In Connecticut, owners who want to get out of their timeshares by selling it are recently warned by the Connecticut BBB about unscrupulous timeshare resellers who ask for thousands of dollars in upfront fees to cover closing costs for deals that never come to fruition. As the scams are very prevalent in this industry, such owners are susceptible to these offers that are too good to be true.
As a result of the current economic condition, selling timeshares has become a popular option for families looking to reduce their expenses and build up cash reserves. On the other side, there are also many fewer consumers who are buying timeshares for sale on the market. However, timeshare sales dropped 40% in 2009 according to the American Resort Development Association.
Some of the companies that have F ratings from BBB are Resorts Condo Management, Creative Vacation Solutions, Platinum Property Exchange and Premier Timeshares Solutions. These companies are said to convince a number of timeshare owners that interested buyers are already lined-up and that the sellers had to pay thousands of dollars in upfront fees for closing costs. But the said promises were never materialized.
Meanwhile, the Better Business Bureau has some tips for those owners who want to get rid of their timeshares by selling it. First, you may visit bbb.org and get a report on BBB Accredited Business timeshares. Review reports on all companies in this industry and compare their ratings. Also confirm licensing requirements as some timeshare resellers will use fake addresses or PO boxes to mislead timeshare owners. Verify this with the state licensing board. Moreover, don’t fall for the hard sell or an offer that sounds too good to be true as unscrupulous timeshare resellers may claim that your property is in demand and they can sell it immediately. But unfortunately, these promises are often empty.