After you buy into a timeshare interest and sign on the dotted line, you may find yourself looking for an effective timeshare exit strategy. This can happen for any number of reasons. Perhaps as you have gotten older, you might no longer be willing to keep up with the rising costs, or you may have inherited a timeshare and want to get out of the contract.
In any case, it’s important to familiarize yourself with timeshare exit scams so you don’t fall victim to one. Here’s what you need to know.
Upfront Payments
Timeshare owners seeking a way out of their contract may be approached by a company that offers to help them resell, rent out, or cancel their obligation. However, the catch here is that the timeshare owner will be required to make an upfront payment. For instance, they may be asked to direct deposit or do a wire transfer, so when the timeshare owner realizes they have been scammed, they won’t be able to cancel the payment or get their money back. The company will disappear once they receive the money.
Pressure to Sell
With scammers, the deal always has to go through immediately, so you need to pay them right away. They instill fear in you by telling you the opportunity to get rid of your timeshare will not last, and your children will be saddled with costs they can’t afford. Therefore, just remember that if they are pressuring you to sell, then you’re dealing with a timeshare exit scam. They may be chasing after you now, but once you give them what they want, you won’t ever hear a word from the scammers again.
Which Timeshare Exit Options Are Safe to Consider?
Hopefully, you will keep these timeshare exit scams in mind as you look around for options to get out of your contract. One thing to note is that even if you manage to avoid scams, you will find that the resale market for timeshares is not favorable to sellers.
It’s not uncommon for resale timeshares to sell for half the original price – sometimes, they may even sell for as little as 20 to 30%. The best option for timeshare owners that we regularly recommend to our clients is to bring in a qualified professional that will help them get out of their contractual obligations. Call us, and we work with you to ensure the best outcome throughout the cancellation process.
