Thursday, September 8, 2011

Timeshares Scam

Before we get into the timeshare scam I would like to know why would anybody purchase a timeshare? I don't see any benefit to owning a one. First you have to pay for it usually monthly payments, second you have to pay the maintenance fees and last you are responsible for any local or state taxes. I think if you add up all the expenses you could probably stay at some of the finest hotels in the country for two weeks a year much cheaper without all the stress of owning a timeshare.

If you are a timeshare owner there is another scam that you must be aware of. If you get a letter or a call from a company saying they can help you sell your timeshare even guarantee it beware. This is how it works the representative will tell you they can assist you in selling your timeshare in a relatively short period of time. The only requirements for you would be a deposit of several thousand dollars that will be refundable when your property sold. The problem with this once you have made a deposit the scam company makes no effort to sell your property at all. Basically you lost your deposit. Any reputable company in the real estate business will not ask for a deposit as they work on commission. The best way to handle this situation is to hang up the phone. If they continue to call you contact your Attorney generals office they will be able to help you. Another novel approach would be what one of my client's did by telling them he would need a $5000 deposit from them that would be refundable when the sale is complete they never called back again. When selling your timeshare there are many reputable company's that can help you and do not require any money up front. Be aware of these schemers and good luck.

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