Beware of Scams!
A growing number of scams being perpetrated against timeshare owners in connection with “timeshare resales”. There are timeshare owners who are desirous of selling their timeshares as soon as possible. Some owners may have concluded that their timeshares no longer suit their needs. Others may be convinced that there are buyers interested in their timeshares and others may simply want to avoid paying maintenance and special assessment fees.
Types of Scams – While there are almost endless variations of timeshare resale fraud, the following are three of the common fraudulent practices:
1. Unlicensed, unregulated and illegitimate timeshare reseller fraudsters pose as and use the identities of legitimate and licensed real estate brokers (Such as Concierge Realty), thereby providing a false sense of security, and then demand the payment of monies up front (at times via wire transfer to accounts in a foreign country) in connection with the purported resales. No services of any kind are actually provided.
2. Scammers target timeshare owners and falsely tell those owners that the “agent” has found a “ready and willing” buyer for their timeshares (which in some cases may not currently be listed for or be for sale). Oftentimes, the address was simply a mail drop. Moreover, a number of timeshare owners have reported that some frauds have promised to sell the timeshares within a set period of time.
3. Fraudsters pose as timeshare buyers and use such advertising slogans as
“Will Buy Your Timeshare for Cash”, “Timeshares Wanted”, or something similar, to lure timeshare owners, and then ask the owners for “a small amount of” money (which is often times $1,000 or more) up front to process the paperwork for the transfer. Once those monies are paid, the owners never hear from the scammers again. The false and misleading sales pitches in scams 1 and 2 above, which are typically made from telemarketing boiler rooms using scripts and smooth-talking fraudsters, usually tell the owners that the “resellers” will successfully sell the timeshare(s), and that the owners need only forward to the calling company modest “legal and processing” fees and “closing costs” which can be in any amount, but appear to fall in the average range of $1,000 to $3,000. Because of the anonymity of the Internet and mass marketers, a timeshare resale scam can be started and operated with a website anywhere in the United States
or in other countries. Such a scam can be operated by a group of telemarketers who set up accounts for the receipt of payments from timeshare owners/sellers who are fraudulently enticed to authorize payments to the fraudsters. In addition to asking for and charging advance (non-refundable and upfront) fees for “legal and processing” matters and “closing costs”, the frauds may ask for and charge advance fees for “advertising”, “marketing”, “escrow”, “appraisal”, or some other supposed services.
Be certain that you are working with a licensed and regulated broker and that the person at the other end of the phone or computer is truly who they proclaim to be! At Concierge Realty. We welcome you to call us (888-888-2204) to talk with us verify our identities. Our photos are featured on ConciergeRealty.com and you may feel confident working with any of our agents on the site with an email address ending in ConciergeRealty.com.
Timeshare is a wonderful way to travel and ownership is smart. Protect yourself by working with an industry leader!