Recently, the Better Business Bureau of Chicago and Northern Illinois warns the owners planning to get out of their timeshares by selling it in the hopes of getting extra cash or save money should be on the watch for predators who promise fast sales for a fee but don't deliver.
The said bureau has received several complaints here and across the country from consumers about companies claiming to be in the timeshare resale business, but who misrepresent sales potential and make promises that they aren't keeping. One of the complaints is the one in the Chicago area on Irving, Texas-based Resorts Condos Management, which has an F rating with the bureau. The complaint alleges that the company's telemarketers tell consumers that buyers are lined up and the transaction needs a deposit from the seller to proceed. But after paying upfront fees of more than $2,500, the supposed buyers don't materialize and the refunds are difficult to get.
Meanwhile, one Chicago-area consumer said the company called and said they had a buyer who would pay $31,000 for a timeshare condo. The consumer allegedly was told to pay $3,000 on a credit card and the deal would close within six weeks. But no buyer ever came through. According to the bureau, the out-of-work-married couple tried to get a refund for months, but received it only after filing a complaint with the bureau.
These days, as many owners try to get rid of their timeshares, the deceiving resale companies also increases. That’s why some owners hire a reputable timeshare transfer company such as the Transfer Smart just to get rid of such property. On the other hand, the bureau reminded the consumers to scrutinize contracts before signing them and beware that in a typical real estate transaction, the fee is paid from the proceeds of the sale at the same time of the sale, not upfront.