They have absolutely NO value. A search on Ebay for “timeshare” yielded many results of a single dollar, in places like the Caribbean and Mexico.

Timeshares are sold by scam artists, and then resold by… scam artists. If you own a timeshare, chances were you were given free stuff and wined and dined like a celebrity. Then you were verbally assaulted by a group or chain (or both) of timeshare salespeople who only had one goal in mind: get you to sign a timeshare contract. More free gifts were offered. Prices were cut. Grandiose promises were made. Even more free gifts were offered. And you were forced to deal with anger or an imposed guilt trip by one of the sales people if you didn’t sign.

They are a black hole for money. Rising HOA fees, maintenance fees and mysterious “Special Assessment” fees and, they cost money whether you use them or not!

In most cases, you can’t change your weeks. Everything in your life changes, including schedules, jobs, where you want to vacation, and of course, your financial situation. Most timeshares are sold as value purchases because you “would save money” over the course of your lifetime by buying into one. But who wants to vacation in the exact same spot every year? Cancun is great once or twice, but every year for the rest of your life? Orlando, Aspen are the same way. Even the world’s most exotic vacations like Paris and Moscow aren’t worth a visit every year.

You can never get out of them – wait, this one is incorrect! Only Transfer Smart gets you OUT OF YOUR TIMESHARE guaranteed. That’s right; we’re the only ones with an IN-WRITING GUARANTEE! Go to one of our presentations to learn more, we travel ALL OVER THE COUNTRY! We will discuss with you ALL of the options: timeshare sales, donation, and transfer. I think you can tell what we think the best choice is by our name.

The California Department of Real Estate (DRE) has issued a consumer alert about the rise of timeshare resale sales fraud in California.

“Given the economic strain many families are facing, timeshare ownership is a luxury some families can no longer afford”, DRE Acting Commissioner Barbara Bigby said. “And with so many owners wanting to divest themselves of their timeshares, it has created an opportunity for fraudsters.”

According to the DRE, these are the top three timeshare scams in California:

1. Con-artists who claim they will buy timeshares, but ask for an over-the-phone fee.
2. Con-artists who claim that they are an agent who has a “ready-and-able” buyer for their timeshare, but want a paperwork fee for the transaction.
3. Con-artists who pose as legitimate, licensed real-estate brokers, who then say they will list their timeshare, and ask for a fee to do so. They never list the timeshare and pocket the money made from the consumer

All of these con-artists ask for money up front and once payment is secured, the victim never hears from them again.

The DRE has several tips for timeshare contract holders to avoid being a victim of a resale telemarketing scam.

1. Research the company’s reviews on Trustlink and the Better Business Bureau (BBB).
2. Never pay upfront. DRE advises you contact them to see if the business is a reputable one.
3. Only licensed real estate brokers may list and sell timeshares. Ask for their license paperwork before you pay for suspicious or “too-good-to-be-true” services.
4. Ask for the agent’s contract in writing. Of course, all in writing contracts have to be agreed to. Transfer Smart offers an In-Writing Resale contract of their services.
5. Check them out on Google. A sign of a great timeshare transfer company is the amount of blogs they have.

Visit their website if you feel you’ve been a victim of a timeshare resale scam or for a copy of the Consumer Alert.

Turning the Priceline/Orbitz model on its head, Backbid.com allows hotels to bid on you.

Priceline.com was the name-your-own-price innovator, launching in 1998. Many travel agents have said it changed the very nature of travel, taking the personal trip advisor and cutting them out, offering bare-bones deals for the consumer. The role of travel agent has greatly decreased, something I wrote about here. It’s one of the top ten “Dying Professions,” decreasing in number by 41% over the last six years. Unfortunately, this doesn’t also apply to timeshare sales.

It also changed the industry by sheer amount of information offered alone. The casual traveler didn’t know what the rates were for different hotels, especially upscale ones. Priceline not only made the consumer knowledgeable but expanded their options with everything from car rentals to the flights themselves.

Such power in the hands of the consumer is borderline dangerous to the hotel industry.  “What if every time you bought an item from the grocery store, an article of clothing or a piece of furniture, once you got home you had competing stores offering to sell you the same item for a cheaper price?” asks Jason Q Freed, editor of Hotelnewsnow.com.

Backbid.com works like this. Tell the site you are going to a certain locale, and name your dates and price range. You have to have an existing hotel reservation. This is why hoteliers don’t like it. You have to break your reservation with one hotel, and accept a reservation from a new hotel. In many cases, you can get a room that’s nicer and less expensive than what you originally found.

This business model can extend to everything travel related, from car rental to flights as well. The industry may turn back the tide by not offering refunds on reservations. This in turn can lead to consumers only using hotels that offer the ability to break reservations, increasing their business but also potentially damaging it- after all, if they offer a hotel for $200 and get out-bid post-reservation for $199 every time, and the consumer must take the cheapest price, it can be damaging for all hotels.

The only cure would be for businesses to all agree not to use Backbid. This is a nearly impossible task. Businesses will do anything to make money, especially hotels and timeshare resorts in a down economy that has seen the vacation industry tank over the last five years. Oddly enough, one consumer actually got a Backbid discount bid from the hotel he had actually made the reservation with and saved $39.

