Timeshares Are a Hot Commodity for Scammers

July 01, 2015

BBB® reminds consumers to beware of companies claiming they can sell your timeshare if you pay them upfront. A local timeshare owner said they just signed on with a company to sell their timeshare but it didn’t happen.

The owner said, “We just heard from the company with a guaranteed buyer for $29,000 and an upfront cost of $950.”

Last year, six people from Florida were arrested for telling 350 timeshare owners they had interested buyers. They collected more than $753,000 in fees– yet no timeshares were ever sold. After signing a sales contract the timeshare owners were told they would receive a check but first had to write a check for the closing costs. After sending the money, the consumers never heard from the scammers again.

Florida and federal regulators are cracking down on these scams but they still persist. So, if you own a timeshare and are considering selling or transferring it, look for the seal of a reputable agent on bbb.org. If you’re approached by a contractor with an offer that just sounds too good to be true, chances are, it is.