The FTC and state consumer protection agencies have shut down dishonest timeshare resellers for bilking timeshare owners out of millions of dollars. If you’re selling a timeshare, listen carefully for the promise of lots of money quickly and a request for an upfront fee. Those are two key signs of timeshare resale scam — and someone you don’t want to do business with.
In one recent case, Vacation Property Services claimed to represent big-name companies eager to buy timeshares for business travel and events. The company guaranteed timeshare owners hefty returns if they moved quickly on the offer. But first, the company said the owner had to pay from $500 to $2,000, via credit card, in “registration” and other fees to seal the deal.
The company’s promises of ready buyers, fast sales, big profits and money-back guarantees turned out to be lies. What’s more, the timeshare owners were stuck with debt on their credit cards from paying the “fee” after the company told them that the sale would be complete — and that they’d have their money — by the time the credit card bill came.
If you own a timeshare, question any offers to help you resell it. Be skeptical of companies that:
- claim the market in your area is “hot” and that they’re “overwhelmed” with buyer requests
- say they have buyers ready to purchase your timeshare — or promise to sell your timeshare within a specific time
- guarantee you’ll get big returns on your resale
- require you to pay fees upfront — even if there’s the promise of a “money-back guarantee”
- don’t provide a contract — or provide a contract that doesn’t accurately reflect conversations you had
Read about buying and selling a timeshare, or check out our infographic to see how timeshare resale scams typically work.
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Interesting International wire tranfer fraud,,forex,,trading Mexico has gotten worse without,insurance laws,, Matt from R.C.I. gave no paperwork abt the promissory note. MatT liked baseball, ,would not explain their company address in Florida. Man on phone Litterally ," conference call", ,,just like Grant Cardone,,type. Empty promises and money up front,spoke," 45 days until we reel them in" name and address withheld
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HI HOW ARE U??? MY NAME IS ANDRES I WAS READING YOU POST AND I NOTICED YOU MENTIONED CHICAGO MARKETING ASSCOCIATES. 1 MONTH AGO I WAS CALLED BY ONE OF THEIR "EMPLOYEES" TELLING ME THAT THEY GOT AN OFFER FROM A PERSON FROM THE U.S TRYING TO BUY MY MEMBERSHIP IN PUERTO VALLARTA.
THEY TOLD ME TO TRANSFER $4000 INTO A MEXICAN ACCOUNT AND I DID THAT, THEY SEND ME A CONTRACT AND I SIGNED IT, NOW THEY ARE CLAMING 30% OF THE TOTAL TRANSFER OR THEY ARE GOING TO SUE ME. MY QUESTION IS. ITS TRUE THIS COMPANY IS PHONIE OR FAKE?? THEY KEEP CALLING ME . CAN U HELP ME WITH THIS?? THANKS FOR ALL YOU HELP REGARDS
In reply to HI HOW ARE U??? MY NAME IS by andreslop
Don’t agree to anything on the phone or online until you check on the reseller.
Contact the state Attorney General and local consumer protection agencies in the state where the reseller is located. Ask if there are complaints on file. You also can search online for complaints about the company.
If you have a written contract, read it and see what it says about paying the company. You could ask a lawyer or real estate professional to help you understand the contract.
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Please report this to the FTC at FTC.gov/complaint. You can provide information about the company, what it promised, and what you received. The information you give goes into a database that law enforcement uses for investigations nationwide.
You can also contact your State Attorney General and the Attorney General in the business' home state to report your experience. If you sent money by wire transfer, you can call the Western Union Fraud Hotline at 800-448-1492 or the MoneyGram Customer Care Center at 1‑800‑926‑9400.
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A fake website uses Genesis Investment Properties Inc. and it's address to cheat people money. Since Genesis has no bad record, you can't find anything wrong about this company. Also the company has no website which makes it a good choice for the cons to turn it into a scam company. The phone number and email address at the webpage are not Genesis'. The scam company"s webpage: genesisipi. com
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i am in the process selling a time share in cancun with GENESIS who has another company SIGMA PARTNERS INC are in charge of the escrow funds and send me the wire transfers first one,RFC TAX$3500 nextNONE FAMILY TRANSFER TAX $2950 NEXT customs clearance number $6230 and the latest LEGAL AND RECORDING $5976 all these amouts are in USD each time a transfer took place i got a official Mexican receipt with government stamp all the wire transfers went to a Mexican name and bank. so it all looked legal.
the CEO of genesis is ROBERT THOMAS the head escrow officer is CHRISTOPHER DONALD LOMBARDI 15515 san fernando mission blvd,mission hills CA 91345.genesis also promised me i would be reimbursed for all the amounts upon closing that i have mentioned in this statement.the last payment i refused to pay as they were putting on the pressure to pay with in 24hours.how does a person get that money back? also i must have dealt with at least 10 different associates they made it seem professional i hope this helps anyone else goin thru this.dec 9 2016.
In reply to i am in the process selling a by michael
If you have contact information for the person you sent the money to you can contact him and ask for a refund, or contact local law enforcement. You may want to report him to the wire transfer company you used. You can also report the person and company to the FTC at FTC.gov/complaint, and to your state Attorney General’s office.
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Read about buying and selling a timeshare. It has important tips, including this:
If a company approaches you and offers to resell your timeshare:
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