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 have been contacted by R-5 by flyboy
Since my last post I have since been called by R-5 Realty again but this time by a Ralph Pena. I didn't inform him that I had previously been contacted my Andrew Perris. I told him to go ahead and send me an offer and to my surprise it was $45,000 above the one I got the first time for the same property. On a follow up call I asked if he knew of Andrew Perris since they supposedly work in the same office. And of course he didn't. I also asked how the process works and if any money is required up front and he told me no that an escrow would be set up that the sale money would be deposited into then in 15 days I would have to pay them a 6% sales commission. This definitely smells like a scam. Thanks everyone for your post on R-5 realty.
In reply to R-5 REALTY IS A SCAM!! We by PalmarSkeptic
In reply to Looking at all the posts re R by PalmarSkeptic
I received a call from R5 Realty like the above bloggers showcasing interest in my timeshare with the Villa Group in Cancun. They also sent me an acceptance letter etc. all sounded too good to be true. Just talk to the Chamber of Commerce in the greater Albuquerque New Mexico area. They told me to reach out to the see Association of Realtors in Albuquerque where I found out that they are not members. The association suggested that I reach out to the NM real-estate commission (505-222-9820) . I talked to one of their lead investigators and he said that R5 Realty is an absolute SCAM! He informed me that there’s no legitimate brokers licensed under the name R5 Realty. In fact, they are taking names of other Realtors past/present & using them as a form of identity theft. Please report the scam to the phone number that I attached. As we all know “if it’s too good to be true” then it’s probably not true. Hope this helped sj
In reply to I received a call from R5 by R5 Realty - SCAM!
Please help law enforcement by reporting this at FTC.gov/complaint. The information you report there will go into a secure database that law enforcement nationwide uses for investigations.
The comments you put here on the blog don't go into the law enforcement database.
In reply to Please help law enforcement by FTC Staff
In reply to Bridget is there a way we can by HogRider
Only law enforcement agencies and personnel who are members of the Consumer Sentinel Network are permitted access to the database. Sentinel members include federal, state and local law enforcement agencies.
You've got ways to check out an offer. Call your state Attorney General's office, call local consumer protection offices; type in the name of the company and the word "review" or "scam" and see what comes up online.
Read the FTC article with tips about selling through a reseller: Timeshares and Vacation Plans.
Read some of the comments here and see if you get ideas from other people's experiences. And if anyone asks you to wire money - that's a red flag. If you send money by wire transfer, it's like sending cash.
In reply to I got scammed by a firm named by WILLIECHIL
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In reply to Has anyone heard of Sugar by Albertan56
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:
In reply to Has anyone heard of Sugar by Albertan56
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In reply to Just talked to the actual by PK
You can help law enforcement by reporting this to the FTC at FTC.gov/Complaint. The information you give goes into a secure database that law enforcement uses for investigations. The comments you put here on the blog don’t go into the law enforcement database.
In reply to I was first contacted with an by Kris
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It's important to get information from independant sources and not rely only on information from the reseller. You can contact your state Attorney General and ask if they have information about the company. You could search online for the company name and the word "review" or "scam." You could look for information about the government, real estate or banking system of Mexico. Read this FTC article about Timeshares and Vacation plans for more information.
When you send money by wire transfer, it's like sending cash. Once the money is gone, you can't reverse the transaction.
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In reply to Has anyone dealt with Sugar by Albertan56
Pagination