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The following was issued by the Colorado Division of Real Estate, but the tips have application to anyone contacted by a timeshare resale company.
Colorado consumers and real estate brokers alike should be on the lookout for timeshare scams where owners of timeshares are cold-called, mailed or emailed solicitations from an
unlicensed business entity purporting to be a full service property management company, real estate brokerage or title and escrow company that lists and sells timeshares.
The representatives of these phony companies falsely identify themselves to consumers using the names and license numbers of actual Colorado real estate brokers, unbeknownst to those brokers. The company claims to be a Colorado company but cites a false address in the Denver area. When consumers respond to the solicitation, they are directed to forward various up-front transaction fees (sometimes in excess of $5000.00) to an out-of-state or out-of-country escrow company.
If you own a timeshare and a company solicits you to sell, remember these five tips to stay protected:
The Division of Real Estate recommends timeshare owners contacted by a timeshare resale company should first contact the Division of Real Estate to verify the authenticity of the company and its business license. If you believe that you may have been victimized by a timeshare scam, you should contact your local law enforcement, the Attorney General’s office, and/or the Federal Bureau of Investigation. For more information on timeshare resales, please contact the Colorado Division of Real Estate.