Don’t Get Caught in Timeshare Resale Scams From Mexico
Various techniques are employed by scammers targeting innocent timeshare owners seeking to sell. They initiate unsolicited calls and inform the owners that their timeshare has already caught the interest of a potential buyer. By requesting an upfront fee, they promise to purchase the timeshare and handle the selling process without divulging their approach.
These are classic tactics that scammers employ to deceive and defraud individuals of their money and personal information. Following the collection of such information, they often stall for a while before disappearing into thin air.
Resale entities, including those in Mexico, that claim to be timeshare resale firms, have developed more sophisticated means to prey on timeshare owners. They are aware of the resale industry’s negative image and have discovered ways to build trust with owners. They accomplish this by masquerading as credible companies with favorable reviews on Better Business Bureau and an impressive list of satisfied clients with successful sales. After gaining the owner’s trust, they commence with their manipulation tactics. To avoid such scenarios, refer to this guide on identifying and evading Mexican timeshare resale scams.
How Timeshare Resale Scams From Mexico Operate
Dealing with timeshare resale scams can be quite distressing. However, when these scams are run from a foreign country, a new level of deceit enters the picture. Such international scammers are not bound by the rules and regulations that typically apply to domestic timeshare law. They have no qualms about misrepresenting themselves or the resale’s potential profits.
The following outlines the methods they use to deceive unsuspecting victims into engaging with them.
They Claim to Be an American Company
Numerous people have shared their stories of being contacted by fake timeshare resellers operating out of Mexico. In one example from 2022, a timeshare owner in Chicago received an offer from a local company called Intercontinental Realty, claiming to be a real estate firm that could sell his Cancun timeshare for over a million dollars. Despite the exorbitant selling price and promise of escaping his timeshare contract, the owner was initially convinced that the company could provide him with legitimate real estate broker services.
After filling out a series of documents and providing upfront payment, the owner soon realized that he had fallen victim to a scam. The company continued to request more money, ultimately draining $300,000 from his bank account. Seeking answers, the owner hired a private investigator who found that Intercontinental Realty was not a legitimate company. The investigator’s attempts to contact the company were unsuccessful, and he discovered that the company address was a dorm for the Art Institute of Chicago.
Even after tracing the wire transfers to Mexico, the culprit behind the scam remained unidentified. This example highlights how difficult it can be to identify fraud resellers who create realistic business profiles, use real phone numbers and email addresses, and have real people pretending to be employees. A quick Google search may not always suffice in detecting these scams.
They Steal Identities From Real Companies
Some fraudsters will go to great lengths to appear credible, even using the identities of established companies.
The California Bureau of Real Estate reports that criminals have used the names of licensed real estate agents to carry out illicit activities, such as timeshare resales. With information about real estate firms and their agents readily available online, it’s easy for these scammers to pose as legitimate professionals and gain the trust of timeshare owners.
Resale scammers based in Mexico commonly use identity theft as a tactic. It’s essential to be aware of the warning signs of timeshare fraud. If someone asks for a photo of a check, wire transfers, gift cards, or pre-paid card payments, they’re likely trying to scam you. The U.S. Securities and Exchange Commission cautions that some scammers may even ask you to open an account with a specific bank and deposit funds into it, so it’s crucial to be cautious and avoid such requests.
They Promise a Huge Selling Price
If you have invested a significant amount of money into annual maintenance fees, you likely want to believe that your timeshare is valuable. However, it is important to be skeptical when a caller tells you that your timeshare is worth double what you paid for it. These types of sales pitches are common in timeshare resale scams operated from Mexico. The scammers prey on owners’ desire to see a return on their investment and promise that a buyer is already interested in purchasing their property. They may also claim that the property is worth much more than it actually is to make the owner more interested in their services.
In reality, it is rare to make any money on a timeshare resale. The timeshare industry thrives on selling new timeshares, and most consumers are not interested in purchasing a used unit for as much, or more, than a new one. Additionally, finding a buyer or someone to take over a timeshare for free is challenging since people do not want to pay the high maintenance fees.
It is essential to be cautious of companies that make unrealistic claims about the resale value of your timeshare. If they seem too good to be true, they likely are not legitimate.
How to Dodge a Mexican Timeshare Scam
Timeshare resale scams originating from Mexico rely on making false promises and not delivering on them. Many scammers have tricked timeshare owners into revealing their personal information and wiring large sums of money to them. These owners are so desperate to get rid of their timeshares that they overlook the warning signs. It can be difficult for them to tell if these transactions are being carried out by scammers in Cabo or Puerto Vallarta.
These scammers often create fake “American companies” or steal the identities of legitimate companies to convince owners that they can make a significant profit on their timeshare sale. Unfortunately, in the end, the owners are left with nothing but stress, debt, and an unsold timeshare property.
To work with a reputable and trustworthy company, consider contacting Centerstone Group. We can assist you in exiting your timeshare more quickly and at a better value than any other exit company or law firm. Additionally, we are the only timeshare exit team with the ability to terminate Mexican timeshare contracts. So, whether you want to get out of your timeshare in Florida, Mexico, or anywhere else, give us a call to see how we can assist you.
