Timeshare Resale Fraud Is Real!
Read the 5 Stages of Timeshare Fraud below.
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5 Stages of Timeshare Fraud
(1) A Company Contacts YOU!
Sounds perfect right? Did they promise they already have a buyer lined up? Did they say your market is “hot”? BEWARE!
(2) The Company Requests FEES UPFRONT!
The scam is on and you will be asked for a credit card or wire transfer upfront! Did they also offer a Money-Back Guarantee? BEWARE!
Before doing any business, make sure you have a contract explicitly detailing the services the reseller will perform as well as the fees, commissions, and other costs you have to pay and when.
(3) YOU Pay Up!
Some resale scams have bilked consumers for thousands of dollars!
(4) You Realize There NEVER WAS A BUYER!
You’ve made it this far and paid the exorbitant fees they wanted. Now you play the waiting game as the scammer disappears with nary an email, phone call, or letter. At this point, it becomes clear that there never actually was a buyer. And because you most likely never signed a refund policy, you won’t be able to get your money back.
(5) The Scammer Tries to FOOL YOU TWICE!
A second fraudulent business may then contact the victimized owner offering to help recover the money lost in the first scam for yet another fee. As with the first scam, no money is recovered and telephone calls and emails are unanswered.