Selling a timeshare? Watch out for phony resellers

CALGARY- If you’re trying to unload an old timeshare property, beware of phoney offers.

The Canadian Anti-Fraud Centre says that in the past two years, over 100 people have lost money to timeshare resellers.

Police say they claim to have buyers or renters ready to pay top dollar, and trick the owners into paying  up-front fees and closing costs. However, the timeshare is never sold or transferred.

Investigators say Canadian victims have lost over $1.5 million since 2011.

On Thursday, the Federal Trade Commission in the U.S. and 10 other countries laid 191 charges against fraudulent operations reselling timeshare properties.