Bob Massi is a Las Vegas attorney known as The Property Man hosting a show aired by Fox News, who is a very determined advocate of the rights of consumers. In one case Irene points out a couple he helped resolve the issue of their bankruptcy, it took them five years to attempt to buy a house, then they found that the bank had not foreclosed in the first place.
He has also highlighted the problems in the timeshare world and as you can see from the video, gives the consumer some sound advice. He points out that unlike real estate, timeshare does not appreciate in value, that many owners if they are able to sell, only recoup a fraction of their original investment.
So this is not just a problem we have in Europe, it affects timeshare owners in the US. In his article, he points out how to sell the timeshare or how to just get out, in the interviews with licenced resale brokers they explain how to safeguard yourself from the “scam artists” that promise the earth and deliver nothing. He also explains how one particular scam works, this is where you have listed your timeshare for sale on a marketing website, the next thing you know, a bogus company is in contact with you saying they have a buyer. (Think of the corporate buyer pitch or even the Russian market one, we have many buyers waiting!). Now in order to conclude this “deal” a closing fee is required upfront, guess what? You never hear from them again.
According to the video, timeshare is in the top 10 of scams in the US, this is probably the same for Europe. He also interviews the Florida Attorney General Pam Bondi, in this she states they worked with the timeshare industry to enact laws to curb this abuse. She points out that since the laws were put into place they have closed down numerous firms, around 41, in many cases they have also secured convictions.
In the US, as we have highlighted before timeshare is regulated by real estate laws, sales staff must be licensed, if not they can’t sell the product. For those in Europe who own timeshares across the pond, the problem of how to get out is even more difficult, mainly because of the differing state laws and the distance involved. There are some companies in Europe who can help to get out of the timeshare, but if you are looking to sell, this article will help. You could also contact The Licensed Timeshare Resale Broker Association, (see link at bottom of the page), it consists of 64 members and works completely within the legal framework, all members must adhere to regulations and the codes of conduct set out by the association. But remember, as stated in the video many timeshares sell for only 10% of the original purchase price, contrary to what you were told at the initial presentation.
Irene and her husband have also recorded an interview with Bob Massi, it is hoped that this will be broadcast in the Autumn (fall in American), when it is we will publish the links here. We also look forward to more articles in The Street by Irene, including one she is working on now.
The following link is an article about Bob Massi, it gives a very good insight into the man himself, the type of work he engages in and what it means to him, Hope you enjoy it.
If you require any further information about this article, or any timeshare matter, contact Inside Timeshare. If we don´t know the answer we will find out for you.