TIMESHARE RESALE MARKET: Why are Prices so Low on it?
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Most timeshare owners who want to get out of their timeshares, usually make the first choice to sell them, but selling a timeshare is not as easy as it sounds and barely holds a financial value on the resale market.
On the other hand, the more savvy buyers have benefited from the low prices and huge selection of timeshare resale market-finding timeshare promotions.
In this article, you can find out why prices are so low on the timeshare resale market and if a timeshare is worth it when you own one. Or you may be looking for a "timeshare lawyer near me". Keep reading to get the information you are looking for
Buying a Timeshare on the Resale Market
You can find timeshares on the resale market for a timeshare price that is lower than the initial purchase price since, in this market, you will find a timeshare promotion most of the time.
But when you buy a timeshare on the resale market, you need to take into consideration that you don’t only have to pay the price, there are other costs involved, for example, the maintenance fees.
Is a timeshare worth it? It is important to understand that a timeshare is not an investment; you are only purchasing the right to use the property for a period of time.
Even if you get a timeshare promotion for a secondhand unit, the ownership will cost you a lot of money later.
There are companies dedicated to timeshare resale, they are everywhere on the internet when it comes to getting rid of a timeshare.
They claim to be legitimate "agencies", and what they are basically dedicated to is helping people buy a secondhand timeshare for a price much lower than the average timeshare cost, or buy timeshares that may be cheap timeshares resold by the owner, or people who have posted their properties on the web.
Commonly located in Mexico, these agencies usually offer certain timeshare promotions to the owners of their used timeshares.
Many things are known about these self-proclaimed agencies, and like we said before, you should not trust this kind of business if it appears too good to be true.
There is more information stated in this article about the Mexican timeshare resale fraud.
Also read: Buy timeshares: What’s the big risk about them?
Selling a Timeshare on the Resale Market
As we know, there are no easy ways to sell a timeshare.
One of the timeshare complaints about timeshares is that they are almost impossible to sell.
Owners also complain about trying to sell it back to the resort, because that's what they promise to do in case you're not satisfied with your purchase.
But in the end, owners are lied to and get no help from the resort.
Some people choose to sell their timeshares on eBay, but if you take a look, there are at least 1200 timeshare units listed, and the numbers are increasing every day.
You can see timeshare promotions like finding properties for so much less money than the average timeshare cost, even for pennies, and there is a big list of different units.
Selling a timeshare takes time and is costly. That’s why many timeshare owners are scammed by timeshare resale companies.
These companies ask you for an upfront fee, and as soon as they have your money, you won’t hear from them again.
Also read: Where can I sell my timeshare?
Is Timeshare Worth It?: Beware of Fraud
Like we mentioned, we advise you to be on the lookout for companies that claim to help with the resale of your ownership.
Several timeshare owners have been contacted by a group of people claiming to be part of the best timeshare companies
But don't easily trust any company that calls to offer a secondhand, cheap unit or similar products or services, as these scammers will frequently change their company's name to avoid being detected.
Resellers working in the timeshare industry are masters of manipulation and basically do all the job in the deceiving business of timeshare: they claim that they have an interested buyer who will give you a large sum of money for your timeshare
It sounds too good to be true, doesn't it? But be on the alert, if they refuse to reveal the buyer's personal information or other details and ask you to pay upfront fees, this is a great scam alert.
The fraudulent salespeople might contact you first, proposing a secondhand timeshare promotion or offering their help, so you can sell your timeshare fast and present themselves as one of the best timeshare companies, showing you a web page and documents that seem legitimate.
They can even create a false sales contract.
If you are looking to sell and want to avoid this fraud, be sure to use an agent who charges a commission instead of upfront fees.
When a reseller contacts you by phone, they insist that the area where your timeshare is located is in demand and that many people are interested in it.
They will claim they could help connect you with a potential buyer in a short period of time.
Sometimes, the call is to inform you that they have someone who is ready to buy your old timeshare for the price you stated.
This fraudulent company's websites can be easily found and, most of the time, are easy to access by people who are desperate to get rid of their timeshare without knowing that the best option is to look for a "timeshare lawyer near me" and just cancel the timeshare contract for good.
Timeshare Price in the Resale Market
Why are prices so low on the timeshare resale market?
Timeshares lose more than 50% of their original price at the moment the timeshare agreement is signed.
The bad economy and the horrible reputation that timeshare properties have gained over the years represent the biggest difficulties when selling timeshares.
To understand why the price of timeshare price is so low on the timeshare resale market, we need to know that the main reason is that the supply greatly exceeds the demand, which means it won’t be easy to sell a timeshare fast, and that’s why timeshare owners list their timeshares for a lower price than the original purchase price.
Before signing a contract, buyers do not really ask themselves if a timeshare is really worth the price.
They just look for the best timeshare companies or resorts to get themselves a property to own.
It also happens that salespeople lure clients with the many benefits they are going to supposedly get with their purchase.
Another tactic salespeople use in order to sell is pushing the guests at the resorts to the point where it gets annoying, and this is one of the main accusations people make when being scammed.
Many timeshare owners, desperate to dump their properties because they can’t pay the maintenance fees or annual fees anymore, choose to list their timeshares on the resale market.
Even though the average timeshare cost seems fair in relation to the benefits the owner will get (such as privacy, a place to stay, avoiding paying for the hotel reservations, etc.), the problem is that the resale value of the timeshare ownership is much less than the timeshare owner would expect.
As we know, the fraudulent timeshare business in Mexico is huge, so once the owners realize they have been victims of fraud, they try to cancel the contract.
What they did not realize is that, according to the resort, they "waived their right to cancel" when they signed the paper, which is a lie and part of the scam.
PROFECO is a consumer protection agency in Mexico that states that you have five business days to cancel a contract after you purchase any ownership.
You can find the decree here and get better informed.
What you have to do is basically read your timeshare contract with the respective resort and look for the clauses about the cancellation of the contract.
Then, write a cancellation letter and send it to the resort by mail. Keep the evidence that you asked for a cancellation on time.
It may take a little time, but you should receive a refund of the money you paid when your case is resolved.
If the resort doesn't agree to do it, you probably need to get help from a timeshare cancellation company to help you out in the process.
Out of timeshare to cancel? If you find your period to be over, don't worry, it is still possible to cancel, and that can be done if you are assisted by a timeshare cancellation company as well.
To answer the question, is a timeshare worth it? The truth is, you will end up trying to get rid of it.
Also, the reality is that trying to sell a timeshare is nothing but a waste of time and money.
If you are in this situation and need to give away of your timeshare, the best solution is to get a timeshare lawyer to help you.
If you look up "timeshare lawyer near me," you will find professionals who will help you cancel the contract in a legal way.
Even if you are past the grace period of five days.
Timeshare cancellation has many advantages, but the most important is no more monthly payments.
Contact Mexican Timeshare Solutions for a free consultation in your situation, so we can explain to you how we can help you cancel your timeshare contract.
Best of all, you don’t have to pay any upfront fees.
You pay until you are free of timeshare, this is our guarantee.
To receive more information about the timeshare resale market and how to cancel a timeshare, send a WhatsApp to +52 333 239 6589, fill out the form in the contact section, or call us at +1 714 277 3662.
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