Timeshare Scams- Front Page Story Tampa Bay Times

[wcfr1]

Woke up this morning, opened my paper and found the front page headline shouting RESALE RIPOFF.

Interesting article but nothing new to readers of TUG. Thousands lost, people lied to and taken advantage of and nothing sold.

Very sad the position of some of the people who have lost thousands and more.

The ineptitude or inability of Law Enforcement and State Regulators to do anything about it is despicable.

Read the whole article here.
http://www.tampabay.com/news/business/realestate/article1218177.ece

 

[Wonka]

Tampa Bay Times Front Page Resale/Upfront Fee Article

Today, the Tampa Bay Times (formerly the St Petersburg Times) had a front page article on timeshare resellers. It's several pages long...no new news for the folks here on TUG, but it was good to see something written with so much focus on the upfront fee industry.

The article is several pages long and provides names of companies, photos, and the criminal backgrounds of many of the owners, and photos of a couple of their waterfront homes.

They point out the fact that there has been little prosecution in Florida or oversight in Florida and the negligible response of our Attorney General and others.

I continue to be amazed that things never change. The amount of money to be made and minimal risk of substantial fines and criminal prosecution simply invites frauds like this.

 

[beanie]

http://www.tampabay.com/news/busine...on-promises-usually-escape-punishment/1218177

 

[TUGBrian]

What a fantastic article

 

[simpsontruckdriver]

They are making it sound like ALL resale companies are scammers. As we here on TUG know, it's only those who cold-call who are scammers, most resale companies that work through eBay are reputable.

TS

 

[theo]

Well...

<snip>.... most resale companies that work through eBay are reputable.

Some --- certainly. Many --- maybe. But most? --- very doubtful (...at least imho).

 

[rrlongwell]

Some --- certainly. Many --- maybe. But most? --- very doubtful (...at least imho).

I wonder if most of the rebay resellers are not selling the inventory for the phone solication people. They have to move their inventory somewhere or at least attempt to do so.

 

[BevL]

I wonder if most of the rebay resellers are not selling the inventory for the phone solication people. They have to move their inventory somewhere or at least attempt to do so.

Well, all those dollar timeshares have to come from somewhere. They've made their money in the upfront fees and are just looking to unload them, hopefully before amy maintenance fees are due. And they make a few bucks on the closing costs which are usually higher than actual costs.

 

[mango32953]

Most resorts offer resale services for thier owners, with the sales being overseen by a licensed broker. Many people, including owners, are surprised to hear this. The owner's associations should be more proactive in warning owners about up front fee scams, and in making them aware that the resort has a resale program. It seems like it should be common sense, but owners who don't use their timeshare and haven't stayed at their resort for many years simply don't know about on-site resales and fall victim to scams.

 

[TUGBrian]

eh, IMO its a stretch to say "most" resorts....im sure some do...but its most certainly the minority.

 

[geodad]

Wyndham

Does anyone know of Wydham offering a Help with resale department?

 

[rrlongwell]

Does anyone know of Wydham offering a Help with resale department?

Not in the form you are suggesting. I have heard it mentioned by the Corporate Sales staff that they sometimes get deeds that were taken back with a morgage on them that they can sell you for taking over the note, etc. I do not know what mark-up they put on them, if any. I also do not know who you would talk to to see if they would do that for you.

 

[timeos2]

Most resorts offer resale services for thier owners, with the sales being overseen by a licensed broker. Many people, including owners, are surprised to hear this. The owner's associations should be more proactive in warning owners about up front fee scams, and in making them aware that the resort has a resale program. It seems like it should be common sense, but owners who don't use their timeshare and haven't stayed at their resort for many years simply don't know about on-site resales and fall victim to scams.

Many resorts have onsite sales - repeatedly acknowledged to be THE promary location/source for sales - that do not allow other sales groups to operate there & will not do resales. As long as they sit onsite it is impossible for Associations to sell owner or resort owned weeks. Those may be based on cotracts or the original docs. Not easily or even possible to change in many cases.

 

[Murphiavelli]

Does anyone know of Wydham offering a Help with resale department?

I sell the WorldMark contracts, and have been appealing to them for years to reinstate their referral policy, but the BOD and the Developer think that referring to reputable Brokers is a "liability." Too bad they will take back a paid of contract for nothing, as in $0.00 as long as dues are current.

So there is still hope.

 

[Brerrabbit]

Sooner or later.....

These people who are doing these scams are going rip off the wrong person and become crocodile food.

 

[LannyPC]

The owner's associations should be more proactive in warning owners about up front fee scams.... It seems like it should be common sense

I've been saying that many times. I realize that some resorts are commendably actively warning owners about these scams and that every owner should do due diligence regardless of warnings received (or lack thereof).

However, if every resort actively and aggressively warned its owners in no unclear terms about these scams aimed at timeshare owners, the problem would quickly subside. The scammers would be "starved" out of existence and there would be little or no need to attempt to legislate them out of business.

