Time Share Resale Scams Surging

Kimberly Watson, Editor in Chief
March 29, 2012 /

Throughout the country, thousands of time-share owners are doing their utmost to rid themselves of properties that they no longer need or want. Unfortunately, for them there is an abundance of timeshare scams surging fees for paperwork and sales processing are taken upfront on the pretext of having buyers, which do not materialise. The result of course, is a no sale and the fee money paid is lost.

An example of the scams taking place is shown when aYuba Citycouple, Doug and Armelita Stoddard, bought a one-week timeshare in theNapaValleysome years ago. They ended up hardly using the property and trying to sell it online, they discovered aFloridabased company who ‘found a buyer’ within weeks. However, they first had to send fees of $3,000 in two cashier checks, by overnight delivery.

Needless to say, after paying the checks, the company disappeared without a trace. This is a good example of the timeshare scams emerging repeatedly, designed for the sole purpose of taking gullible and desperate people for a financial ride.

Timeshare scams surge, when the economy is on a downturn, as by necessity there is a ready market to target. There are people who desperately needing money, want to dispose of their timeshare, as they can no longer afford the upkeep of them. They become easy targets for fraudsters, who take full advantage of the situation by making promises but failing to fulfil them.

Many of these so- called companies are not legitimate real estate brokers. Legally, a realtor requires to be licensed in the state in which the timeshare is located.

Claiming by phone or email to have potential buyers, either local or foreign, they get your attention. The next step is asking for upfront money for various expenses. Be aware, and react carefully to what is offered before parting with your cash, in order to avoid being scammed.

 

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