More unfortunate Mainers are taken advantage of by lookout scammers intent on taking advantage of them.
“Unfortunately this is happening to Mainers all over the States due to the fact that Timeshare resale scams happen because people all over the state buy Timeshares,” Tim Feeley, special assistant at the Maine attorney general’s office, said in a recent email.
In 2016 the attorney general’s office acknowledged 44 inquiries with regards to timeshare sales scams, and has since been directly involved in assisting five victims recover their lost money, Feeley said. Many consumers do not report being scammed, the actual number of cases is probably considerably much higher.
The scammers somehow obtain the names of the Timeshare owners, who are either already selling their Timeshare or who are likely to be considering selling. In most cases the sale is urgent, due to falling upon hard times, health issues and death of the owner forces such sales. Other cases, consumers become apprehensive to free themselves from the Timeshare and the commitment that seemed like a good investment when originally purchased, however their circumstances change and it just becomes a financial burden.
“We definitely did see a rise in people looking to resell their Timeshare during the recent tough economic times,” AARP Maine spokeswoman Jane Margesson said in an email.
Again there are many reasons as to why people choose to sell, it could be they need to move into sheltered accommodation or move nearer to loved ones.
These Mainers were targeted by fictitious companies claiming to be resale agents who have clients waiting to purchase their ‘in demand’ Timeshare. Scammers are on the lookout for Timeshare owners who are eager to sell. The bogus agent may also put the eager owner in direct contact with a supposed buyer, who also confirms their interest. The consumer then receives the paperwork and the demand of money up front; this can be up to several thousand dollars, which the agent claims is to cover administration costs & title services. Only, once the money is sent all contact ceases. The so called agent disappears as does your money.
Such companies then take a second shot at the deceived consumer by cold calling and claiming to be a compensation company who can recoup their defrauded money, and of course asking for fees up front. That money disappears as well.
These fraudulent bogus companies may appear very professional, most have a very impressive website, paperwork and telephone communications. However, consumers should resist being taken in by appearances. Always take time to do internet searches especially if they are seduced with the promise of a rapid sale or a large profit.
Maine consists of around two dozen timeshare resorts. After doing a simple search on the internet 216 individual units for listed for sale, all ranging from $20 for a one-bedroom unit in the beach town of Wells to $21,000 for a multi-week deal at the Grand Summit Resort Hotel at Sunday River in Newry. By doing such searches this is where most scammers find their victims contact details.
Feeley said many timeshare resorts work with unit owners to help them list and sell their units. Mainers who want to sell their timeshares should start by talking with resort managers, or else contact a reputable real estate broker. Be very suspicious if you are asked for money upfront; fees, commissions and other costs should be paid at the time of the sale, he said, not before.
The attorney general’s office offers advice to protect Mainers from being scammed, strongly advising to never give your credit card, bank account or other financial information to anyone you do not know and especially someone who has initiated contact with you. Never be afraid to research the company you’re dealing with is legitimate.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk