Sure-Shot Tips to Avoiding a Timeshare Scam Are you skeptical about entering into a timeshare agreement? Do you want to do your research before you either sell or buy a timeshare condo or property? Well, your skepticism is justified. According to numbers released by the FTC, timeshare scams ranked among the top-most frauds for the year 2017. These frauds have been increasing over time, and now rank as the biggest threat to travel security within the US. Buyers are often subjected to the tyranny of these frauds, as they are drawn into the flawed promise of a shared paradise, which later turns out to be nothing less than an abhorrent scam. The ‘great slice of paradise’ that they were promised, turns out to be a vacation-spot that they can only go to for one week during the year.
What is a Timeshare? Before we get into the depth of timeshare scams and how one can avert the risks involved, we will first provide an in-depth explanation to what timeshares really are. Not everyone is equipped with correct information regarding property lingo, which is why this explanation would clear the doubts, if any. Timeshare industry started to rise back in the 1970s. What started as a way to assist wealthy homeowners with tourism, has now grown to a $9.2 billion booming industry, according to numbers revealed by the American Resort Development Association. The idea behind this new form of property exchange was to give condo developers an option to sell one unit to multiple individuals at one time. Buyers were awe-struck with the possibilities of this deal and wanted to be a part of this venture. They could now own a part of a luxury condo, without having to splash much of the green inside their pockets. Rather than having to pay a full price and look after the property during the whole year, buyers could now buy a portion, much like it is with stock exchanges. Multiple buyers had shares inside the condo, and shared the fees and costs with each other. Vacationers and tourists found timeshares to carry the best of both worlds. These properties gave them a chance to enjoy a secluded vacation, without having to visit or take care of the holiday-home all year round. In this air of joyous buying, no one suspected anything to go wrong. But, like every property purchase out there, timeshares to have their own pros and cons. Over time people started realizing how they were trapped into buying, and their deserved amenities weren’t given to them. This led to the rise of timeshare scams, as providers let their hunger for more money take over the good of the service they were
providing. Unsuspecting seniors were the first to be targeted, as they were easy victims. The list of victims has grown over time, and it is time enough now that people were made aware of how these horrendous scams can be averted.
Timeshare Resale Scams Once the recession of 2007 hit buyers in the USA, the market for timeshare stalled. People didn’t have the money to invest in timeshare homes anymore, and those who were already left with timeshare vacation homes started looking for buyers to sell them to.
Hysteria soon ensued in the market, and sellers were left grappling for buyers to their timeshare properties. And, if financial history has ever told us something about financial scams, it is that these scams tend to rise during moments of hysterical selling. Ever since then, individuals looking to sell a timeshare property have been targeted by companies who claim to have a list of buyers lined up. These companies charge an upfront cost for the quick process, which sellers are more often than not, very excited to pay. For someone looking to get rid of a $25,000 timeshare property, a $1,000 upfront cost is nothing. Once excitement takes over the sellers, they give their bank and credit card information over the phone, after which the company disappears with their fake list of buyers. These scams have become sophisticated over time, to avoid the measures most credit card companies and banks have in place to avoid scams.
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