Posted on August 23, 2016
The timeshare resale market has been hindered by scam businesses that use similar tactics to gain the trust of both buyers and sellers. Licensed real estate broker Timeshare Broker Associates has worked hard to help customers identify these scams. TBA asks that buyers and sellers protect themselves by keeping an eye out for the following telltale signs of a scammer.
1. Cold-calling: Legitimate resale companies never contact a buyer or seller unless that person has already reached out in some way.
2. Guarantees: Legitimate companies understand that so many variables exist in the marketplace that no guarantees for sale can be made.
3. Sellers’ fees: Scams frequently tell sellers that they have a buyer waiting and ask for “closing” or “transfer” fees to finalize the deal. Typically, these fees are paid by the buyer, not the seller.
4. Lack of contract: Legitimate companies almost always put agreements in writing, and many jurisdictions require that resales have a written agreement.
5. Post Office boxes: Companies should have a real street address and a phone number that people answer during normal business hours. Buyers and sellers should also check that the company is registered in the state.