Can I trust SellMyTimeshareNow.com?

[Divedoggy]

We have 5500 Marriott Vacation Club points plus two different timeshare weeks worth 5350 points. Our original cost was $86k. The maintenance fees this year totaled $9640 and they go up every year, so we decided we would like to get out. SMTN says we can list these properties for $80k+ and they will pay any maintenance fees until the properties are sold. The catch? We have to pay $20k in upfront fees, which makes me very nervous. Marriott will let us exit, but they will give us zero dollars. Any suggestions?

 

[Theiggy]

Doesn’t sound good to me! No way I would give them one cent.


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[Janann]

Do not pay any upfront fees! There is no way that you're going to get $20K back from the company if/when you're timeshare doesn't sell.

 

[RX8]

That doesn’t sound like SMTN’s business model. Someone pretending to be SMTN? They never were a wise choice to list a timeshare for sale to begin with but if this is the real SMTN proposal then they are heading straight into scam territory. No way will that sell for $80K and $20K upfront is the scam.

Edited: Looking at SMTN’s website, they have a program called “Maintenance Fee Protection”. No information other than they state they will pay the annual fees and not all resorts qualify. Whatever the program is, it will not be to your benefit. What were the details to their offer? Do they pay your annual fees but in return they then get to rent out the points and keep the full rental proceeds? If so, that sounds like a good deal for them, making profits on your investment, plus with your $20,000 in their pocket. They could continue to profit off those points for years…which they will because it won’t sell for $80K.

 

[Janann]

BBB Complaints: https://www.bbb.org/us/nh/portsmout...my-timeshare-now-llc-0051-92008632/complaints

 

[dioxide45]

That doesn’t sound like SMTN’s business model. Someone pretending to be SMTN? They never were a wise choice to list a timeshare for sale to begin with but if this is the real SMTN proposal then they are heading straight into scam territory. No way will that sell for $80K and $20K upfront is the scam.

I think their claim of paying maintenance fees until it is sold has something to do with their rental program. IF they can rent out your timeshare, they will cover the fees. It is all a ruse to convince you to sign up. As noted, they are a high upfront fee timeshare listing company that lies about the value of the timeshare to obtain listings. No way this is worth $80K.

 

[andre10056]

I know nothing about Marriott Vacation Club points nor the alleged values of whatever two weeks you own, but I would avoid at all costs any business proposal that would ask you to pay $20,000 upfront.

But the universe of possibilities does not just include those two options that you set out. Have you looked at websites like redweek to see what others might be charging for whatever you own? Of course, people can ask for whatever they want but at least you'll see other timeshare owners' asking prices, and some of those other owners may have already determined "true value" through their research. Also, ebay might tell you if what you own has any value at all.

From time to time people post names of reputable brokers who do not charge anything upfront to sell. Or perhaps you can contact such brokers if they have listings in either redweek or myresortnetwork. They might be able to better guide you as to whether or not you have anything that might sell and for how much it might sell.

The more data, the better you can make any decision.

 

[dioxide45]

We have 5500 Marriott Vacation Club points plus two different timeshare weeks worth 5350 points. Our original cost was $86k. The maintenance fees this year totaled $9640 and they go up every year, so we decided we would like to get out. SMTN says we can list these properties for $80k+ and they will pay any maintenance fees until the properties are sold. The catch? We have to pay $20k in upfront fees, which makes me very nervous. Marriott will let us exit, but they will give us zero dollars. Any suggestions?

It is 100% a rip off to take your $20,000. It is highly unlikely that what you own is worth anywhere close to $86,000. Resale value might be closer to $0. You pay $20,000 and your listings will languish for years and never get a sale. Mainly because they are listed way too high compared to their real resale value. Why would I go to SMTN to overpay for a timeshare week when I can get it somewhere else for much cheaper.

Compare what you own to completed Ebay listings and ROFR.net to see what the actual resale prices are closer to. You will find it is not anywhere close to $86,000. They tell you $86,000 to make you feel good about paying them $20,000 for the listing. They couldn't convince you to list with them if they told you the real value was only $5000.

 

[bizaro86]

They're a listing site that charges huge upfront fees. You can list your TS for any amount you want but they will never ever sell for that amount. All that will happen is you'll be out another $20k.

 

[Divedoggy]

Thanks to all who responded. I suspected that sending money in advance was not a good idea, and you all have confirmed that suspicion, which is very helpful!

 

[dioxide45]

If you really want to get out, Marriott timeshares are pretty easy to either sell or give away. But $86K is a pipe dream.

 

[RX8]

I dislike every single timeshare marketing company out there that charges a significant upfront fee. It is a bad industry and SMTN just happens to be the “best” of the group. That doesn’t mean they are a value for the upfront fee, that just means they are the friendliest great white shark in the tank.

I don’t understand how this Florida company can blatantly get away with violating Florida statute 721.205 which deals with timeshare resale advertising companies. That statute states:

721.205 (2) In the course of offering resale advertising services, a resale advertiser may not:

2. (a). State or imply that the resale advertiser will provide or assist in providing any type of direct sales or resale brokerage services other than the advertising of the consumer resale timeshare interest for sale or rent by the consumer timeshare reseller.

Don’t they violate this by offering closing services?

2. (d). State or imply to a consumer timeshare reseller that the timeshare interest has a specific resale value.

They violate this by having a timeshare valuation form on their website (in which they use their own ASKING prices as part of the valuation) plus, on at least one BBB complaint, a person said SMTN suggested the selling price.

 

[RX8]

We have 5500 Marriott Vacation Club points plus two different timeshare weeks worth 5350 points. Our original cost was $86k. The maintenance fees this year totaled $9640 and they go up every year, so we decided we would like to get out. SMTN says we can list these properties for $80k+ and they will pay any maintenance fees until the properties are sold. The catch? We have to pay $20k in upfront fees, which makes me very nervous. Marriott will let us exit, but they will give us zero dollars. Any suggestions?

Just curious for future knowledge. Did SMTN provide a contract or additional details other than $20K upfront and promising to pay your annual fees until sold? That $20K upfront fee won’t last long if they were going to pay your $9600 annual fees until sold. There must be more to this in order for SMTN to profit from the agreement. Were they going to have access to your roughly 15000 points to rent and keep the proceeds?

 

[Fido Chuckwagon]

We have 5500 Marriott Vacation Club points plus two different timeshare weeks worth 5350 points. Our original cost was $86k. The maintenance fees this year totaled $9640 and they go up every year, so we decided we would like to get out. SMTN says we can list these properties for $80k+ and they will pay any maintenance fees until the properties are sold. The catch? We have to pay $20k in upfront fees, which makes me very nervous. Marriott will let us exit, but they will give us zero dollars. Any suggestions?

You aren’t selling those points for $86k or anything near that amount. It’s possible you could get a few dollars per point on the resale market, but a lot of Marriott points contracts are going unsold, too much supply, not enough demand. DO NOT PAY ANYTHING UPFRONT TO SELL YOUR TIMESHARE. That’s a scam. You could try posting yourself on eBay, redweek, tug, etc.