Avoiding Scams When Selling Timeshares

Selling timeshares has gotten a bad reputation in the past and for good reason.  There have been many companies out there that have been downright predatory when it has come to making sales and coning people into buying things that they don’t really want.  It never hurts to educate yourself on the potential issues you may run into when buying or selling a timeshare.

People are always trying to make a quick buck and it is disappointing that they don’t apply their problem solving ability towards ethical issues or even other legal entrepreneurial endeavors.  With the effort they put into making a quick illegal buck they could easily make a legal buck.

The basic timeshare scam is simple, here is how it works.  And by the way this is the illegal version of the scam, not just on of the unethical legal versions.

What sounds like a reputable company contacts the timeshare owner.  This is often an owner that has expressed a desire to sell and may be having a hard time finding any options.  The phony buyer offers to close quickly at or above market value and offers to send a check or money order.  Sounds crazy to trust someone like this but remember this is often a seller that is in dire straights and has exhausted all other options.  The check or money order is of course a forgery, but this is often not discovered until after it has been deposited and the deed has been placed in the mail.  So the timeshare owner has relinquished the deed and received nothing but a phony check.  He is still left holding the bill and the deed is usually now owned by someone in another country beyond the reach of United States or other law.

It is all to common for people who have heard about this scam to fall victim to the enticing sound of escaping a burden only to find themselves in a worse situation than before.  People are often set at ease when their bank confidently accepts the check or money order and credits their account.  It seems like they would or should be able to catch these things when they happen but the sad fact of the matter is that banks are often not able to check the authenticity of checks on the spot.  It can take days or weeks for the fraud to be caught and by that point you are the one responsible.

High dollar printers and people looking to make a quick buck can be very convincing.  As fast as law enforcement and fraud departments figure out how to catch criminals the criminals figure out how to outwit the powers that be.  It is a game to many of the people that play and unfortunately it is a game that has a very unhappy ending for many people.  Phonies will play on peoples emotions and exploit their trust.  The proliferation of sites like craigslist and ebay have only further enabled scam artist to continue their trade.

If you sell a timeshare on an auction site or free site be forewarned that you will most likely be contacted by a scam artist at some point.  If this is how you plan to sell insist on using a middle man or an electronic for of payment.

There are other versions of timeshare scams some involving the sale of points or rollover weeks and others involving the actual sale of the timeshare.  Be forewarned and be on the look out for anyone that is promising anything that is too good to be true or a fast sale.

I am not trying to convince you not to sell you timeshare or to go directly through a builder or resort.  I am simply warning you about the perils that exist in this industry.  Timeshare brokers will often charge an upfront fee to sell or list a timeshare, you just need to make sure that you are dealing with a reliable company.  Paying a professional to deal with the hassle of the sale can take load off of your shoulders and lead to a much faster sale.

Always educate yourself before attempting to sell a time share and do not hesitate to enlist the expertise of a professional.