5 Things You Need to Know About Timeshare Fraud
You should always keep your head while doing business in real estate because scammers are opportunistic.
Real estate fraud has steadily increased in recent years, so you should be aware of some common tactics. This tactic is prevalent, especially in the timeshare market.
To avoid timeshare scams, read below and use the tip so you can avoid this problem.
What Points Should I Know About Timeshare Fraud?
By learning about timeshare scams going on, you will have the opportunity to sell your property without a misstep. Wrap your head around these five tips to avoid timeshare scams while looking for buyers:
# 1: Do Business with Professionals
Researching the genealogy and competence of your real estate agent is the best way to avoid being scammed.
You should find out how long the agent has been in business and see what timeshares they face. Follow some real estate bloggers to get an idea of the best agents around, and to find out what practices they have together.
# 2: Beware of Cold Callers
Some con artists will even call timeshare owners cold, saying that they have found a buyer and only need some up-front costs to ease the sale. Your alarm should go up if this case happens.
Ask for the license number of the real estate agent and research number before moving further.
Any agent who is not willing to provide license information should be avoided at all costs.
# 3: Do not Pay Any Up Front Fees
Having to pay a fee up front is a glaring sign that you may be dealing with a scammer.
Instead of paying a fee to sell your property, a real estate agent of a timeshare will take a final sale piece.
In recent years, the cost of real estate agents hovered about 5%.
# 4: Research Checks and Backgrounds
Better Business Bureau is your friend when to avoid fraud.
Find a real estate agent in your area and only do business with those with the highest BBB value. For example, timeshare owners are attracted to Primo Management Group in Orlando because of their rating with BBB.
Getting some referrals from other timeshare owners can also get rid of some noise in the real estate market.
Meet with your agent personally while hiring them, to know that you are dealing with a legitimate operation.
# 5: Always get Details in Writing
Make sure every detail of the timeshare transaction is written. Next, take your document at home and sleep with the decision before signing it.
E-mail or fax a document to your real estate attorney to get another set of eyes on it. If you do not have a lawyer yet, shop one by one, as this small service is valuable for your time and investment.