5 Tips to Avoid Timeshare ScamsBy Home Security Source Dec 9, 2010 | 11:55:00 amPosted in: Home, Travel
Timeshare scams are on the rise and are costing Americans hundreds of thousands of dollars. If you own a timeshare or are thinking of purchasing one, take these five tips into consideration before signing anything.
1. Be wary of marketing companies contacting you. If you own a timeshare, watch out for companies that say they already have a buyer lined up and want to make a quick sale. This can be the first step of a timeshare scam.
2. Avoid high-pressured sales. If the salesperson is overly aggressive you may want to reconsider. A legitimate business should respect that you need time to look over the documents and consider your options.
3. Don’t pay up-front fees. Many of these scams will ask that you send a few thousand dollars up front for processing fees. If they ask you to send anything over wire transfer, get out as soon as you can. This is a known tactic of Craigslist scammers.
4. Never sign on the spot. Take some time and do your research, be sure to check out the company’s Better Business Bureau (BBB) rating and if necessary consult an attorney.
5. If it sounds too good to be true, it probably is. As disheartening as it sounds, if a free luxury vacation, car or boat is added as a bonus or incentive it should be a red flag.
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