Timeshare Owners Still Get Burned By Empty Promises

In the last 12 months or so, various states have reached settlements with some companies in the business of reselling timeshares. These companies usually make big promises that they will sell an unwanted timeshare unit, but demand a large upfront fee.

In an eight-month period, Vermont Attorney General William Sorrels settled with two time-share real estate firms he accused of ripping off consumers. Massachusetts and Missouri were also among the states reaching timeshare settlements last year.

Last September, Illinois, Attorney General Lisa Madigan warned  timeshare owners in her state that scammers have moved into the space, collecting money but making no attempt to sell anything.

How it works

Madigan says the scam typically works like this: a timeshare owner gets a call out of the blue from someone claiming to be a timeshare reseller. They have a client who wants to buy their timeshare, are they interested?

In this market, getting an unsolicited call from someone wanting to buy your timeshare is cause for jumping up and down. It sounds too good to be true, and of course, it is. And the problem persists.

"A few months back I was in really desperate straits," Chris, of Rincon, Ga., told ConsumerAffairs.com this week.

Out of nowhere

He said a company called Vacation Property Resellers "came out of nowhere" and assured him they could sell his timeshare.

"They seemed to know a lot about it and said they had buyers already lined up," Chris said. "The issue was they wanted $1100 up front. Yeah, I know. Dumb move but I was not thinking right back then. I paid it and saw the "closing date" move seven times in the last eight months."

George says he feels a bit sheepish after doing some online research and seeing the number of complaints about this, and other similar companies. He says he wishes he had known then what he knows now.

It's a good lesson for everyone else who has a timeshare they would like to sell. Keep in mind that today, selling any type of real estate - especially timeshares - is very difficult. Anyone who says they can, but needs an upfront fee, probably isn't shooting straight with you.