Time Share Scams Uncovered
Although timeshare gets its fair share of bad press, the majority of time share companies are genuine, selling legitimate products. The key issue is whether or not time share is right for you and your vacation habits. However, the word scam and time share do come together under a dark cloud when met with deliberate fraudsters who, under the guise of a time share operator set out to defraud people of their money.
The most frequent scams are related to reselling your timeshare. There are many companies who set out to sell your time share unit on your behalf but charge a joining fee. Once you have paid the subscription, the scammers never manage to sell it, but you have already paid your money. Sometimes you may even be called at home off guard with an offer on your time share. Beware of such calls as the likely buyer will probably pull out once you have paid an upfront agency fee or surveyors costs.
If you are going to buy a timeshare that has not been built, make sure you only do so from a developer who has a great name for themselves, especially if you are buying in a foreign country. A deliberate scam would be to sell properties, take the money and never finish the resort, or go bust before the properties are finished. This kind of scam is easy to avoid if you do a little research into the time share company involved.
Over the Top Prizes
If you are attracted by the thought of attending a timeshare presentation because you are going to receive an extravagant gift like money or a car etc, be wary. You will probably end up with a toy car or find the money is redeemable only when you buy a time share. These kinds of presentation scams are pretty harmless as no one loses any money but irritating nonetheless. Today, however, you will find that the more reputable companies offer discounts on accommodations, tours or activities.