Anyone who is facing timeshare foreclosure or is plagued by a property they can’t rid of will agree that timeshare scams are common. But now we have definitive proof that such scams – especially re-sale scams, in which a shady third-party offers to sell a distressed property and asks for an upfront fee – are on the rise.
Just recently, the Florida Attorney General’s Office announced that timeshare fraud is the number citizen complaint in the state, with over 12,000 logged in 2011. That’s 33 complaints a day for those keeping track.
What’s most disconcerting about this news is that attorney generals across the country are going after these scams, and they continue to increase. Either prosecution isn’t making much of a difference, or the prosecutors simply can’t keep pace with the bad guys.
After all, distressed owners are desperate. What may seem like an innocuous $1,000 upfront fee to pay one of these entities may be worth the risk if their timeshare can ultimately be sold. And for resellers cold-calling, say, 50 distressed owners a day, even if five percent agree to pay $1,000, they’re looking at a net profit of $2,500 a day.
So somebody's getting away with other people's money. Don't let it be yours. Contact a timeshare attorney before you enter into any kind of resale contract.