How to Spot and Avoid Timeshare Resale Fraud
When you are trying to sell your timeshare there are plenty of thoughts that come to mind, and how to protect yourself from fraud usually isn't at the top of the list.
Unfortunately, timeshare resale scams are some of the most common business frauds out there and your chances of coming into contact with one are extremely high.
So how do you know which companies you can trust and which ones you should avoid? In this short article, I will tell you how to effectively spot these scams, how to avoid getting roped into one, and where to find reputable timeshare resale companies who can help you sell your property.
Timeshare resale scams are listed in a shocking #4 spot on the Better Business Bureau's list of top scams for the past year.
They are so common and successful because people who are trying to sell their timeshare properties have a real need to dispose of them as quickly as possible to avoid paying increasing maintenance fees.
By making exaggerated promises about the condition of the resale market and falsely claiming to have buyers lined up for the property, these scams convince people the only way to sell their timeshare is by paying high upfront fees, which is the biggest red flag that you may be walking into one of these scams.
Using a timeshare resale company is a great way to sell your property quickly, but it is important to know what to look for in these companies.
Never pay upfront fees of more than $100 for these services or avoid them completely, and be wary of companies who say the market is "hot" or they have a list of interested buyers ready to purchase your property before it has even been listed.
If they require you to pay money to list and assess your property, refuse to provide you with upfront information about the terms of their sales agreement, or claim the money you give them will be held in an offshore escrow account, it is in your best interest to keep looking for a different company.
Any reputable company will happily answer any questions you have, don't charge upfront fees, and will provide you with information you require in writing before you make any formal agreement with them.
Protecting yourself from these scams is an essential part of selling your timeshare.
By arming yourself with knowledge to identify and avoid these scams you can sell your timeshare quickly, successfully, and without the hassle of dealing with the devastation these fraudulent companies can wreak on your life and your wallet.
Unfortunately, timeshare resale scams are some of the most common business frauds out there and your chances of coming into contact with one are extremely high.
So how do you know which companies you can trust and which ones you should avoid? In this short article, I will tell you how to effectively spot these scams, how to avoid getting roped into one, and where to find reputable timeshare resale companies who can help you sell your property.
Timeshare resale scams are listed in a shocking #4 spot on the Better Business Bureau's list of top scams for the past year.
They are so common and successful because people who are trying to sell their timeshare properties have a real need to dispose of them as quickly as possible to avoid paying increasing maintenance fees.
By making exaggerated promises about the condition of the resale market and falsely claiming to have buyers lined up for the property, these scams convince people the only way to sell their timeshare is by paying high upfront fees, which is the biggest red flag that you may be walking into one of these scams.
Using a timeshare resale company is a great way to sell your property quickly, but it is important to know what to look for in these companies.
Never pay upfront fees of more than $100 for these services or avoid them completely, and be wary of companies who say the market is "hot" or they have a list of interested buyers ready to purchase your property before it has even been listed.
If they require you to pay money to list and assess your property, refuse to provide you with upfront information about the terms of their sales agreement, or claim the money you give them will be held in an offshore escrow account, it is in your best interest to keep looking for a different company.
Any reputable company will happily answer any questions you have, don't charge upfront fees, and will provide you with information you require in writing before you make any formal agreement with them.
Protecting yourself from these scams is an essential part of selling your timeshare.
By arming yourself with knowledge to identify and avoid these scams you can sell your timeshare quickly, successfully, and without the hassle of dealing with the devastation these fraudulent companies can wreak on your life and your wallet.
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