There are more timeshare scams than there are legitimate timeshare deals. It’s important to identify the scams to avoid falling into a trap. If you end up falling for a scam, you will have no choice but to pay excessive fees for years to come. Timeshares are almost impossible to get rid of these days, and if you’re not careful, you could fall into a timeshare “reselling” scam!
Here are some tips for identify scams:
1. Over evaluation. Sometimes solicitors will try to tell you that the property is worth a lot more than it actually is, and that you’ll be getting a good deal if you buy it. If you do buy it and want to resell it, some “resellers” will try to tell you that they will sale it for a lot of money if you just pay them an upfront fee. Don’t believe any of this.
2. A similar scam is the “buyer waiting” lie. If you ever want to get rid of your timeshare, a reseller will try to tell you that there are buyers lined up to buy properties such as yours. The truth is that nobody is really interested in timeshares these days. Chances are, NOBODY will be interested in buying the property – at least not at the price promised by the reseller.
3. Sometimes solicitors will try to lure you into a sell via the deferred payment scheme. They promise to give you a discount if you pay half of the money upfront. Similarly, resellers will promise to sell your timeshare at a favorable price if you agree to pay a huge fee upfront. Don’t fall for any discount promises, whatsoever.
4. Timeshare sellers will try to sneak things into the fine print, so it’s important to read every single bit of the contract before purchasing. Sellers obviously won’t tell you about every single fee during the presentation. Also, be cautious if you’re promised a special “prize” for “signing up RIGHT NOW!” Chances are, you’ll have to pay for that prize in one way or another – usually through hidden fees.
5. Don’t buy into the hype that owning a timeshare can be a lucrative income opportunity. While you might be able to make some money by renting your timeshare in places like Orlando and Vegas, the income will probably only be enough to offset the costs of maintenance fees. The chances of you making an actual profit are very slim.
6. Don’t believe any timeshare resale representative who tells you that they have access to businesses and organizations who buy timeshare in bulk. Even if they do, which is unlikely, your own property might not be impressive enough to sell to such clients. Never pay an upfront fee over this type of offer.
These are just a few of the many timeshare scams out there. If you are thinking about buying timeshare, now isn’t the best time to do so since the economy is down. If you already do own timeshare and want to get rid of it, don’t fall into any “resale” trap.
