In today’s timeshare market, many buyers are interested in canceling their contracts. Rising maintenance costs and other hidden fees simply make it too hard to keep up with the timeshare. Unfortunately, there are scammers taking advantage of this need, calling timeshare owners with claims of miracle sales. Falling victim to one of these scams could be dangerous to your finances, as you will only lose money. Use this guide to understand how to spot a scam and what to do if you are contacted.
How can I spot a timeshare resale scam?
The first rule is to always be wary when you are contacted about selling your timeshare. Generally, timeshares on not resold. But when a “resale” company contacts you, look for the following signs.
- The salesperson promises to sell your timeshare for equal to or greater than the original purchasing price.
- The salesperson asks for a fee up front.
- They promise a full refund of some kind if you do not sell your timeshare.
- Their promises generally seem too good to be true. They might promise immediate sale, large profit margins, and other sweeping claims.
- The salesperson refuses to give you anything in writing, contact information for references, or any other information on their company.
What should I do if I think I was scammed?
If you have fallen victim to a resale scam, the first step you should take it to seek timeshare legal advice. Quality timeshare attorneys can help you handle the scam and then cancel your timeshare in a legal way. Timeshare contract cancellation can be highly complicated, so it’s essential to work with a professional to do so. Once you hire a lawyer, be sure to document all of the evidence of the scam. This can include emails, letters, and even recorded phone conversations.
Remember that only 3% of U.S. households have a timeshare, so scammers are targeting a specific sector of the population. This means that those involved in these scams who want to cancel their timeshares in a legal way should hire a specified lawyer to navigate timeshare closing costs and other details. With the right timeshare legal advice, you can increase your chances of gaining peace of mind once again.