Timeshare Resale and Marketing Scams : Timeshare Scams
Do you regret ever buying that timeshare? You are not alone. There are many reasons timeshare want to unload their timeshare or return it. However, caution is important so you do not fall for the marketing tricks and timeshare Scams resell companies. Most of these companies may promise to sell your timeshare within a specific period of time or claim that the timeshare market in your area is “hot” with lots of buyers ready to purchase.
Truth is, all most of these resale companies ever need is an upfront fee to kick-start the process. While there may be reputable timeshare resale companies, scammers prey on desperate owners by promising lots of money quickly, with the upfront fee to cover the costs of the process. Well, you would be wise to hold on to your money.
Here we consider three of the most common timeshare resale strategies as well as the warning signs you should look out for. The timeshare scams resale and marketing scam starts when…
- A Resale Company Contacts You to Offer Help
You want to unload your timeshare, and this company offers help! Sounds like a match made in heaven, right?
Apply caution while discussing with any organization that reaches out to you first, especially if they tell you the market is booming or if they promise they have loads of buyers ready to purchase your timeshare. Before taking your discussion with the company to the next level, research them for any complaints online and, most importantly, check with the local consumer protection agencies in the reseller’s state and the Attorney General.
- Upfront Fee
Once the resale scammer has convinced you of their intentions, they will request fees upfront and, in most cases, these fees must be paid through a wire transfer or credit card. The fees are usually requested to cover timeshare maintenance, registration fees, closing costs, or taxes, and scammers often request this transfer is made before any paperwork or contract is signed.
Even if you are offered a money-back guarantee, hold on to your money. Until you have had the chance to investigate the reseller’s identity and request all necessary information in writing, do not do any business. Before agreeing to anything, ensure there is a detailed contract in place indicating the services the reseller will perform as well as the costs you’ll have to pay and when.timeshare scams
- Another Scammer Tries to Double-dip You
If you have made to the point of paying the upfront fees and the scammer disappears without notice, the fraudulent act may not end there. Another fraudulent resale company may contact you offering to help recover the money you lost in the first failed business for another fee. As was the case with the first scam, the second company will soon go AWOL without any money recovered.