Unfortunately, timeshare resale scams are on the rise, with the most popular one being from charlatans promising sellers they have cash buyers waiting to purchase their weeks, all they must do is transfer a fee to start the process. Such con artists are getting more and more imaginative, coming up with new ways and snazzy websites to trick owners into selling their timeshare and handing over their hard-earned cash.
We at ABC Lawyers would like to pre-warn potential victims of the new ruses out there and hopefully by the end of this article you’ll understand why using a reputable timeshare exit company is the only way to ensure you are not a victim of fraud.
Cold callers contact owners posing to be from a legitimate company claiming they have cash buyers waiting to purchase their timeshares. All they ask for in order to start the process is an up-front fee, this is when the alarm bells should start ringing. No legitimate company is going to ask for anything up-front. Do not part with any cash.
This is like the scam above. The phony resort contacts owners who are looking to sell and informs them they are buying back timeshares for the resort. Again, you’ll be asked to pay an up-front fee to secure the purchase. DON’T. Just because they are using the resorts name, do not be fooled, if you have not contacted the resort directly how do they know you are looking to sell? If in doubt, ask the caller for their details and call the resort to confirm they the ones who are calling you.
No company can ever guarantee that your timeshare will sell within a certain timeframe. Any company that says otherwise is a scam and is violating the law in some states such as Florida.
Will offer you written contracts and cooling off periods, these contracts will state all the terms and conditions discussed during the sale, albeit most companies do not want buyers to read in detail until the deal is done. Before signing on the dotted line always ensure the company is registered to do business in the state in which they reside. Another good point to look for it the length of time a business has been in operation, this must count for something, since bad businesses don’t last very long.
Companies with nothing to hide will be willing to outline how they go about finding buyers and renters, especially if they are an online company. However, we always recommend consumers also do their own internet research into the company which they are intending to use. Customer reviews can be the best form of marketing for any company. If you’ve been researching timeshare resale companies to help you sell your timeshare, you may have come across some articles or discussion boards warning you about paying up-front fees to sell your timeshare. Some have even gone so far as to label all timeshare resale companies that ask for a fee a scam. This is usually the case.
Legitimate contact details;
Legitimate companies have physical addresses and phone numbers as appose to contact via email ‘only’. We always recommend calling the company’s phone number to see if anyone answers the phone and observe how they answer. When/if someone picks up when your call, does the person greet you with a reference of the company’s name? Also, keep in mind that a P.O. Box for an address is not an address, anyone can own a P.O. Box.
This is where the big-time fraudster are cashing in, using peoples personal data. Sadly, sharing your personal information is the most common way people are scammed. Have you ever asked yourself how are credit card details collected and processed? Once you tell someone your credit card details over the phone, you don’t know where that information goes. You are putting your entire trust in that company or person that your details will be destroyed once used. Authentic companies have security in place to protect your confidential information. In this day of data breeches, securing information is paramount.
Do not be sweet talked or fooled into parting with cash or sharing your personal information. Always do your home work before signing on the dotted line.