How can I sell my timeshare and avoid scams? | RedWeek Timeshare Resales - Timeshares for Sale | RedWeek A Texas man paid nearly $3,000 upfront to a timeshare exit company he thought looked legitimate. You can think of a timeshare resale as a secondhand timeshare or used timeshare. Moreover, our partners, such as Google Adsense, will collect data and use cookies for ad personalization and measurement. The timeshare developer industry has worked for many years to advise owners of the fraud, taken legal recourse against disreputable exit companies and worked with state regulators to strengthen consumer protection policies. (954) 563-2444. _______________________________________________________________________. It serves over 175,000 timeshare owners in 60 locations. Assistant U.S. Attorney Matthew G. Morris prosecuted the case. Whether youve been contacted by a dubious timeshare resale company, or youre simply looking for answers and options to best utilize your vacation ownership investment, the Westgate Legacy Program is here to help. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. Saint Petersburg, FL 33709. An investigation is usually triggered by an unusual volume or pattern of consumer complaints filed against a timeshare company. In business since 2003, our knowledgeable representatives are just a phone call away at 1-877-815-4227. In other cases, fraudsters file fraudulent documents with state or local officials and even register with their local Better Business Bureau using the false names from their fraudulent documents. Several timeshare resale companies have come under investigation for fraudulent practices in recent years. The process could not have been easier. Many clients ask whetherowning a timeshare puts you at risk. It does not store any personal data. Timeshare maintenance fees are ongoing fees that cover the operating costs of their timeshare property, such as maintenance, repairs, utilities, and other expenses. Any work done to the title is reviewed by a licensed attorney and is guaranteed to be precise. Timeshare Exit Team has a well-documented history of defrauding owners, which has landed it in the crosshairs of Washington's attorney general. 6LinkedIn 8 Email Updates. Final Defendant Sentenced for Mexican Timeshare Resale Fraud Scheme Press Release. If you suspect that you might be falling victim to fraudulent business practices here in Pinellas County or elsewhere, reach out to your local consumer protection or economic crimes office for help and guidance. FTC Action Halts Timeshare Resale Scheme IC3 has identified some instances where people involved with the recovery company have a connection to the resale company, raising the possibility that victims were being scammed twice by the same people. DON'T GET SCAMMED BY THIRD PARTIES! 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. Office of Investor Education and Advocacy, Be suspicious of any uninvited offers regarding your timeshare, particularly those that seem too good to be true.. Learn more. I was afraid of getting ripped off as you hear about all these scams out there. The OAG will be seeking a court order requiring compliance. "You borrowed money and didn't pay it back.". Before you agree to any service that promises to reduce your maintenance fees on your vacation property, make sure you understand the terms and conditions of the agreement and that you are comfortable with the companys reputation and process. And unlike general auction sites like Ebay, we focus on one thing: selling timeshares. Be wary of hiring lawyers recommended by third parties who make unsolicited offers, as they may not be impartial. This ABC News Video explains it all in great detail. Many owners pay thousands of dollars to fraudulent timeshare resale companies. The timeshare industry has its roots in the 1970s when some hotel chains were seeking ways to make use of vacancies. According to court documents, Montalbo, while working in the timeshare industry in Puerto Vallarta, Mexico, would tell timeshare owners that he could guarantee the sale of their existing timeshare vacation rentals, often to pay for other timeshare products Montalbo was attempting to sell them. 2626 E Oakland Park Blvd. These companies included: International Timeshare Exchange/Network, Travel Buy Owner, CFL Ventures, A1 Marketing Unlimited, and Access Travel Network, Inc. More information about cookies can be found in our. Some use their timeshare exclusively for themselves, while others rent out their timeshare on popular home rental sites like Airbnb or VRBO. It is important to verify the identity of the person who contacts you by independently searching for the persons or firms website and checking that the contact information listed there is consistent with the contact information the person provided you. More than nine million households now. You can also call the coalition's consumer support line at 855-939-1515. 