Timeshare Tricks and Tips To Help You Make A Wise Decision
So you’re looking for some timeshare tricks, or perhaps tips to ensure you make a wise decision with buying or selling timeshares.
In the United States alone, there are over 4 million timeshare owners, and a big percentage of them are eager to sell their timeshare. Unfortunately, when they try to sell their property, they usually come across resale frauds.
- 1 Timeshare Resale Scams
- 2 Timeshare Safeguards
- 3 Timeshare Tricks You Should Know
- 4 Is a Timeshare a Good Investment For You?
- 5 Timeshare Plans: What Are They and How Do They Work?
These resale scams can be found all over the place and take many various shapes. Many of them aren’t even started by the owner; the vast majority of these resale scams are started by a telephone boiler room.
All these con artists need to do is compile a list of timeshare owners and begin calling them. Many of these offers made over the phone are just scams, and a huge majority of them are wanting to get rid of their ownership.
Due to the secondary timeshare sector, people are readily duped by resale schemes. Timeshare con artists prey on people who “can’t believe” their timeshare is worth next to nothing.
Because the timeshare owner is unwilling to believe that their timeshare is worth practically nothing, they are immediately trustworthy of the deceptive representation that their timeshare is worth something.
These timeshare resale methods quickly establish a bond with the timeshare owner by promising that the timeshare can be readily sold for a variety of reasons at a price that will either make them more money than they purchased or at least much more than the current resale value.
These timeshare sales scams make outrageous promises and guarantee outcomes, which are often just variations of the same swindle. Either they have a buyer lined up, their website receives a lot of traffic, or their business returns to face-to-face transactions.
And it’s not that the customers are unintelligent; rather, they are oblivious to the timeshare sales tactics and secondary market.
The most well-known timeshare resale situations are those that actually make the press. A simple Google search will turn up hundreds of videos of local timeshare companies that have been exposed as scams across the country.
Because many victims of timeshare sales scams are unwilling to come out and acknowledge they were duped after finding out, the scammers are having an easier time infiltrating the industry.
Many times, the information about new victims is shared with other phone rooms so that they might be reached later. These timeshare resale companies are masters at persuading individuals that the prior swindle was all in their heads and that they can help them with a better scheme.
The truth is that the timeshare owner has fallen victim to yet another of these schemes. So, what safeguards are available to you?
If you believe you have fallen victim to one of the many timeshare sales scams circulating the country, contact your credit card company and request enhanced protection.
We’ve realized that many of these timeshare resale scenarios, on the other hand, require that you pay cash, making it impossible to recover your money from these timeshare sales con artists.
One of two pictures frequently comes to mind when people hear the word “timeshares.” “A pleasant, restful holiday site” or “A terrible buy that I can’t get rid of!”
Many individuals have the preconceived opinion that timeshares are a horrible idea, a lousy “investment,” or otherwise some sort of swindle, but these same people regularly go to a timeshare sales presentation “just to see what it’s all about” and end up being pushed into purchasing one.
Consider what it takes to persuade someone to buy something they already believe is a bad thing: a good sales approach. Indeed, there are a few “tricks” used in timeshare sales presentations to persuade customers to buy. These are some of them:
The presentation could be set up to make you believe that everyone else in the room is purchasing a timeshare. People will be clapping, champagne may be opened, and congratulations will be given. Seeing this happen to others may entice you to purchase a timeshare as well.
Have you ever noticed how many complimentary goodies are given out at timeshare sales presentations? Many people have the subliminal belief that if something is done for them, they must reciprocate by doing something for the other person.
This subconscious attitude leads to a higher likelihood of purchasing a timeshare to “repay” the favor of receiving a free gift.
Scare tactics include saying things like “we won’t be able to provide them at this price for long,” which makes people think “if I don’t act now, I might miss out!”
Criteria for Entitlement
“Didn’t you work hard and deserve a nice vacation?” The salespeople know that if they can persuade you that you are deserving, you are more inclined to buy.
The individual or organization that sells you your timeshare is unlikely to tell you how much money you’ll have to spend on maintenance fees. You’ll need to find out exactly what luxury the firm selling the timeshare provides in order to put up a realistic estimate.
