Better Business Bureau of Southern Arizona is warning of “Timeshare Reseller” scams- which have been ubiquitous since the housing crash in 2008.
“There are almost endless variations of timeshare resale fraud,” warns Kim States, BBB president. “Timeshare owners need to be wary of companies promising to market and sell properties on their behalf.
Detect fraud red flags:
- Upfront Payments: Be cautious of advance fees. Opt for a company that charges fees only after the property is sold.
- Cash or Wire Transfer Only: Scammers will oftentimes demand that buyers pay with cash or wire transfer so that it makes it next to impossible to get the money back. Use a credit card so that it’s easier to dispute the charges.
- Failure to Disclose Information: Watch out for unlicensed companies and ones that refuse to provide a phone number or address.
- Unqualified Guarantees: Be wary of “money-back” guarantees and promises that a timeshare can be sold within a certain period of time.
- High Pressure: Ask companies to provide paperwork. Get all promises, fees and obligations in writing. Don’t be pressured; think it over and seek advice from an unbiased legal professional.
Check with BBB for complaints and alerts, or visit www.tucson.bbb.org for more consumer news and tips.