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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I am dealing with them too, but when it came to the fees up front for Gov't, etc. I said my lawyer would be looking after that. They said no problem & rewrote the contract. So no money up front. How else can they get you?
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Hello, How was it? Cuold you share me your experience? because I have now the same offer. Thaks
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Read the article about timeshares and vacation plans for information about selling a timeshare through a reseller.
To start, don’t agree to anything by phone or online until you check out 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 are on file. You also can search online for complaints.
Also, ask if the reseller’s agents are licensed to sell real estate where your timeshare is located. Then verify that with the state Real Estate Commission. Deal only with licensed real estate brokers and agents. Get references from satisfied clients.
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