If you’re planning to sell your timeshare, it’s critical that you safeguard yourself from unscrupulous timeshare scammers or fraudsters that would love nothing more than to take advantage of you. It is also vital to note that there are licensed and legitimate timeshare resellers, but there are malicious people who are adept at posing as such.
To avoid falling prey to timeshare resale scams, keep these tips in mind:
Never Pay Anything Upfront
Don’t pay anything based on a reseller’s promise that he has a buyer in line to purchase your timeshare, most especially if he’s asking for cash, by money order or wire transfer. Legitimate resellers won’t just call you out of the blue and ask for a fee upfront. Generally speaking, you need to sign the contract and only pay once your timeshare has been bought. Most importantly, plenty of states, including California and Florida have very stringent laws about reselling timeshares, such as restrictions about collecting upfront fees, adds an experienced timeshare fraud lawyer in Orlando.
Always Meet in Person
If the reseller is intent on doing the transaction via phone or online, won’t meet you personally, or can’t give you a physical business address, steer clear of the reseller. Also, if the prefix of the reseller is 900, he’s most likely a scammer as legit companies/ businesses use the 1-800 prefix.
Never Sign Anything Right Away
When you meet with the reseller, don’t sign anything. Ask if you could bring the documents home so you could better understand everything in it. It’s also best that you have a lawyer experienced in timeshare transactions review the contract.
Investigate The Reseller
When thinking of dealing with a timeshare reseller, make certain to do your due diligence and research the reseller first. Check for licensing requirements, search for reviews online, check out the Better Business Bureau, and if possible, for previous clients. Don’t be afraid to ask tons of questions and to verify everything that you found out about the reseller.
In the unfortunate event that you think you’ve been victimized by a timeshare resale scammer, it’s important that you report it relevant authorities right away. Doing so would go a long way towards helping other people avoid timeshare resale scams. You should also consult with a lawyer with ample experience in timeshare deals to find out about your legal options.