subject: The Timeshare Lure: Tips to Get out of Ripoffs [print this page] Over the years, the timeshare business has developed a reputation for being one of the most scam-filled industries out there. Although most timeshare offers are legitimate, scams and shady deals flocked the market so much that people started generalizing and taking the business as a big fraud. Also not helping the industry's reputation are timeshare brokers and agents who use hard-sell tactics and other sales practices that aren't necessarily illegal but definitely unethical.
Sales Pitch Warning: Most sellers often persuade people to listen to their entire pitch by offering extravagant prizes to those who will be staying. Among these "prizes" are free vacations, cash rebates or new cars and appliances. It pays to read the fine print, because often the free gifts aren't what they seem, or you will actually have to pay some kind of hefty fee to qualify to win. There have been reported cases in which the free boat offered by the agent turned out to be a toy yacht. Another scenario includes timeshare owners being convinced by sellers to purchase another property with the promise that their old one will easily be resold, when in fact the broker has no intention of even attempting to resell the old unit.
Aggressive Sales Tactics: High-pressure sales pitches, also known as hard-sell tactics, employ hardnosed and confrontational methods, designed to bully you into signing that timeshare contract. Some even take a jab at the consumer's pride, by insinuating they might not be the right kind of person for the deal. The key to avoiding these tactics is to recognize the seller's intention in his tone and choice of words.
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.
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.
