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Timeshare scams

While you may think timeshare scams have been around as long as timeshares themselves, that’s not really the case. Even though timeshare rips offs existed before, they became particularly rampant in the resale market after the recession hit back in 2007.

Although some developers have been called out over the years for using aggressive sales tactics, certain resorts still use these tactics to pressure unassuming consumers into buying a timeshare or vacation property. With there being more than 1,500 timeshare developers operating in the United States and an estimated 9.2 million timeshare owners, it’s likely that some of those owners were unduly pressured into purchasing a timeshare.

Many timeshare developers won’t buy back the units they sell, regardless of how the timeshares are initially sold, forcing people to try to sell their units. Reselling a timeshare can be challenging at best, especially with all the timeshare frauds plaguing the resale market. While that’s depressing news, our timeshare exiting services can help you get out from underneath a timeshare or vacation property with relative ease. Contact EZ Exit Now to learn more!

Timeshare Resale Scams

While aggressive sales tactics may be a problem in the primary timeshare market, resale scams are a big issue in the secondary market, as we mentioned above. This became obvious after the economy took a nosedive in 2007 and forced even satisfied owners to try to sell their timeshares. It was around this time that timeshare resale scams started to become the norm.

Dishonest opportunists acquired lists of owners who were trying to sell their timeshares and hired people to cold call those timeshare owners in an attempt to scam money out of them. While there are variations to the common timeshare resale scam, it basically worked like this:

  • Call a timeshare owner pretending to represent a legitimate company that helps people sell their timeshares and vacation properties
  • Tell a timeshare owner you already have a buyer lined up to purchase the person’s timeshare
  • Inform the timeshare owner they’ll have to pay some fees upfront, such as closing costs, before the deal can go through
  • Convince a timeshare owner to send funds to you in a way that will prevent them from being recovered by the sender
  • Disappear with the money you receive from unsuspecting timeshare owners

Sadly, timeshare frauds in the resale market didn’t stop when the nation’s economy recovered. Instead, timeshare scams like the one just described are still used to trick timeshare owners out of their hard-earned money. In fact, some con artists will contact a timeshare owner who’s already been victimized under the guise of helping them recover the money they paid to the original scammer who promised to sell their timeshare. The second con artist will again request a payment upfront and will disappear once they receive the money.

Protect Yourself from Timeshare Rip Offs

To avoid becoming a victim in the resale market, you need to be vigilant at all times. Here are some tips that can prevent you from being victimized:

  • Don’t pay upfront
  • Be suspicious of deals that sound too good to be true
  • Do not send money in a manner that will make it virtually impossible to recover, such as a wire transfer or money order
  • Do your research
  • Consult with your resort
  • Get everything in writing

One of the most effective things you can do to avoid being a victim of fraud in the resale market is to hire us to get you out of your timeshare instead of trying to resell your unit. Contact EZ Exit Now to learn about our timeshare exiting services today.