Do you know how to avoid scams? What about timeshare scam? They’re more common than you think, so it’s best to identify them before becoming a victim of one.
Recent court documents state how scammers use a variety of deceptive strategies to induce buyers to sign complex large documents. When the selling process isn’t followed properly, the buyers can sue for the returned costs and damages. The scammers will also pay interest for fraud, negligent misrepresentation, and statutory penalties.
Are you worried about getting scammed or selling incorrectly? We’ll help you recognize the signs before you spend a dime.
Here’s a quick guide on how to avoid scams when buying or selling timeshares.
Watch Out for the Hard Sell:
As the shared court document states, buyers get pressured into purchasing a timeshare at the meeting. Even those who say they can’t afford it find themselves signing documents before they walk away. These hard sale tactics pressure you into buying, no matter who you are.
Educate Yourself on Timeshares and Hidden Costs:
Before you sign any documents, investigate the developer and timeshare resort. Check online reviews and the Better Business Bureau (BBB) website to read any complaints against the developer.
You can also turn to local real estate agents to discover information about the sellers before you spend any money.
Don’t Trust Anything That Sounds Too Good to Be True:
The rule of thumb is that if a timeshare offers sounds too good to be true, it probably is. If someone offers you a deal that’s going to expire soon, you’re likely dealing with a scammer.
They use these high stakes and sales tactics to have you sign up before you can do any research or think it over.
How to Avoid Scams When Selling Timeshares:
Before you put a timeshare up for sale, there are selling tips to consider. Avoid a scammer running away with your money by not paying upfront or mystery fees. As with a buying situation, do everything in person, and only after you’ve had time to research who you’re dealing with.
If you’re going through a resale service, you need to investigate them thoroughly. Request their license, review their BBB record, and read about them on the internet. Don’t get caught in a scam, where there are legit ways to sell your timeshare.
How to Report a Scam?
Whether you’re buying or selling timeshare, there’s a risk of getting scammed. If you’ve been a victim of a timeshare scam, contact the following:
- The state’s Department of Real Estate
- Federal Trade Commission (1-877-FTC-HELP)
- State Attorney General
You’ll help stop scams by reporting. Report any schemes to prevent others from becoming victims.
Enjoying Smarter Financing:
You’re one step closer to the benefits of financing smarter. Use what you read today about how to avoid scams and protect your timeshare investment. With these signs and buying tips, you’ll avoid the stress of being a scammed victim.
There are other ways we can help you maintain smarter financing. We feature the top content on our website. Explore our blog longer for useful resources and information.