,

Local Scam Alert: Timeshares in Mexico

With summer vacations coming up, renting a timeshare at your favorite tropical destination sounds like a great idea. BBB of Denver/Boulder wants to alert you that there have been recent inquiries from residents in our 12-county service area dealing with timeshare scams.

Five “local” companies all have websites that were created between January 20-April 15 of this year, all include timeshares in Mexico and none are BBB Accredited. Timeshare companies in our reporting area that we have identified include:

T&R Wealth Solution (Aurora) –Not registered with the Colorado Secretary of State, the website lists a false address and there is a consumer complaint alleging that they were charged upfront fees which have not been refunded and that the business has stopped responding to them.

Smith & Son Investment Consultants (Denver) –Not registered with the Colorado Secretary of State, the address that is listed on the website is false and registered to an individual in Mexico, and BBB has contacted the business with no response.

Trendmaker Realty Services, Inc. (Denver) — The business website lists a false address and BBB also received a consumer complaint alleging that the business collected over $6,000 in upfront fees.

America West Title & Escrow Management Services, Inc. (Denver) — The business website lists a false address.

Affinity Travel Services (Denver) — The business website lists a false address.

The timeshare industry has been problematic for many years and the BBB has a few tips for consumers to look out for:

  • The long-standing problems your BBB has seen with the industry occur when someone wants to sell their timeshare or get out the agreement. Timeshare owners pay an upfront fee to a company to re-sell or list their timeshare and then nothing ever happens. You usually hear about these companies through direct mail, online advertising or seminars at hotels and convention centers.
  • BBB complaints nationwide show that these companies do not legally take over the timeshare and the owner still receives bills for maintenance and other fees. Many have trouble contacting the company once they’ve paid them the fee.
  • Don’t act on impulse or under pressure. Purchase incentives may be offered while you are touring or staying at a resort. While these bonuses may present a good value, the timing of a purchase is your decision. You have the right to get all promises and representations in writing, as well as a public offering statement and other relevant documents.
  • Study the paperwork outside of the presentation environment and, if possible, ask someone who is knowledgeable about contracts and real estate to review it before you make a decision.
  • Get the name and phone number of someone at the company who can answer your questions — before, during, and after the sales presentation, and after your purchase.
  • Ask about your ability to cancel the contract, sometimes referred to as a “right of rescission.” Many states — and maybe your contract — give you a right of rescission, but the amount of time you have to cancel may vary. State law or your contract also may specify a “cooling-off period” — that is, how long you have to cancel the deal once you’ve signed the papers. If a right of rescission or a cooling-off period isn’t required by law, ask that it be included in your contract.
  • Find BBB Accredited real estate firms at findacompany.org
  • Contact the BBB, Colorado Attorney General’s office, and local consumer protection agencies in the state where the company is located to find out if complaints have been lodged against the company and for further advice.

– See more at: http://www.bbb.org/denver/news-events/news-releases/2015/local-scam-alert-timeshares-in-mexico/#sthash.9cx4LmQQ.dpuf