DENVER (Legal Newsline) – Colorado Attorney General Cynthia H. Coffman announced that she is urging consumers who are thinking about selling timeshare interests to look out for common scams perpetrated by so-called “timeshare resellers.”
“As consumers age, experience a decline in their financial situation, or simply change their vacation preferences and habits, they may tire of the burden of monthly/annual timeshare fees and assessments,” Coffman said. “Desperate to get out from under this financial burden, too many consumers are drawn in by promises of quick sales and heady profits. The key is to identify legitimate companies and to avoid those out to scam you.”
Coffman’s office offered some basic warnings and tips to consumers to help protect them from scams. Scammers often use unsolicited pitches like “we have a buyer waiting for your timeshare” or “we guarantee you will make a large profit on the sale.” They often use only a post office box or other mail-forwarding service. They ask for immediate payment by wire transfer, money order or prepaid gift. Lastly, they suggest that your property is about to be hit with historic increases in fees or assessments.