Timeshare Scammers

The FTC (Federal Trade Commission) has recently issued another warning about the scammers who try to make you think they can sell your Timeshare properties.

Many people buy a Timeshare, don’t have the time to understand how to use it effectively (not that it’s easy!) and come to realize that, by not using them, they are paying maintenance and other fees for no reason. When that realization hits, owners want to sell the Timeshare – a task much easier said than done.

Enter the scamsters. They call you or write you and claim to represent big-name companies eager to buy timeshares for business travel and events. They guarantee you large sale prices if you move quickly on the offer. However, they will tell you that first you have to pay them (usually $500 to $2,000) via credit card to “register” and take care of other fees to close the deal.

If you own a timeshare, be cautious of calls or letters from companies that claim the market in your area is “hot” and that they have been overwhelmed with buyer requests. They sometimes say they have a buyer right now – ready to purchase your timeshare. Be aware if they request all fees upfront, even if there’s a “money-back guarantee.” Always ask them to provide a contract and, on the rare chance that they do, make sure the contract provides the terms that you’ve been promised.

Remember what the FTC says: Listen carefully for the promise of lots of money quickly and a request for an upfront fee. Those are two keys signs of timeshare rescale scams. They are most likely made to you by someone with whom you do NOT want to do business!