Better Business Bureau cautions: Don’t get duped when selling your Timeshare

 

(From the Better Business Bureau)

 

 

CHICAGO, IL – In a tough economy some struggling families look for ways to reduce their expenses. One popular option is to unload any timeshares in order to recoup their investment or stop paying maintenance fees. With many businesses specializing in reselling timeshares, the Better Business Bureau serving Chicago and northern Illinois (BBB) warns some companies may use deceptive sales tactics to swindle already cash-strapped timeshare owners.

 

“While timeshare owners are looking to lessen a financial burden, many vacationers are not buying,” said Steve J. Bernas, President & CEO of the Better Business Bureau serving Chicago and northern Illinois, “Unfortunately, some unscrupulous timeshare resellers are taking advantage by misleading actual owners in the hopes of selling their timeshare quickly.”

 

The BBB offers the following tips to timeshare owners looking to sell:

• Use a Business You Can Trust – Make sure the timeshare reseller you use is a BBB Accredited Business or at the very least has a good rating with BBB. Check out a business’s BBB Business Review for free at www.bbb.org

• Confirm Licensing Requirements – Some timeshare resellers will use fake addresses or PO boxes in order to mislead timeshare owners. Confirm where the company is located and in what states it does business. Ask if the company’s salespeople are licensed to sell real estate where your timeshare is located. If they are, verify this with the state licensing board.

• Get the Facts on the Figures – Find out if the business charges a commission. Do they handle the entire closing and provide escrow services? Do they charge an up-front listing or advertising fee? What does it cover and is it refundable?

• Be Wary of Upfront Fees – Some companies may charge an advance “appraisal” fee for services. Strongly consider opting for a company that offers to sell for a fee only after the timeshare is sold.

• Don’t Fall for the Hard Sell or an Offer that Sounds Too Good to Be True – Don’t agree to anything over the phone; instead ask the salesperson to send you written materials. Take the time to think it over and don’t be pressured.  Unscrupulous timeshare resellers may claim your property is in demand and they can sell it immediately; unfortunately, these promises are often empty.

For more advice you can trust, visit www.bbb.org