NYS DEPARTMENT OF STATE’S DIVISION OF CONSUMER PROTECTION WARNS CONSUMERS
OF TIME-SHARE RESALE SCAMS
The New York Department of State’s Division of Consumer Protection warns consumers looking to sell a timeshare property to be wary of scams by companies charging up-front fees and guaranteeing that it will be sold.
In the last year, the Division of Consumer Protection’s Consumer Assistance Unit has received over 30 complaints from consumers about timeshares. Many of these complaints are from consumers who paid an upfront fee to a company promising to sell their timeshare. By the time the consumer tries to contact the company to confirm the sale of the property, the company has disappeared.
Dishonest companies contact property owners and mislead them with an offer to help to sell their vacation properties. Posing as an agent or broker, the person will produce an appraisal or offer a very generous bid for the timeshare or vacation property. Before the sale is finalized, the consumer will be told that he or she owes taxes or administrative fees. Once the owner provides his or her financial information and paid the "fees" or other charges, the broker or agent will vanish without a trace.
Tips When Attempting to Sell a Timeshare Property:
To file a consumer complaint against a business or individual, please contact the Division of Consumer Protection Hotline at 1 (800) 697-1220 or visit our website at www.dos.ny.gov.
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