Owners who are trying to get out of their timeshare contracts by selling have become one of the most common victims of scams these days. With this, the Federal Trade Commission which is the nation’s consumer protection agency offered a number of tips for people who seek to sell their timeshare through real estate brokers and agents that specialize in reselling timeshares.
First, don’t agree to anything on the phone or online before checking out the reseller even if the salesperson claims that the local market is hot or his office is overwhelmed with buyer requests. You can contact the Better Business Bureau, state Attorney General, and local consumer protection agencies in the state where the reseller is located. You can also ask if any complaints are on file.
Then, ask for all information in writing. Ask also if the reseller’s agents are licensed to sell real estate where the timeshare is located. You can verify it with the state real estate commission. It is also safe to deal only with licensed real estate brokers and agents, and ask for references from satisfied clients.
Meanwhile, ask about fees and timing. It is better if the reseller takes its fee after the timeshare is sold. If a fee must be paid in advance, ask about refunds and get refund policies and promises in writing. To get an idea of the value of a timeshare, try to consider using a timeshare appraisal service.
Moreover, before signing the contract, make sure that it specifies the services that the reseller will perform, the costs the seller is responsible for and when they must be paid, whether the seller can rent or sell the timeshare at the same time the reseller is trying to sell it, the length or term of the contract to sell the timeshare, and who is responsible for documenting and closing the sale of such vacation properties.