Selling Timeshare

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Mark Cappel

UpdatedDec 29, 2010

Key Takeaways:

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.
Start your FREE debt assessment

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.

Best,

Bill

Bills.com

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8 Comments

mmackenzie, Sep, 2011

Great post.. I learned a lot. But if you wanted to get out of your timeshare contract you can always donate it. It gets you out of your financial burden and helps unfortunate people.Hope it helps!

MMike, Feb, 2011

I also was contacted by IBG and did some checking. The Orlando address is a UPS Store. This is obviously a mail drop. The Little Neck, DE, address appears to be a vacant lot next to a post office. Definitely has the smell of a scam.

SScott, Jan, 2011

IBG had contacted me as well. I feel they are a fraudulent/scam company. They are unwilling to do anything to have the 'seller' feel comfortable about the transaction. Their contract is a joke and is not 'air tight' as they say it is. The seller (you) never is given the opportunity to speak with the buyers, transfer/title company, or verify the down payment from the buyer exists. IBG refuses to do anything to verify it is a legitimate non-fraudulent/scam. There are numerous red flags.

BBill, Jan, 2011

Thank you for sharing your feedback about IBG. The concerns you raised are important.

BBill, Jan, 2011

Hi,I'm doing an employment verification for a client who listed International Buyers Group as the current employer. I'm trying to call the number provided and no answer. Is this an existing company?Thanks.

KKen, Jan, 2011

I too have been concerned.Have talked to 5 different people in various depts. I queried the fact that they do not currently have a business licence in the state of Deleware and that have only been incorporated since Nov. 2010. They responded they also have offices in New York, Texas and florida and that there are approx 120 people working in the location at Little Creek Deleware alone. I'm still leary, especially after "negotiating" their legal fees down to 1000.00 from 2495.00. Anyone ever actually finalize a deal with these guys to prove legitimatcy?

BBill, Jan, 2011

Enter the street addresses the company published on its Web page into Google Maps with Street View. The Little Creek, DE address is a residence or a US Post Office branch. The Florida address is a strip mall. It may be possible to employ 120 at the Florida strip mall location, but I doubt 120 people could fit into the Delaware residence or post office Google displays at that address.

Does this mean you cannot trust the company's promises? I would want to know more about the whereabouts of the company, its officers, and how it served "thousands" of clients given it seems to have footprints that go as far back as Thanksgiving 2010.

PPatrick, Feb, 2011

Do a goole earth with their address and you'll see it's a vacant lot. They are a fraud. I contacted the post office that delivers to Little Creek DE and there is no address at 438 Main St. They are a scam, for sure.