In a recent edition of RCI’s Endless Vacation, there was an excellent article on fighting fraud in the secondary market of timeshare resales.
RCI keeps its members informed about fraudulent practices within the secondary market by issuing fraud advisories and “scam alerts”. In the recent article they offered tips on how to identify and avoid becoming a victim of a scam and Advantage Vacation has added some additional comments and insights to RCI’s tips:
Get the offer details. Ask the company to put the answers to the following questions in writing:
- What are the fees or costs involved?
- What does the company do for those fees?
- What entity or person will assume ownership of your timeshare?
- When will the timeshare be transferred out of your ownership?
- Will you be responsible for next year’s maintenance fees?
The article suggested considering consulting an attorney.
Be skeptical of any upfront fees. You should not have to pay any fee before a contract is signed and your ownership has actually been transferred.
Be wary and be cautious. Don’t assume that any particular company is reputable simply because it claims to work for RCI or your resort or that it has received any timeshare industry awards. It is up to you to do your due diligence and confirm the facts. RCI does not sell timeshares for individual members and they do not authorize any third party to do so on a member’s behalf. RCI has no affiliation with any “relief” company.
Consider calling your resort or vacation club to ask the following questions:
- Are there any transfer restrictions and/or fees that may apply to the transfer of your timeshare interest?
- Does the resort or vacation club offer a resale or buyback program, or is it associated with a particular broker for the purpose of handling resales?
Do your research. Don’t sign anything or send any money until you have done your due diligence. A good source for additional tips is ARDA-ROC’s Timeshare Resale Resource Center at ardaroc.org.
RCI works closely with trade associations, such as ARDA, to create legislation that gives enforcement authorities more tools to fight fraud in the timeshare industry. The recently enacted Florida Timeshare Resale Accountability Act provides for more robust disclosures and right of rescission and imposes stiff penalties on offending resellers.
ARDA-ROC, the American Resort Development Association – Resort Owners’ Coalition provides timeshare owners with outstanding consumer advisories, information and tips for helping timeshare owners navigate the timeshare secondary market, thru its Timeshare Resale Resource Center. To learn more about what ARDA-ROC is doing to preserving, protecting and enhancing vacation ownership, visit their website at ardaroc.org.
Advantage Vacation has been a long time member of ARDA and is a founding member of the Licensed Timeshare Resale Brokers Association. For those who may not be aware of what the LTRBA is, the Licensed Timeshare Resale Brokers Association and its members strive to provide ethical services to timeshare sellers and buyers in strict compliance with real estate law and the highest standards of full disclosure and fair dealing. We always advise clients to use the services of a Licensed Timeshare Resale Broker when buying or selling a timeshare.
Advantage Vacation is a Maui based licensed timeshare resale brokerage that specializes in name brand resales of Hilton, Hyatt, Marriott and Westin Starwood timeshares. Our business has been built on relationships and we pride ourselves on providing excellent service to our clients. You are assured of prompt, courteous and professional service (before, during and after the sale.)
Advantage Vacation is a member of the American Resort Development Association (ARDA) and offers the best buys on the timeshare re sales market today. We never charge an upfront fee for clients who want to sell a timeshare and only receive a commission, paid from escrow, when the transaction is closed.
We are leaders in the timeshare resale secondary market, have been in the timeshare industry for over 30 years and are Accredited Members of the BBB with an A+ Rating.
Advantage Vacation is using Twitter and Facebook to help educate people on the changes in the timeshare industry along with current timeshare tips, up to date timeshare news and timeshare FAQ’s.
We hope you will follow us and our blog, Timeshare Blogging by Advantage Vacation for the latest news and reviews. If our site does not answer your question or questions, please email us your question and we will answer it and add it to our library. Make your voice heard – what questions do you have?
At Advantage Vacation you can be assured you are working with professionals who believe that honesty and integrity are the most important aspects of the business they are in – timeshare resales. Our business has been built on relationships and we pride ourselves on providing excellent service to our clients.
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