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Original Message:
Be careful. Be VERY careful... (by KC):
lancec13 wrote:I concur with much of the above statement, but I would point out that it still does NOT in any way address the biggest danger of all...If you do meet with them tomorrow, please do report back here. I am curious as to their sales pitch. Whatever you do though, do not let them fast-talk you into hastily paying them some outrageous amount.They say they will buy it from you. They will probably go on a sales pitch about how bad and burdensome it is to own a timeshare and how difficult it is to sell it. Then, likely they will offer to buy it from you for $1 or so on the condition that you buy into some worthless travel membership or program that will cost about $3000.
Anyway, if you do go, be forewarned! Their sales pitches are very persuasive (but unconvincing).
Some of these entities (after taking your several thousand dollars) do NOT actually transfer the ownership into their name at all. Instead, they have you sign a "Power of Attorney" which authorizes them to TRY to sell the week on your behalf. However, in this power of attorney arrangement, YOU STILL REMAIN the legal owner of record until a later recorded deed transfer occurs (IF one ever occurs at all). If the entity can't sell the week, even though they might pay the maintenance fees for a year (or maybe even for several years), when all is said and done you STILL own the week (and ALL of the associated legal responsibilities associated therewith). By then, these folks will likely be long gone...
Accordingly, make VERY sure that you clearly understand the difference between transfer of ownership by recorded valid deed in a new name (by which you will no longer be the owner) and a mere power of attorney (in which you REMAIN the owner until actual deed transfer --- something which may never actually happen AT ALL).
You don't want to part with $3k only to find out several years from now that YOU STILL OWN the timeshare. Be smart. Fully understand the critically important distinctions outlined above BEFORE you sign (...or pay) ANYTHING!
There is an old saying that "a fool and his money are soon parted". Don't be a fool...