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Timeshare resale fail

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If you’re thinking of selling a timeshare, the FTC cautions you to question resellers — real estate brokers and agents who specialize in reselling timeshares. They may claim that the market in your area is “hot” and that they’re overwhelmed with buyer requests. Some may even say that they have buyers ready to purchase your timeshare, or promise to sell your timeshare within a specific time. All they need is an upfront fee to get the ball rolling. Well, hold onto your money and read on.

Today, the FTC is charging the operators of a timeshare reselling scheme with bilking at least $15 million from timeshare owners by charging upfront fees of as much as $2,500 — or more — with promises they would rent or sell the properties. As time passed, the defendants would ask owners for more money, claiming the sale was about to take place and even characterizing the additional fees as closing costs. When the promises weren’t kept, consumer requests for refunds were routinely denied or ignored. Not anymore. At the FTC’s request, a federal court has temporarily halted the operation while the FTC seeks to permanently stop the illegal practices and get money back for consumers.   

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                                                   

                                                                                                                                      Timeshare Resale Scams Infographic

For more information, see buying and selling a timeshare, or check out our infographic to see how timeshare resale scams typically work.  

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

Comments

So, I was contacted by Wonderful Realty as well. Has anyone had an outcome yet? All of the above has happened to me and now I'm felling pretty screwed. I really hope this is not a scam.

I did the same thing. First it was the Mexican income tax and then it was was the Mexican state tax that they didn't realize was being accessed....and now they are saying a penalty from the Mexican Federal Government is issued because the state tax was not paid on time. I feel pretty dumb that I gave them any money. I asked them for their credentials but wasn't given it initially. I asked again and they sent me a copy of a business card with Willam D Rigneys (Senior Broker) info on it and a link to check the numbers out on a NY website. But now I've waisted too much time so the "buyers" want out... now they sent a letter saying I owe the 4% commission because I was a breach of contract. Anyone have any other info?

We have been dealing with Wonderful Realty Corp out of Flushing New York. We were told of the same BS and they sent us deposit account in CitibanaMex account showing deposits by the so-called buyers. They know say for transfer of property, Mexico requires a $5800 fee. We then said no. Not going to add more money. They are threatening us with penalty for breach, etc. What has been your outcome? We think it is a total scam.

Same exact thing happened to us. They are still calling us to fullfill the contract. Did you resolve your dispute wit them?

I am wondering if anyone out there has had any dealings with Universal Realty Plus or AAA management both in NYC for selling a time share in Mexico?

We have had numerous calls/emails by a N.Y. City brokerage called “Universal Real Estate.” Now, the only thing to finishing the deal on our selling our Mexican timeshare is to send $3,500 USD in escrow fees which they assure us has been paid 100% by the buyer. I’m not ‘buying’ this. Anyone else has/had dealings with Universal Real Estate Brokerage in New York??

Can you bequeath the timeshare in a will to the developer, or to some person overseas?

Hello! Has anyone heard of Travel Suns? They have Law practice representing them in CA on the sale of our timeshare. They have asked for no money upfront. I am waiting to see what the scam is? Anyone have any dealings with Cheryl Anne Debari? Thanks!

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