Tuesday, February 09, 2010

BBB Warning for Timeshare Resales

As reported by the Chicago Sun Times online site, timeshare owners need to be on the look-out for companies who offer to quickly sell their timeshare resale and don’t deliver. Some timeshare owners are feeling the crunch during these tough economic times and are trying to get extra cash for their timeshare or save money on their annual dues. They need to be very cautious of fraudulent companies misrepresenting what they can provide.

The Better Business Bureau of Chicago and Northern Illinois wants timeshare owners to know that in a typical real estate deal, the fee is paid from proceeds of the sale at the time of the sale, not upfront. If you are contacted by a timeshare company offering to sell your timeshare quickly for fee that you must pay first, be forewarned that this could be a scam.

Complaints have been received on a company called Texas-based Resorts Condos Management, which has received an "F" rating from the bureau. Allegedly the company calls timeshare consumers and informs them that buyers are lined up. They only way to proceed is with a $2,500 deposit. No purchase occurs and refunds are difficult to get.

Here are some tips and suggestions the Better Business Bureau recommends for consumer timeshare resellers:
  • Scrutinize any contract before signing.

  • Find out where will the companies ads for your resale will appear.

  • Determine the criteria the company uses to match potential buyers with sellers.

  • Fees are generally paid at the time of the sale, not upfront.

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