Many Americans have chosen to purchase a stake in a Timeshare so that they can enjoy time away from their home with their families, without the hassle of trying to book a hotel or Airbnb. Many get into timeshares not only to have a secure place to vacation with their families and loved ones, but also with the anticipation that they’ll be able to sell their timeshare for a profit once they’ve decided they don’t want them anymore. Unlike traditional real estate contracts and ownership clauses, which grant possession of a plot of land to a buyer, timeshare deals work out such that purchasers own the property for a distinct amount of time, and ownership changes hands frequently after the allotted time is up.
Because of the complicated legalese, it’s easy for ne’er-do-wells to take advantage of people trying to sell their timeshares. Between fallacious fees and doctored legal documents, predators target individuals who are desperate to get out of their timeshare holding and can syphon bank accounts in the blink of an eye. Older Americans are especially easy prey for scammers who seek to inflict harm because of the financial constraints of fixed incomes and desperation to get out from under a timeshare agreement. If you’re trying to sell your stake in a timeshare, be cautious and follow your gut if something seems off. Below are some other red flags to keep in mind if you’re trying to sell a timeshare.
Be on your guard if a company cold-calls you | Realistically, the demand for your timeshare is likely rather low. If a company randomly calls you and makes you an offer, there’s a strong chance that they’re simply trying to get you excited enough to hand over sensitive data, which they can then use to can take certain amounts of money.
Exercise caution if the price looks too good to be true | By and large, don’t count on your timeshare being a high-return investment, and depending on the state of the economy, you may even take a loss on your sale. A common ploy for scammers is to offer you an unreasonably high price for your timeshare so that you let your guard down and volunteer account information that you should not.
Never ever pay upfront fees | There is almost no legitimate reason why you should ever have to send money to a buyer or company before the negotiation has started. If someone requests some kind of fee, tax, or inspection, you should approach with extreme caution and perhaps even consult a lawyer to ensure the legitimacy. Scammers will often demand up-front money and once they receive it, they will completely disappear.
When it comes to selling timeshares, always be patient and highly prudent when you vet potential buyers. As the old adage goes, if a deal seems too good to be true, it probably is.