How To Avoid Time-Share Resale Scams - AARP Talk to an attorney in the state where the timeshare is located to learn about relevant laws. Or, they may claim you are entitled to valuable shares of stock in connection with your timeshare and offer to liquidate the shares in exchange for a commission. So the sale of the resort timeshare doesn't affect banked weeks. Timeshares, Vacation Clubs, and Related Scams | Consumer Advice In addition to timeshares for sale, rent and exchange, Timeshare Users Groups easy to navigate website offers timeshare for sale, rent or exchange. Starwood recommended that I go to SellMyTimeshareNOW. If you need to sell timeshare, dont wait. Many victims provided credit card numbers to cover the fees. Hire your own lawyer to review real estate transactions and contracts associated with your timeshare. Be aware that scammers may be located far away from where they pretend to operate. Many clients ask whetherowning a timeshare puts you at risk. It is not legal or other professional advice and does not necessarily represent the opinion of Finn Law Group or its clients. We lost about $2200 in upfront fees. You CAN resell even if your timeshare is still under financing. In some situations, timeshare owners are told that, to obtain the promised payments, the owners must pay a tax or fee. Fraudulent timeshare schemes are becoming a very real problemespecially in these economically challenging times as more timeshare owners decide they can no longer afford them. It serves over 175,000 timeshare owners in 60 locations. Sept. 17, 2020 The FBI Criminal Investigative Division and the Office of Investor Education and Advocacy of the Securities and Exchange Commission ("SEC") would like to warn consumers of a recent increase in fraudulent schemes targeting owners of timeshare properties in Mexico. for nearly half a decade. ", "We contracted with SellMyTimeshareNOW in DecemberSellMyTimeshareNOW was very honest with us regarding what we could realistically expect to receive in terms of selling price, and we successfully sold our unit in Maywe are grateful to SMTN for their efforts on our behalf. The answer is uncertain, but you can minimize the risk by consulting your lawyer before signing on the dotted line. This case was the product of an investigation by the Federal Bureau of Investigation. The Pinellas County Consumer Protection Unit responding to complaints from consumers, found that Chamera Bowman, Tammy Van Wie and Marvin Scott were running a land sales operation without a license and in violation of Florida state law. [ 2012 ] RCI Bonus Weeks [ Cannot be rented - this is a scam ] For more information on timeshare resale scams and what the FTC is doing to protect consumers, CLICK HERE. 1. Some desperate timeshare owners report paying resale companies $500 to list a timeshare, but promised . We researched the best companies from which to buy and sell timeshares based on fees, reputation and services. . These efforts, along with the help of owners filing complaints, the bad practices of these companies have drawn the attention of local and state authorities. If you receive a phone call, an e-mail, mail or other communication regarding your timeshare, keep in mind the following tips and warnings: More information about advance-fee schemes and other online frauds can be found at www.fbi.gov or Investor.gov, the SECs website for individual investors. Then, they call timeshare owners and . "My husband and I contacted Sell My Timeshare NOW to list our timeshare week in Maui. . The Timeshare Industry Has Improved Its Reputation but - TheStreet The AG also permanently banned Scott from engaging in any Florida business related to land and timeshare sales. They claim they can release them from their timeshare obligations, resell, or rent their . Images and descriptions depicted may include features, furnishing, and amenities that are subject to change at any time. All Timeshare Listings - Magical Realty In addition, timeshare maintenance fees typically increase annually, and you can also get hit with special assessments by local governments. The FBI Criminal Investigative Division and the Office of Investor Education and Advocacy of the Securities and Exchange Commission (SEC) would like to warn consumers of a recent increase in fraudulent schemes targeting owners of timeshare properties in Mexico. Final Defendant Sentenced for Mexican Timeshare Resale Fraud Scheme Press Release. There are many factors that will influence the resale of your timeshare including location, resort quality, flexibility of usage, season, demand and, of course, price. If you are evaluating whether your . Theres also a map on the home page that shows locations of timeshares in every continent except Antarctica. While there are other timeshare resale companies out there, our advanced marketing techniques drive