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Timeshare Owners: Beware Of Resale Offers

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Timeshare Owners:

Beware Of Resale Offers

HARTFORD — The Department of Consumer Protection has learned of several timeshare resale or transfer companies, such as Timeshare Free, Resorts Rescued, Transfer Smart, and Transfer America, that are soliciting consumers in Connecticut. In some cases, these companies do business under several different names. Due to the variety of companies and the wide scope of resale offers, the department is offering information and advice about the timeshare resale market and the scams that may be taking place in Connecticut.

“If you are a timeshare owner receiving unsolicited offers to sell your timeshare, or are unsure about who these companies are and what services they are offering, the Department of Consumer Protection has some guidance to offer,” said Consumer Protection Commissioner William M. Rubenstein.

While most timeshare owners are happy with their timeshare purchase for a long time, there may be circumstances when an owner decides it is time to sell. Companies known as timeshare “resale” companies or advertisers have become popular in the timeshare market, but do not lose sight of the fact that selling or buying a timeshare is a real estate transaction. Just as if you were buying or selling a home, seek out and hire only qualified, knowledgeable people to guide you through the actual sale or purchase of a timeshare.

Several states are actively investigating consumer complaints about possible deceptive practices involving unscrupulous timeshare resales. 

Complaints to the Federal Trade Commission (FTC) have more than tripled over the past three years and timeshare resales remain a significant and ongoing consumer protection problem.

Companies that contact timeshare owners may offer to buy a timeshare interest (e.g., “your week”), help you give it to charity, put a timeshare in a travel club, or some other “creative” solution.

While some offers may be legitimate, be sure to check them out thoroughly beforehand. Make sure you understand who you are dealing with, what their contract says, what others who have used the services think, and most importantly, if it sounds too good to be true — it probably is. Use good business sense at all times.

*First, check with your timeshare resort community to ask if they offer a resales program for their owners. 

*Beware of timeshare resellers or transfer companies charging high upfront fees (up to thousands of dollars) because they claim they have buyers lined up for your timeshare.

*Don’t give any credit card authorization, in person or over the phone, unless you have all the terms and conditions in writing. Verbal promises are meaningless. If you are using the Internet, ask them to e-mail a contract or keep a printed copy from the information provided on the reseller’s website.

*All these recommendations apply whether a company e-mails, telephones, or sends you a postcard or brochure — or whether you locate a company while surfing the web. But be especially careful if the company initiates the contact, and not you.

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