A Key Guide to Timeshare Swindles

A controversial budding industry that offers consumers the rights to use a luxury

property for a fraction of a time yearly, the timeshare business is one that has developed a reputation for having loads of scams. Although the products it offers are legitimate, countless frauds and shady deals have made it so that people now look at the industry otherwise. Also contributing to the negative image are ruthless timeshare sellers who use hard-sell tactics and other practices that aren't essentially illegal, but nonetheless unethical. Here are some of the things to watch out for.

False Promises: Most sales reps often lure people to presentations with free gifts, such as cash rebates, coupons or even free vacations. As with most "free lunches", these come with a catch. It pays to read the fine print, as most can only be claimed by signing up for the package. In the resale business, shrewd salespeople have adopted the tactic by promising to sell unwanted properties. The catch is that there is no specific period or guarantee when it will be sold, or they make no effort at all beyond posting online ads which the owner could have done himself.

Recognizing Hard-sell Tactics: Hard-sells are sales that are achieved by pressurizing consumers by being aggressive, hardnosed, and confrontational. The broker may present you a very attractive discount, but only if you sign a deal at that very moment. The broker might also attack your pride by implying that you "apparently aren't the right kind of person for this deal."..

Never agree to sign anything on the spot. Take the information offered home with you, read the contract (or have someone else more knowledgeable do it for you), look carefully and consider the details and then come up with a decision. If you've decided to make the purchase, only then should you contact the agent or the company he works to discuss the deal. Make sure you get every detail in writing. Ask if you can visit the property you're buying before signing the contract. It's never a good idea to spend thousands of dollars on something personally unseen. Photographs in a glossy brochure don't count. Never make any impulsive mood in front of the seller. Always keep in mind that most of these agents are hardcore sellers who don't care about other people's welfare as long as they make their sales.

Occasionally, new timeshare units are sold before the property is even built. If the financing for the construction falls, the property might never be built. Use an escrow service to hold your money until you're sure everything is in order.

If a property is poorly maintained, it won't be much fun to visit each year, so make sure there are terms in the contract outlining exactly what maintenance services the resort will provide. If they cut corners on upkeep, you'll have legal rights if they've violated the terms stated in the contract.

A Key Guide to Timeshare Swindles

By: Tomy Thomas

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