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Educational Consumer Tips

Selling a Timeshare

Author: Rachel Gelb
Category: Service

If you are thinking of selling your timeshare, it is important to use a dependable reselling business.  Recently scammers have been soliciting timeshare owners and claiming the property is in high demand and try to offer a deal on the spot. Although these offers may sound legitimate, they scam consumers out of thousands of dollars. Timeshare owners should use these tips when looking to sell their property.

Tips for Selling a Timeshare:

Find a Trustworthy Business.  Check out for reliable timeshare resellers. Look at the business’s complaints and 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. Make sure the business supplies backup contact information. Be sure to 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 the Fees.  Avoid businesses that ask for an “appraisal” fee or closing costs upfront. Be aware of businesses that give you a large fee and then slightly decrease it to seem like a “good deal”. Search for a business that will allow you to pay for the fees 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. Before agreeing to anything, 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 contact 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: Rachel Gelb is Communications and Marketing Manager for BBB serving Eastern Massachusetts, Maine, Rhode Island and Vermont. Find Rachel on Google +.

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