Most timeshare buyers enter a contract with the best intentions, but many end up with regrets and financial woes. This is often due to the price of timeshares and additional fees. The average recession rate for timeshares is 15%, meaning that if the industry makes $10 billion in sales, they will lose $1.5 billion. Unfortunately, some people feel trapped in their timeshare far after the recession period is over.
If this is the case for you, you might be vulnerable to timeshare resale scams. Remember that timeshare selling is highly complicated and to always be suspicious when someone calls you claiming to have a buyer lined up. While you should always be skeptical, use these tactics to spot timeshare sales scams.
- Have they called you out of the blue?
If you receive a call for no apparent reason, be wary. It’s rare that reputable companies will call unannounced, especially if you have not contacted them first. Ask them for their company information and do some research. You might find that other people have been scammed by them.
- Do you still owe money on your timeshare?
A timeshare sale scammer will likely claim to have a buyer lined up for you. If you are still making payments on your timeshare, there is not a real buyer in place for purchase.
- Do they ask for money on the call?
When a caller asks for money on the spot, they are likely a scam. You should never have to give money over the phone or lack access to additional information. Even if they ask for payment, do not give them any financial information.
- Does the caller present a sense of urgency?
Many scammers will try to rush through the call. This gives you less time to think about what is happening, so you might be more likely to make impulsive decisions. Always take time to pause or to simply hang up the phone.
- Are they quick to avoid your questions?
Note whether the caller changes the subject when you press for more information. Skilled scammers will tactfully avoid your questions and stick to their own agenda.
Even if you are overwhelmed by the price of timeshares and associated fees, do not fall for these calls. And if you believe that you have been scammed, contact a timeshare attorney as soon as possible.