By Paula Fleming, BBB
Marlborough, MA - September 17, 2012 -
Better Business Bureau is warning consumers about Worldwide Management Group, a timeshare reselling business, that is reportedly contacting timeshare owners and claiming to have a buyer for the property. Representatives offer the owner thousands of dollars more than the actual property value in an attempt to close the deal.
Worldwide Management Group appears to be convincing timeshare owners that they have interested buyers but require money upfront to cover taxes, fees and other charges. Once the unsuspecting sellers have paid, typically thousands of dollars, they are unable to get in contact with any representative.
BBB has tried contacting Worldwide Management Group via mail and the mail has been returned by USPS. Phone calls to the business are not returned. BBB recommends never sending money to an unknown business and offers the following tips when selling a timeshare:
• Beware of upfront fees. Though there may be closing costs or other fees associated when selling a timeshare, be wary of any business that pressures you to pay fees upfront or before reviewing any contracts.
• Never wire money. Credit cards offer a certain amount of fraud protection that you cannot get if you use a wire service. Walk away from any deal that requires you to pay cash or wire money, especially to another country.
• Read the fine print. When selling a timeshare, make sure to read the contract carefully. Find out if the company is actually selling your timeshare or simply charging you to advertise the listing.
• Check the license. Ask for licensing information for the seller's agents and check that information with the Real Estate Commission. Only deal with licensed brokers and always ask for references.
• If it's too good to be true, it probably is. Be wary of any seller who promises a big selling price or quick turnaround. High pressure sales tactics are always a red flag. Always check out a business first at bbb.org/search and report any scams to your local Better Business Bureau.
For more tips you can trust, visit bbb.org.