Is "Sell My Timeshare Now" legit?

ricko100 · Oct 10, 2016

I am trying to sell my timeshare. Sell My Timshare Now was recommended to me by someone. They ask for either $1298 or $1798 up front and then take no commision after the sale. For the larger amount they include a closing service. Has anyone used them? Can anyone tell me if they are legit? Thanks.

Ty1on · Oct 10, 2016

ricko100 said:
I am trying to sell my timeshare. Sell My Timshare Now was recommended to me by someone. They ask for either $1298 or $1798 up front and then take no commision after the sale. For the larger amount they include a closing service. Has anyone used them? Can anyone tell me if they are legit? Thanks.

If they charge you up front, you are paying them to list your timeshare, not sell it. They have no incentive to even tell you if you are asking too much to be able to sell it--they've got your money and it makes no difference to them whether you actually sell or not. That's why you see so many ridiculously priced listings on SMTN.

Additionally, $500 is steep for closing. LT Transfers will do it for $150.

TUGBrian · Oct 10, 2016

welcome to TUG!

read this first:

http://sell.tug2.net

Passepartout · Oct 10, 2016

We are generally against such 'upfront fee' outfits, because once they have your money, there is no incentive for them to market the interval. All too often we've seen them disappear with the money and you still own the timeshare. You have no recourse.

Why not just list it here in TUG's 'Bargain Deals' for free, and if you feel generous, offer to pay the closing through a TUG approved closing service for a couple hundred bucks?

Jim

Ty1on · Oct 10, 2016

I just saw a La Cabana Week 33 go on Ebay for $399, seller paying closing and transfer costs. That was sold by a company the seller probably paid a couple thousand to unload the timeshare for them.

With that in mind, the Bargain Basement probably is the best place for you to find a new home for your timeshare. Even if you absorb the costs, it will be cheaper than either paying SMTN $1,200 and still own it, or pay another company a couple thousand plus the costs of selling. That $399 goes to the company, not the seller, btw.

DeniseM · Oct 10, 2016

How can I give my timeshare away on TUG for free:

http://www.tugbbs.com/forums/showthread.php?t=132509

RX8 · Oct 10, 2016

ricko100 said:
I am trying to sell my timeshare. Sell My Timshare Now was recommended to me by someone. They ask for either $1298 or $1798 up front and then take no commision after the sale. For the larger amount they include a closing service. Has anyone used them? Can anyone tell me if they are legit? Thanks.

There are many timeshares that are way over-priced on SMTN which means they will never sell. Not suggesting at all that you use SMTN but one method to determine what your timeshare may be worth is to check sold eBay listings. For LaCabana I see two consecutive weeks (17 and 18) that sold for $2,000 all-in (closing and transfer fees paid by the seller). There is also a week 33 studio that sold for $399 all-in (with free 2016 usage and closing/transfer fees paid by seller).

When you see listings that state closing costs are "paid by seller" this usually means that the seller paid a third party thousands of dollars just to get rid of their timeshare and that third party is now trying to unload it.

presley · Oct 11, 2016

You are paying a listing fee. If anyone inquires about your property, they will let you know, but that can be years from now. I speak from personal experience.

If you don't mind paying some upfront fees, look at Redweek.com. They will do the listing and the closing for you, but at a high cost to the buyer. I think you have to sign a one year contract with them. If your property isn't worth anything on the resale market, you can rid of it quicker by giving it away on Tug. Even if you post it here in the Marketplace and in the bargain basement forum, it could still take several months before someone takes it.

swditz · Oct 11, 2016

I have no experience with them as a seller but have used them as a buyer. The broker was great to deal with and was very responsive to questions and information requests. it is a good resource if you know where you want to buy and just what you are looking for. Unfortunately many of the sellers are not of the tug variety and think their units are worth what they are asking. in our case they ended up backing out and RAISING their price, thinking that they had an offer so they must be asking too little! We actually found a unit with a better view and the owner was thrilled to have finally gotten an offer. We are there this week

TUGBrian · Oct 11, 2016

there is a reason all the sellers there overprice their listings...

when you tell someone the truth about resale value, they arent likely to pay you thousands of dollars upfront.

LannyPC · Oct 13, 2016

ricko100 said:
Sell My Timshare Now was recommended to me by someone.

Out of curiosity, what prompted this person to recommend SMTN? Did this person use SMTN's services or in some other way have dealings with this company?

As has been mentioned numerous times by others in this thread, SMTN is a very expensive listing service. You can accomplish the same thing for a lot less by using TUG, Red Week, E-Bay, or Craigslist.

theo · Oct 13, 2016

Recommended by unspecified "someone"...

ricko100 said:
Sell My Timshare Now was recommended to me by someone. <snip>

It would be more informative to know why this unspecified "someone" made any such recommendation, as "participant perspective" matters a whole lot.

