Many owners decide to get rid of their timeshares once they can’t cope with high maintenance fees or aren’t satisfied with the services of a timeshare company. It is where a timeshare exit appears – owners can deal with this task on their own or hire a team of professionals. An individual who owns a timeshare and wants to get out of it might think about selling ownership. But there are a few things to be aware of while listing a timeshare property on the resale market. Keep reading to find out the most widespread timeshare resale scams.
What is a timeshare resale scam?
Like any other industry, a timeshare industry is equally full of reliable partners and unscrupulous companies. Timeshare resale scams are common for fraudsters to cheat on individuals and owners to make large money on their timeshare properties. Fraudsters in the timeshare industry mostly pretend to be legitimate real estate companies and hunt the owners who listed their ownership for sale in resale markets. They work by putting forward requirements to pay high upfront fees, but when an individual performs all the required taxes, a real estate agent disappears.
Timeshare resale market scam: the most common variants
Cancellation of a timeshare contract
The first concern for every individual willing to sell their property remains companies or timeshare cancellation attorneys that ensure a money-back option. Unfortunately, it is a resale scam that already harms multiple timeshare owners. A money-back guarantee is not fulfilled in most cases, while a contract will include terms that don’t provide refunds if a cancellation process continues. Instead of promised timeshare cancellation, the owners will be left with a foreclosure on their ownership.
Stopping paying required maintenance fees
When owners deal with fraudsters pretending to be a timeshare exit company or a timeshare cancellation attorney, an individual is likely to follow the advice to stop performing maintenance fees. This can be explained that a lawyer or a team is now working hard on getting an owner out of a timeshare contract. But it is another scam. Stopping paying maintenance or annual fees means a foreclosure for timeshare owners that harms a credit score.
An unreal resale agent
Once you list your property on the resale market with a legitimate resale team, you might encounter other tactics of fraudsters. They might contact you and claim they are employees of a resale company you hired. Before you decide to deal with such an employee, check up on a phone number and email that should coincide with contacts of your resale company. If the references aren’t the same, it can be the red flag that you spot fraud.
Paying upfront fees
Remember that any professional resale agent or company won’t ask you to pay upfront fees before the job is done. If a resale company you want to work with demands you to pay high upfront taxes, run! You are likely to deal with fraudsters.