March 16, 2012 08:00 AM Eastern Daylight Time

California Department of Real Estate Warns Timeshare Resale Fraud on the Rise

Consumers warned to be cautious when selling their timeshares

SACRAMENTO, Calif.–(BUSINESS WIRE)–The California Department of Real Estate (DRE) issued today a Consumer Alert about the growing number of scams being perpetrated against timeshare owners in connection with timeshare resales. DRE’s mission is to protect the public interests in real estate matters.

“Given the economic strain many families are facing, timeshare ownership is a luxury some families can no longer afford”

“Given the economic strain many families are facing, timeshare ownership is a luxury some families can no longer afford”, DRE Acting Commissioner Barbara Bigby said. “And with so many owners wanting to divest themselves of their timeshares, it has created an opportunity for fraudsters.”

The Consumer Alert issued by the DRE details the typical timeshare resale scams and provides tips on how to avoid them. Most scams involve a promise of a quick sale of the seller’s timeshare interest in exchange for an upfront fee. However, after the fee is collected, little or nothing is done to sell the timeshare interest. But, as is the case with most scams, there are variations of timeshare resale fraud as well. The following are three of the most common fraudulent practices, according to DRE officials: [click to continue…]

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