Want to get rid of your timeshare?
You're not alone.
Which means you are a target for people hoping you have know idea how to do it.
The Federal Trade Commission (FTC) on Friday announced a $18.7 settlement against Pro Timeshare Resales.
The company was accused of calling people on the National Do Not Call Registry, and making claims that they had a buyer or renter ready to take the property.
In its lawsuit the FTC says the company failed to deliver those promises. Instead, charging up to $,2500 up-front, and "stringing customers along," saying payment for their property was "imminent," only to request "additional monies for closing costs and other fees."
The FTC says the company has worked out a deal to pay only $3.4 million of the judgment through surrendering homes, vehicles, boats and jewelry.
The owners are also banned from the industry.
But Pro Timeshare Resales isn't the only company accused of this behavior. And it's up you vet these companies claiming to want to help sell your timeshare.
So where do you start?
Be suspicious if they call you out of the blue.
The FTC says this company repeatedly called numbers on the National Do Not Call Registry.
If they want money up-front--run.
Paying thousands of dollars before any work has begun is not a good sign. Once you pay you will likely never see that money again.
What are other customers saying?
This company has an F rating with the Better Business Bureau and had been getting negative reviews since at least 2015.
Before you pay for anything check with the property to see if they will transfer the timeshare back to them. That could cost $200-300 for the deed to be recorded with the county so be wary if you are being charged more.
Also make sure to contact the Licensed Timeshare Resale Brokers Association for contacts of people who specialize in secondary market timeshares.