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Not so savvy seller

Cactus

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I want to sell my timeshare. It is floating RTU. It is in Mexico (duh). It is paid in full. Maintenance fees due in Jan I expect about $800. I have paperwork from Givebacktimeshare.com. Can't find much about them except for one reference from someone who researched their broker license and found them associated with VIN. Don't know what VIN is. Giveback uses Timeshare Closing Services, Inc. There's a little here about them being slow but nothing horrible and they have a "satisfactory" BBB rating. I'm told the process is: 1. send paperwork (including copy of deed/membership agreement). 2. Title company does search & creates legal docs. 3) send docs to me. I sign & notorize. 4) they pay me the agreed-on price (docs show our verbal discussion amount of $1000). 5) Transfer process completes in 60-90 days.

Something doesn't seem right. Why can't I find anything on them in BBB or elsewhere? Why are they paying me $1000 -- is the thing really worth $5000? I like the approach: no upfront fees. I don't have to do the listing, negotiating, etc with a buyer -- which I really don't want to do!

Advice?
 

Hoc

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Do not, repeat, DO NOT, pay them to sell your timeshare. They will take your money, then list it for a dollar on ebay, and take whatever they can get. You can do that yourself, without paying them.
 

Egret1986

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VIN is a Postcard Company--They will not pay you for your timeshare

Do a search on PCCs (Postcard Companies) on TUG. There is a tremendous amount of info on them and their practices. They are not in the business of giving you money for your timeshare. They are in the business of you paying them to take your timeshare. And threads will indicate that they do not have the timeshare deeded into their name, but simply obtain a Power-of-Attorney. There have been horror stories mentioned that if they are unable to resell it (on eBay), then the owner, who has forked over around $3500 is still responsible for maintenance fees. There is also a lot of information on selling your timeshare yourself, in addition to never paying anybody an upfront fee to (supposedly) sell your timeshare. They take the upfront fee and that's the end of the effort on selling your timeshare. Good luck! Ask questions! I am not sure of the value of what you are selling. Since it is paid off, you can list it on eBay with a starting price of $1 and see if there are any takers. There are also many free online services that you can list it on. This past week it was discussed about prime summer beach weeks that unknowledgeable folks had paid a PCC to take off their hands. These summer weeks were recently listed on eBay by the PCC and sold in the $1800 range. Welcome to TUG!!! Read and research.:)
 

Cactus

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Thank you for your responses.

Let me clarify a little.

They are paying me $1000. They are paying closing and transfer fees. They (or the new buyer) will pay 2009 maintenance fees. They are committing to closing by November 23, 2008. They've sent this to me -- signed -- in writing.

I've read the stickies about selling and PCC's. This paperwork doesn't seem to have any of the typical problems: I pay them upfront (I'm paying them nothing). They are at the same address as Vacation Innovations.

I see the LPOA thing in the paperwork and what Egret says about that seems to be true. But, the rest of the paperwork seems legit. Considering that I'm not interested in selling my timeshare myself, I'm having a hard time seeing where I could go wrong. I don't see what I have to loose -- especially since I'm not asked to give any money up front.

What am I missing?
 

chellej

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If they are willing to pay you $1000 then you can probably sell it on ebay for more

Do a search on ebay for closed auctions at your resort and see what they sold for.

If it is one of the Royals it is definitiely worth more
 

Cactus

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I searched "completed". Highest in my resort family was $900. Royals were going for $5000. Don't I wish I had a Royal ! Kaching
 

Egret1986

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I don't know what you're missing

