Contrary to what you might have been told or your own personal prejudice, not all timeshares are scams. Don’t believe me? Millions of timeshare owners can attest to the legitimacy of timeshare. However, that does not mean there are not plenty of timeshare scams out there giving reputable timeshare companies a bad name. Unfortunately timeshare scams are a reality but there are ways to keep yourself safe from fraudsters.
Here are the top signs you are about to be scammed by timeshare scams.
- The name of the resort on your contract is not the same as the one you saw
Bait and switch is a common timeshare scam. Check that the timeshare contract you are signing is indeed for the resort you have toured and agreed to purchase. Be sure to read all details before signing.
- You are taken to an office that is not at the resort to sign your contract and pay your money
Only every purchase a timeshare while you are still in the official sales room. If the agent contacts you the next day with a lower price or special discount but meet them at a different location, you are likely to be walking into a timeshare scam.
- The contract is on its way
Always be wary that you should have a contract before giving out any money. Avoid falling into this timeshare scam where you pay your money but have nothing to show.
- You are asked to pay for your timeshare gifts
Genuine timeshare companies often give gifts in return for attending a timeshare presentation. So, whenever you are asked to pay for it, run away; chances are you’re dealing with a timeshare scam company.
- Buying a timeshare on a classified site
- Paying someone to cancel your timeshare
Signing a contract with a timeshare company includes a clause that says cancellation can’t be done after the cooling off period. Therefore, any company claiming that this possible for them to do so on you behalf is more likely a timeshare scam.
- You are asked to pay upfront fees for timeshare rentals and resales
A timeshare rental or resale company asking for upfront fees when you want to monetize your membership either by renting or selling is usually a timeshare scam. Legitimate timeshare resale and rental agencies usually offer commision based charges.
- You get called out of the blue being asked to sell your timeshare
When you receive phone calls that ask you to sell your timeshare with promises of a significant profit, beware. Often these timeshare scams work in that you are told there is a buyer for your timeshare lined up and all you have to do is pay for the contact information.
- Your timeshare agents offers to buy your old timeshare
This is a common timeshare scam and one to be careful of. No reputable timeshare company will buy your current timeshare membership from a competitor. The only way this works is when you upgrade your membership within the same company.