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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You or your lawyer could contact your state Attorney General, your bank, or the bank that is holding your money. You could report the timeshare company to the wire transfer company you used to send the money.Call the Western Union Fraud Hotline at 800-448-1492 or the MoneyGram Customer Care Center at 1‑800‑926‑9400.
The United States Embassy in Mexico has this information for US citizens about banks in Mexico: Banking: If you are having problems with a bank account in Mexico, you may contact the CONDUSEF (National Commission for the Protection of Users of Financial Services) telephone toll free from any location inside Mexico: 01 800 999 80 80. Webpage: www.condusef.gob.mx
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R5realty New Mexico Jason Theodore. Escrow Management PATRICK LUNA COLORADO. Scammers yeah me and my wife are several thousand dollars we live on Social Security they are the lowest of low people I’m sure my money is lost but I have turn them in to the FTC and Attorney General
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If you are selling a timeshare and the company asks for money in advance, that is a sign of a scam, and a signt that you don’t want to do business with the company.
Don’t agree to anything on the phone or online until you check out the resale company. Contact the state Attorney General and local consumer protection agencies in the state where the reseller is located. Ask if any complaints are on file. You also can search online for complaints. Type the company name into your computer with the word "complaints" or "reviews" and see what other people say about this company.
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If you are selling a timeshare and the company asks for money in advance, that is a sign of a scam, and a sign that you don’t want to do business with the company.
Don’t agree to anything on the phone or online until you check out the resale company. Contact the state Attorney General and local consumer protection agencies in the state where the reseller is located. Ask if any complaints are on file. You also can search online for complaints. Type the company name into your computer with the word "complaints" or "reviews" and see what other people say about this company.
Read more about buying and selling a timeshare.
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If you are selling a timeshare and the company asks for money in advance, that is a sign of a scam, and a signt that you don’t want to do business with the company.
If the company says you must pay $6,300 for a permit, they're saying you must pay money up front.
Don’t agree to anything on the phone or online until you check out the resale company. Contact the state Attorney General and local consumer protection agencies in the state where the reseller is located. Ask if any complaints are on file. You also can search online for complaints. Type the company name into your computer with the word "complaints" or "reviews" and see what other people say about this company.
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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 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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That's great - thank you for filing the complaint to support investigations, and thanks for letting me know that my comments are helpful. -- Bridget
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Pagination