Mistake 3:  Not checking out the company’s credentials

Finding a well-established timeshare resale company that doesn’t charge an upfront fee will be your biggest challenge.  The best companies will not only be listed with the Better Business Bureau, but also should have a Real Estate Broker license.  You can check out a company with the BBB by going to it main page at www.bbb.org, entering the zip code of the resale company’s location to get to the local BBB chapter.  You can then enter either the phone number, address or name of the company to see if there has been any complaints, how they were resolved and what rating BBB gives them. 

Find out if the company is a member of the American Resort Development Association, ARDA, the respected trade organization that expects its members to abide by a set of ethical guidelines when selling timeshares.

You can also check with the Department of Real Estate where the company is located to see if is a licensed Real Estate Broker.

You now have three very powerful agencies to report to if you do have a legitimate complaint.

Mistake 4:  Trying to sell your timeshare before it’s paid off

Depending on how much money you owe on your timeshare, you may not be able to sell it.  If you still owe $10,000 on your timeshare and it will only sell for $3,000 you’d have to pay off the $10,000 first. Most likely the mortgage note you signed promising to pay is non transferable.  The disreputable resale companies, after finding out you still owe $10,000, on your timeshare will tell you they will list it for $15,000 just to get a listing fee.  And there it will sit never to be sold.