A troublesome duo.

The Federal National Mortgage Association, aka ‘Fannie Mae,’ not to be confused with the Federal Home Loan Mortgage Corporation, aka “Freddie Mac,’ has taken $32 billion from Bank of America (BA) in a settlement of home mortgage ownership.

A year and two months ago, BA paid $1.3 billion to Fannie Mae to settle all disputes from property and mortgage issues. BA acquired 20% of Fannie Mae’s mortgages when they purchased Countrywide Lending.

Together they hold 50% of the country’s total mortgages and 90% of new mortgages taken out in the last three years.

Fannie Mae and Freddie Mac were para-government agencies that were fully taken over by the Fed in 2008 as losses on unpaid loans pushed them both towards bankruptcy. They received a total of $190 billion.

$32 Billion of that was paid by Bank of America. Many homeless have used hotels or resorts in order to get by, usually coming at a much higher cost than home ownership. But with the bottom of the loan industry bottoming out, it took people who shouldn’t have qualified for loans with it.

In the end, no company received more money in the 2008 Federal bailout era than Fannie Mae.

Countrywide and subsequently BA have come under fire recently for racist practices at the former. Their $25 billion settlement not only cost the money financially but in respect and prestige.

York Beach, Maine.

The DoubleTree Hotel in Maine’s biggest city will offer timeshare suites as part of their renovations. While Maine isn’t usually looked at as a hotbed of tourist activity, and therefore usually passed over by timeshare shelling resorts, the head of Hilton sees potential in the market.

“DoubleTree by Hilton now welcomes our loyal business and leisure customers to stay with us in Maine, with the opening of the newly renovated DoubleTree by Hilton Portland Maine. This newest New England DoubleTree by Hilton hotel location extends our commitment to welcoming the world’s travelers in key destinations and providing a comfortable, amenity-rich hotel experience for visitors and residents alike to work and play,” says Rob Palleschi, spokesman for DoubleTree by Hilton.

The New England DoubleTree has upgraded its restaurants, amount of rooms, and expanded its offered services in order to make the place more of a resort and less of a hotel. It already had a premium location, two miles from the Portland Airport and directly across the street from the Maine Mall.

El Chaltén

While we at Transfer Smart never recommend timeshares, but Argentina is such a beautiful place it may be one where a traveler could get swept up in the moment and purchase one. Yikes! After doing careful research, I’ve found what I think are the best beach, restaurant, nightclub and nature sighting. Because we all like specifics, right?

For beach choice go to the Mar Del Plata. It’s called “Argentina’s Miami.” A massive, vibrant, sexy crowd, world-class shopping and even some nature (seal sightings!) make this a can’t-miss.

Argentina’s most famous food product is its steak, or bife. They cook it with coarse salt and fire. That’s all. Pair a parilla completa with a red Gestos wine and you’ll be in heaven. Visit the world-renowned El Viejo Almacenz in Rio for five star dining and authentic live musica.

The tango is the first drink that comes to mind when you think of Argentina, Not the samba. That would be that rival country to the north that speaks Portuguese. Its passion hasn’t escaped the youth culture, and can be found in the biggest nightclubs of Buenos Aires. According to the Buenos Airés Nightlife Guide, the best nightclub is the Fiesta Bubamara. Locals, students and foreigners enjoy electronic music influenced by European DJ’s. The crowd is friendly and it stays open till 6AM on the weekends.

The nature sighting is a pretty easy one. The Foz do Iguacu, or Iguazu Falls, is one of the world’s longest and most spectacular waterfalls. On the Argentinian side, you can touch the water; on the Brazilian side you get the better view. If you’re in the far south of the country, check out the glaciers. People forget that the southernmost part of Argentina is less than 100 miles from Antartica!

Gold has always been a wise investment.

With the recent release of Mitt Romney’s tax information, the disclosure that he has $100 million available in his Individual Retirement Account (IRA) was surprising to some. But prodigious investors saving for the future are looking at IRA’s in a whole new light and exploring the many options they offer.

IRAs began in 1974 as an act of Congress. There are several different types all with different tax benefits. For example, the SIMPLE IRA requires an employer to match employee contributions dollar for dollar, similar to a 401K. The Roth IRA, started in 1997, will have no tax impact on the user. All monies invested here will not be subject to taxes.

IRAs can have a diversified portfolio. Investments in land, business or charities can all be a part. What is illegal is using your IRA before it matures or before you turn 59.5 years old. For example, using a timeshare that’s in your IRA; using a hotel room that your IRA has stock in; or taking a vacation in a rental car from a company that’s listed in your IRA. Financial advisors issue these warnings to prospective buyers:

Keep your paper work. There are articles of organization, investor agreements and a secretary of state certificate. The IRS audits IRA’s once a year, and the custodian keeps these audits on file.

Learn your tax rules. Any prohibited transaction can render your entire IRA taxable and also subject you to a 10% penalty if you’re under 59.5 years old. As I wrote earlier, don’t self-deal, which includes buying, selling or leasing an asset to or from your IRA, such as a timeshare.

Know your providers. There are the state-regulated banks and private ones. They also tend to charge higher fees than 401K providers.