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. Advertise where the . With more than 4,000 resort choices in 1,300 destinations, its one of the most popular timeshare services out there. The fee for this service is usually around US $25. Months and even years tick by with no sale in sight, however, as owners continue to pay annual maintenance fees. In order to get your timeshare sold, buyers need to be able to find it. DALLAS Eight residents of Florida were arrested or self-surrendered over the past few days on charges outlined in a federal indictment returned by a grand jury in Dallas last month and unsealed last week. Receive Investor Alerts and Bulletins from OIEA byemailorRSS feed. First, they will use area codes of credible timeshare resale companies or even your home resort and pretend to be a "representative.". RDO has a number of resale companies in membership, all of which have signed up to our Code of Conduct: They are not permitted to take any form of mandatory upfront payment from sellers. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Regardless of when or where you purchased your timeshare, you are entitled to resell it. We legally assist consumers in terminating timeshare contracts. Privacy Policy CA Privacy Policy | Accessibility Policy | Do Not Sell My Personal Information | Terms & Conditions. This advertising material is being used for the purpose of soliciting sales of a vacation ownership plan. Vacation Village Resorts | Better Business Bureau Profile Owners post their timeshares for sale here, and connect directly with travelers looking to buy. The second form of advice the travel platform so graciously offers is the concept of resale. Timeshare "owners" usually pay an initial fee to get into the timeshare agreement, plus regular maintenance fees and other charges later to continue ownership. International: 1-603-516-0200, Toll Free: 1-877-815-4227 The cookie is used to store the user consent for the cookies in the category "Other. [ 2012 ] RCI Bonus Weeks [ Cannot be rented - this is a scam ] If this has already happened, you may also want to speak with a consumer protection attorney who can help guide you further on your legal options. He and his coconspirators would guarantee the sales and would represent that buyers were already arranged who were ready to pay for the timeshares. Customers that sign up for this program can receive cash for their ownership interval, as well as discounts on airfare or vacations. New Timeshare Directive to come into force - GOV.UK Please call: 407-347-6515 Plus, some companies have been accused of charging exorbitant fees for their services and failing to deliver on their promises. With so many scams targeting unsuspecting consumers, its more important than ever to be vigilant and informed when making decisions about your real estate property. When a seller and a buyer come to a purchase agreement, the resort at which the timeshare is located has the legal right to purchase the timeshare for the agreed amount. Usually, the company will take the money and run, leaving the timeshare owner with a worthless contract and no way to get their money back. Scott, the alleged ringleader was also charged with money laundering. To learn more, please view our privacy policy. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Leading up to and after the 2016 settlement, Scott allegedly took steps to conceal and disguise his involvement with another telemarketing operation as he set up new companies under the names of his employees. An official website of the United States government. They may also use fake testimonials and false promises of quick and easy sales to lure people in. These company representatives promised a quick sale, often within 60-90 days. If you feel like someone is trying to push you into a deal, walk away. BBB tips for anyone considering a timeshare or exit company: timeshare properties, vacation clubs or exit companies and thoroughly read contracts for language about lifetime commitment, heirs' obligations, maintenance fee increases or guarantees. Earlier this year, the FBIs Internet Crime Complaint Center (IC3) issued an alert on timeshare telemarketing scams after seeing a significant increase in the number of complaints about these scams. Uncovering the 5 Worst Timeshare Companies - Centerstone Group If you own one of these timeshare properties, the fraudsters may promise to pay you a significant sum of money for your timeshare. 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. Whats the FBIs role in these kinds of cases? They found the defendant Scott and other unlicensed telemarketers conducting outbound calls to Florida land owners offering a resale program with a Refund at Closing or a Money Back Guarantee if the defendant could not sell the victims property. Yes. However, many of these companies lure owners with false advertisements using their fraudulent real estate services. Two months later, he was still awaiting a refund. She said I should look for an email from the refund department soon," the man said. It should include the services the reseller will perform; the fees, commissions, and other costs you must pay and when you must pay them; whether you can rent or sell the timeshare on your own at the same time the reseller is trying to sell your unit; the length or term of the contract to sell your timeshare; and who is responsible for documenting and closing the sale. Share sensitive information only on official, secure websites. Trust your instincts: if a timeshare solicitor makes you uncomfortable or tells you something