thousands more buyers to our online marketplace than anyone else. According to statements, Scott promoted his reluctant receptionist to president of the company to hide from regulators who he knew would be watching. BEWARE OF THE MEXICAN TIMESHARE RESALE SCAM By Dennis Beaver | August 28, 2017 | UPDATED: July 30, 2018 - see this website at https://www . Founded in 1993, this family-run organization focuses on providing unbiased, customer-focused information for those interested in various aspects of timeshare living. Developers were in the area, Properties were being purchased nearby, and Closings were already scheduled. Those lines and many others were reportedly used to hook unsuspecting owners into listing their land in property portfolios. BBB urges timeshare-related industries to self-regulate by establishing and following ethical sales practices. Without the right knowledge and resources, it can be hard to know who to . Help us protect your privacy, please do not include in your message any sensitive personal information such as credit/debit card number, bank/checking account number, social security number, driver's license number or equivalent data. BBB St. Louis Warning: Montgomery and Newcomb failed to cancel timeshares, consumers say, BBB St. Louis: Consumer Fraud Task Force alerts consumers to be cautious with solar power opportunities, BBB St. Louis: Complaints continue to mount for custom wooden flag seller Etherton Hardwoods LLC, International Association of Better Business Bureaus, BBB Investigation: Vacation schemes unethical and deceptive, Canadian federal, provincial and territorial. Share sensitive information only on official, secure websites. Timeshare Resale Companies Under Investigation Using advanced Internet marketing techniques, we target a global audience of consumers, driving thousands of qualified buyers to our site daily through search engines like Google, Bing, and Yahoo. For example, a scammer may tell a timeshare owner that their maintenance fees have increased and that they are required to pay a large sum to avoid defaulting on their timeshare. Timeshare owners who agreed to sell had to pay an upfront feeanywhere from a few hundred to a few thousand dollarsto cover various costs such as advertising or closing fees. As you can tell, the timeshare industry is its own unique ecosystem. Get FBI email alerts Timeshare Resales Versus Timeshares Offered by Developers The process could not have been easier. If you make the deposit, the fraudsters will likely devise additional reasons to demand money in advance of the closing, which never occurs. Yvonne Gaide was sentenced today to 12 months and one day in prison and ordered to pay $472,717 in restitution for wire fraud in relation to a scheme to divert Sacramento Main Office And to add insult to injury, some of the complainants reported being contacted by a timeshare fraud recovery company that promised assistance in recovering money lost in the sales scamfor a fee. For example, some fraudsters design convincing websites that may mimic the websites of real U.S. companies, but that contain false information, such as incorrect names for company representatives. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. No Thanks While maintenance fees are a legitimate cost associated with owning a timeshare, they can also be used as a tool in timeshare scams. Final Defendant Sentenced for Mexican Timeshare Resale Fraud Scheme . Whats the FBIs role in these kinds of cases? The Clearing House Inc. - Fake Desarrollo Marina Vallarta shares Buy Timeshare Resale From Top Brands - Fidelity Real Estate Sign up to receive the latest deals and updates! The Better Business Bureau can provide information if you need clarification on whether a company is legitimate. "We would have never purchased this had we known how much it would really cost.". 3 Proven Strategies to Exit a Timeshare AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. In the IC3 complaints, perpetrators telephoned or e-mailed timeshare owners who, in many instances, had advertised their desire to sell in industry newsletters and websites. They may also use fake testimonials and false promises of quick and easy sales to lure people in. This company executes the entire closing procedure, which includes: deed preparation, escrow of funds, timeshare estoppel certificate, closing statements and recording feesall for one low flat rate. When the buyer failed to complete the sale, Sell My Timeshare NOW was ready to relist the property and find another buyer. Additionally, calling your developer is a great way to see if they have any in-house options or recommendations for legitimate timeshare resale companies. Many owners pay thousands of dollars to fraudulent timeshare resale companies. The cookie is used to store the user consent for the cookies in the category "Analytics".