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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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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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.
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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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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