Dec
01

What to expect when you are invited to a Time Share buy back meeting?

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What to expect when you are invited to a Time Share buy back meeting?

My husband got a call from a Telesales person saying that their company (Time Share Investment Company) is interested in buying back our time share.  As we have only invested a small amount, the person tempted us by telling us how this time share is now appreciated and they are willing to write a cheque of $7k to buy it back so that they can re-sell it in Europe.

Time share resort

We are into our 2nd years of holding this time share. last year the marketing agent who sold us the time closed down. This year, the appointed local travel agent announced that they are going to terminate their services.  We sense that this time share may give us trouble later, so if a professional Time Share Investment Company wants to buy it back from us at a higher value, why not?  We are more than happy to get rid of it with no additional pay out, but at the back of our minds we knew that this was too good to be true. Anyway, it would be a good experience for us. I can share this with all my blog readers, so we went down to the company.

When we arrived, we were receive by  a young Malay receptionist and an executive looking middle aged Indian man lead us to a room.  Next to our room, there was already another couple with a Chinese middle aged lady.  As usual, drinsell your timeshareks were served, then the middle aged Indian man asked us about what was communicated to us by their Telesales person.  He explained to us that the reason they want to buy back is because time share is very popular in the European market as they are all sold out and they noticed that Asia does not appreciate time shares, so they have decided to buy back from Asia and re-packet it to sell it to the Europe market.

Along the way he told us that he joined the company for a few months and that he was still new.  He also owes a time share which he is trying to get rid of.  He shared with us that he was offered by his company to either get rid of the time share by selling it or invest more to convert his time share into time share + investment so the new time share will pay him a sum of money after 2 years and at the end, it is an investment.

Then his Eurasian boss walked in to ask questions about our time share, looked at our contract and found faults to devalue our time share, than he said he will need to check to see how much he can offer us and that it would take about 45 minute to get the information and give us an offer, then he left the room.

So the Indian man had to fill How much is my timeshrae worthin forms and verify our ID to ensure that we are the legal owners of the time share.  Again he repeated to us that his boss was given a budget to come to Singapore to buy back some time shares so that they could re-sell it in Europe and that the budget was running low, so we have to make our decision today how much we want to sell and perhaps do some negotiations.  He continued to talk as if he was on our side to help us, give us small tips and share information on what is the strengths and weaknesses of our time share contract, what we can use as our selling point to ask for higher price from his boss… .etc

Along the way he did not forget to remind us how good are the investment products their company is selling and people repeatedly come back for more, he mentioned just few days ago someone paid by credit card $100,000… etc. 

We were kept there listening to these for more than 45 minute, finally I told him we cannot be waiting forever, if his boss is not ready, he should call us back when he is ready and that we were leaving in 10 minute. 

The Indian man went out for a while and came back to say that the report is out, his boss will be here in 10 minutes. 

His boss shows up and his offer buy back price was $600, he said our time share is of no value to his company.  We rejected the offer, then he gave us an alternative, he offered us to buy their $30K investment product, he will buy our time share with higher value of $18+k, then we would have to top up $11+K .

We said no thank you for the offer and we left the office. 

So if you ever come across the same thing, you know where they are coming from. Don’t fall into their trap.  Be alert and vigilant and stand firm in your decision.

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