A Timeshare Guide: Outsmarting The Scammers

Because of its popularity in the pre-recession years

, the timeshare industry has become a haven for scams and frauds seeking to cash in on the big money. With the onset of the depression, this perception wasnt helped as even legitimate companies resorted to unethical practices to meet their sales quotas. High-pressure tactics, false free gifts and unmet expectations are just some of the complaints in this field. To help you guard against the negative apples of the industry, heed the following tips:

Look Out for the Sales Pitch: Sellers often encourage people to listen to one of their sales presentations by offering huge prizes if they just stay for the entirety of the pitch. Some of the most common items they offer include cash rebates or new cars and appliances. It is important to find out the details and terms regarding these prizes before agreeing to anything. Often times, there are hidden costs you have to pay to claim these free gifts. Some of them are even different from the impression they give. There have been reported cases in which a free boat that was offered as a prize turned out to be a toy one. Sometimes, people who already own a timeshare are convinced to buy another one with promises that their old one will be easily resold, when in fact the broker doesnt exert any effort to do so.

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 youve 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 youre buying before signing the contract. Its 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 dont care about other peoples welfare as long as they make their sales.

There are cases when new timeshare units are offered to consumers even before the property is developed. If financing for the propertys construction falls through, it might never be built. Its wise to use an escrow service to hold your money for you until youre sure that the development will push through.

Finally, a poorly maintained property takes the fun out of vacations, so make sure the contract clearly states the maintenance and renovation duties borne by the company. That way, you can take legal action should management cut corners on upkeep.

by: Tomy Thomas

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