Scams in Reselling Timeshares

How to Avoid Timeshare Scams
May 19, 2016
The Pros and Cons of Owning a Timeshare
May 19, 2016
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Aside from scamming buyers of timeshare, owners who want to resell are being victimized as well. Whenever financial crises happens, a lot of timeshare owners feel that they can no longer afford their vacation rentals and decide to sell it for some profit. There are also those who inherit their parents’ timeshare membership and decide not to keep it. This is where scammers come in. They usually approach the seller saying that they have a buyer on standby or that they can easily sell your timeshare for you. Then they will ask for an upfront fee supposedly for closing costs, taxes, maintenance and other expenses. They will ask for a wire transfer. Sadly, once you have sent the money, scammers disappear. To make it worse, another scammer may contact the victimized owner with the promise of helping recover the first scam. This offer will of course come with another fee. And, just like the first scam, there is no money recovered and all efforts to contact the scammer will fail.

Scammers use the name of legitimate companies such as Classic Holidays to look for victims. Just read the classic holidays reviews for clarification. This is downright misrepresentation that damages the company’s reputation. To protect yourself from such scams, here are some guidelines:-

  1. Say no to upfront fees. Legitimate fees are generally collected after the sale is concluded. They may also be deducted from the sale price.
  2. Do not believe promises of a ready buyer. Anybody who promises a quick sale is usually dishonest.
  3. Do not wire money, pay in cash or send check payments. Money sent through these methods is difficult to recover.
  4. Do a thorough due diligence. Don’t be duped by a fancy website or impressive business address. Investigate the company to see if they have an impressive business record.
  5. Ask the company where you bought your timeshare from if they have a reselling program. It’s more prudent if they will do the reselling for you.
  6. Before signing any document, have a lawyer review it first.

Reselling a timeshare can deliver you some profit. Be vigilant and watch out for crooks.

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