that does not sound right, do not continue communicating with them. Toll free: (877) 617-1565 . If you suspect youve been scammed, file a complaint with your state attorney generals office and the IC3. Here's what you need to know about these calls. In 2006, to counter the threat posed by weapons of mass destruction (WMD), the FBI established the WMD Directorate. If you took a loan to buy the property and you still have a balance, stopping payment will have an impact on your credit. But fast sales for large money required a more dynamic and deceptive approach to resale advertising, one that included the use of fictitious marketing channels and money back guarantees. The Resort Owners' Coalition, a program of industry group the American Resort Development Association, has an online resource center for time-share resales with step-by-step advice for consumers. For additional info regarding The Legacy Program, please call 800-351-0461, Monday through Friday from 9 a.m. to 5 p.m. Eastern Time. This bulletin, like all staff guidance, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. Today, I find that most of the RCI bonus . Donate to ROC. For example, Wyndham offers Wyndham Cares for owners looking to exit their timeshare. What you owe will simply be taken out of the buyer's purchase price during the closing process. Marriott Timeshare Point Resale | TBA The American Resort Development Association (ARDA) is a trade association that represents the timeshare and vacation ownership industry in the United States. Scott was also prohibited from operating his timeshare and land resale operation. Tags Companies Sales Ownership timeshare scams resale scam companies Timeshare Rental Company Timeshare Resale Martket. One benefit of buying a timeshare resale is the immense amount of money you can save. Investigators performed extensive interviews with over 100 victims and former employees of Scotts companies to help unwind his multi-state sales scheme. According to the affidavit reported by WFLA.com, the three suspects would contact homeowners or others who owned property claiming to have buyers waiting to purchase their land. If you suspect you are the subject of fraud or dishonest business practices, there are many avenues to report your case: Your local Better Business Bureau can assist you with finding businesses and charities you can trust. During the entire process the staff was available to take our calls and address our concerns every step of the way. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Visit Website. call 855-312-9040 call 866-294-4194 . SellMyTimeshareNow has more than 75,000 timeshare rentals and resales in their database and boasts partnerships with brands such as Marriott, Hilton, Disney and Wyndham. Tuesday, February 15, 2022 . 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. Website Disclaimer |Privacy Policy |Site Map. He and his band of phone dialing thieves now face felony charges, which will probably keep him them off phone for a very long time. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The lists of prospective clients came from other timeshare resale companies, including some that appeared to have been stolen . Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Our experienced and skilled timeshare lawyers can advise you on yourSapphire timeshare cancellation. For him, Scotts million dollar scam was back. Share sensitive information only on official, secure websites. Send us your ownership documents and your most recent maintenance fee bill to ensure your advertisement is as accurate as possible. AARP Says Tips to Eliminate Timeshare Obligations Are "Proven". There are deals to be found on travel, but scammers know consumers want to save money and take advantage. Over the past few years the number of so-called timeshare resale companies under investigation has exploded as numerous state governments and the FTC have taken notice of these new timeshare resale scams proliferating in the marketplace. Stop paying. The banked time can be used by you or included with the sale as an added incentive for buyers. Thank YouYour form has been successfully submitted. If you need timeshare exit solutions, look no furtherlearn more about selling your timeshare and get started today. Sell My Timeshare NOW recommends a licensed and bonded title company like Timeshare Closing Services. Read through these frequently asked questions to see how easy reselling timeshare can be when you work with a smart and reliable timeshare resale advertising company like Sell My Timeshare NOW. If the issue meets a clear and convincing standard and is considered an unfair and deceptive practice, the department may be able to help a consumer directly resolve a resale complaint. Some desperate timeshare owners report paying resale companies $500 to list a timeshare, but promised . Timeshare Defense Attorneys explain the basics of a timeshare contract dispute and how a Las Vegas timeshare attorney can help. Another thing I commented on in 2012 was that Premium Timeshare Exchange was an advertising company. By calling out and denouncing substandard marketplace behaviors of businesses and scammers, this study intends to make consumers smarter and, warned consumers about timeshare exit