Trying to Sell That Timeshare? Beware of Fraudsters

Selling Your Timeshare?
How to Avoid Being Scammed

- Don’t agree to anything on the phone or online until you’ve had a chance to check out the reseller (contact the Better Business Bureau, your state’s attorney general’s office, and/or local consumer protection agencies where the reseller is located).

- Ask the salesperson for all information in writing.

- Ask if the reseller’s agents are licensed to sell real estate where your timeshare is located (verify this with the state’s real estate commission), and get references.

- Ask how the reseller will advertise and promote the timeshare unit. Will you get progress reports? How often?

- Ask about fees and timing. It’s preferable to do business with a reseller that takes its fee after the timeshare is sold, but if you must pay a fee in advance, get refund policies and promises in writing.

- If you want an idea of the current value of the timeshare, consider using a licensed timeshare appraisal service.

- Before you sign any sort of contract, make sure you get the details of its terms and conditions. It should include the services the reseller will perform; the fees, commissions, and other costs you must pay and when you must pay them; whether you can rent or sell the timeshare on your own at the same time the reseller is trying to sell your unit; the length or term of the contract to sell your timeshare; and who is responsible for documenting and closing the sale.