Florida-based timeshare resale company, Pro Timeshare Resales, managed to embezzle $15 million from timeshare property owners.
The company targeted older people and promised a quick sale of their timeshare property. The scam involved charging an upfront fee that ranged from $500 to $2,500. The company did not deliver what they promised and refused to refund the scammed people.
The Federal Trade Commission reached a settlement with Pro Timeshare Sales, in which the company would no longer be able to offer timeshares services or continue their telemarketing practices.
If you are looking to resell your property, here are some steps you can take to avoid scams like this.
1. Don't make any hasty decisions
Don't reach a conclusion about the offer even if the seller seems legitimate and convincing. Search the company online and read what others say about it. Also, ask consumer protection agencies and your attorney general office about the reputation of the seller.
2. Get written proof of everything
Make sure that the company can provide you written proof of what they claim to offer in their verbal and marketing messages. Check the official documents for the services and fees involved in the transaction. If you don't like what you see, then don't agree to anything.
3. Ask their refund policy
If they charge an upfront fee, then make sure you know their refund policy and that it’s a part of the written document.
If you’ve had a similar experience with a timeshare company, you can't report it to the FTC. The FTC does not resolve cases, but it will share your complaint with relevant law enforcement agencies.