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Tips to Avoid Being Scammed Dealing with Timeshare RESELLERS

DO YOUR HOMEWORK

  • Always check out the timeshare reseller first. Contact the State regulatory agency (Division of Real Estate), State Attorney General’s Office, and Better Business Bureau in the State where the reseller is located.
  • Verify that the real estate broker and title company are licensed.
  • Contact the home timeshare resort where you own your timeshare to see if they have any information on the reseller. Oftentimes, the developer has a legitimate buy-back or resale program.
  • Always “google” the reseller, as you may find a lot of information about them online; people that have been scammed by them tend to post their experience.

WHAT TO WATCH OUT FOR

  • Be wary if the timeshare reseller has a website that is brand new and does not have much informational substance.
  • Do not send any money up-front to the reseller, even if it is for transfer fees, taxes, title work, appraisal and commission fees, or if they require wire transfers. Remember, with legitimate timeshare sales, those fees come out of the closing costs.
  • Be suspicious of any requests that payment is only accepted in cash, by wire transfer, or by money order or a certified bank or cashier’s check. These payment forms provide little if any recourse for you in the event you have paid a scammer. If you pay by credit card, you may be able to challenge the charge (if fraudulent) through your credit card company. Talk with your credit card company about their policies in this regard.
  • Be extremely cautious about sending or wiring any money to another country.
  • Be suspicious of the reseller if they just contact you "out of the blue."
  • Be wary if the reseller cannot meet with you in person.
  • Watch out for statements that you must act quickly to get the sale done.
  • Scammers usually offer you more money than the timeshare is actually worth.

NEVER EVER DO THIS

  • Do not provide personal information, back account information, or credit card information over the phone to a reseller. Remember, these scammers are also out to steal your identity information.
  • Never deal with anyone that does not have an actual physical location office, as many set up fake address locations, as well as using “virtual” office phone bank suites within an office building.

BE SKEPTICAL OF THESE SCAM TACTICS

  • Oftentimes the reseller tells you not to talk with your attorney, accountant, or anyone else.
  • Be skeptical if the reseller claims that they already have a buyer or an interested real estate broker.
  • Be suspicious if they ask you to send information and money to a PO Box.
  • The scammer resellers also never have anyone available to talk to you when you call; they will always want to get back to you, or have you leave a voice message.
  • Scammers usually offer you more money than the timeshare is actually worth.
  • Be especially skeptical if the reseller gives you guarantees or promises that the timeshare reseller can get your timeshare sold (and often within a certain period of time), or “money-back” guarantees with respect to those monies you are asked to pay upfront.

ALWAYS REMEMBER – IF SOMETHING SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS.

Created By
Division of Real Estate Sarmo
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