Timeshare scams seem to be in the news these days! Be aware and be smart. Following is a list of some things to look out for in order to avoid some of the more popular scams:
1. If the “deal” is as good as it sounds, it will still be there tomorrow. There is no need to make a snap decision. Take your time in evaluating whether it’s the right deal for you and your family.
2. Many companies offer incentives and gifts that are advertised as “free”. As in any other transaction you are involved in, remember to read the fine print. There may be additional “fees” that need to be paid before actually activating your “free” gift.
3. The contract you sign to purchase or sell your timeshare is a legal document. Read it carefully. Any promises made by the sales person should be in writing and/or made a part of the contract. If they are unwilling to do so, don’t sign!
4. The days of intimidation and high pressure should be long gone, but some companies are still using these techniques. You may leave a presentation anytime you want for any reason and you do not have to explain why to anyone. If you are uncomfortable and feel you are being pressured-just get up and leave.
5. If someone calls you and asks if you want to sell your timeshare, be wary. Legitimate companies do not make cold calls to owners. These companies request money up front (up to several thousands of dollars) to sell your timeshare. Do not give anyone money to sell your timeshare. Reputable companies do not charge upfront fees-you only pay a commission AFTER they have sold your timeshare.
6. To verify the reputation of a company, refer to the Better Business Bureau’s accredited list of timeshare resale companies.
7. As with any real estate transaction, take the time to do some research on buying and selling from resale companies.
8. Always remember, if it sounds to good to be true, it probably isn’t true!
