April 8. 2024

A Free Public Service

SCAMS BULLETIN Host Jay White is an inactive attorney in San Mateo County, California.

TIMESHARE SALE SCAM

  Attribution: US FTC.gov

Maybe you weren’t thinking about selling your timeshare — but suddenly, someone calls and tells you they’re a real estate agent and have an interested buyer. They might have information about you and your property, so the offer seems credible. Then, the so-called timeshare expert asks you to pay upfront to finalize the deal. Stop. That could be a scam!

Scammers are getting using public records to target people in the U.S. who own timeshares abroad — including a focus on older adults, who may not use their timeshares often. These “real estate agents” start by asking for a small fee, promising to help you make big money selling your timeshare. But that ask turns into demands for thousands of dollars…before you find out there’s no buyer, your money’s gone, and that “agent” was a scammer.

Timeshares are hard to sell and only a scammer will tell you they already have a buyer or can find one fast. If you want out, it’s best to start by contacting the timeshare company directly.

To guard against a timeshare resale scam:

*Don’t pay upfront fees. Only scammers demand fees before they help you sell your timeshare.

*Do some research online. Search online for the company name or person who contacted you plus the word “scam” or “complaint.” See what other people are saying about their experience.

*Watch your bottom line. Sometimes scammers ask you to pay more than you originally paid for the timeshare. That’s a sign to walk away.

*Check out the agent and ask for references. Check with the real estate licensing agency in the state where the timeshare is located. Deal only with real estate agents and brokers licensed in that area.

*Then ask for references from satisfied clients — and check them out.

Report known or suspected violations to FTC.gov/fraud.