The timeshare industry was established in 1970 and has grown over the years, with many timeshare owners scattered around the country. Many timeshare owners are sometimes looking for ways to sell off or cancel timeshare legally, which usually leads them to fall victim to timeshare fraud. Many fraudsters pose as management companies, escrow companies, and real estate firms to defraud timeshare owners and deceive people into buying fake timeshares.
Colorado timeshare owners, as well as real estate brokers, should be careful of timeshare scammers. It is best to apply caution than trying to cancel a timeshare legally after falling victim to scammers. There is news of timeshare fraudsters in Colorado, and here’s how to stay protected from Colorado timeshare frauds:
- Be wary of statements that are usually too good to be true. When an overly enticing offer is made, be skeptical when more money than the timeshare is worth is offered to you, and don’t make the mistake of jumping right on board with them.
- If they require you to act immediately, ignore them completely. Some of them claim to already have a buyer or seller available to prompt you into action immediately; don’t fall for it as it will take you time to cancel timeshare legally if you fall victim to the fraud.
- Make inquiries about the reseller of the timeshare by calling in on the state regulatory agency or any other office in the state the reseller claims to be located to confirm their authenticity. Also, check online for the reseller, and if they own a website, be wary of new websites and do not offer important information.
- You can call the home timeshare resort where you acquired a timeshare to confirm any information about the reseller.
- If the fraudster claims to be a real estate brokerage, verify their licenses carrying out any transactions with them.
- If the reseller requires an upfront fee, do not agree to it. All fees are added to the closing costs and therefore do not need to be sent up-front.
- Do not agree to share bank account information, credit card information, or personal information with resellers. Some of these resellers are interested in stealing your identity in addition to your timeshare.
- Be suspicious when they insist on cash payment only or insist on wire transfer or money order. This is because challenging these processes can be difficult, unlike credit card companies that allow you to easily challenge fraudulent charges.
- Be wary of resellers who simply contact you out of the blue and cannot meet with you in person. Most times, they do not have an actual office, and there’s never anyone available to talk to you when you put a call through.