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Educational Consumer Tips

Timeshare Resellers - What You Need to Know

Author: Luanne Kadlub
Published:
Category: Service

If you’re thinking of selling your timeshare, it’s important to use a reliable reselling business and not be swayed to act by businesses that solicit timeshare owners claiming the local market is “hot” and there are already buyers available for your timeshare. 

Instead, timeshare owners should use these tips from Better Business Bureau® Serving Northern Colorado and Wyoming when looking to sell their property.

Find a Trustworthy Business. Check out bbb.org for reliable timeshare resellers. Look at the business’s complaints and customer reviews to be sure they are trustworthy.

Make Sure there is a Physical Address. Do not do business with a timeshare reseller that does not provide a street address; a P.O. box is not sufficient. Confirm the business’s address and where they are licensed to sell real estate with the state licensing board or state’s real estate commission.  

Look at Fees. Avoid businesses that ask for an appraisal fee or closing costs upfront. Be aware of businesses that initially cite a large fee and then slightly decrease it so that the transaction will seem like a good deal. Search for a business that will allow you to pay fees only after the timeshare has been sold. Never wire money and be sure to ask what fees will be included in the cost and if they are refundable.  

Do Not Be Pressured. Do not agree to anything that is presented over the phone. Take your time to think about your decision. Ask the salesperson to send you written information. Do not be pressured by a salesperson that claims your property can be sold immediately.

Read the Contract Carefully. The contact should include what services the broker provides, how much and when the costs should be paid, a length of time to sell the timeshare, and the refund and guarantee policy. Make sure the contract states who is responsible for the sale.

Too Good To Be True. Know the estimated value of the timeshare before bringing it to be sold. If the deal the business offers sounds too good to be true, it probably is.

About the Author: Luanne Kadlub is Communications Specialist for BBB serving Northern Colorado and Wyoming.