Buying a timeshare property has come to be seen as a high-risk operation due to many complaints and claims of timeshare scams. The truth is that, although there are severe and responsible companies that handle this type of transaction with integrity, there are also unscrupulous people who take advantage of the kindness of others.
Do you want to know how to avoid being a victim of a scam? Here we tell you everything you need to know so you don’t fall into this trap.
Any scam, fraudulent scheme, or misleading proposal linked to the timeshare concept is considered a possible scam. These scams are usually accomplished through aggressive sales pitches or false promises used as bait to trap the unwary.
The main objective of these fraudulent activities is to profit at the expense of innocent people. In other words, fraudsters try to extract as much money as possible from owners or people who wish to buy a timeshare.
It is by using promises and arguments that are false. When the victims discover it is a scam, it is too late, and there is no way to recover their money.
The most common timeshare scam is the timeshare resale scam. A timeshare owner interested in selling his timeshare receives a call from a supposed broker who saw his ad on the internet.
This supposed agent claims to have an interested buyer ready to close the deal. Sometimes they even provide information about the supposed buyer to convince the timeshare owner. They send signed purchase documents and create a whole fake play.
Next, they ask for a credit card number or request a money transfer to cover the expenses of the alleged sale: taxes, maintenance costs, closing costs, etc. They may even ask for commission fees in advance.
The timeshare owner agrees to all of these requests only to later realize that the sale never went through, the scammer kept the money, and that, unfortunately, they have only been the victim of a timeshare scam.
Another scam is when people are sold properties that do not exist. As in the previous case, the scammers create a false story where they have even taken the unsuspecting buyers to places where the timeshare property supposedly is.
Once the innocent buyers pay, they never hear from that supposed agent again and realize that everything they told them, everything they saw and paid for, is simply false and does not exist.
You can quickly identify scams because the scammers promise and assure too juicy offers, highly exaggerated profits, and so attractive arguments that, naturally, turn out to be false.
A company, the agent or resale representative, who assures you that the area where your property is located is in high demand and that there are a lot of buyers behind it, is probably lying to you. Avoid making any negotiation before getting better information.
Another way to avoid being a victim of a scam is to avoid paying any commission in advance to anyone who promises to sell your property.
Do not trust any stranger who claims to sell the property easily and quickly. Even for the most severe companies specializing in this type of transaction, a timeshare resale is not a quick process.
You have to be realistic about what you expect to get from the resale of your timeshare. Never trust a salesperson who promises you a significant profit. It is usually a scam.
Ask the resort where your timeshare is located if they have a resale program. Many timeshares have this option when owners want to get rid of their timeshare.
If you want to resell your timeshare, do it with the help and advice of reputable companies. That has verifiable references and favorable ratings from previous clients.
You can find severe and responsible companies on the internet with many years of experience in this sector.
The first thing to know is that selling or renting your timeshare property will not be an immediate process with the enormous supply. So many units are available, even for a specialized company; it may take a while to find a way to close the deal.
Another thing you should be very clear about is that you will not get back the money from the initial investment you made for the property, especially if you have less than five years with the property or are located in a place that is not well known.
If you have unfortunately been a victim of a timeshare scam, don’t keep quiet. Report it. It can help other people not to fall into the same trap.
Find out as much as possible before making or closing any deal. Don’t believe strangers with misleading promises. Don’t make decisions in haste or without thinking them through. It can prevent you from falling victim to scams.
And remember, if you want to sell your timeshare property, you should do it with qualified professionals. Enjoy verifiable experience and an impeccable reputation.