Attorney General Kwame Raoul is urging Illinois residents to be on high alert for timeshare resale scams. As timeshare owners seek to sell their properties, scammers posing as legitimate brokers, title companies, or escrow agents are exploiting the situation. They often make unsolicited contact, promising quick sales and requesting upfront payments for services such as processing fees, taxes, or title searches. Unfortunately, these transactions never materialize, leaving victims without their money.
Key warning signs include guarantees of immediate sales, requests for non-traceable payments like wire transfers or cryptocurrency, and reluctance to provide the buyer’s details. Additionally, scammers often use high-pressure tactics, urging owners to make swift decisions without proper review.
Raoul emphasizes the importance of working with licensed real estate brokers and verifying the legitimacy of any company before making payments. He advises timeshare owners to avoid paying any upfront fees and to thoroughly research potential resellers. The Attorney General also encourages residents to report any suspected scams to his office, the Federal Trade Commission (FTC), or the FBI’s Internet Crime Complaint Center.
For further information on how to protect yourself, consumers can consult resources provided by the FTC, the American Resort Development Association, and the Securities and Exchange Commission’s Office of Investor Education and Advocacy.
