With vacations coming to a hold during COVID, people are asking now more than ever about their timeshares: can we sell, is it transferable, is there any good way to get out? The reality for many consumers asking these questions to the wrong person may be putting them at an even greater risk of loss. The market for timeshare sales is riddled with fraudster outfits that are just waiting to prey on consumers looking to get out of their timeshares, especially now that they are not using them.
FRAUD ALERT – Timeshare Resale Scams
The timeshare market is riddled with fraudulent Resellers. These resellers come in when a timeshare owner is looking to sell their timeshare. They promise consumers to sell it for them, for a fee. Consumers buy in, and the resellers walk away with their money without performing the promised sale of their timeshares.
The only form of a timeshare sale that is acceptable, is where you get a check. If there is any fee that is required to be paid to an ‘escrow’ you should contact your Lawyer to investigate the legitimacy of the escrow, the transaction, and the company involved claiming to be a legitimate real estate brokerage. To verify if you are a dealing with a legitimate, licensed real estate professional go to Arello (brokers protecting consumers) to confirm their licensure
Not all timeshares are reasonably sellable. The first thing a consumer can do is check the value of a timeshare on Ebay. There are thousands of similar timeshares listed for 1.00$ and not selling. If a timeshare is not selling publicly for 1.00$ there is no way a reseller, or a timeshare listing company can do anything magical for it. Any company who is willing to try should be examined carefully. This is particularly true if your timeshare has a mortgage, in which case the ability to sell it for a financial gain is an impossibility. If in the end you cannot sell your timeshare, there are competent and affordable Lawyers ready who can provide Lawyer-Client representation to secure a timeshare divestment (cancellation), the same Law firm that sues billion-dollar resorts in class actions.