For starters, be aware that there are unscrupulous companies that will take advantage of you, should the opportunity present itself. If you are overly anxious to resell, this could lead to some trouble. Make certain that you are an informed and conscientious reseller, before stepping into an agreement that may cause you grief down the road. Here are some things that you need to be well acquainted with or should ask on the spot, before making an agreement with a Timeshare Reseller.
- Make sure that you are dealing with a reputable company. Check with the Better Business Bureau and Attorney General for previous complaints.
- Are they licensed? Check with the local Real Estate Commission.
- If you are not completely satisfied with the company’s service, do they refund money and under what circumstances? What is their cancellation policy? Don’t take their word for it, request policies in writing.
- Are there upfront fees? How much?
- Will you be responsible for monthly fees, annual and closing costs, percentage increases, commission, tax, etc.? Are these fees agreeable to you?
- What is the duration of the contract?
- Is the reseller actually advocating to “resell” your property or simply advertise? If reselling, how often will they give you reports on prospective buyers?
- If you are being promised that a buyer is waiting in the wings, consider this may be an attempt at misleading you into prematurely signing a contract.
Check everything out, before signing a legally binding contract. Make sure that you have absolute confidence that you know exactly where your money is going, how much, at what duration, what risks are involved, advantages, disadvantages, etc. Know as much as you can, before signing. Reselling time shares is a high-risk venture, don’t be mislead and don’t accept false promises!
www.bbb.org/us/article/tips-for-selling-your-timeshare-17827; www.oag.state.md.us/consumer/edge74.htm; www.bbb.org/us; www.oag.state.md.us/consumer/tip35.htm; www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt185.shtm; www.naag.org; www.consumeraction.gov; www.arda.org; www.fbi.gov/news/stories/2012/february/timeshare-fraud_021712; www.fbi.gov/sandiego/press-releases/2012/timeshare-marketing-scams