- Check out the reputation of any firm that solicits you to sell your timeshare.
- Consider negotiating a reduced settlement, if your timeshare sells for less than you owe on it.
International Buyers Group contacted me to broker my timeshare. Is IBG legitimate or a scam?
I'm considering selling my timeshare. I was contacted by a company, International Buyers Group, out of Little Creek, DE. They are not listed with the BBB or the Chamber of Commence in Delaware. How can I find out if this company is a legitimate company or a scam? I have an address and when I Google it, it looks like a residential area.
Thank you for your question about the timeshare you are considering selling.
You did not mention how International Buyers Group received your contact information. How did it learn you considered selling your timeshare?
I located International Buyer Group’s Web site. It offers the outward appearance of being a legitimate enterprise, but I did not find independent information about them, either good or bad. There is a listing at the Better Business Bureau, but it shows 'no rating' and that the company's original business start date was November 24, 2010. This gives me some pause, especially in light of it claiming to help thousands of customers. Also, if I did not know how a firm got my contact information, I would be reluctant to speak with them.
Selling a Timeshare
Selling a timeshare is often quite difficult. The main problem is the seller often owes more on the timeshare than he or she can sell it for. This seller may need to pay off the difference, in order for the use of the timeshare to transfer to the buyer.
Go to eBay, Craigslist, or TUG - Timeshare Users Group to find the market price for timeshare rental or sale. Consider placing a classified ad in the city where the property is located.
Avoid doing business with any business that charges an up-front fee to broker your timeshare. These may come out of the woodwork once you place your property for sale on one of the three marketplaces I just mentioned. Some promise an eager buyer awaiting your property. However, logic suggests that if an eager buyer wanted your property they would contact you directly. Alternatively, if buyer was legitimate, the broker would wait and take a percentage of the sales price.
Selling a Timeshare for Less Than the Loan Amount
If the loan that financed the timeshare purchase is mortgage-like in structure where the finance company has a security interest in the title of the property, then the owner must either negotiate a short sale or deed in lieu of foreclosure type of contract with the finance company.
If, however, the loan is unsecured by the title of the timeshare, then the loan is like any other unsecured debt, such as a credit card, medical debt, or a payday loan. If the loan is unsecured, then the timeshare owner can sell the timeshare for whatever the market price is, and then resolve the unsecured loan using a debt settlement company or negotiate a settlement on their own.
Default is an option of last resort and a tactic to be used only if the timeshare could not be sold or the finance company would not consider a short sale or deed in lieu of foreclosure.
I hope this information helps you Find. Learn & Save.