Tips for Selling a Timeshare

Consumers thinking about selling their timeshare might get excited when they see an ad online, hear one on the radio, or receive a phone call about how to sell their timeshare easily and quickly. Unfortunately, timeshare owners need to be careful of fraudulent resale companies.

Getting out of a timeshare can be difficult, which gives scammers an opportunity to take advantage of sellers. Dishonest businesses may claim they can easily sell a timeshare on an owner’s behalf because they already have interested buyers lined up. They often ask for money upfront to cover taxes or closing costs, which they promise will be refunded later. In reality, there are no buyers and if a timeshare owner pays, they will likely lose that money.

Timeshare owners who pay for help in selling their timeshare often receive excuses for why the sale is delayed. The business tries to convince the owners to keep paying and gives excuses like “we need to pay lawyer fees” or “this payment is here to complete the sale.” If the owners ask for a refund, they won’t receive one.

To stay protected when reselling a timeshare:

· Research the timeshare resale company or individual online. Search the company’s or individual’s name plus words like “scam,” “complaint,” and “review.” Positive reviews can be faked, but reviews that warn others about a bad experience could help rule a company out.

· Ask about fees. Consumers should consider dealing with companies that take their fee after a timeshare is sold – not before.

· Get everything in writing before you pay or sign. Make sure the agreement matches any verbal promises about what the reseller will do, what fees need to paid, and when.

DATCP has more resources and fact sheets for timeshare owners available online at datcp.wi.gov.