Update from Ralph Bristol Morning News - BBB Middle Tennessee can be heard Fridays at 7:35am on the Ralph Bristol Nashville Morning News, WTN 99.7 (FM Radio)
This Timeshare Reseller is a Waste of Time!
[July 20, 2012– Nashville, TN] BBB warns consumers of a timeshare resale scam operated by Nashborough Title & Escrow Services that claims to be located at 339 Fourth Ave, Nashville, TN. BBB visited that address in downtown Nashville and found the building vacant. In addition, BBB was unable to locate any licensing information for this company.
Consumers report receiving unsolicited phone calls with an offer to sell the consumer’s condominium timeshare claiming they had a buyer for the property. Nashborough Title & Escrow Services informed one consumer that she would need to pay in advance $5,000 to $6,000 because the property is in Mexico and there were costs for court, deed, etc. Fortunately, this consumer opted not to proceed
BBB advises timeshare owners to be wary of brokers who call out of the blue, ask for advance fees, and say that have prospective buyers. Many times, consumers pay the fees and never hear back from the company. In addition:
- Use a Business You Can Trust – Make sure the timeshare reseller you use has a good reputation and rating with the BBB.
- Confirm Licensing Requirements – Some timeshare resellers will use fake addresses or P.O. boxes in order to mislead timeshare owners. Confirm where the company is located and in what states is does business. Ask if the salespeople are licensed to sell real estate where your timeshare is located, and verify this with the licensing board.
- Check the Facts/Figures and Get Everything in Writing – Find out if the business charges a commission. Do they handle the entire closing and provide escrow services? Do they charge an up-front listing or advertising fee? What does it cover and is it refundable?
- Be Wary of Upfront fees – Many complainants to BBB were burned by companies charging an advanced fee for services or were told that they just had to pay closing costs and that the timeshare would be taken off their hands. Consider opting for a company that offers to see for a fee only after the timeshare is sold.
- Don’t fall for the Hard Sell or an Offer That Sounds Too Good To Be True! - Don’t agree to anything over the phone, but instead ask the salesperson to send you written materials. Always take the time to think it over and don’t be pressured. Unscrupulous timeshare resellers may claim that your property is in demand and they can sell it immediately. Unfortunately, these are often empty promises.
- Always check out a company’s reputation by obtaining a BBB Business Review by visiting www.Nashville.BBB.org or call your local BBB if you’re unable to locate a Business Review.
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The BBB of Middle Tennessee, Inc. was founded in 1961 as a non-profit Tennessee organization serving 38 counties in Middle Tennessee and 7 counties in Southern Kentucky. The first BBB was founded in 1912. Today, BBBs serve communities across the U.S. and Canada.
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