The FTC (American Federal Trade Commission) has released it’s top advice for consumers who are looking to sell their American timeshare. They believe that in order to get the best deal, you must;
Work with a reputable seller
When choosing someone to help sell your timeshare, the FTC advises you to contact the attorney general, the Better Business Bureau and consumer protection agencies in the state where the reseller is located. Ask about complaints and do an online search for complaints and ratings.
Choose an experienced company with a solid reputation. Before signing with a real estate agent, ask about the agent’s marketing plan and experience.
Get everything in writing
Selling a timeshare usually involves the same steps as selling a house or other real estate property, according to the American Resort Development Association. The association provides a checklist for timeshare owners planning to sell.
A reseller should provide you with a written contract that details exact costs, explains whether you can still rent or sell the interest yourself, tells how long the contract is in effect, and lists any services the company provides. Before you agree to a contract, do some preparatory work and collect and review all deeds, contracts, titles, agreements, etc.
Beware of scams
About 36 percent of U.S. timeshares are for sale, according to the Better Business Bureau. Many of those sellers are desperate, meaning they can be easy targets for scammers. Beware of any company that promises a quick sale or suggests it has a buyer that is ready to buy your timeshare.
The bureau explains a common scam involves someone calling to express interest in selling your timeshare. The salesperson usually requires a fee ranging from $300 to more than $2,000 and promises to sell your timeshare for more than your original purchase price. He may claim to have lists of potential buyers, but even if he shows you a list, it is unlikely the parties are legitimately interested, the bureau states.
Use caution when paying
The FTC states it is preferable to work with a reseller that doesn’t require a fee until after the timeshare is sold. If that is not possible, find out about refunds and make sure you have refund policies and promises in writing.
When dealing with international companies, avoid wiring any money. Many foreign companies that require money wired in advance are scam operations relying on distance to preserve their fraud. If you are scammed by an international company, you may not have legal standing to reconcile any damages.
By following these tips and working with an established company that has a track record of successfully helping consumers sell or exit their timeshares, you are more likely to have a favorable experience when you need to sell.
They go on to recommend “Newton Group Transfers” ;
“As President of Newton Group Transfers, Gordon Newton has helped build his company into the #1 most trusted name in timeshare exit. He operates his company with a strong sense of morality, which inspires trust and builds credibility. He values trust above all else and never begins a job that he cannot complete, which is why he places a guarantee in writing on every contract”
Newton group claim on their website;
“Because our name has become synonymous with excellence and integrity in the industry, many other companies are now falsely claiming to be affiliated with us. The bottom line is that we have no affiliates, and that anyone contacting you and claiming otherwise is attempting to capitalize on our success. If and when you book an appointment with us, you might receive a phone call from an unidentified source. We are proud of our name and would never reach out to anyone without clearly stating who we are. If you receive one of these calls, make sure to get their name and a call back number to verify whether or not they are legitimate”.
The Federal Trade Commission ‘s mission statement reads;
“To prevent business practices that are anti-competitive or deceptive or unfair to consumers; to enhance informed consumer choice and public understanding of the competitive process; and to accomplish this without unduly burdening legitimate business activity”.
Their vision is;
A U.S. economy characterized by vigorous competition among producers and consumer access to accurate information, yielding high-quality products at low prices and encouraging efficiency, innovation, and consumer choice.
And their goals are;
- Protect Consumers: Prevent fraud, deception, and unfair business practices in the marketplace.
- Maintain Competition: Prevent anti-competitive mergers and other anti competitive business practices in the marketplace.
- Advance Performance: Advance the FTC’s performance through organizational, individual, and management excellence.
If you would like any further advice or support on this matter, please contact us.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk