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IL Estate Planning Blog

Thursday, June 24, 2010

TIMESHARE FRAUDS

TIMESHARE FRAUDS

 

According to an AARP Magazine article written by Sid Kircheimer, there have been some timeshare frauds occurring.  Because of the number of timeshares on the market, this has brought out people who are attempting to deceive owners of timeshares by alleging to assist them to sell the timeshare.  Many hopeful sellers have lost up-front fees and await non-existent buyers.  The author suggests the following tips for any sellers of timeshares:

 

  • Never pay up-front fees.
  • Any unsolicited contract from a timeshare reseller – particularly with the promise of a big payoff – is a red flag.
  • Check with your resort about any resale programs it offers, newsletters with “for sale” listings, or partnerships with local real estate agents.  Expect to pay a 10 to 30 percent commission to a legitimate agent for a resale.
  • When listing online, stick with established websites, such as www.redweek.com or www.tug2.net.
  • Before doing business with any reseller, check its reputation at www.bbb.org and check with your resort.  Confirm licensing claims with your state’s real estate commission.

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With two offices in Oak Lawn and Oak Brook, Stephen M. Sutera assists clients throughout Cook County, DuPage County and Will County IL including Chicago, Hometown, Barrington, Burbank, Burr Ridge, Chicago Ridge, Darien, Downers Grove, Evergreen Park, Geneva, Worth, Bridgeview, Palos Park, Palos Hills, Palos Heights, Hickory Hills, Midlothian, Willow Springs, Oak Forest, Orland Park, La Grange, Brookfield, Berwyn, Tinley Park, Hinsdale, Villa Park, Clarendon Hills, Westchester, Westmont, Lombard, Elmhurst, Western Springs, Berkeley, Downers Grove, Fox Valley, Glen Ellyn, Willowbrook, Aurora, Addison, Lisle, Forest Park, Bensenville, Wheaton, River Forest, Itasca, Shorewood, Frankfort, Mokena, Naperville, Crest Hill, Homer Glen, New Lenox, Bollingbrook, Schaumburg, Channahon and Woodridge.



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