Would-be sellers, as you've already discovered, must pay a hefty (I'd be more inclined to say exorbitant) fee to list with SMTN, with no guarantees of success.

Would-be buyers can and do find bargains from SMTN, which has by then already collected four figures from the owner, and the owner who ponied up that four figure fee might very well be nearly desperate to "bail out" and therefore be quite ready and willing to accept a "lowball" offer). It happens.

In short, your "recommending" party may be someone who found a great bargain as a buyer and is happy about having done so. It's frankly hard to imagine there being many "recommendations" from sellers who paid over a thousand dollars to list and likely saw only a fraction of what they expected to receive in proceeds when their timeshare finally sold (...if, in fact, it ever got sold at all). :shrug:

bondy3 · Oct 14, 2016

I just called and had a conversation with one of their sales people and asked about costs associated with buying a property, the lady told me that closing costs are between $2000 and $2500 depending on the timeshare you purchase.

LannyPC · Oct 15, 2016

bondy3 said:
...the lady told me that closing costs are between $2000 and $2500 depending on the timeshare you purchase.

As was mentioned earlier, Legal Timeshare Transfers will do it for only $150.

swditz · Oct 15, 2016

in our case the total closing cost was $1200. $400 being InnSeasons transfer fee!!! Using another closing company was not an option. We paid the transfer and the owners agreed to pay the rest.
Scott

theo · Oct 15, 2016

bondy3 said:
I just called and had a conversation with one of their sales people and asked about costs associated with buying a property, the lady told me that closing costs are between $2000 and $2500 depending on the timeshare you purchase.

I would make a second inquiry and for further clarification, as this is the highest figures I've ever heard cited --- by a factor of two or more.

I am no fan of SMTN, but I nonetheless do not believe that these cited figures are correct, unless they maybe also include the actual purchase price as well. :shrug:

MelissaI · Oct 15, 2016

I almost purchased through SMTN last month, as they had a specific unit and week I had been looking for. I was quoted a little over $1000 for closing costs, $125 of which was the resort transfer fee. I thought they were high. I ended up rescinding though because I discovered that the owner was not up to date on her MF and when I notified SMTN, they stated they were unaware and contacted the seller who did not want to bring them up to date for the sale. They said they were trying to work with her so the deal could go through, but I wanted no part of that.

bondy3 · Oct 19, 2016

theo said:
I would make a second inquiry and for further clarification, as this is the highest figures I've ever heard cited --- by a factor of two or more.

I am no fan of SMTN, but I nonetheless do not believe that these cited figures are correct, unless they maybe also include the actual purchase price as well.

I called again, the 2k that I was quoted was some sort of package deal that included some misc estras, they charge $595 for closing costs, still steep but much more reasonable than 2k.

thanks for telling me to re inquire with them, I hate leaving invalid information

theo · Oct 27, 2016

spam deleted

This is your third (prohibited) solicitation / promotion post within a matter of a few minutes on your very first day of registering on TUG.
Since your prohibited solicitation / promotion / advertising posts will all likely be promptly removed, I'd like to say a very quick hello --- and goodbye! :hi:

Btw, what's a "finical director"?

Holly328 · Mar 1, 2017

I've been to that site and there is a portion of it dedicated to rentals. Does anyone have any experience with that site for rentals?

DeniseM · Mar 1, 2017

Anyone that charges an upfront fee is to be avoided - look at it this way: If you pay them upfront, why should they care if it rents or not?

Your best option is to rent it yourself, although many timeshares are not strong rentals.

TUG and www.redweek.com are both legitimate do-it-yourself rental sites, and Redweek also offers (for a price) to help you rent it.

Holly328 · Mar 1, 2017

No, I'm the one who is looking to rent. Has anyone used this site to be a renter?

DeniseM · Mar 1, 2017

I would not look there for rentals because their high fees inflate the rent - where else have you looked?

Holly328 · Mar 1, 2017

Various other sites along with EBay. I'm just wondering about renting one with a mess an/or finding out that I've rented one from a person who actually isn't the owner.

DeniseM · Mar 1, 2017

Personally, I would look at TUG and www.redweek.com for reputable rentals.

I answered your question about finding a mess in your other post - that's not how it works.

How to verify that your rental is legit: http://www.tugbbs.com/forums/index....ntal-is-legit-when-you-are-the-renter.109479/

Is "Sell My Timeshare Now" legit?

ricko100

Ty1on

TUGBrian

Passepartout

TUG Review Crew: Veteran

Ty1on

DeniseM

RX8

presley

TUG Review Crew: Expert

swditz

TUG Review Crew

TUGBrian

LannyPC

theo

TUG Review Crew: Veteran

bondy3

LannyPC

swditz

TUG Review Crew

theo

TUG Review Crew: Veteran

MelissaI

TUG Review Crew

bondy3

theo

TUG Review Crew: Veteran

Holly328

DeniseM

Holly328

DeniseM

Holly328

DeniseM