companies. Many states have strict laws governing timeshare resales, including restrictions on collecting advance fees. Cookies containing your personal data may be used for personalized and non-personalized advertising to you. And as various timeshare resale companies under investigation are being fined and even prosecuted, many others are seeking to re-invent themselves under the guise of timeshare exit companies or even timeshare relief consultants. These telemarketing companies were found to be guilty of . BBB has monitored deception in the timeshare industry and warned consumers about timeshare exit companies for nearly half a decade. - If you want an idea of the current value of the timeshare, consider using a licensed timeshare appraisal service. Sacramento, CA. The Commission has neither approved nor disapproved its content. Over the last 10 years, we have invested millions of dollars annually in developing SellMyTimeshareNOW.com and its affiliated websites. A buyer was found within a few months and the transaction was handled promptly and efficiently. Timeshare fraud is a growing problem in the industry, with many people falling victim to fraudulent timeshare resale companies. Founded in 1993, this family-run organization focuses on providing unbiased, customer-focused information for those interested in various aspects of timeshare living. The fraudsters may claim that, prior to receiving the money for your timeshare or stock, you need to open an account at a specified bank and make a deposit to fund the account. Start With Trust. Remember that scammers can assume the identities of actual brokers. reveal fraudsters have used the same high-pressure tactics common in timeshare sales to con consumers out of $3.5 million in the last three years. As a trusted member of The American Resort Development Association (ARDA), the company is backed by top developers and has an A+ rating with the Better Business Bureau. To receive more information about timeshare resale business and how to cancel a timeshare contract, send a WhatsApp to +52 332 510 7552, fill in the form in the contact section or call us at +1 714 277 3662. Contact your timeshare resort, developer, or manager, who may be aware of a new or ongoing scam and may have resources to help you determine whether a particular person or entity is legitimate. We researched the best companies from which to buy and sell timeshares based on fees, reputation and services. Are Timeshare Stocks A Ticking Time Bomb? | Seeking Alpha 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. Follow our Consumer Watch Team on Twitter. With over 18 years in business and 2.6 million registered users, we have facilitated thousands of rental and sale transactions. Some fraudsters may also use fake names and addresses to hide their identities. The Clearing House Inc. - Fake Desarrollo Marina Vallarta shares Founded in 2003, SellMyTimeshareNow was created to help owners sell their unused timeshares. In either case, you the timeshare reseller will receive the same amount for the sale of your timeshare. A company by the name of Global Business Consultants is currently running this scam as of 11/25/19. The first thing you should do when searching for a reputable company is to do your research. These scams typically involve individuals alleging to be representatives of a brokerage firm, travel agency, title company, or . YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data. This cookie is set by GDPR Cookie Consent plugin. Our live offer feed shows recent purchase offers delivered to timeshare owners just like you. The company may require upfront fees for their services and will promise that they have a buyer waiting, but they have yet to actually sell timeshares. But timeshares arent for everyonehence the large number of incredibly cheap timeshare resales on the market. I really couldn't be happier with this decision!". While we believe in the value of vacations, we also understand that circumstances can change. "My husband and I contacted Sell My Timeshare NOW to list our timeshare week in Maui. We found the representative extremely helpful and professional. Your owner dashboard enables you to receive, track and respond to offers as well as send messages directly to our customer care team for immediate assistance. They work on a flat fee with no money upfront - low monthly payment options available. U.S. Department of the Treasury Office of Public Affairs Treasury Sanctions CJNG-Run Timeshare Fraud Network. Now 205 shares were deposited totaling $379, 250, plus my activation amounts which totaled $397, 850. The closing company you choose can contact the county courthouse in which your timeshare is located to recover the deed. As in the above-mentioned Miami case, the FBI can become involved when theres evidence that the fraud extends across state lines (usually wire or mail fraud on the part of the perpetrators) and/or involves a large number of victims, large dollar losses, and an organized criminal enterprise. In a 2016 lawsuit, Scott again settled with the Florida Attorney Generals Office. Since 2015, we've generated $478,549,707 in offers to rent or buy timeshare resales and more than 10.1 million unique visitors through our family of websites.