WHAT YOU NEED TO KNOW ABOUT TIMESHARE RESALE SCAMS

Venturing into the timeshare resale market, particularly for novice and inexperienced timeshare owners looking to sell their properties, can be fraught with risk due to the high incidence of scams. Unscrupulously, a multitude of fraudsters are always on the prowl, ready to exploit sellers struggling to meet maintenance costs. Consequently, in this article, we aim to shed light on five essential aspects you need to understand about timeshare resale scams and provide guidance on how to sidestep them.

• Timeshare Resale Scammers Demand for Upfront Payment

Timeshare resale scam artists often deploy this tactic as they look to capitalize on the seller’s vulnerability. They will present themselves as a legal company whose clients are ready to buy your timeshare. They will promise profitable sales and then ask for upfront payment. Don’t deal with such people.

• They Pressurize You Unnecessarily

Scammers are always eager to complete their evil mission. They will create a sense of urgency to compel you to do their will. They might say that “the buyers are running out of patience” or they offer a “limited-time” service. Ignore all their strategies to pressure and victimize you.

• They Make Suspicious Calls and Unsolicited Messages

Scammers seize every available opportunity to contact their next victim. They search online marketplaces for numbers, emails, and important information that will help them get through to you. Be careful when creating your sale list on any e-commercial platforms. Do not include your confidential details.

If they eventually reach you through unsolicited phone calls and messages, pay less attention to their offer even if they make eye-catching promises.

• They Introduce Unnecessary Charges in the Middle of The Deal

Scammers might ignore upfront payment, unsolicited contact, and pressure to appear as legitimate timeshare resellers. However, they will keep demanding small charges in the middle of the transaction. They might ask for tax fees, insurance premiums, and other kinds of unexpected expenses.

Having paid such money on two occasions, you should terminate the deal as soon as possible. They are scammers with well-planned ways to defraud you.

• They Deceive Sellers with Fancy Websites

Don’t be fooled by fancy websites; some blog admins are illegal. Most fraudsters would go to extreme lengths to attract many timeshare sellers. They could hire an experienced blogger to handle the illegitimate blog.
Research reseller before dealing with him. Check their profiles, previous sales, academic experience, and other important information.

How To Avoid Timeshare Resale Scams

1. Involve An Attorney Before Signing Any Contract: Involve an attorney before reaching an agreement with any resale agent. He/she would read the contractual terms and conditions before you sign the deal.
2. Have One-on-one Discussions with The Resale Agent: Demand for the reseller’s physical appearance and have quick in-person discussions with him. Negotiate, and listen to what he is bringing to the table to know your next move.
3. Choose Certified Agents Only: Avoid any business relationship with unlicensed resale agents. Request for all the needed paperwork before doing business with him or her. Visit your country’s Department of Real Estate to confirm if the agent’s license is legal or not.

Conclusion

Transitioning away from your timeshare contract completely can be a safer and better option than attempting to resell it. The process of reselling your timeshare isn’t just filled with risks; it’s also strenuous and presents numerous challenges. You might find it difficult to locate a reliable agent or a direct buyer, adding to the complexities of the situation. Therefore, it can be more beneficial to consider completely severing ties with your timeshare contract.