“I won’t have a problem selling your timeshare. I’ve had several requests in that particular market.” Don’t take statements such as this at face value. Check out the real estate agency or agent before signing a contract. Avoid the problem that my friend encountered.
My friend had signed a contract with an agency to sell his timeshare and paid a fee at the time of the signing. The timeshare had not sold and he was having trouble getting a refund. After talking with the friend, I checked out the company, which was located in the Great Lakes area. The company had an F rating with the local BBB. The BBB in that area went to work and was able to help my friend get his money back.
The Federal Trade Commission (FTC) has some tips to help you successfully navigate through potential problems when selling your timeshare.
* Check out the company with the Better Business Bureau BEFORE SIGNING THE CONTRACT.
* Get all information in writing.
* Verify with the state real estate commission that the reseller is licensed in the location of the timeshare.
* Determine what the fees are and when they are due. If you have to pay a fee in advance, ask about refunds and get it in writing.
* Get an appraisal of the timeshare. Use an appraiser from a timeshare appraisal service that is licensed in the state where the timeshare is located. You probably won’t be able to recoup what you paid if you haven’t owned the timeshare for five years and/or it is not in a popular location.
* Check with the resort to determine restriction limits or fees that could affect the resale or ownership transfer.
* Make sure the contract specifies the services the reseller will perform, the costs the seller is responsible for and when they are to be paid. Also know whether the seller can rent or sell the timeshare at the time the reseller is trying to sell it, the length of the term of the contract to sell the timeshare, and who is responsible for documenting and closing the sale.
For more information the FTC suggests going to American Resort Development Association at www.arda.org.
What timeshare experiences have you had?