If you are fed up with the rising timeshare fees and rigid schedules, it is entirely understandable, and you might want to get out. You might even be worried you will never get out from the timeshare contract. However, that frustration and fear might cloud your judgement and make you susceptible to a scammer. Here are some of the things to look out for when trying to sell your timeshare so that you can avoid scammers.
Sites such as eBay and Craigslist are filled with timeshares for sale. Some of these are put up for as little as a dollar, which alone should be an indication that the timeshare contracts are literally not worth the paper they are printed on. Resale sites like these are the best place for scammers to pick their next target. While using any kind of online resale site, remember to never list any identifying or personal information on it that a scammer can use to their advantage.
They can use your name, email address or phone number to contact you, pose themselves as a potential reseller or buyer, and scam you of hundreds or even thousands of dollars.
Asking for Payment Up Front
This is one of the oldest tricks scammers attempt to pull off. First, some smooth-talking scammer wins the seller’s confidence by offering a great deal or a huge payout. Then, once they get your attention focused on finally being able to get rid of your timeshare burden, they mention they might need a little money upfront to get the deal going.
Think of it this way: when you buy a house, you only pay the real estate agent after the deal closes. The same applies to timeshares. So if someone asks for money upfront, especially in cash or gift cards (which are non-traceable) be sure that it is a scam.
This is a tactic that experienced scammers use. They make you believe that there is very little time to act before the deal is off. They will use the urgency card and say things like “This is a limited-time offer” or “You need to act fast”. If there’s one thing that’s certain when it comes to timeshares, it is that unloading a timeshare is not a fast process at all.
If someone is telling you that your time to do something about it is going fast, it might be the perfect time to tell them you are hanging up.
As predatory as the timeshare business might seem to be, it is, at its core, still a business. Most states need people who sell real estate to have a license.
If the person you talk to does not have a license, it is a clear sign to walk away from the deal. If you are not sure if they are licensed or not, most states have a license lookup tool you can use for free.