I can't remember reading on TUG a similar experience of VIN paying for a timeshare. I purchased a timeshare on eBay from them last year around this time. It turned out that the unit they listed and sold was not actually the unit I had agreed to purchase. It was actually the lot number, which had nothing to do with the unit number. Since I was specifically interested in that particular unit for the maintenance fee that this resort charges, I was not happy to find out that I had the deed to an entirely different unit, which I only found out about when my week came up to use. I have been in contact with them about this since July. They have refunded the money I paid including the closing costs (which was actually applied to another eBay purchase through them). They were more than willing to allow me to keep the property; however, I do not want to pay the maintenance fee for the property since it is not the unit that I wanted. Since then the resort has decided to sell that unit as a full ownership property. This free-standing home is in a very desireable location. Anyway, I have been contacted by the closing company they utilize and the paperwork is supposed to be on the way for the property to be deeded back to them. I am nervous that I will only receive a Power-of-Attorney and that in fact they may not be able to resell this timeshare and I may be facing a maintenance fee for 2009. I have bought several timeshares through them. I wish you much luck and I hope that indeed you get your money and your property is deeded to a new buyer. :)
 

Hoc

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My guess is that you are misunderstanding what they are telling you. They are probably telling you that they have a buyer who will pay you $1,000 and all closing costs. Then, when it comes to hard tacks, they will request that you pay them an upfront fee to complete the deal. Once you pay them the fee, the buyer will fall through, and you'll be dealing with their usual practice.

Do not, repeat, DO NOT, pay them to sell your timeshare. They will take your money, then list it for a dollar on ebay, and take whatever they can get. You can do that yourself, without paying them.
 

Patri

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If, in the process of selling this timeshare, you write anyone a check for $1000, you are being scammed.
 

Cactus

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Got it. I will not, never, ever send them any money.

I'm really not sure Givebacktimeshare.com is really VIN. Only have the info from the one TUG user that did the research and the info that Giveback is at the same address. There's lots of companies at that same address though.

I can think of a couple of ways that they may have set me up to not sell and so would not close by November 23. If that happens, I'll have to figure out some other option for selling. I will have lost time, and probably cannot close before new maintence fees are due so I may be "out" that much to the Resort. I've given them no money (and never will).

If things fall through, I'll come back to TUG and sell through this sight. Either way, I'll let y'all know how things turn out.

I wish I had more time to do this as a hobby as someone on this sight said they do. You all are great, kind, and helpful.
 

x3 skier

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I am guessing the $1000 will be in the form of a $5000 check they want you to deposit and send them back the $4000 "excess". :hysterical:

Unless it is a certified check, I would pass on this one.

Cheers
 

esk444

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I am guessing the $1000 will be in the form of a $5000 check they want you to deposit and send them back the $4000 "excess". :hysterical:

Unless it is a certified check, I would pass on this one.

Cheers
Not even then. These people use fake money orders and certified checks that have counterfeit protection colored watermarks that even the banks can't tell are fake until later.
 

Cactus

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It's looking good

I though I'd post an update: The sale seems to be going well.

I sent my paperwork on 9/23.

I got nervous and called and emailed on the 30th. They replied on October 1st and so I have an email saying that we WILL close by November 23rd. I was reassured that I definitely have a sale with Givebacktimeshare.com and that closing is proceeding. Also stated in email that I will not be responsible for 2008 MF. They are putting my timeshare in one of their entities or portfolios.

Today, October 8th, I received a phone call from Timeshare Closing Services that the paperwork is being sent to me via DHL and I will have 10 days to return it.

I'll return later and let you know what's happening. But I'm feeling pretty confident.

Thanks again for your advice.
 

Cactus

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All went well

I wanted to let everyone know how things turned out.

I returned the preliminary paperwork as stated. Then I received the closing package. I called to go over some of the details on October 20th. All questions were answered. I returned all the paperwork, including the maintenace bill I had received in the meantime. Signed over a "bonus" week also. I had to pay $55 to notarize documents. I whined to TCS about the notary costs and reminded them that I was giving away a bonus week that wasn't in the original deal. They picked up the tab for the notary. I deposited the check for $1055 on October 31, 2008. The check didn't bounce. I did not pay the 2009 maintenance fee. And I received confirmation from them (and the resort) that my timeshare is no longer in my name.

