Timeshares are thought of as a great option to save-up on vacation costs in the long run. However, the recent recession greatly affect this industry. As a matter of fact, statistics indicate that timeshare sales dropped by 40 percent for 2009 and along with this, there are also many owners who want to get out of their timeshares. As the number of these eager owners who make their units available for sale, there are also more and more scammers who operate in various ways and usually offer things that are too good to be true.
Some scammers offer timeshare owners a chance to unload their timeshare while misleading the owners to pay thousands of dollars. Later on, the things that were promised were never realized and the fraudsters magically disappear.
In US, Better Business Bureau or BBB is the organization that is responsible for protecting consumer rights and they have some advice to protect the timeshare resellers from such conmen. They highly suggest, deal with a reputable timeshare resale company by referring to the BBB’s accredited list to timeshare resale companies.
Also, confirm the company’s licensing requirements as some scammers will use fake addresses and PO boxes. Thus, verify if the sales representatives are licensed to sell real estate in the region of your timeshare. Moreover, find out the facts and figures about the resale processing. As most complaints to the BBB were due to an advanced appraisal fee that was charged for the timeshare owners, it is best to avoid upfront fees.
Timeshares are known as properties that are hard to get rid of. That’s why many owners turn to resale companies or representatives to get a deal. However, it turns out that the timeshare resale industry became a haven for scammers. As a matter of fact, it is on the top list of the consumer complaints. With this, the BBB stressed out to be vigilant when trying to resell your timeshare. On the other hand, a portion of owners simply hire a timeshare transfer company such as the Transfer Smart to get rid of such property.