Up to 3% of U.S. homes own a timeshare, but 85% of those same owners say they regret their sale. Timeshare resorts can seem like great ideas up front. But hidden fees can turn a timeshare buy into an expensive disaster.
Many timeshare owners can feel desperate to get out of their timeshare contract. You may even consider selling your timeshare.
But it’s important that you know how frequent timeshare resale scams are and how they get you in their pocket in the first place.
How do timeshare resale scams work?
Timeshare resale scams know you want to get out of your timeshare contract. They use your distress to cloud your judgment and make themselves seem trustworthy.
To get a better idea of how timeshare scams get you to trust them, here are the four stages involved in a timeshare resale scam:
- The timeshare resale company contacts you to offer help. Be wary of timeshare resale companies that reach out to you first. Additionally, be wary of those that claim they already have buyers set up to buy your timeshare resort.
- The timeshare resale company requests fees upfront. Legitimate timeshare companies won’t request money until you’ve signed a contract. A timeshare resale scam will ask for fees upfront. These payments are typically made by wire transfer or credit card. Timeshare resale scams will claim these fees are for closing costs, taxes, or maintenance.
- You realize the timeshare resale company wasn’t real. Once you pay the timeshare reseller these fees, you most likely won’t hear from them again.
- A second scammer swoops in to “rescue” you. Once you’ve recognized that the timeshare resale company has been a scam, another scammer will swoop in promising that they can help you get your money back. But this is often another scammer taking advantage of your distress.
Is selling time shares impossible?
Although selling time shares may not be impossible, it’s not a safe or practical way to get out of a timeshare contract. In fact, selling time shares can be dangerous because of the number of timeshare resale scams.
For this reason, selling time shares isn’t the best course of action. But a timeshare attorney can help you understand how to cancel your timeshare contract and how to get out of timeshare ownership. To learn more about how to get out of a timeshare contract, contact the law offices of Susan Budowski today.