BBB Heeds Warning on Deceptive Practices on Timeshare Resellers

Connecticut Better Business Bureau (BBB) is disseminating alerts on deceitful timeshare resellers who ask for big amount for upfront fees to cover closing outlays that ultimately never come to end.

Selling timeshares has become a popular alternative for owners to diminish expenses and build up expenditures. And on the other end, many consumers are buying these for sale on the market. According to the American Resort Development Association, sales dropped 40 percent in 2009.

There are some companies that the BBB gave an “F” rating, such as Resorts Condo Management, Creative Vacation Solutions, Platinum Property Exchange and Premier Timeshares Solutions. These companies have promised sales but never materialized and on top of it all, they had been asking their buyers to pay up thousands of dollars in upfront fees fro closing expenses.

A complaint was filed by a seller in Premier Timeshare Solutions (PTS), who was promised to have his money refunded if a sale of his property would go through. The seller paid PTS about $7,710. Soon enough the sale never went through and worst, even if the company guaranteed, his money was never returned.

The Better Business Bureau has some guidelines to those who want to sell their timeshare properties:

  1. Connect to those you can trust. Always read review reports on companies you want to deal with and compare their ratings. You can visit bbb.org and check on the BBB accredited business timeshares.
  2. Verify licensing requirements. Always confirm the company’s location and ask whether its salespeople are licensed to the business. You can do this by checking out the state licensing board.
  3. Complete you queries on the facts on the figures. Get everything out from specific fees to queries on insurance, advertising fees and other payments. Ask if it is refundable or that if there are some hidden charges.
  4. Be cautious with the fees. Some companies would be charging “appraisal” fee for services or that sellers would just pay upfront the closing cost and the company would take care the property. Negotiate that payment of fees would only be after the timeshare is sold.
  5. Don’t jump right into something that is too good to be true. Confirm always the credibility and legality of the company you are dealing with.  Don’t rush your decision. Deceitful timeshare resellers may claim that your property is in demand and they can sell it immediately. Unfortunately, these are often not true.

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