loan to be paid off rather than allowing the mortgage to be transferred to a new owner, just as would happen if you were selling a house with a mortgage.
Which means that if you can't sell it for as much as you owe, to complete the sale you will need to kick in cash to pay off the note.
The practical import of what I described above is that generally if you are carrying a note on the property is unsellable unless you are ready to add cash to the deal to pay off the note.
There are essentially no buyers out there who are interested in taking over someone else's payments on a timeshare, assuming that were even acceptable to the noteholder. Most buyers will simply make an offer for what they are willing to pay, and if there is a note that needs to be paid off they will leave that as a matter for you to clear as part of transfer.
Further, given the state of the resale market, it will be a rare situation in which a person has a note with an outstanding balance that is less then the resale value of the timeshare.
Which means, for practical purposes, that if you have a loan you are paying off, the timeshare is essentially unsellable unless you are ready to kick in cash to pay off the note.
There are essentially no buyers out there who are interested in taking over someone else's payments on a timeshare, assuming that were even acceptable to the noteholder. Most buyers will simply make an offer for what they are willing to pay, and if there is a note that needs to be paid off they will leave that as a matter for you to clear as part of transfer.
Further, given the state of the resale market, it will be a rare situation in which a person has a note with an outstanding balance that is less then the resale value of the timeshare.
Which means, for practical purposes, that if you have a loan you are paying off, the timeshare is essentially unsellable unless you are ready to kick in cash to pay off the note.
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LannyPC
TUG Member
What is their fee? Anyway, don't pay any upfront fee to these people. Likely what they will do is just make you sign a Power of Attorney authorizing them to do whatever they want with your unit while not actually selling it. You'll be stuck with the maintenance fees and be minus the money you paid them.
Unfortunately, these scam companies exploit desperate owners' plights.
Rent_Share
TUG Member
No he can't because the moderators will edit the details out so based on the zero tolerance for "ads"