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Your BBB Warns Consumers to be careful when buying a time share
Released: Monday June 18, 2012 (Calgary, AB) - BBB
As the weather warms up, you may be thinking, I wish this was the weather in Alberta all year round, which may get you thinking of buying a timeshare.
Your BBB warms consumer to do their research before buying a timeshare in a tropical country.
"If the deal seems too good to be true it probably is," said Sandra Crozier-McKee, president and CEO of BBB Serving Southern Alberta and East Kootenays. "And always check bbb.org to see if there are any complaints against the business."
The BBB offers the following advice to timeshare owners who are looking for help in buying or selling their timeshare:
Be Wary of Upfront Fees
- Consider opting for a company that offers to sell for a
fee only after the timeshare is sold. Many complaints to the BBB regarding
timeshare resellers involve situations where people were told they needed
to pay "advance appraisal fees," or that they just had to pay
closing costs and their timeshare would be sold.
Use a Business You
can Trust - Make sure the timeshare reseller you use is a BBB
Accredited Business or at the very least has a good rating with BBB. You
can check out a business's BBB Business Review at bbb.org.
Requirements - Some timeshare resellers will use fake addresses or PO
boxes in order to mislead timeshare owners. Confirm where the company is
located and in what provinces and states it does business. Ask if the
company's salespeople are licensed to sell real estate where your
timeshare is located and verify it.
Get the Facts on the
Figures - Find out if the business charges a commission. Do they
handle the entire closing and provide escrow services? Do they charge an
up-front listing or advertising fee? What does it cover and is it
Don't Fall for the
Hard Sell or an Offer that Sounds Too Good to Be True - Don't agree to
anything over the phone but instead ask the salesperson to send you
written materials; take the time to think it over and don't be
pressured. Unscrupulous timeshare resellers may claim that your
property is in demand and they can sell it immediately; unfortunately,
these promises are often false.