October 16, 2021

Beware of scammers when selling a timeshare

Selling timeshares without a real estate license is a felony in New Mexico, but that’s not stopping out-of-state scammers from preying on unsuspecting timeshare owners, according to a Sept. 17, 2020 warning from the FBI Criminal Investigative Division and the Office of Investor Education and Advocacy of the Securities and Exchange Commission.

“Fraudsters have various methods of making their timeshare schemes appear legitimate. For example, some fraudsters design convincing websites that may mimic the websites of real U.S. companies, but that contain false information, such as incorrect names for company representatives,” according to the SEC.

Unlicensed solicitors claiming to represent full-service property management, real estate brokerage or title and escrow companies that list and sell timeshares are soliciting upfront fees from timeshare owners who want to list their fractional ownerships for sale. The problem is that the…

Read full article here: www.lcsun-news.com