Trying to sell a timeshare? If the offer sounds too good to be true, it probably is, officials say

If you own a timeshare and receive an unsolicited call from a prospective buyer, the Utah Department of Commerce has a reminder — if the offer seems too good to be true, it probably is.

Around the country, timeshare owners have been increasingly contacted by people claiming to represent companies or investors offering to help them exit their contract, according to the department, which warned the unsolicited phone call is a red flag.

“If you are actively trying to sell, it’s possible that it’s legitimate,” said Melanie Hall with the Department of Commerce, who told the Deseret News in this scenario, it’s “very rare” for an unsolicited call to be a good business venture.

Often, the calls are an attempt to get banking information or other personal details — other times, the call is to solicit some kind of an initial business “fee” which is actually a scam. Very rarely do the calls come from licensed businesses.

It’s unclear what the scam’s prevalence is in Utah. As of Monday, the department didn’t have any readily available data. But because of resort destinations like Park City and Moab, Hall said it’s likely Utahns, or people with timeshares in Utah, have been targeted.

The calls are sometimes aimed at seniors, Hall said, and other people who are in a vulnerable financial situation.

“People might get into a timeshare because they had a wonderful time on vacation, but down the road, they realize that it’s not a good fit for their family,” she said. “... Sometimes getting these calls seems like a blessing.”

If the company requires an upfront payment, guarantees an exit from the timeshare contract, asks for payment in cryptocurrency, wire transfers or gift cards, beware. Research the company first, the division says — if the company is legitimate and the offer is good, it will likely still be there in a week.

“Don’t take the bait,” said Utah Division of Consumer Protection Director Katie Hass, in a statement. “Take the time to research the company. If it seems too good to be true, it probably is.”

Anyone who has been targeted or a victim of a similar scam can file a complaint with the Utah Division of Consumer Protection.