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BBB Issues Warnings About Timeshare Scams

BBB Issues Warnings About Timeshare Scams
Posted at 5:51 PM, Aug 31, 2015
and last updated 2015-09-11 12:32:43-04

NASHVILLE, Tenn. -- The Better Business Bureau is warning consumers about several timeshare scams.

The BBB issued an alert Monday about companies that, it says, are taking money from unsuspecting timeshare owners. And, according to the BBB, their advertised offices are not where they claim to be.

If you have a timeshare you don't want any more, these three companies claim they'll help you sell it.

Title Deed Auction & Exchange said on its website that it has "the experience and expertise." Blue Ridge International Sales claimed on its website to have "expert customer service agents." And New World Asset Connections touted that it's "one of the top timeshare resale companies."

But the BBB called all three "schemes."

In its alert, the BBB warned that the companies lead consumers to believe they can resell their timeshare and claim that they have a buyer already lined up.

But first, according to the BBB, consumers are told they have to pay an upfront fee, usually between $2,000 and $4,000. Then, the company comes back and wants another $2,000 or $3,000 for taxes. And then they ask for another $2,000 to $3,000 for a so-called transaction fee.

The BBB recommends staying away from companies that do this sort of thing and instead recommends that timeshare owners use a broker who gets a fee or commission only after the timeshare sells.

But an even bigger red flag is where these companies claim to be. We checked out the addresses that they list as their home or corporate offices.

Blue Ridge International Sales lists 530 Mainstream Drive on its website as its office, but it's a parking lot in Metro Center.

And the address for New World Asset Connections at 134 Second Avenue South is also a parking lot -- this one in downtown.

And, while Title Deed & Auction posts on its website that "your headquarter's location reflects greatly on how the general population perceives your business," we found the 4636 Lebanon Pike address in Hermitage the company gives as its corporate office is a UPS store.

The BBB gives all three of these companies an F.

None of them is registered to do business in Tennessee nor do any of them have a required state real estate license.

We did call all three companies. New World Asset Connections insisted the address for their office is correct. We were unable to reach the other two companies.

If you're looking to sell a timeshare, the BBB says be sure to confirm the address of the company and make sure it's licensed. Avoid paying fees for services in advance. And don't fall for a hard sell or any offer that sounds too good to be true.