State concerned about uptick in timeshare scams

The Washington State Department of Financial Institutions is warning consumers to be aware of unscrupulous companies that promise to sell or rent timeshares.

In the typical scam, timeshare owners receive unexpected or uninvited telephone calls or e-mails from persons posing as sales representatives for a timeshare resale company. Some victims have reported that sales representatives pressured them by claiming there was a buyer waiting in the wings, either on the other line or even present in the office.

Timeshare owners who agree to sell are told that they must pay an upfront fee to cover anything from listing and advertising fees to closing costs.

Many victims have provided credit cards to pay the fees ranging from a few hundred to a few thousand dollars. Once the fee is paid, timeshare owners report that the company becomes evasive – calls go unanswered, numbers are disconnected, and websites are inaccessible.

In some cases, a timeshare fraud recovery company has subsequently contacted timeshare owners who have been defrauded by a timeshare sales scheme.

Listed below are tips you can use to avoid becoming a victim of a timeshare scheme:

• Be wary if a company asks you for up-front fees to sell or rent your timeshare.

• Read the fine print of any sales contract or rental agreement provided.

• Check with the Better Business Bureau to ensure the company is reputable.

To obtain more information on Internet schemes, visit www.LooksTooGoodToBeTrue.com.