Elderly couple targeted by timeshare fraud

CITY POLICE

NEWS RELEASE

***************************** Fraud alert - Timeshare resale scam

The Sault Ste. Marie Police Service fraud unit has received a complaint where an elderly couple was contacted by a timeshare resale company.

The community is urged to be vigilant when contacted via telephone for any personal information to a caller.

The salespeople are likely to tell you the market for resale is “strong” and that their company has a high success rate in reselling units.

They may claim to have extensive lists of sales agents and potential buyers.

The couple contacted their local financial advisor to cash investments in order to provide an advance fee of $20,000 to the resale company.

In this circumstance the financial advisor, acting on behalf of the clients, became concerned and contacted the police.

Tips for reselling your timeshare

If you want to resell your timeshare and are approached by a company offering to help, consider taking these precautions:

Don’t agree to anything over the phone until you have had a chance to check out the company.

Ask the salesperson to send you written materials.

Find out where the company is located and where it does business.

Contact the Better Business Bureau, state Attorney General, and local consumer protection branch agencies in the state where the company is located.

Ask whether complaints have been lodged against the company.

Ask if the company’s salespeople are licensed to sell real estate by the state where your timeshare is located.

If so verify this with the state licensing board.

Never pay upfront fees.

Consider opting for a company that offers to sell for a fee only after the timeshare is sold.

The community is urged to be vigilant when contacted via telephone for any personal information to a caller surrounding the resale of a timeshare.

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