Knowing your Timeshare Scams
“Timeshare scams” is one of the most highly searched terms regarding this section of the real estate market, and for very good reason. Timeshare scams are common, widespread, and claim more and more victims every single year. With the high level of timeshare scams occurring across the nation and the world, one would think that the timeshare industry is becoming weaker. Unfortunately, this is not the case, as the timeshare industry is actually expanding rather than shrinking. Furthermore, timeshare scams become more prevalent as the industry grows, leading more and more consumers down a financially destructive path.
With the huge number of timeshare scams that have popped up in recent years, the Federal Trade Commission and FBI are finally starting to take notice. Many believe that this has not happened soon enough, but the problem with many of these timeshare scams is that it is had to prove that fraud has taken place. The amount of physical evidence is actually miniscule despite the fact that timeshare scams are common knowledge to the consuming public. While it is certainly true that organizations are starting to realize and safeguard consumers against timeshare scams, one should not think that they are safe from becoming a victim, because more and more become just that every single day.
While timeshare companies are involved with scams, this is not precisely what we are speaking of here. Timeshare presentations can be brutal experiences that consumers would not dare to try twice. Many attendees are lied to, bullied, and pressured for hours on end in order to receive timeshare contract signatures. These underhanded tactics involve timeshare fraud because many are told lies about the nature of the industry and timeshare ownership itself. Consumers are told that they will be able to sell easily and transfer ownership without incident should the timeshare become financially burdensome on the owner. Nothing could be further from the truth. This timeshare fraud can certainly be viewed as a scam, but can be very difficult to prove once the contract has been signed. This is a very common timeshare scam, but there are others that plague all corners of the industry.
With the huge number of timeshare scams that have popped up in recent years, the Federal Trade Commission and FBI are finally starting to take notice. Many believe that this has not happened soon enough, but the problem with many of these timeshare scams is that it is had to prove that fraud has taken place. The amount of physical evidence is actually miniscule despite the fact that timeshare scams are common knowledge to the consuming public. While it is certainly true that organizations are starting to realize and safeguard consumers against timeshare scams, one should not think that they are safe from becoming a victim, because more and more become just that every single day.
While timeshare companies are involved with scams, this is not precisely what we are speaking of here. Timeshare presentations can be brutal experiences that consumers would not dare to try twice. Many attendees are lied to, bullied, and pressured for hours on end in order to receive timeshare contract signatures. These underhanded tactics involve timeshare fraud because many are told lies about the nature of the industry and timeshare ownership itself. Consumers are told that they will be able to sell easily and transfer ownership without incident should the timeshare become financially burdensome on the owner. Nothing could be further from the truth. This timeshare fraud can certainly be viewed as a scam, but can be very difficult to prove once the contract has been signed. This is a very common timeshare scam, but there are others that plague all corners of the industry.
Timeshare Resale Scams
Timeshare Scams
Resale scams do not involve resort companies themselves, occurring instead when a timeshare owner looks to sell ownership to a third party. Selling a timeshare can be an incredibly difficult task, and many decide they need help finding a buyer for their property. Timeshare resale scams work by a company telling an owner they will be able to sell their timeshare with ease, know how to market effectively, and have a large pool of qualified buyers.
Owners are desperate, and transfer a large sum of money in order to sell their timeshare quickly. However, the company does nothing to sell a timeshare, and keeps the money that has already been transferred. This is a terrible timeshare scam for owners because they have now lost even more money while they are already experiencing a strenuous financial situation.
Owners are desperate, and transfer a large sum of money in order to sell their timeshare quickly. However, the company does nothing to sell a timeshare, and keeps the money that has already been transferred. This is a terrible timeshare scam for owners because they have now lost even more money while they are already experiencing a strenuous financial situation.
Timeshare Exchange Scams
This timeshare scam occurs when an owner, in an attempt to boost the value of their timeshare, joins a timeshare exchange program. The largest and most well-known timeshare exchange companies are Resort Condominiums International and Interval International, with countless members all across the world. These programs allow members to trade or exchange timeshares with other members to allow for more diversity in vacation time and location.
At first glance, this is a wonderful idea that could greatly benefit any timeshare owner. However, many timeshare exchange programs are considered to be scams because trading a timeshare is a very difficult process with little chance of success. If one is lucky enough to find an acceptable exchange, there are huge fees associated with any member-agreed transaction. Couple these charges with the already substantial annual fees, and you have the recipe for a textbook timeshare exchange scam.
At first glance, this is a wonderful idea that could greatly benefit any timeshare owner. However, many timeshare exchange programs are considered to be scams because trading a timeshare is a very difficult process with little chance of success. If one is lucky enough to find an acceptable exchange, there are huge fees associated with any member-agreed transaction. Couple these charges with the already substantial annual fees, and you have the recipe for a textbook timeshare exchange scam.
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