In light of recent timeshare and closing company scams, the BBB has once again released new advice for timeshare sellers. The Better Business Bureau is designed to protect consumers from fraudulent business practices while setting market standards and encouraging and supporting best practices.
So, what does the BBB have to say about protecting yourself while selling your timeshare? Check out the full article, entitled “Before Selling Your Timeshare, Take This Into Consideration!” Or see our short-list below. Among their talking-points for safely selling your timeshare:
- Reputation: Make sure that you are dealing with a reputable company. Check with the Better Business Bureau and Attorney General for previous complaints.
- Licensing: Are they licensed? Check with the local Real Estate Commission.
- Upfront Fees: Are there upfront fees? How much? Ed. Note: Beware of paying upfront to sell your timeshare. This is a hallmark of timeshare scams.
- Associated Costs: Will you be responsible for monthly fees, annual and closing costs, percentage increases, commission, tax, etc.? Are these fees agreeable to you?
- Brokerage or Advertising: Is the reseller actually advocating to “resell” your property, or simply advertise it for sale?
One final warning: If you are being promised that a buyer is “waiting in the wings,” it’s likely that this may be an attempt at misleading you into prematurely signing a contract or sending an upfront fee.
Don’t be fooled. Do your research and choose a reputable timeshare brokerage company, like Timeshare Broker Sales. We are leaders in vacation ownership resales, and we never charge an upfront fee for our services.