Paying to get rid of timeshare

My sister and I iherited a timeshare from our father. We paid it off for $12,000. Maintenance fees kept going up and we could never seem to stay at our own place. This year, fees were going up again and we were told an accessment fee was going to be in place. We paid a company $2,400 to take the timeshare. We are now free of the timeshare. Can this be used as an investment loss on your taxes$

Just be happy that the deed transfer went through and you are free of any future fees. There is no tax deduction for getting rid of a burden. A lot of these title transfer companies are scams. You were fortunate to find one that actually did what they promised.

debrap111 wrote:

My sister and I iherited a timeshare from our father. We paid it off for $12,000. Maintenance fees kept going up and we could never seem to stay at our own place. This year, fees were going up again and we were told an accessment fee was going to be in place. We paid a company $2,400 to take the timeshare. We are now free of the timeshare. Can this be used as an investment loss on your taxes$

Did you get legitimate verification that the timeshare is actually out of your name?

who can i trust to pay off a company to get rid of my time share?

dixiea4 wrote:

who can i trust to pay off a company to get rid of my time share?

In short, no one.

Try listing your timeshare here in RedWeek's Bargain Basement. Offer to pay the closing costs (about $150 through legaltimesharetransfers.com).

You can also try listing on E-bay (about $70), Craigslist, or Bidshares (both are free).

As for a company that "[gets] rid of [your] timeshare", these type of companies only try to find someone who wants to buy or take your timeshare. There's no guarantee that they will find someone. Don't waste your money on these type of companies.

Also, Timeshare Users Group (aka TUG; tugbbs.com) has a Bargain Deals section where, for free, you can advertise that you are trying to give your timeshare away. Just follow the instructions at the top of that section.

We used Timeshare Closing.com and we had to pay them to take it. It was worth it, since they did all the paper work and closings. This year we were going to get hit with an assessment cost and our taxes and fees had already gone up to over seven hundred dollars and on the rise.

I've never been able to use my time share. A company named BuyATimeShare.com called me and for 500 dollars will advertise on their site. The people who will buy it pay closing costs... Is this a scam? I really want to get rid of this money pit.

You can place an ad on this site or many others for a lot less money. It sounds like a lot of money to place an ad to me. Anyone can open a website and charge for advertising.

maryr532 wrote:

I've never been able to use my time share. A company named BuyATimeShare.com called me and for 500 dollars will advertise on their site. The people who will buy it pay closing costs... Is this a scam? I really want to get rid of this money pit.

There are thousands of such scam sites on the internet .... they sale advertising, not timeshares, and they put your timeshare in a data base that no one will ever see but YOU'RE out $500.

Valuable video endorsing Redweek and Tug and warning people of upfront timeshare resale scammers.

http://www.youtube.com/watch_popup?v=jEPkxR31D1w

What company did you use. We have a paid off timeshare but the maintenance keeps going up. Want to get rid of it.

Hi you mentioned the company name you used, but please post if you recieved documation that it has been transferred over from your name and your not liable for any futther costs. This would be so helpful to others who are in the same boat. So often the legal end of things are not transfered and the seller gets nabed for fees.

What company did you use. I got a couple I would like to give away.

Yes it is a scam. I have been in the timeshare business for over 15 years and none of the companies that call you and say they have a buyer or that they do shows just like the resorts do or that they will advertise it for you do anything more than list it on a web site. They never sell that way. There are hundreds of websites with hundreds of thousands of listings. They are over priced and do not sell. You can do that for free here, on tugs, on craigslist or contact a legitimate real estate company that does timeshare resales in the town that your resort is located. Be prepared to give it away and that is only if you don't own anything on it.

I would consider selling my timeshare in Branson Mo. who would you suggest that I contact. Especially after reading all the above scams. Thanks Bob In Texas

roberto241 wrote:

I would consider selling my timeshare in Branson Mo. who would you suggest that I contact. Especially after reading all the above scams. Thanks Bob In Texas

I hate to be the bearer of bad news but most timeshares, especially in Branson, are worth around zero dollars right now.

You are definitely wise to read up about these scams. Therefore, you know not to pay anyone a large, upfront fee to sell your timeshare.

If you're desperately looking to end your ownership, then list it in RedWeek's Bargain section for a dollar sale price.

Smells like a scam to me. The minute they ask for any money upfront run as fast as you can.

There is no upfront money i didn't pay until it was already being transferred this is an honest company that really helped me, at a reasonable price $699. I have already suggested my friends and would suggest that u call and talk to them. I was skeptical a first as well but after talking to them i was confident and i am glad i did!

Jessem58 is a scammer. He's pitching the same scam in another room in these forums. He claims the company name in the other room is Owners Solutions International and in here he claims the name is timeshareliberator.com. These scammers go buy numerous names and as soon as they get enough victims they change names again. Don't become another victim. The phone number he gives is in Orlando, Florida a known hang out for the scammers. I will forward these posts to the proper authorities there for them to investigate. Timesharing Today just posted a warning about scammers working out of Orlando, Florida under numerous names.

jessem58 wrote:

There is no upfront money i didn't pay until it was already being transferred this is an honest company that really helped me, at a reasonable price $699. I have already suggested my friends and would suggest that u call and talk to them. I was skeptical a first as well but after talking to them i was confident and i am glad i did!

Quite obviously a shill that's tried to advertise this scam operation under various Redweek forum topics under different company names .... these types of scams pop up every day ..... this is a brand new one copyrighted in 2012.