 

[Larry M]

What a fantastic article

No. What a depressing article!

 

[mango32953]

eh, IMO its a stretch to say "most" resorts....im sure some do...but its most certainly the minority.

I can't speak for everywhere, but in Florida the majority of resorts (at least 70%) do in fact offer owner resales of some sort. Some have a licensed salesperson on staff, some use an licensed brokerage, some just post resales on a bulletin board or resort website.

Some resorts will take deedbacks, although they are willing to take fewer as time goes on and foreclosure rates rise. All it takes is a phone call to the front desk of your resort to find out if they have a resale department, or if they will take your deed. If your resort does not have a resale department, bring it up at your next board meeting.

timeos2 is correct- resorts with active sales are a different story. (When I started the thread I was talking about sold out resorts, not resorts with active devloper sales). The sales entity at a new resort selling developer weeks runs the show until they no longer control the majority of the inventory, and will fight a resale department tooth and nail. Eventually the association and board of directors will gain control over how resales are handled, and will give the resale contract to another broker or company.

If you know of a Florida resort (except those offering "new sales" by a developer) that does not offer resales for owners please post it or pm me.

 

[theo]

Where did the author of this article get our email addresses???

http://www.tampabay.com/news/business/realestate/article1218177.ece

The author of this article (one Will Hobson) apparently sent out approximately 414 individually addressed emails (...yes, including one to me), "announcing" the above referenced article on the day of its' publication, evidently seeking comments or questions on same. Since I frankly regarded the article's content as being just old news / no news, I had no reason (or inclination) to reply.

I've never before heard of Will Hobson. I have never communicated with him. Actually, I haven't ever had occasion to even encounter that particular newspaper. Accordingly, although it's a "no harm, no foul" matter, I'm still quite puzzled as to how Mr. Hobson was somehow able to so easily send me (and 413 or so others) a message out of a clear blue sky to my vigilantly protected personal email address...

 

[timeos2]

If you know of a Florida resort (except those offering "new sales" by a developer) that does not offer resales for owners please post it or pm me.

Not an isolated example by any means but at least the three resorts in the Cypress Pointe development in Orlando - Cypress Pointe Resort, Grande Villas Resort and Bluetree Resort - have been long sold out & under owner control yet they cannot offer on site owner resales due to continuing presence of developer sales. I am familiar with the CPR & GVR situation and it dates back to an onerous set of docs written in the 90's that allowed the developers easements (at no cost to them) to stay on site for sales virtually forever. In the case of the CPR & GVR they have now negotiated an end date to those rights BUT it is in place at least through 2017. That means no chance of owner resales, barring a change of heart by the sales group, until at least 1/1/2018. So although the actual sales of weeks (which are the only way sales can be done at CPR) ended nearly a decade ago the developer remains on site selling Club memberships in an exclusive deal. If it weren't for the agreement to end that in 2017 it would have gone on indefinitely.

It's never as easy as it should be.

 

[TUGBrian]

I am sorry but I dont consider tacking a piece of paper on an actual bulletin board in a hallway at a resort a "resale office".

and I would like to know where you come up with 70%...I simply dont believe that.

now I would believe that 70% of resorts if you call them, will REFER you to someone (ie TUG, an upfront fee company, a broker, etc)...but again...I dont feel thats counted in terms of a "resort handling resales" for their owners.

 

[hvta]

Resale ripoff; Thank you everyone for any updated information on these "scams".

Five of our weeks have been taken in by these scams. Of course they don't pay their dues or property taxes and we can't resell as they are in these bogus company names. A

Woke up this morning, opened my paper and found the front page headline shouting RESALE RIPOFF.

Interesting article but nothing new to readers of TUG. Thousands lost, people lied to and taken advantage of and nothing sold.

Very sad the position of some of the people who have lost thousands and more.

The ineptitude or inability of Law Enforcement and State Regulators to do anything about it is despicable.

Read the whole article here.
http://www.tampabay.com/news/business/realestate/article1218177.ece

 

[hvta]

Timeshare scams!

Our resort has 5 weeks in these crooked hands. They are paying no maintenance fee's, property taxes and the have title. This will produce costly foreclosures. Any info is greatly appriciated.

 

[timeos2]

Our resort has 5 weeks in these crooked hands. They are paying no maintenance fee's, property taxes and the have title. This will produce costly foreclosures. Any info is greatly appriciated.

See if you can find a reason to invalidate the so called transfer as it was done with likely fraudulent intent.

You may be able to go back after the last legal owner for payments. Don't let them or the scam group off the hook. Only as a last resort go to foreclosure. Good luck.

 

[MaryRog]

Attended a presentation where owners could sell their points for cash. That cash could be applied to buying a timeshare in TX and an RCI credit card. Apparently, there is a market for unbooked points which can be grouped and used to give discounted rates to corporations, etc who need accommodations. Anyone heard of this? Any experience with it? A scam?
BTW, we didn't buy. It sounded too good to be true, and that's always a red flag. Besides, we barely use the timeshares we currently have.