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Many timeshare owners have been called out of the blue and told that the market is hot! For their timeshares and have a buyer waiting to purchase their unwanted timeshare.
Learn how these companies operate and prevent yourself from falling victim to timeshare fraud.
If a timeshare owner is unhappy with their timeshare, they may assume that the best way to get rid of it is to resell it.
Many timeshare owners are referred to rental and resale companies by the resorts where they purchased a timeshare.
Unfortunately, the secondary timeshare resale market offers very little value for the membership and many possibilities to get scammed again by fraudulent resale agencies that work in tandem with the resorts, or prey on people who have already been scammed by the timeshare industry.
How the meal is "cooked"
A common timeshare scam is for the resale agent to contact the client and say that they have a confirmed buyer for the client’s timeshare membership.
The purchase offer will include an attractive purchase price and various terms that the client is required to agree to in order to process the sale.
One of the terms will typically be for the client to ensure that all monthly payments and maintenance fees are up-to-date with their resort.
This is one way for the resorts to ensure that unhappy clients are not delinquent in their timeshare fees.
Another term in the purchase offer that the resale agent provides is that if the client pays the maintenance fee, but the week is available for the purchaser, the amount paid for the maintenance fee is added on to the price for the purchaser.
The scam in this scenario is that the resale agent does not say what happens if the sale falls through.
In reality, 99.999% of the sales are not processed, and the client has paid an additional maintenance fee and likely waited so long for information about the sale that they also lost the use of the week for that particular year.
The resale agent will then ask the client to send a copy of their certificate of membership to verify ownership.
Once the ownership is verified, the resale agent will send a Transfer Form that outlines the resale agency’s fees to process the transfer.
The scam is that the client is required to pay the transfer fee before the completion of the sale.
In legitimate real estate transactions, the fees to the agent are paid at the end from the profits that the client receives from the purchaser.
Once the transfer fee has been paid, the client has no recourse to try to recover the money from the resale agent should the sale not actually go through.
"...escrow companies don't exist in Mexico."
The resale agents claim to keep the purchaser’s money in an escrow account until the sale is completed. In reality, escrow accounts do not exist in Mexico.
This fraudulent statement is made to try to instill confidence in the client by using a process that is common in the United States.
In reality, the resale agents scam clients by having them pay their timeshare maintenance and monthly fees owed, as well as the transfer fees, and then they will stop replying to the client regarding the sale.
The transfer will never go through, an escrow account will never be set up, and the purchaser is fictional.
Selling timeshares is very difficult, particularly timeshares with resorts that are renowned for scamming clients.
The problem is that resorts sell many timeshares because they have high-pressured sales pitches and don’t allow clients to have any time to research their purchases.
On the secondary resale market, buyers are more aware because they have the time to research the company they are interested in owning a timeshare with, and they have many purchase options available to choose from, most at bargain prices.
The valuations and purchase offers that the resales agents make to sellers are unrealistic and prey on people who want to recover some or all of their lost investment in their disappointing timeshare plan.
If you have a timeshare that you no longer need or want, and were sold it based on fraudulent promises, you should consider canceling your contract as a more viable option than selling it on the resale market.
At Mexican Timeshare Solutions, we help clients to avoid getting scammed by the thousands of fraudulent resale agencies, and help to cancel their deceptive timeshare contracts.
We never charge upfront fees, so you can be sure that you can get rid of your timeshare contract with no risk to your financial health.
To receive more information about purchase offers from timeshare resale companies and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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Leave your comment below and share your opinion with us. To know more about timeshare scams go to: Timeshare Companies: the truth about them
Timeshares never were a good investment and more and more folk are discovering the rip-off in management fees they get to pay just to 'own' them. Actually, all they own is the right to two weeks of use. Amortize that value over $20,000 or $30,000 of so-called investment and it is clear one could purchase many weeks over many years at prime resorts and take many cruise vacations for that cost. So many fall prey to the supersized sales pitch for a free dinner or night's stay. Then they find they never actually use the property that glittered in the sales pitch but have to trade it for where they want to go (paying for the airfare to get there) and what they actually want to use. No wonder they later seek to unload this white elephant on another unsuspecting fool. Buy wisely and just pay as you go.
Timeshare can be sold as real estate, so if they tell you they need an advertising fee or up front fees tell them to take it out of the proceeds. They will hangup when they realize they can't dupe you.
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