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What Should You Know About Timeshare Resale Scams?

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What Should You Know About Timeshare Resale Scams?

Timeshare Resale Scams: Many people want to sell their timeshare when they realize that the property won’t offer significant benefits or returns. However, selling a timeshare is challenging for most people as they don’t know about this industry. In addition, plenty of scammers promise to sell your timeshare at lucrative prices. But in reality, many timeshare owners fall prey to these resale scammers. Plenty of timeshare resale scams come to light every year. So, if you want to resell your timeshare, you should know about these resale scams. Here are the most common timeshare resale scams.

Unsolicited phone calls or emails

Always use caution when marketing your timeshare online. Although such calls may be alluring, unsolicited phone, email, or letter offers to help you sell your timeshare are typically made by fake resellers. Even if you started the conversation, they try to make you believe they are genuine resellers. Also, remember that fraudsters frequently use Craigslist and other classified websites to find fresh victims.

A legit timeshare cancellation company will never contact you without your permission. This is prohibited unless you have permitted them to contact you. Additionally, buyers often pay transfer fees and commissions rather than timeshare owners who are selling their units. Unless otherwise agreed upon, you will often not be responsible for closing fees as a seller. Furthermore, you shouldn’t pay closing fees before signing any documents. Reading the reviews of timeshare companies can help you ensure that the company who contacted you is genuine or not.

Requests for upfront payment

Beware if someone offers to sell your timeshare and says they already have a buyer, but all they want from you is money for fees and taxes upfront or deposit in an escrow account. Never pay in advance. If the offer is legitimate, the business should only be paid if and when the sale is complete. Scammers are quite skilled at appearing to be trustworthy.

Most homeowners are familiar with the phrase “escrow.” This occurs when a third-party business withholds your funds until the sale is completed. Escrow safeguards both the business and the client. If a reputable timeshare exit provider requests upfront payment, ensure sure it is placed in escrow.

Impulse Techniques

To influence consumers to make hasty judgments, fake reselling agents frequently use phrases like “available for a short time” or “must act immediately.” They want you to make a decision quickly. These strategies provide scammers the chance to steal your money before you have a chance to consider and investigate them. If you want to sell your timeshare, never agree to agents who ask you to act urgently or show you offers too good to be true.

Refund Scam

If you have paid money upfront to someone who promised to sell your timeshare but never followed through, the scammer may sell your information to another fraudster. This person may contact you under the guise of a government agent assigned to look into the initial fraud or a lawyer offering you the chance to join a class action lawsuit. These new con artists will claim they can recover your stolen money in exchange for a deposit. But you will never receive a call from a government official offering you this kind of service in exchange for money.

A genuine way to resell a timeshare

If you want to resell your timeshare, the best way is to contact a timeshare cancellation company. Although many companies help you sell your timeshare, choosing a reputable company with a team of legal professionals and relevant experience in the field is best. Read the reviews of timeshare cancellation companies before finalizing one for yourself.

Summing Up

These were the most common ways fraudsters used to allure timeshare owners for a resale. Knowing these methods can help you identify fake resellers and save yourself from fraud. Consulting a genuine timeshare cancellation company can help you to resell your timeshare and get out of the contract.

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