A real estate company in the US is warning consumers and real estate brokers about a spurt of recent timeshare scams. The scammers are cold-calling timeshare owners claiming to be from a legitimate real estate agency and offering timeshare sales and exit services for timeshares owners.
The scammers have been falsely representing themselves as home sales agents working for a legitimate firm, even going as far as to use their real estate license number and address.
The scammer will then offer to sell the victims timeshare, explaining how they have many clients ready to purchase timeshares at a reasonable price. The timeshare owner is convinced to hand over a fee for the agent to pursue their sale and, as many timeshare owners are desperate to get rid of their timeshare burdens, this can sound like a great deal. When the victim tries to call to check on the progress of the sale, the ‘agent’ will try to sell them more services to improve their chances of a successful sale. Needless to say, the timeshare will remain unsold and the customer will be left out of pocket to the tune of thousands.
An estimated 8 million Americans own a timeshare and there are approximately 1,548 timeshare resorts. In the UK, there are approximately half a million timeshare owners. With so many Americans opting to own a timeshare, it is inevitable that there be scammers looking to exploit owners.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination, or exit procedure, with an individual or company, seek independent advice and fully research any company you are thinking of working with.
It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Timeshare Termination.