Wednesday, August 22, 2012

Beware! A Perfect Example of a Timeshare Scam?

August’s Ask The Timeshare Crusader question comes from Chloe:

We were recently approached by a buyer interested in purchasing our timeshare. We'd agreed on a price and were ready to start the closing when our buyer suddenly had to leave town. He sent us a check for $3,900 to hold our timeshare, but asked us to keep $2,900 and send a $1,000 check to his broker. Something seems fishy to me. What do you suggest? 

Lisa Ann’s Answer: 

I have two words of caution: STAY AWAY. Your immediate reply to these type of schemes should be, "No".

Let me be blunt here. I can't imagine that anyone would fall for this if they were selling a car or a house. The initial check that the "buyer" or the "buyer's representative" sends is worth nothing; it's likely a fraudulent cashier's check or money order.

But, the check that you send for $1,000 is real and now you are out the $1,000 and will probably get hit with a bad check fee for trying to deposit a fraudulent check. And of course you still have the timeshare.

No legitimate buyer will operate this way. Before you do anything involving timeshare buying or selling: Stop. Take a deep breath. Wait at least a day or so. And think it through.

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