Timeshares have been viewed as a risky proposition, full of high-pressure sales tactics and potential pitfalls. If you are a timeshare owner, the chances are that you might have come across companies claiming to sell your timeshare to an exciting buyer, relieving you of the burden. These companies often advertise themselves as legit bodies; however, they use unfair means to deceive customers and make money.
You might have heard stories of timeshare owners not getting the desired results even after paying. Such stories are narrated with words like ‘scam’ or ‘fraud.’ Whether the company failed to deliver the expected results or had notorious intent, the owner paid for something they didn’t get. As a timeshare owner, you need to be aware of that.
As a thumb rule, keep the following timeshare resale scams in mind to avoid the regret-
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Today’s timeshare resale scammers are tech-savvy. They know how to change the contact number that appears on the caller ID. The so-called timeshare representatives contact innocent customers, claiming to be associated with credible timeshare resale companies. They make false promises to sell your timeshare to an eager buyer and grab money.
What to do - Never pay upfront costs or luxury taxes. Avoid giving your personal information like a bank account, or credit/debit card details when someone calls you unsolicited. Do some research and make sure that the company is legitimate.
Timeshare cancellation companies are popping up everywhere. They are scam artists who promise you to cancel your timeshare contract with a 100% money-back guarantee. However, you should know the fact that unless you cancel your timeshare within ten days of the purchase, it will be valid even if you change your mind. Many timeshare companies ask owners to stop paying mortgage or maintenance fees. But, you should refrain from doing so. Unless you receive a satisfaction letter that your debt is fulfilled, don’t stop paying on your timeshare. You don’t want to deal with late fees or foreclosure later.
What to do- Know your options. Look for a legit timeshare exit company, like the Wesley Financial Group, with experience in dealing with timeshare cancellation cases. But is Wesley Financial Group a legit company? Conduct thorough research, read customers' reviews and make an informed decision. Don’t shell out thousands of dollars on ‘any’ timeshare exit company without researching it.
Unsolicited phone calls from non-legitimate timeshare buyers are one of the most popular resale scams. They will say they have potential timeshare buyers but need money to close the sale quickly. They may also ask for personal information or upfront payments for closing the sale. Have you ever got such unsolicited phone calls? If yes, it is a red flag!
A legit timeshare exit or resale company will never reach out to you suddenly. These calls are illegal because you haven’t permitted them to contact you. Furthermore, buyers will pay for transfer fee and not the owners for selling the timeshare. Thus, unless these terms are negotiated, you will not be paying any closing costs.
What to do–If someone asks you to pay upfront fees or credentials, they are not a legitimate timeshare buyer. So keep this thing in mind and avoid this timeshare scam.
If you are trying to sell your timeshare, the best thing to do is to look for a credible timeshare cancellation company. A good timeshare exit attorney knows the industry inside and out. They know what goes into canceling a timeshare legally without causing harm to a person’s financial history.