Be on the lookout for timeshare resale phonies

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.

Timeshare Resale Scams Infographic

Timeshare Resale Scams
Infographic

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.

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

Comments

check out sell my timeshare. They want big bucks upfront and says they have a lot of buyers. Thanks.

I received a letter prepared by Driftwood Inc out of Detroit, MI, announcing their intention to purchase vacation memberships at UVC. A scam, I'm sure.

I received the same thing this week. I'm also sure it's a scam, but I think UVC is selling lists. They knew a LOT about me and my contract. They knew how much I paid, owed, membership level, email address, mailing address, and obviously phone number. I looked through my paperwork and i didn't sign anything to share my information.

Received calls from driftwood in out of Detroit. Had two different offers for my UVC membership. Too pressured so I got cold feet! Glad I did after read all of these posts! Thank you.

I wish I had used Google. Driftwood got me for a substantial amount of money. Phone numbers still active but no phone calls answered or messages returned. Ouch! Do not make the same mistake. This was an elaborate Scam with a guy in detroit acting as the agent, another guy in Alabama acting as the titlecompany and another accomplice in Mexico receiving wire transfers. The had active business websites and everything.

Just curious...what did you do to research licenses and contracts of the persons that approached you?

VACATION RESORT EXPERTS IS A SCAM. STAY AWAY FROM THEM AND DO NOT SEND THEM ANY MONEY AS THEY ARE A SCAM COMPANY SET UP TO STEAL YOUR MONEY. THEY ARE CONS WITH A CAPITAL "C". AND THEY ARE USING MY STORE'S ADDRESS OF 12003 S. PULASKI RD. TO RUN THEIR SCAMS. WE ARE NOT AFFILIATED IN ANY WAY, SHAPE OR FORM WITH THESE SCAMMERS. STAY AWAY FROM VACATION RESORT EXPERTS, THEY ARE RUNNING THEIR BUSINESS FROM MEXICO AND THEY ARE A COMPLETE AND TOTAL SCAM.

It looks like Vacation Resorts Experts wwebsite is officially closed down. Sometimes the good guys win. Yipee!

I just received a call where they would take care of my timeshare. I would owe $3,000 difference. The website I was given today was vacation idiom. Gives very little detail! Thanks for the heads-up!

CHICAGO MARKETING ASSOCIATES AND GOLDEN TEMPLE FINANCIAL. NEITHER OF THEIR FICTITIOUS COMPANIES ARE LISTED WITH DEPARTMENT OF FINANCIAL INSTITUTES NEITHER ARE EITHER LICENSED TO SELL REALESTATE. I AM A REAL ESTATE BROKER AND MY HUSBAND IS AN ATTORNEY. TJE CONTRACTS SEEM REAL AMD THEY KNOW HOW TO SOUND LIKE THEY KNOWS HOW TO PROCESS A FILE. DAMN THEY ARE GOOD. THEY ALMOST GOT OUR CLIENT. THEY SENT CONTRACTS THAT LOWER LEGIT THE WHOLE BIT. THERE WERE A FEW FLAGS ON THE FIELD. ONE IS THEY REQUIRED WHAT SEEMED TO BE A 10% FEE CLAIMING THEY WERE MAINTENANCE FEES.

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