One of the most common business frauds is the “sell my timeshare now” scam. These con artists seek out timeshare owners who are desperate to get rid of their timeshares and make them offers it is extremely difficult to refuse. This usually involves the immediate sale of their timeshare or access to sales resources they wouldn’t otherwise have, the customers only needs to give them hundreds (sometimes thousands) of dollars in upfront fees. They then either fail to sell the timeshare or simply take the money and run, leaving the owner less their fees and still in possession of their timeshare.
So how do you know when you are dealing with a “sell my timeshare now” scam? They are so common because it is difficult for many owners to realize they are being had. Thankfully, with a little due diligence, you can identify and avoid these scams. Some common signs you may be walking into a timeshare resale scam include:
Exaggerated claims
Many of these scams rope customers in with exaggerated claims. They may say that the resale market is hot, that they have a list of interested buyers waiting to purchase your timeshare, or that they can sell your timeshare extremely quickly. Basically, if it sounds too good to be true, it probably is.
Vague details
In order to avoid alerting potential customers to their shady practices, these scams are often vague on the details of their company and how they do their business. Be sure to ask a lot of questions, such as how long it takes for them to sell a timeshare, who they sell to, and the terms of their agreement (and get it all in writing) before you commit to anything.
Pressure to commit
Oftentimes “sell my timeshare now” scams are unsolicited. They get a hold of your information through other searches and inquiries about timeshare resale and will contact you themselves. They want you to commit to their services before you get the opportunity to do any research on them and will even lie about who they are in case you do get the opportunity to look them up. Don’t let these scams bully you! Any reputable timeshare resale company will allow you to do any research you need to and get in touch with them.
Negative or no reputation
If you do get the opportunity to research the company and avoid their high-pressure sales tactics, you will find that questionable companies also have a questionable track record. Outstanding complaints or no information at all often point to the fact that they have ripped people off in the past or that they are a new company. Only work with companies that have a positive reputation and the references to back up their claims.
Upfront fees
This is how these scams make their money. They require customers to pay them upfront for their services under the guise that they are refundable administrative fees or that they money is being held in escrow. They then either steal the money and disappear or are able to keep the money through fine print and contract loopholes. These fees can range from a few hundred to several thousand dollars and can really put a hurt on someone’s finances.
By knowing what to look out for, you can effectively avoid “sell my timeshare now” scams and successfully sell your timeshare without becoming a statistic. Using trusted and reliable resources can help you find timeshare resale companies and other helpful professionals who can help you get rid of your timeshare safely and with as little hassle to you as possible!
