Timeshare frauds are becoming increasingly common in the US and also proves to be an expensive affair. Those looking to resell their timeshares may become easy targets. Many of the timeshare owners are desperate and are willing to give up their share without doing a thorough background check and hence fall victim to the scammers. Although there are many legitimate companies that deal with timeshare redemption, beware of the hungry wolves who come in sheep’s clothing!!
1. Uninvited Contact
Sometimes, a company you have never heard of may suddenly contact you and also promise you that they have potential customers lined up for you. Although this may sound very promising, our suggestion would be to do a quick research and get to know the company before giving a heads up.
2. You are Asked to Pay Fees Upfront
It might seem very harmless like paying the registration fees, maintenance, or the closing costs. They probably would ask you to transfer money via a wire transfer. You might say, “isn’t that normally how things work? So what’s the big deal?”. Many times, these payments are asked for even before you sign the timeshare contract. However, investigate first and make sure that you pen down every single detail in the contract including any fees.
3. Manipulation
Sometimes these fraudsters may play with your emotions to get you to pay. If you have already paid the money that they asked for and then realized that you have been conned, beware, it may not have ended just yet. Many times there comes a second set of scammers who look very legitimate and may genuinely seem like they want to help you recover your lost money for yet another fee.
It would always be best to do a proper research before selling your timeshares otherwise you might become a victim of timeshare fraud. You could visit the company’s website, check their address to see if they are listed on google maps. You could also check how long they have been in business and if they are registered as required by their state’s law etc. these simple steps could help you be safe from these fraudsters.
US Consumer Attorney 