For all the naysayers, I can only say that TimeShare Closing Services and Givebacktimeshare, (and all the other related companies) were professional, prompt and incredibly helpful. I have not been hounded with email or literature or phone calls. I can definitely recommend them.

Quick, clean deal.

Some would say I got taken because I let the week go for only $1000. But I didn't want to deal with finding a closing agent, I didn't want to pay the 2009 maintenance, and I didn't want to shop the timeshare week around on ebay, etc. I just wanted OUT. These folks got me out.

I will not purchase another timeshare, and if I had one to unload, I would definitely use these people.

I will come to TUG if I ever want to rent a place as you all are terrific.

Thanks for your help!
 

JudyS

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Glad it worked out for you!

How did you locate this Givebacktimeshare.com company? Did they contact you in response to an ad you posted somewhere, or did you contact them first?
 

Cactus

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I found them by researching companies on the internet. I contacted them and a couple of others. The others basically harrassed me with multiple phone calls and email spam. These folks treated me respectfully and honored my requests for serious email only and no extraneous phone calls.
 

Egret1986

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Congratulations to you and I'm glad you reported back that all went well

It's good to hear that you are satisfied with the outcome, and are no longer burdened with owning a timeshare.:wave:
 

alwysonvac

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According to the Ripoff Report these guys are charging a high closing cost.
The FAQ page on their website conveniently states nothing about closing costs - https://givebacktimeshare.com/FAQs/tabid/596/Default.aspx#doesyourco

From http://www.ripoffreport.com/reports/0/396/RipOff0396649.htm

In trying to find a place to sell my timeshare, I came across givebacktimeshare.com - Everywhere on their website says free, but then I get the email below.... Lucky I didnt fall victim!

Sent: Monday, December 01, 2008 8:02 AM
To: Lisa L
Subject: Monarch Grand Vacations and Pueblo Bonito Rose

Good morning Lisa,

I hope you had a wonderful Thanksgiving. I have good news regarding your Monarch Grand Vacations and Pueblo Bonito Rose timeshares. We are currently accepting your timeshares in our inventory. Here is how we can assist you with their timeshares. We will transfer the timeshares out of your names and into our name.

To do so, we use Timeshare Closing Services, Inc. for the transfer of the title and Escrow services. They are a licensed, bonded, and insured title company who has transferred over 60,000 properties. The title transfer process will take approximately 90-120 days. Here is a link to their site: www.TimeshareClosingServices.com.

Services handled by the title agency are as follows:

- Estoppel Verification with the Resort – (Confirms ownership and verifies all fees are current)
- Preparation of all documents to transfer ownership out of your name and into our name
- Prepaid Delivery of documents
- County Deed Recording fees (if applicable)
- Delivery of Documents to the resort for acknowledgement of transfer
- A Copy of all Documents delivered to you for your records
- Escrow Services until Resort acknowledgement of transfer

Keep in mind, we are not a listing company and do not charge an upfront fee. Listing companies are at most times a scam where they promise to sell your timeshare at an unrealistic price and charge you an upfront fee to do so. After you pay the listing company the upfront fee, they take your money and you never hear from them again.

Our services are 100% guaranteed.

The only cost to would be $1995 per week, which includes the title agency's closing costs, resort transfer fees, deed recording fees and holding costs. All funds will be held in an escrow account with Timeshare Closing Services, Inc. until the resort has confirmed that you are no longer the owners. You will never have to pay another maintenance fee again. We will take over your liabilities forever.

We can get started on the transfer of title right away. I can email an agreement to you, which spells out everything explained here and shows that your funds are 100% guaranteed. We offer a guaranteed transfer of ownership. Feel free to contact me anytime with questions or concerns at 407-956-3638 or toll free at 877-333-6504 ext. 3638. Thank you and I look forward to working with you.
 

Talent312

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