Vacation Nation

Today the FTC and federal, state, and international law enforcement partners announced 191 recent actions against companies scamming travelers and timeshare property owners. Many of the cases — including the FTC’s — involved timeshare resale scams.

How the Timeshare Resale Scams Worked

Timeshare Resale Scams Infographic

Timeshare Resale Scams
Infographic

In each case, after an owner of a timeshare paid a reseller who promised to have interested buyers for the timeshare property, the owner found out there was no buyer — and couldn’t get a refund, either.

5 Tips to Avoid a Timeshare Resale Scam

Before you sign someone up to sell your timeshare:

  1. Check out the company before you agree to pay them any money. See if the Attorney General and local consumer protection agencies in the company’s home state have complaints, then search online by entering the company name and the word “complaints” or “scam.”
  1. Deal only with licensed real estate brokers or agents. Check with the Real Estate Commission in the state where your timeshare is located to make sure the company has a current license.
  1. Get all terms in writing before you agree to anything. That includes services the company will perform; timing of the sale; fees and commissions; and cancellation and refund policies. If a company says you have to act now or you might miss out on a buyer, it’s not a company you want to do business with.
  1. Consider doing business only with a company that gets paid after the timeshare is sold. Don’t wire money or pay in cash.
  1. Be alert to a repeat scam. If you were scammed once by a timeshare reseller, another scammer might offer to help get your money back — for a fee. Legitimate companies don’t ask you to pay before you’ve gotten your money back.

For more, read Timeshares and Vacation Plans at ftc.gov/travel.

Tagged with: scam, seller, travel, vacation
Blog Topics: 
Homes & Mortgages

Comments

This almost happened to my husband and I. When we spoke to Mr. Kravitz he sounded legimate until he ask for our credit card number without so much as a piece of paper stating what he was going to do. We refused and decided to check him out, there were several complaints against him. He actually had the nerve to contact us again and we confronted him about the complaints. He insistenced that the complaints were old. It took us several weeks before he stop calling but thank goodness he never got a penny from us. His company is We Buy Timeshares.

I'm glad you are letting others know about this scam. A couple years ago it worked on me and I lost $100.00 that was charged for them to sell my time share and then this year I got another phone call - which I informed them about the scam and they hung up on me. Again thanks.

I was in Playa del Carmen and was conned into giving the Mayan Palace time share a cr. card payment of $1825. They said they would sell my timeshare in Floria and I would have 3 weeks of timeshare and they would use 2 wks. and those 2 wks. would pay for my one week. I have not received anything. I am 72 years old and just finished my third cancer treatment and I have what has been diagnosed as "chemo brain" which made me mentally impaired.

So not only are they scamming you on the way in, taking your "fees" and running with them, but then they turn back around and offer to help get those "fees" back for even more "fees"???? Talk about clever.

Do not get mixed up with a travel club as all of them are scams built just to get money from you. The worst of these is Travel To Go in San Diego California. They scammed me out of thousands of dollars.

This has happened to my Mother. What can we do about it?

They are 5 signs that will let you know you’re being a victim of a Timeshare Resale Scam Companies:

-Unsolicited phone calls
-Upfront fees
-No real estate license
-Unrealistic pricing
-Inflated closing costs
http://www.timesharescam.com/blog//105-timeshare-resale-scam-companies/

Green ridge contacted me and asked me for money to send to Mexico. No way jose will I send money.

Timeshare industry has experienced a considerable growth over the last years. On the surface, it looks like it is a reliable market and an innovative way to vacation; on the other hand, timeshare frauds are happening on a daily basis, putting thousands of families in a critical financial situation and taking millions of dollars each year. Such conflict has created lots of misinformation about timeshares, and most timeshare myths come from timeshare salespeople.

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