Archive for September 10, 2018

How Timeshare Resale Scams Work

Written by Lawyer lifestyle on . Posted in Cancel timeshare after rescission period, How much do timeshares cost monthly, How to get rid of a timeshare

Many timeshare owners are frustrated after making these purchases. In fact, statistics from 2016 found that 66% of timeshare owners felt that costly maintenance fees were their main reason for wanting to get out of timeshare contracts. Therefore, timeshares often become burdens for their respective owners. Understandably, a timeshare owner will consider selling this property. This is where scammers enter the picture, looking to prey on those eager to sell. Considering that, here’s the process behind a typical timeshare resale scam.

Initial Contact by a Scammer

If many things seem too good to be true, they likely are. Therefore, it’s important to be aware of companies contacting you after placing a timeshare up for sale. One study by Ernst and Young found that 56% of reclaimed timeshares stemmed from foreclosure. Considering that, many timeshare owners are so eager to escape these contracts they immediately fall into this trap. After all, it’s understandably hard to resist