Due
to a strong buyer’s market, fake advertising platforms have been
very effective at scamming timeshare owners who are suffering from
buyer’s remorse. The scams themselves are relatively easily
distinguishable from a real advertising platform, but because so many
timeshare owners didn’t grow up with the internet, a huge amount of
people are still fooled by them every year.
It
has gotten so bad that various state governments have issued consumer alerts and warnings.
How a timeshare scam works
A
timeshare scam is fairly simple. Scammers create a website that looks
pretty much the same as any other timeshare advertising platform,
either to impersonate an existing company or just a straight up fake
company. The timeshare seller shows up, pays a fee online, and
expects to be listed and marketed by the company in return. The
scammers in turn make no effort to market or list the timeshare,
pocket the money, and live like kings.
Since
Google actually does a fairly good job of filtering out known scam
websites, scammers often rely on real world advertising and spam to
reach potential victims.
They
set up a bank account in Mexico and ask for payment up front. Then,
once the money is wired, nothing can be done except to post a warning
online that most people will not bother to look for before getting
burned.
Spotting a scam directly
You
can spot a timeshare scam on the website directly by looking
specifically for what is not there. Any legitimate platform that
requires up-front payments will offer you a written money back
guarantee. Any website that asks you for money without a written
guarantee of either results or your money back is a scam.
A
legitimate sales platform also does not reward itself for failure. So
any platform that asks for monthly payments to keep your listing up
is unlikely to be a good choice.
A
legitimate resale platform has guarantees. Look for a written
money-backguarantee that your timeshare will sell. Make sure that the
contract only requires one listing fee that has built in
contingencies that prevent the middle man from profiting
independently of you.
If
a company, salesman, or website tells you they have a buyer lined up
for your timeshare before you list it, you are dealing with a scam.
Selling timeshares in the current real estate climate takes effort,
and companies are not putting forward marketing money for a product
they don’t know they have.
Identifying a scam through research
If
you are looking to sell your timeshare, go to Google and search for a
highly ranked resale platform. Then Google that company or URL and
see what people are saying about it. Any companies will have a few
complaints leveled against them, but scammers are often very easily
identifiable with even minimal research as there is usually are
usually many victims who have put up warnings in various forums.
Furthermore,
the Better Business Bureau keeps a
record of complaints and rates businesses. Don’t use a website or a
company that is not listed, or has a bad rating.
About the author: Karissa
is a marketer for Bay Tree Solutions, a timeshare reselling platform.
She enjoys writing, cooking, and cuddling with her cats in her free
time.
Image license: Steve F., CC BY SA-2.0
Image license: Steve F., CC BY SA-2.0
Time shares can become a huge financial problem for those who have bought one, and don’t know what to do with it. Should they sell it, donate it, rent it or cancel the contract? The truth is that the cancellation of the contract has always been the best and most viable solution to get out of a timeshare legally. Therefore, it is very important to know the rules of timeshare cancellation to get the process done in a secure way.
ReplyDeleteGood points Maya. It's often helpful to be well informed of contractual terms and conditions to prevent being caught in a financial bind.
ReplyDeleteThe truth is that Timeshare scams are increasing, and every day more victims fell for them. Fortunately, there are many solutions to get rid of an unwanted timeshare; however, the best way to dump a timeshare is by cancelling the contract. Timeshare cancellation has many advantages, but the most important is that once the contract is properly cancelled, there are no further responsibilities attached to the resort.
ReplyDeleteBuying a timeshare under the impresion you will save money on the long run on travel expenses such as airfare or cruises equals to being a victim of timeshare fraud. Timeshares will barely provide you a small discount on accomodations and that´s it. Timeshares will not provide you, in most cases, any discounts on your vacation expenses.
ReplyDeleteThousands of International travelers, particularly from the US and Canada, have fallen victims oftimeshare fraud while vacationing. Resort developers hire skilled salesmen to represent their timeshares as many different attractive packages, such as financial investments, deeded properties, or vacation clubs, just to increase their sales.
ReplyDeleteThe timeshare industry has been into the lion’s mouth for the last couple of years, and it has generated lots of controversy and discussions in many forums and blogs on the web. However, since we’re living an economic downturn, anyone would expect that the timeshare sales collapse, but instead of that the sales seem to be increasing… but this comes with a trap: timeshare scams are increasing too. That leads us to the question: then, why keep people investing on timeshares?
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe timeshare industry has been into the lion’s mouth for the last couple of years, and it has generated lots of controversy and discussions in many forums and blogs on the web. However, since we’re living an economic downturn, anyone would expect that the timeshare sales collapse, but instead of that the sales seem to be increasing… but this comes with a trap: timeshare scams are increasing too. That leads us to the question: then, why keep people investing on timeshares?
ReplyDelete