If you love the idea of having a vacation getaway but don’t want all the responsibility that comes with owning a vacation home, then a timeshare may be ideal for you. However, there are some common timeshare scams that you should be aware of before you purchase a timeshare.
You will often be offered a reward, such as concert tickets or a free dinner, in exchange for attending a presentation on buying a timeshare. These presentations are designed to portray owning a timeshare as a smart and worry-free investment. Although attendees may have had no real intention of buying a timeshare, smooth-talking salespeople can make the significant cost of timeshare ownership seem practical, talking people into a purchase that they never wanted to make. These presentations are filled with false information which attendees discover only after they’ve signed a purchase contract.
Timeshare Resale Advertisement Scam
Be very wary if you are ever contacted by a company offering to advertise and sell your timeshare for you. These companies will often make big promises that they can’t fulfill. For instance, they may tell you that they have just sold a unit in the same development as your timeshare for an excellent profit, or that they have an upcoming open house that you should take advantage of. The catch? The company will require a one-time upfront payment from you. After making the payment, you will never hear from the company again and will have made no progress in learning how to get out of a timeshare.
Timeshare Resale Scam
Another popular scam that targets folks that are wanting to learn how to get rid of a timeshare involves the false sale of your timeshare. You may be contacted by a “broker” who has a buyer interested in purchasing your timeshare. The broker will negotiate a sale price with you, and once you’ve agreed on the price, they will request a payment from you to cover the closing costs of the sale. The broker will promise that once the check is received, the sales contract will be signed, but after you send in the check the broker will disappear; the supposed buyer never existed.
If you decide to buy a timeshare, only make your purchase through a reputable company. Read your contract thoroughly before you sign it, and do not entertain any calls from outside companies looking to help you with advertising or selling your timeshare.