DCP: Connecticut Timeshare Owners: Beware of Resale Offers

Connecticut Timeshare Owners: Beware of Resale Offers

 
 
The Department of Consumer Protection (DCP) has joined with the Federal Trade Commission (FTC) and state organizations nationwide to bring attention to timeshare transfer or resale scams. Most timeshare owners are happy with their timeshare purchase, but there may be circumstances when an owner decides it’s time to sell. Consumers should always remember that buying or selling a timeshare is a real estate transaction. Just as if you were buying or selling a home, it’s important to hire qualified, appropriately licensed individuals to guide you through the process.
 

{timeshare graphic}

Companies known as timeshare “resale” and “transfer” companies have become more popular to support consumers with their sale. Some companies work very hard to promote and sell, or rent timeshares. Unfortunately, there are also companies that use fraudulent gimmicks and do little to legitimately sell the timeshare interest.
 
Timeshare resale companies should work to sell your timeshare for a fee, but may offer a series of options outside of traditional sales. Some companies may offer to purchase your timeshare interest (e.g., “your week”), help you donate it to charity, or put your timeshare in a travel club. They may even charge a large up-front fee and say that they have “buyers lined up” to purchase your timeshare. It’s important to think twice, and do your research before working with a timeshare reseller. Remember, if an offer sounds too good to be true – it probably is.
 

Timeshare transfer companies offer to take ownership of your timeshare, but you have to pay them to do so. Owners who use this option typically feel that they can no longer afford annual maintenance fees, or are concerned about the timeshare becoming a financial burden on their families.

 

These businesses often promise that they will cover maintenance fees when they take over the title to the timeshare. In some cases, the company does not transfer the property, and victims soon learn that they are still responsible for the maintenance fees to the resort.

 

If you’re considering selling a timeshare, make sure to follow these steps:

  • First, check with your timeshare resort community to ask if they offer a resale program for their owners.
  • Beware of timeshare resellers or transfer companies charging high up-front fees that could be up to thousands of dollars.
  • Get quotes and references from more than one company before committing.
  • Make sure you’re working with a licensed Real Estate Broker to sell your timeshare.
  • Make sure you have a written contract for the services being provided, and ask any questions you need to so that you understand your contract before signing.
  • 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 us

All of these recommendations apply whether a company emails, calls, sends you a postcard or brochure. But be especially careful if the company initiates contact, and not you.
 
For more information about timeshares, you may contact the DCP at 860-713-6180. To check for the licensure status of the company or broker online, visit www.elicense.ct.gov. 



Content Last Modified on 8/7/2017 12:45:37 PM