The Better Business Bureau Northwest + Pacific is warning timeshare consumers of a Portland-based timeshare exit company operating under the name M&T Property Management. This latest exit scam has cost consumers nearly $37,000 in exit fees.
The BBB found that M&T Property Management is pretending to be a legitimate resale company offering a quick and easy way to get out of a timeshare. Although their website seems legitimate, offering an array of services, the BBB found that M&T has no escrow, real estate, property management or construction licenses in the state of Oregon. In fact, M&T Property Management has allegedly reinstated a former Oregon company that has since closed. When the BBB asked the owners if they ever sold the business, they were told no and that any associated legal documents were definitely false.
The BBB is also suspecting that this is connected to a recently uncovered Seattle-based timeshare exit scam. They found that Beach Property Management is using similar names, contracts, and the same kind of language on their website as M&T.
Several owners who were looking to sell their timeshare lost thousands of dollars to M&T Property Management. One couple was told by M&T they had buyers looking to purchase their Dominican Republic timeshare property well above the marketplace value.
"We expected a smooth and prompt closing process, but instead we were surprised and suspicious when we were advised by M&T that we must first pay a Mexican Federal SAT tax of $3,476," this Florida-based consumer reported to BBB, according to our source.
The couple said M&T contacted them again a few weeks later requesting more money for "escrow fees." All-in-all, the couple paid more than $10,200 via wire transfer.
Unfortunately, this case is just one of many that the BBB is aware of, with victims spanning from Portland all the way to Florida. It's important to watch out for red flags when you are looking to sell your timeshare. If it sounds too good to be true - it is.