What! I Can´t Sell It?

Since posting the article titled “More Bad News For Anfi” yesterday 9 August, we have received many comments about the section on resale.

In this part is an advert posted on facebook about the sale of a one bed apartment for one week at Puerto Anfi. This is up for sale for £1000 ovno, with so far no one taking up the offer, not even Anfi! (I wonder why?) Many of the comments expressed the same theme, what resale market? No one is even buying from new!

Having looked on ebay the number of timeshares for sale is staggering, many being given away, even with the incentive of the transfer fees being paid by the vendor. Yet still no takers. One has to ask why is this the case?

It may have something to do with the industry’s reputation, the fact maintenance fees are continually rising, the inability to get out of the contracts when circumstances change, or even the fact you can book into these timeshare resorts via the internet cheaper than members can.

Many of the resorts also have adverts on their own websites offering rentals to non members for less than most maintenance charges. Is this actually fair on the members, who bought with the promise they were joining an exclusive club, only members would be able to use the resorts.

How many of you bought your timeshare with these two promises: You are buying property it will go up in value, when you no longer need it we will buy it back from you? Have any of these ever materialised? Only you can answer that question.

So what of the resale market, is there one?

Simple answer, NO!

Most owners, who have tried to sell have paid extortionate upfront fees, then never heard from the company again. Others have been lured to meetings with so-called corporate buyers. Then sold a dubious holiday club or some kind of leisure credits, with a huge discount for taking the timeshare off their hands. Unfortunately it is not a discount, the price quoted is basically double, then they take into account the “value” of your timeshare, highly inflated off course, that is your discount!

In many of these cases, a few years down the line they start getting maintenance fee demands from their resorts, the timeshare ownership was never transferred. So not only have they paid for a “club” that doesn’t work or even exist, they are still stuck with a timeshare they don´t want.

Unfortunately there are not many options:

1. Keep it, and carry on paying maintenance, you may be able to rent it out to friends to cover some of the cost.
2. Stop paying and walk away, hoping they will not chase you with debt collectors. (Not really an option).
3. See if your resort will take it back (usually for several years maintenance fee payment if you are lucky).
4. Using a reputable law firm to relinquish (this is by far the best option as it is done using legislation)
5. Depending when and where you purchased, you may just be able to claim back the purchase price and have the contract cancelled. This will usually require a reputable law firm, well versed in timeshare legislation, and involves litigation.

In other words your options are limited.

Following are just a few of the comments received:

• “1000 euros for a Puerto anfi week and nobody wants to by it , not even Anfi themselves that shows you how much the resale market is worth ….nothing ”
• “Tried to sell got conned, wnated to give it back no luck now looking at lawyers”
• “For sale over year no offers, believed promises of selling more than paid”
• “Just want out cant give away”
• “Tried raffle at local pub money goes to charity, no tickets sold”

There were many more, but all were saying the same thing, no one wants them. The last comment I think sums it up perfectly, if you can not even raffle it off for charity, what can you do?

If you would like further information on what options may be open to you, contact Inside Timeshare. We will try to give you the best advice and information possible, if we do not know the answer we will find it for you.

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