Watch out for timeshare reselling scamson August 9, 2013 @ 8:52 am (Updated: 9:08 am - 8/9/13 )
If you bought into a timeshare, or even inherited one, at some point you may end up trying to unload the property. But watch out, because this is an area that's ripe for scammers.
Recently, the Federal Trade Commission cracked down on a number of timeshare resellers. More than 180 people in 28 states are facing criminal prosecution for defrauding people of more than $14 million.
Here's the deal: In the world of reselling timeshares, the supply far outweighs demand, and it's a tough sell.
These criminals convince desperate owners to pay a hefty fee upfront, and then claim they can't unload the property…or worse, disappear.
So check out the reseller with the State Attorney General and consumer protection agencies.
You can search the local Better Business Bureau for any complaints and how they were resolved.
Confirm whether the agents are licensed to sell real estate IN the state where your timeshare is located.
Remember, it's always OK to ask for references from former clients. If they refuse, run, don't walk.
And never pay upfront for anything, unless you have their refund policy in writing.