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Understanding Timeshare Scams Used by Companies
Timeshare scams are a growing concern in the industry. Many owners pay thousands of dollars to fraudulent timeshare resale companies. Let Timeshare Defense Attorneys help you avoid scams.
What Are Timeshare Scams Used by Companies?
Timeshare scams are a growing concern in the industry. Many owners pay thousands of dollars to fraudulent timeshare resale companies. Unfortunately, these scams often take advantage of many timeshare owners who seek to rid themselves of their contracts and sell their properties. Take a closer look at some of the most common timeshare scams and what you can do to protect yourself.
Timeshare Maintenance Fees
Timeshare maintenance fees are ongoing fees that cover the operating costs of their timeshare property, such as maintenance, repairs, utilities, and other expenses. While maintenance fees are a legitimate cost associated with owning a timeshare, they can also be used as a tool in timeshare scams.
Scammers may use high or unexpected maintenance fees to take advantage of timeshare owners. For example, a scammer may tell a timeshare owner that their maintenance fees have increased and that they are required to pay a large sum to avoid defaulting on their timeshare. In some cases, scammers may even offer to help the timeshare owner reduce or eliminate their maintenance fees in exchange for a fee.
It’s essential to be cautious of any company or individual that offers to help you reduce or eliminate your maintenance fees, especially if they ask for an upfront fee. Before you agree to any service that promises to reduce your maintenance fees on your vacation property, make sure you understand the terms and conditions of the agreement and that you are comfortable with the company’s reputation and process.
Be aware of the fees associated with your timeshare and regularly review your billing statements to ensure that you only pay the fees to which you agreed. If you have any concerns about your maintenance fees, contact your timeshare company or resort directly to get clarification and to avoid falling victim to a scam.
Timeshare Resale Scams
One of the most common timeshare scams is the timeshare resale scam. In this scam, a timeshare resale company contacts you as the owner and offers to help you sell your timeshare. The company may require upfront fees for their services and will promise that they have a buyer waiting, but they have yet to actually sell timeshares.
Usually, the company will take the money and run, leaving the timeshare owner with a worthless contract and no way to get their money back. Worse, they may still be stuck with a timeshare mortgage that needs to be serviced.
Timeshare Resale Companies Under Investigation
Several timeshare resale companies have come under investigation for fraudulent practices in recent years. Plus, some companies have been accused of charging exorbitant fees for their services and failing to deliver on their promises.
The American Resort Development Association (ARDA) is a trade association that represents the timeshare and vacation ownership industry in the United States. On their website, you can find information about the organization, its members, and the timeshare industry as a whole. You can also access resources for timeshare owners, such as tips for buying a timeshare and information about exchange programs.
Our experienced and skilled timeshare lawyers can advise you on your Sapphire timeshare cancellation.
Understanding Timeshare Fraud
Timeshare fraud is a growing problem in the industry, with many people falling victim to fraudulent timeshare resale companies. The fraudsters often use high-pressure sales tactics and false advertising to convince timeshare owners to pay for their services. They may also use fake testimonials and false promises of quick and easy sales to lure people in. In many cases, the fraudsters will take the money and run, leaving the timeshare owner with a worthless contract and no way to get their money back.
Who Are Timeshare Fraudsters?
Timeshare fraudsters are individuals or companies who engage in fraudulent activities in the timeshare industry. Some fraudsters may also use fake names and addresses to hide their identities.
What Is the Corporate Timeshare Network Scam?
The Corporate Timeshare Network scam is a recent timeshare scam that has developed in the timeshare industry. In this scam, a company contacts timeshare owners and claims to be a network of timeshare resale companies that can help them sell their property quickly and easily.
The company requires upfront fees for their services, but they never sell the property. Instead, the company takes the money and runs, leaving the timeshare owner with a worthless contract and no recourse.
How Do You Know if a Timeshare Resale Company Is Legitimate?
If you’re considering working with a timeshare resale company, it’s essential to research and ensure that the company is legitimate. Many clients ask whether owning a timeshare puts you at risk. The answer is uncertain, but you can minimize the risk by consulting your lawyer before signing on the dotted line.
The following are tips to help you avoid being scammed:
- Check the company’s reputation. Look for online reviews and ratings from other timeshare owners. A company with many negative reviews is likely not a reputable company.
- Don’t pay upfront fees. A legitimate resale company will not require upfront fees. If a company requires payment before selling your property, it is likely a scam.
- Do your research. Before signing a contract with a timeshare resale company, research to ensure that the company is legitimate. Check the company’s website, read the fine print, and ensure that you understand the terms and conditions of the contract.
- Contact the Better Business Bureau. The Better Business Bureau can provide information about timeshare companies’ reputations and any complaints filed against them. You can also use BBB’s website to search for a company by name or location.
- Get everything in writing. Before signing a contract with a timeshare resale company, make sure you have a written agreement outlining the terms and conditions of the sale. This will help protect your interests and ensure that the company is accountable for its actions.
Are Timeshare Exit Companies Scams?
Not all timeshare exit companies are scams, but some use fraudulent practices to take advantage of timeshare owners. To avoid being scammed, it’s essential to do your research and choose a reputable timeshare exit company.
Look for a reputable company, prioritize a money-back guarantee and a clear and transparent process for getting out of your timeshare contract. It is safer to only deal with exit companies with an escrow account.
Attorneys are often asked whether clients can stop paying their timeshare mortgages and maintenance fees. Keep paying your maintenance fees even if the exit company advises you not to – you will be liable and could even face foreclosure.
Why Am I Getting Calls About a Timeshare?
If you’re getting unsolicited contact via calls about your timeshare, you are likely being targeted by a timeshare resale company. These companies often use telemarketing to reach out to timeshare owners and offer to help them sell their property.
Avoid timeshare scams. Be cautious of companies that use high-pressure sales tactics, require upfront fees, or make false promises. If you need clarification on whether a company is legitimate, do your research and ensure that you understand the contract’s terms and conditions before you sign anything.
How We at Timeshare Defense Attorneys Can Assist
To avoid being scammed, it’s essential to do your research, choose a reputable company, and get everything in writing.
If you’re considering working with a timeshare resale company, make sure that you understand the terms and conditions of the contract and that you are comfortable with the company’s reputation and process. The Better Business Bureau can provide information if you need clarification on whether a company is legitimate.
Contact a highly experienced and skilled timeshare attorney for a free initial consultation.
