There are a lot of players in the timeshare market—developers, marketing companies, exchange companies, title companies, resale brokers, resale listing services, rental listing services, magazines, forums, owners’ groups, law firms, consultants and self-appointed experts. How to Spot Timeshare Scams
While the vast majority of these players are legitimate, there are an ever-increasing number of “bad guys” that are in business for the sole reason of taking your money.
How do you know who to trust? Lisa Ann Schreier, a/k/a “The Timeshare Crusader” who has been educating people about timeshare since 2004, has compiled this list that, if taken into consideration will prevent you from being scammed 95% of the time..
No legitimate timeshare resale or rental platform will initiate contact whether by phone, fax, text message or direct mail. Any instance should be treated as suspect.
There are no absolutes in timeshare. If someone promises they can sell your timeshare, or they have a renter or buyer for your timeshare, do not proceed with any transaction. This holds true for purchasing a timeshare from anyone, including developers.
Any timeshare transaction; buying, selling, renting or exchanging should be thought of as a strict financial transaction. If anyone attempts to use guilt or fear to persuade you to make a decision…STOP and do not proceed until you can look at things from a rational standpoint.
Again, any timeshare transaction is a financial one and just as you would not purchase a car, or a house on the spur of the moment, do not be fooled into thinking anything has to be done on the spot. If the opportunity is there today, it will be there tomorrow.
Many scammers use logos that mean nothing in order to trick you. Examples of this include “Verified by ____”, “Member of Chamber of Commerce” and the like.
Lisa Ann Schreier has been involved in the timeshare industry since 2000. Media outlets such as CNBC, The Chicago Tribune, The Ladies’ Home Journal MainStreet.com regularly seek her out. Lisa has written 2 books on timeshare aimed at consumers. In addition to her monthly “Ask the Timeshare Crusader” feature with Senior.com, she serves as the Lead Advocate on timeshare issues on Elliott.org. She also serves as the Director of Member services for the National Timeshare Owners Association. Senior.com readers receive a special discount on an annual NTOA Value membership by using CODE TI545…just click here to join http://www.ntoassoc.com/join-ntoa/
To send Lisa a question and have her answer it here in her column, write her at email@example.com and follow her on Twitter at @LisaLooksAt.View All Articles