Timeshare Sales Scam

Jennifer and her husband bought a timeshare. They've unsuccessfully tried to sell it and have been approached by a company. After Dave gets the details, he offers another idea.

QUESTION: Jennifer in Pittsburgh and her husband bought a timeshare in 2002. They paid $12,000 for the basic point system. They've never used it even though they've had it all these years. They've unsuccessfully tried to sell it. Now they've been approached by another company. After Dave gets the details, he offers another idea.

ANSWER: I'd offer them 20% t be settled upon the time they send me a check. Escrow accounts can be manipulated. It could be on the up and up, but I'm not going to personally bet $1,200 on somebody that contacted me from New Jersey living in Pittsburgh. I didn't contact them, and just because you haven't been able to find anything negative on them doesn't mean it's not out there. It scares me to death. I'm not doing that. I think it's a good way to lose $1,200.

Upfront is just not an option. If you can sell the thing, I'll give you a percentage of it if you can get my money back. Real estate agents do that all the time. There's a formal closing that takes place with a timeshare. When you sign the paperwork, they can withhold from the closing—from the proceeds—that whole thing.

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