HUNTSVILLE, AL (WAFF) - Holding a timeshare can be a great way to secure a vacation spot at the beach or in the mountains. But when it comes time to part ways, can you be sure you're making a smart sell?
You may be approached by a company claiming to represent big-name companies eager to buy timeshares for business or travel. Be suspicious – they may talk a good game and will probably approach you with claims of a buyer ready, hefty returns, fast sales – and in some cases, a money-back guarantee.
Sounds like a win-win, but…
"In many cases, you'll be contacted by someone who says they have an interested buyer and that piques your interest," said Michele Mason of the North Alabama Better Business Bureau. "The next thing you know, you've agreed to pay them a fee to handle the transaction."
That fee is paid upfront via a credit card.
"Many cases we've heard, people are approached. They go ahead and enter into an agreement and they find their money doesn't get them anything," Mason said. "The agreement may say they will market the property, which they may do, but it will not put in writing what you heard verbally, which is that they have a party ready to buy that timeshare."
Be skeptical of claims the market is hot and they are overwhelmed with buyer requests, claims of a ready buyer or promises to sell your property within a specific time or guarantee of big returns upon sale.
Also be wary of requirements to pay fees up front, even if they promise a money-back guarantee. And beware if a company doesn't provide a written contract, or the contract doesn't accurately reflect conversations you have had.