Resale of timesharing rights
In the recent years, the market of so called timesharing rights was flourishing. Thousands of tourists bought timeshare rights of real estate at various holiday destinations. But with the purchase, the dream of having a domicile at their holiday destination for themselves didn't become reality for most consumers. Except of cases of fraud, when the offered estate never even existed, most consumers were confronted with high and non-transparent operating costs and lacking exit opportunities.
Resale as branche of business
So called "resale agencies" offer to resell timesharing rights - mostly with sensational conditions. "An interested person from Asia, Russia or the US would pay a high amount for your "old" timesharing right." The offered price often is higher than the one once paid for the timesharing right.
The agency suggests that a notary, a lawyer or a certified organisation with a sounding name like "Servicio al Cliente" could act as a trustee. They claim that the resale of timesharing rights can be carried out only with a trustee. So they trick the consumer into feeling especially safe.
Significant fees and commissions
The agency then requests that the consumer transfers several fees as well as a commission for the sale processing to the escrow deposit. After the payment, the contact breaks off and the consumer never gets the promised purchase price for his timesharing rights. The commission and fees are never refunded. As it turns out, the trustees never existed.
Complaints have no prospect of success, because the agencies only provided fictive addresses.
The European Consumer Centre therefore advises:
- Have keen senses when somebody offers you to resell your timesharing rights!
- Never pay a fee for the resale! Many consumers lost their money for the second time due to such fees.
- Professional realtors only demand a commission when the seller already got the purchase price.
- If you already paid and never heard again from the resale agency, make a claim at the next police station.
- Report the case to the organisation "Mind Timeshare" under email@example.com. "Mind Timeshare" has a current list of dubious resale agenices under www.mindtimeshare.com.