If you’re thinking about buying a timeshare, beware. Many people consider the option as they think it’s a good way to save money on their vacations each year. And while some timeshares do offer value for money, there is also the risk of falling into a timeshare scam.
Timeshare scams are wide and many. There have been cases where timeshare properties haven’t existed at all. This isn’t to say pictures of accommodation have been manufactured, but they have been mis-sold as places to invest in by people who don’t actually own them. Other scams include properties being inaccurately advertised. And then there are timeshare resale scams where fraudulent criminals pretend to work on behalf of potential buyers and ask the timeshare owner for fees related to their apparent ‘services.’
Thankfully, it is possible to avoid timeshare scams so be sure to keep your wits about you if you’re thinking about this kind of vacation possibility.
Before You Buy A Timeshare
Timeshares are usually sold at sales presentations, by salespeople who know how to convince others to part with their money. You may receive an incentive to visit the presentation, perhaps with the offer of a free hotel stay or a new car. To get these rewards, you only need to attend the meeting.
But here’s the thing. These rewards are usually non-existent, or they turn out to be only available to those who buy a timeshare. So, if you’re only attending the timeshare meeting to get a free prize, be warned. You might walk away empty-handed or find yourself lumbered with a timeshare that you didn’t want in the first place.
If you are considering buying a timeshare at the presentation, do your research beforehand. Look into the credibility of the timeshare developer online and check for media reports about them. Chances are, if they are acting fraudulently, you might find some mention of them online. Consider the properties they are advertising too. Search for them online and then talk to local real estate agents in the area for advice regarding them. If these properties aren’t actually available as timeshares, you might find this out in advance.
At the timeshare meetings, never buy on the spot. Especially if you’re being pressured by the salesperson, it’s better to leave before you make a decision you might later regret. If you do decide to buy a timeshare, read the fine print on the offer before you sign any contract. It’s a good idea to take the contract to an attorney too, as they will advise you on the legalities around it before you sign.
After You Buy A Timeshare
If you have been illegally sold a timeshare or if you later want to sell your part of the ownership, there are attorneys who can help you. Look online for those who have experience in timeshares and get in touch with them for advice.
As we suggested at the beginning, timeshare resale scams are a reality so care does need to be taken. Fraudulent timeshare resellers will often ask for a fee upfront before they hook you up with a buyer, but as can be expected with a scam, these buyers won’t exist. The best way to get out of your timeshare ownership is to use the services of the best timeshare exit companies. This is better than dealing with a cold caller or any kind of company that can’t evidence the promises they make to you.
Remember, if an offer is too good to be true, it’s probably a scam. This relates to timeshare properties you are thinking of buying into and potential buyers who may or may not exist. Commit to research to learn more about the latest timeshare scams and remind yourself of the warning signs that are related to each one of them. Not every timeshare will be a bad investment but it pays to be mindful before you purchase something you later regret.
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