Tips to avoid scams while selling a timeshare
Selling your timeshare can be a smart move if it no longer serves its purpose as a vacation home. However, selling a timeshare can be a problematic process because it is not considered a real estate investment as it depreciates in value. Are you wondering how to sell your timeshare then? If you haven’t received any worthwhile responses through advertisements, you can hire services from a timeshare resale company. There’s one catch thoughthere are numerous unscrupulous businesses which can scam unsuspecting timeshare owners. To avoid falling prey to such fraudulent activities, look for the following warning signs mentioned below.
- Cold calls – Untrustworthy timeshare resale firms will often use the cold call tactics via phone or mail. Therefore, if you haven’t initiated the contact, avoid communicating with such unsolicited services.
- Guaranteed sale – As a timeshare is an unconventional real estate option, it is not popular among the masses which implies that its sale can’t be guaranteed. Therefore, if any company makes tall claims of guaranteed sales, don’t hire their services.
- Contact details – In the recent years, fraudsters have adopted a different tactic of setting up fake mail addresses and websites to lure timeshare owners. To verify their contact, try visiting their office or run a thorough check of them online. Lack of relevant information or using Yahoo or Gmail instead of company mail are some red flags that you should look for.
- Written contract – It is extremely important that whatever transactions or agreement you have decided upon are provided in writing. If the resale company seems reluctant to draft a proper paperwork, then you should definitely pass their offers.
- Information protection – You might be expected to provide some sensitive details and make a few payments via credit or wire transfer. Therefore, ensure that you ask how the company plans to secure your data and if they provide a copy of all the transactions exchanged.
- Fees – If the timeshare resale company states that they have a buyer waiting but the process will only move forward if a closing or transfer fee is paid first, then immediately bail out of such offer. Usually, such fees are required to be paid after the timeshare deal is finalized, i.e., on paper.
Once you have figured how you can sell your timeshare with the help of a resale company, ensure that they help you price it right. Moreover, the transfer of timeshare ownership also involves multiple legal requirements. Therefore, pay close attention to the contract drafted, deed to the timeshare, real estate taxes, and documentation mandated according to the concerned state.