This will not provide you with a precise figure; you could be off by hundreds or even thousands of dollars, especially when other factors such as location are taken into account.
Simply come out and question your vendor about maintenance fees to avoid getting caught off guard. You don’t want to find out before your vacation that you bought a property that you couldn’t actually afford.
People aren’t always the best candidates for timeshare properties, especially when they fall prey to frauds.
Sure, if you spend enough time scouring the industry or checking eBay every fifteen minutes, the occasional gem will emerge – but they are usually scamming as well, so you’d be best off avoiding them as well.
Not to add that even if you do buy a timeshare, you are unlikely to use it frequently enough to earn enough points to qualify for the amazing perks that would make your vacation worthwhile.
And it goes without saying that the maintenance fees (along with all the other fees you’ll have to pay) are not cheap. However, joining a resort club can be a better solution for you.
A common timeshare trick is to send you or your spouse a note claiming that you or your spouse has won a free vacation at any time of year.
However, you must pay a price and make your decision immediately. However, as soon as you send in your money and pay the cost, the company will inform you that the promotional giveaway has ended.
Another strategy is for a vendor to try to persuade you to acquire their timeshare in exchange for your existing one. But all that happens is that you buy a timeshare and wind up having two, which is a diabolical scam because you now have to pay maintenance costs for both.
Don’t be surprised if you’re caught off guard.
When it comes to avoiding timeshare scams, the best thing you can do is stay away from firms that want payment before they can provide you with any results.
Check with the local Better Business Bureau to see if the firm is authentic. Their prices may appear to be attractive, but it could all be a ruse to entice you in.
Ideally, you should seek out reasonable pricing rather than ones that sound too good to be true. Most of the time, it’ll just end up being a nightmare.
Unscrupulous individuals or companies can use unethical practices in the timeshare sector, just like they might in any other industry.
In fact, one of the main reasons why many people fall prey to such deceptive practices is that they are unaware of their legal rights while purchasing a timeshare.
This lack of awareness while signing any timeshare contracts or agreements could lead to future issues between the owner and their timeshare.
As far as we can tell, the majority of timeshare owners who are trying to get out of their contracts did not expect or plan for the drawbacks that come with timeshare ownership.
To avoid such situations, it is usually a good idea to be aware of your rights before signing any contract or agreement.
To fully comprehend your rights as a timeshare owner, you must first comprehend the many types of timeshare schemes.
There are two types of timeshares: deeded and title timeshares and rights to use or license to use timeshares.
The buyer of the first type owns the timeshare and receives a specific facility for a set amount of time each year, for a set number of years, and a deed.
The latter type indicates that the buyer has the right to purchase all of the items listed above except the deed or title.
A deeded timeshare can be passed down down the generations, whereas a right to use timeshare is similar to a lease that expires after a specified number of years.
As a timeshare owner, you have certain rights.
Members of the ARDA have worked with federal and state government authorities for several years to advocate legislation that protects timeshare consumers.
As a result, timeshare owners in most states have a right to revocation. This is the time period, usually five to seven days, during which the owner may terminate a purchase contract without penalty for any reason.
In addition, most states have laws requiring truth in advertising. Furthermore, one’s timeshare stake is safeguarded from any financial difficulties that the developer may have.
Companies that offer timeshares are well-known for using high-pressure sales practices that are, to some extent, unjust.
People who have been invited to a sales presentation are required by law to be advised about the amount of time they will be required to sit and the physical state of the venue.
It is illegal for timeshare businesses to misrepresent the market value of a timeshare property.
Furthermore, they are not allowed to mislead you regarding the timeshare property’s resale or exchange value.
The law also bans timeshare firms from failing to include in the written contract or legal document any oral promises made prior to the purchase of the property, including any fees that were never stated orally.
Each state in the United States protects timeshare buyers in different ways, so be sure you know your rights and duties before making a purchase.
Avoid being one of the many owners who are unaware of their legal rights and, as a result, have been duped by fraudulent timeshare packages.
Take notice that many of these owners are currently attempting to sell their timeshares. Some people even use a timeshare transfer business like Transfer Smart to get rid of their timeshare.
So, in order to avoid future disputes with your timeshare ownership, you should first educate yourself with the legal rights outlined above.