In a tough economy, families look for ways to reduce their expenses. One popular option is to unload any timeshares so they can recoup their investment and stop paying maintenance fees.
BBB offers the following advice to timeshare owners who are looking for help in selling their timeshare:
- Confirm licensing requirements. Confirm where the company is located and in what states it does business. Ask if the company's salespeople are licensed to sell real estate in Hawaii and verify this with the state licensing board.
- 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 refundable?
- Be wary of upfront fees. Avoid companies charging an advance "appraisal" fee for services. Consider choosing a company that offers to sell for a fee only after the timeshare is sold.
- 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; ask the salesperson to send you written materials and take the time to think it over.
The Hawaii Department of Commerce & Consumer Affairs covers timeshare regulations in the state with Timeshare Frequently Asked Questions (.pdf).
For more advice you can trust on how to stretch your dollar in a tough economy, start with bbb.org.
