If you own a timeshare that you’re looking to sell, you should pay attention to this latest alert from the FTC.
Older adults from the Florida area were recently targeted by Pro Timeshare Resale, a company claiming to sell your timeshare for you — keyword being “claiming.”
According to the FTC, the company called older Florida residents to offer their services, but before they would “sell the timeshare”, they needed the victims to pay a fee ranging from $500 to $2,500. After a while, the company would come back and ask for more money to pay more fees, yet they would never manage to sell the timeshare.
Thankfully, this company has been banned from doing business and was fined $3 million, but we suspect this model was successful enough that copycat scams could emerge.
Here are some tips provided by the FTC to help you avoid resale scams:
- Check out the reseller. Contact the State Attorney General and local consumer protection agencies in the state where the reseller is located. Ask if they have any complaints on file. You can also search online for complaints.
- Ask about fees. It’s better to do business with a reseller that takes fees after the timeshare is sold. If you must pay a fee in advance, get refund policies in writing.
- Get everything in writing. Read the contract carefully to make sure it matches promises you’ve been given verbally. It should include the services the reseller will perform, plus any fees you must pay and when. If the deal isn’t what you expected or wanted, don’t sign the contract.
When we see numbers like this get reported, we give all of that info over to the FTC and block them on our network. For the most protection from known scammers like these, download PrivacyStar, now just $2.99 a year for pro service on Android OS.