The timeshare market is full of reputable businesses and people, but there are some crooks. Here are the top scams that are out there.
1. Paying full price for a timeshare. In most cases, the resale market has the same timeshare a developer sells for a fraction of the price. See Timeshare Resales for listings of resales.
2. Don't give in to the pressure of a timeshare salesman. They try to convince you to buy at their high prices with a lot of pressure.
3. Buyers or Renters - Use a reputable timeshare closing company to escrow money, and do the paperwork to transfer the timeshare. See Timeshare Closing Companies. Never give out personal information, such as a bank account or your SSN to a potential renter or buyer.
4. Owners - When selling a timeshare or renting a timeshare out be careful with the person you are dealing with. A lengthy explanation and examples can be found here: scams. The most common fraud is someone with bad grammar that offers you more than you are asking for and wants you to send a check to them for the difference.
5. Owners - Never pay a large up-front fee to sell or rent your week. There are many companies that charge from hundreds of dollars to a thousand and give you false promises. They get hundreds of listings with up front fees and then go out of business and open up under another name and do it again. Never pay more that $50 and makes sure it is a good company and members of the BBB with a rating of an "A".
I am the owner of this website and I received a call from an old college roommate. He has timeshare company guaranteeing $32,000 for his timeshare if he would pay $3,000 up front for the listing. This timeshare is worth just a few thousand dollars in the resale market. This company would have taken his money with false promises and never sold his timeshare.
Just watch out for a scamster. Even though most people in the timeshare industry are honest there are scamsters out there. Be sure to file a complaint against any kind of rip-off or fraud.
This website is a member of the BBB with an "A" rating. We are also recommended by most professionals in the timeshare industry. Look around this site and you can see how to sell, rent out, buy or rent a timeshare.