We have written this post as a caveat relating to the recent timeshare exit scams emerging everywhere around the world.
In doing so, we hope to make people aware of how unscrupulous agents are promising to represent timeshare owners in negotiations with potential buyers only to collect upfront payments and disappear into thin air.
If you own a timeshare and are thinking of contacting a resale agency or have already been contacted by one, we highlight below the things you should look into to make sure you are not dealing with a scammer and prevent having any financial losses.
First and foremost, if you are wanting to sell your timeshare, it’s advisable to check with your company if they have a buy-back option. This is by far the best and safest way to exit your contract.
However, if this option is inexistent and you need to resort to a different arrangement, such as engaging with a resale agency, then consider the following checklist of questions you should make when contacting them, or vice-versa.
- How long have they been in the market, and is this something you can check for yourself?
- What services are they going to provide you, exactly?
- What are their fees and commission rate?
- Is the price for sale they’re suggesting in accordance with the market?
- Do they offer any guarantees?
- Is there any social proof that testifies to their legitimacy?
- What’s the origin of their timeshare inventory?
- What’s their method of sourcing potential buyers?
- How do they market the timeshares they have for sale?
- What happens if they don’t succeed in selling your timeshare?
Whilst these are simple questions, the answers provided may be purposefully intricate and confusing.
It’s important to request that everything conveyed during the conversation, especially the answers given to the questions above – and all other important questions asked – be put in writing to make the company accountable for their promises.
A reputable resale agency should see no problem in providing this information detailing every step of the timeshare sale process, including what’s due to them once the deal has been finalized and their refund policy. On the contrary, if they fail to provide this information in written form, be wary in proceeding with them.