New Scam Targets Seniors With Timeshares

LOS ANGELES, CA – Although selling a timeshare may seem like an attractive option for those on a fixed income, retirees should proceed with caution thanks to the new Timeshare Scam. In the scam, crooks get lists of people interested in selling their timeshares, according to a Los Angeles District Attorney's Office statement. Then, they call seniors pretending to be potential buyers eager in buying the vacation property.

The scammers fax legal documents signed by the so-called buyers and ask the seniors to write checks or make credit card payments to pay for "closing costs," the press release said. After they receive the money, the crooks claim there are delays and ultimately tell the victims that the sales "fell through." At that point, it's difficult for seniors to dispute the credit card or bank charges because so much time has passed.

The Los Angeles District Attorney's Office has provided some tips to avoid the scam:

• Most resort companies have resale programs. Contact them first.
• Avoid having conversations with unsolicited callers about your timeshare.
• Timeshares rarely increase in value. Expect the resale value to be lower than the original sale price. If you get an offer that sounds too good to be true, it probably is.
• Be wary of potential buyers who require some type of payment to complete the sale.

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