The popularity of timeshare rose through the years and has spread worldwide. Unfortunately, along with it popularity, opportunistic individuals has concocted various schemes to prey on your innocence to gain an easy buck. In fact, in recent years, there has been a rise in timeshare related crimes.
You have to be aware of the many timeshare scams that are conducted over the phone, A group has organized a means to obtain a list timeshare owners, and contact them stating that they have received information of an interested buyer to purchase the property for an irresistible price. Upon hearing the overwhelming amount for the transaction, an owner is eager to close the deal. Before the completion of the transaction, the owner is required to pay a certain amount of brokerage fees. When payment is received, the transaction ends, and you are left hanging . Your supposed buyer never shows up, and your broker is nowhere to be found, nor is your money!
Another variation of this scam is, someone informs you of a holiday trip you’ve won. These trips are available within an 18-month time span , and you have to make a quick decision or lose your chance forever. To go through with your trip, you have to pay a certain miscellaneous fee. More often than not, after you pay the fee, you receive news that the company that offered you the prize has closed down and disappeared.
But not all scams leave you empty handed. Another ploy used is an offer of a very attractive price for your existing timeshare in exchange for a purchase in another timeshare. The sale of your timeshare never happens, and you end up with two properties. There was a case, where a person was promised that both his timeshares would be sold after purchasing another timeshare. Again, the sale never happened and he was left with three timeshares.
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