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.
In reply to I would really like an answer by cperkins
Did you check this company with any government agencies? If a company calls you and offers to sell your timeshare, be careful.
Read the FTC tips about selling a timeshare. Here's the first tip:
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Did you check this company with any government agencies? If a company calls you and offers to sell your timeshare, be careful.
Read the FTC tips about selling a timeshare. Here's the first tip:
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In reply to Has anyone dealt with Golden by Jennifer
We got the same request recently but from a International Sales Group in New York LLC, offering 40,000.00 for our time share in Mexico. They also said something about NAFTA and a tax write off. We are also thinking it is a scam but what if it isn't? Anne
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You can help law enforcement by reporting this to the FTC at FTC.gov/complaint. The information you give will go into a secure database that the FTC and other law enforcement agencies use for investigations.
The comments you put here on the blog don't go into the law enforcement database.
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The information you reported to the FTC was added to a secure database that law enforcement agencies nationwide can search and use for investigations. You can also report to your state Attorney General, and the wire transfer company you used to send the money.
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Did you check the companies with any government agencies? If a company calls you and offers to sell your timeshare, read the FTC tips about selling a timeshare. Here's the first tip:
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Did you check the companies with any government agencies? If a company calls you and offers to sell your timeshare, read the FTC tips about selling a timeshare. Here's the first tip:
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Pagination