Knowing that when you make a purchase that you will be getting what you pay for is on the mind of every consumer. The bigger the investment, the greater the risk. When buying a large appliance on craigslist for a fraction of the retail cost, you are usually asking yourself or the seller, “So, what is wrong with it?” So, how do you know timeshare resale is safe? Depending on how you go about purchasing it, your resale timeshare can be just as safe as buying direct from the vacation club.
Trustworthy and Licensed Brokers
News coverage about timeshares has painted this industry with an unfavorable portrait. Unfortunately, there are scams out there that can spoil the fun and convenience of owning a timeshare. Make sure that when you are buying a timeshare, you are going through a reputable and trusted broker. You can do this by asking for any resale company’s broker license number, as well as the license numbers of the agents at the company you are dealing with. Learning how to check a timeshare resale broker’s license can also be very helpful as well.
A Better Business Bureau (BBB) accredited broker has been reviewed and approved because of their honest business practices, shown by a lack of complaints against their business. The BBB is constantly making sure that their accredited businesses maintain the highest standards as well as taking action against reported illegal and untrustworthy practices.
No Upfront Fees
Many companies ask for large upfront fees to sell or rent your timeshare. These are overwhelmingly scams or companies that work for your upfront fee and then never sell your timeshare because they already received their payment. However, there is a difference between an upfront fee and a commission.
Think about when you sell a home. Do you pay your Realtor before they sell your house for you? These Real Estate agents work on commission, and are only paid once they produce results.
A commission is standard for real estate and broker services. This is only collected at the end of the transaction when the seller and the third party buyer have agreed to the terms of the sale. An honest resale broker will make sure that both parties are getting the right deal and will make sure that they are taking a consultative approach rather than a high-pressure sales approach.
Learn more about how to sell your timeshare with no upfront fees.
Also, the use of a third-party closing company is extremely important. The closing company will offer escrow services, make sure all terms of the signed agreement are upheld, and finally help ensure that the underlying title of your vacation ownership is safely and legally transferred. Closing may even offer optional title insurance, which may be a consideration with particularly complicated transfers where the property is going through probate, or possibly a divorce settlement.
If you purchased your retail timeshare and are looking to sell or if you are looking to buy a resale timeshare, feel free to contact us for a free consultation.