Additional Informationtop On November 17, 2014, building management at the address claimed by the company informed BBB that Realty 5 is not located at that address.
Over the last two years, many companies claiming to be located in the Midwest and purporting to offer timeshare reselling services have proved to be fraudulent foreign entities.
People who are hoping to sell timeshare properties should be aware that requests to pay money upfront are usually the sign of a fraudulent operation. BBB offers these tips to those seeking to sell their timeshares:*
Be realistic. In regard to timeshares, it's generally a buyer's - not a seller's - market.
Unscrupulous timeshare resellers may contact you claiming that your property is in demand and they can sell it immediately; unfortunately, these promises often prove to be false.* Be Wary of Upfront Fees - Remember, unless it's negotiated into the purchase agreement, only buyers pay closing costs.
Consider opting for a company that offers to sell for a fee only after the timeshare is sold. Many complaints to BBB regarding timeshare resellers involve situations where people were told they needed to wire "advance appraisal fees," escrow funds or that they just had to pay closing costs and their timeshare would be sold. Never wire money to people you don't know.* Use a Business You can Trust - Make sure the timeshare reseller you use is a BBB Accredited Business or at the very least has a good rating with BBB. You can research businesses for free at bbb.org.* Confirm Licensing Requirements - Some timeshare resellers will use fake addresses or PO boxes in order to mislead timeshare owners. Confirm where the company is located and in what states it does business. Ask if the company's salespeople are licensed to sell real estate where your timeshare is located. If so, verify this with the state licensing board.* Get the Facts on the Figures - 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?* 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; take the time to think it over and don't be pressured. You may want to have an attorney review any purchase agreement.*Watch out for third-party companies. Fraudulent timeshare reselling entities often associate with alleged third-party title or escrow services. Be sure to research those companies as well. If you can't find any information on them, that might be a sign there's a problem.
Though Realty 5's filing with the Minnesota Secretary of State's (SOS) Office is current, BBB has concerns this is a situation where an unknown entity has assumed the name of a previously operating but now defunct Minnesota business. Realty 5 was originally registered with the MN Secretary of State's Office in 1977. In 1991, according to the MN SOS website, the company was dissolved. Then in June of 2014 the MN SOS filing for Realty 5 was reinstated. BBB has noted other situations involving alleged timeshare resale, title and escrow firms, where expired MN SOS registrations have been assumed, giving consumers the impression these companies have established track records, when in fact the timeshare operations in question have no relationship with the original - legitimate - Minnesota businesses they're purporting to be. BBB file opened: 11/11/2014 - See more at:
http://www.bbb.org/minnesota/busine...guadalajara-jal-96554801#sthash.iw5retDX.dpuf
