Beware the Timeshare Scam
September 23rd 2014 Posted by: SellMyTimeshareNow SMTN Category: For Owners

Timeshare scams and fraudulent timeshare companies are a common topic among timeshare owners, particularly those who need to sell their timeshares. With the plethora of scams out there, it can be a bit overwhelming, but there is no need to worry. By simply reading up on types of timeshare resale scams and knowing how to catch red flags, you, your money, and your timeshare have nothing to fear.

Types of Timeshare Scams

  • The Cold Call Approach: A timeshare representative will call you from out of the blue and offer to sell your timeshare. A legitimate company, such as SellMyTimeshareNow, will only call you if you initiate contact through phone, email, or submitting an online form.
  • There is a Buyer Waiting: You receive a call claiming that a timeshare sales person has a buyer in their office (or close by) eager to buy your timeshare right away, but that you need to pay a fee or put money down to start the transfer process. As the seller, you should never be asked for funds at the point of closing unless you have agreed with the buyer to pay for the closing costs.
  • Wire Transfer: A timeshare company asks you to pay them through an untraceable payment method, such as money order or wire transfers. This particular scam can be particularly damaging, as it is nearly impossible to track down the scam company and to get your money back.
  • The Follow-Up Approach: A fraudulent company successfully takes your money and disappears. Months later, they call you claiming to be a fraud protection company that will make sure you get your money back for a small fee. Once you agree, they disappear again.

How to Protect Yourself from Timeshare Fraud

If you think you have fallen victim to one of the common timeshare industry scams listed above, contact authorities and file a lawsuit. Make sure you have evidence to back up your claims, including any and all paperwork, receipts, etc.

Of course, the easiest way to protect yourself from timeshare fraud is to make sure you never become a victim. Gather as much information about the timeshare industry and possible scams in order to know if or when you come across something that is a red flag. If you are questioning any resale company, contact your Attorney General’s office as a simple way to validate their reputation.

For more information on timeshare scams within the industry and how to protect yourself from falling victim to fraud, check out our newly launched guide on timeshare scams.

Make sure to check back here often to stay on top of timeshare scams in the news!

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