Beware Timeshare Resale Scammers

With over 200,000 timeshare units in the United States, and over 3% of U.S. households owning a timeshare property, there is a lot of money to be had in the timeshare industry. Current estimates state that the timeshare industry makes upwards of $10 billion in annual sales, most of which is generated by the over 1,500 timeshare resorts that exist in the U.S.

85% of buyers of timeshares have stated that they feel a sense of regret for their purchase, whether for the fact that they felt rushed through the process or confused following their purchase. For such people, they might feel as if they should be able to get rid of their timeshares with as much ease as they purchased them, heavily considering how to cancel a timeshare. However, a timeshare cancel can be an arduous process, so timesharesales sound even easier.

Such circumstances sound as if they should be easy — selling off a property that you have purchased, yet it might prove to make matters worse for the already disaffected individual. If you are considering timesharesales, you should know that there are particular selling timeshare scams.

The most common timesharesales scam is presented through the form of a “resale,” wherein a person will tell you that, for a small fee, they have a prepared buyer that is looking to purchase your property from you. In this way, they will state that the small fee will be used to cover any “flipping” costs — services, repairs, taxes, fees — and will subsequently move that property onto the supposed buyer. However, their selling timeshare advice will all be for naught, as they will end communication once they have your small fee in hand. Thus, you have been scammed out of your money by a faux middle man, all the while no buyer ever existed.

To protect yourself against such timesharesales and resale scams, you should keep a few things in mind — things to be weary of when someone tells you they know of a possible buyer: be skeptical of an up-front fee; don’t agree on a contract based on extensive promises; do your research on the individual and their history, seeing if they are reputable or not; check-in with your resort and determine if the fees you are being told of are actually required or not; contract attorneys to ensure that the process runs both smoothly and legally.

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