pretty long after the original post but thought i'd shared what i did.
had similar problem where the local snapshots of time machine is taking up a lot of space in a short time due to some very large virtual machine files which i added and deleted, this also caused finder to report free space incorrectly where my available free space is larger than my whole hard drive!
in my case disk utility was showing about 62GB free space whereas finder 560GB free space and my hard drive is only 500GB. and my actual usage was only about 160GB, meaning the free space by right should be 340GB.
after spending lotsa time researching and reading, did some of the steps taken by others like turning off time machine and rebooting Mac, this did adjust finder's reading to be the same as disk utility, however it still reports 62GB free space, meaning the local snapshots aren't being deleted as stated in Apple's article where turning off time machine would delete them immediately.
as i didn't wanna wait any longer to reclaim the free space, i installed several apps that detect folder sizes, and finally ran OmniDiskSweeper with root access through terminal, detected a .mobilebackups.trash folder that's up to 530GB in size which turned out to be the culprit, it contains several of the dated backup folders. after several attempts of trying to delete them and crashing the app, finally managed to do so and reclaim the free space.
maybe after a while time machine will delete those local snapshots, but maybe like what others have reported it wouldn't even after several days, but that's what i did to regain the free space immediately.
now i've turned time machine back on and hopefully things will be alright.