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Avoid Timeshare Resale Scams

By one estimate, over 8 million Americans own a timeshare. When timeshare owners attempt to sell their timeshare, they often find it more difficult to sell than it was to purchase. Scammers—masquerading as legitimate companies—seek to take advantage of this.

Timeshare Resale Scams.

Timeshare resale scam artists call sellers of timeshares, posing as a reseller or real estate agent. The scam artist claims to have a buyer for the timeshare or guarantees he can sell the timeshare for a good price.

Scam artists go to great lengths to appear credible. They use the names, addresses and phone numbers of reputable businesses, create elaborate websites and officiallooking documents, and employ fake escrow agents and title companies—who are just other scammers. Some scammers may have information about you and your timeshare before calling.

After persuading you they can sell your timeshare, the scammer asks you to send money up front—usually by wire transfer—to pay closing costs, taxes, or other fees. If you pay, the scammer typically requests additional money for unforeseen expenses until you realize the scam. The bottom line: there was no sale and you have lost hundreds or thousands of dollars.

How to Avoid this Scam.

You can report timeshare resale scams to the Federal Bureau of Investigation and Federal Trade Commission as follows:

Federal Bureau of Investigation
Minneapolis Office

111 Washington Avenue South, Suite 1100
Minneapolis, MN 55401
763-569-8000
www.fbi.gov  (External Link)

Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue NW
Washington, D.C. 20580
Toll free: 1-877-382-4357
www.consumer.ftc.gov  (External Link)

For more information, or to file a complaint, contact the Office of Minnesota Attorney General Lori Swanson as follows:

Office of Minnesota Attorney General Lori Swanson
1400 Bremer Tower
445 Minnesota Street
St. Paul, MN 55101
(651) 296-3353
1-800-657-3787
TTY: (651) 297-7206
TTY: 1-800-366-4812

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