California Real Estate Fraud Report

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29
Mar

Who Would Have Thought? Timeshare Resale Fraud is a Problem

In this difficult economy, many Americans who own timeshares in resort locations are having to sell them. And as readers of the California Real Estate Fraud Report know well, whenever there is financial pressure, there is a new flock of con artists ready to rip-off the unsuspecting.

According to a Consumer Alert issued by the California Department of Real Estate, there has been an increase in reports by owners of timeshares who have been scammed. Three common scams are mentioned and they parallel the loan modification fraud scams that I report on often on this blog:

(1) Scammer asks for an upfront fee. Never, ever pay anybody to sell real estate with an advance fee. The scammer takes the fee and usually disappears immediately.

(2) The scammer is unlicensed to sell timeshares. Particularly if you are out of the area from your timeshare, look up the person’s name and address on their state’s real estate licensing website, make sure they are not the subject of disciplinary action, then ask them for a copy of their identification and references from people whose timeshares they have sold. Check with the agent’s office to make sure he or she enjoys a good reputation.

(3) Some crooks contact the timeshare owner and pose as a buyer. “All cash” deals are very enticing, especially to a seller in distress. Again, use a licensed real estate agent to conduct your sale and do the necessary research to ensure that person has experience selling timeshares. Interviewing three or more agents, either from the same, or different brokerages, will give the seller more information and help them to make a safe choice.

Read the original article in the MarketWatch section of the Wall Street Journal.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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