It’s possible that your investment in a timeshare property might end up being a fraud or scam, the same way you can take a chance with any other type of investment. A timeshare fraud or scam can prove to be mentally and financially devastating long into the future. It can take quite a while to get over the effects of a timeshare fraud. People who have already been a victim understand the anguish that other victims experience. Your dream vacation that you planned for so long can end up turning into a nightmare.
If you think you are the first person to ever be scammed in a timeshare fraud, think again. There are many more victims, maybe numbering in the hundreds, who have fallen prey to the unscrupulous actions of some companies. Timeshare properties, are, however, one of the safest ways people can go to many popular vacation destinations. How would you like to embark on a journey to some of the world’s geographical wonders? What about enjoying a romantic beach resort getaway? These experiences sound exciting, but they are examples of the marketing tactics that scammers use to tempt people to think about purchasing a timeshare.
This temptation is the scammers’ first victory in setting their trap for you. Not every timeshare company that uses this tactic is guilty of timeshare fraud, however. You need to take precautions and avoid being impulsive about a timeshare when you first learn about it. Always think twice before you decide to buy a timeshare, and be as restrained about the process as you can be.
One of the most important parts of your decision is choosing the right timeshare company. In general, you should always go with the large, well-established companies that have been in the timeshare business for a long time. This lets you be familiar with their history and their reputation in the market. These types of companies are less likely to defraud someone than a new or smaller company. This advice also applies when you decide to sell a timeshare property you already own.
You can sometimes avoid a timeshare fraud because the catchy marketing tactics used by the scammers often serve as a warning. Some of these companies may tell you about a gift that you have won, but the only way you can get it is by attending their free presentation. Once you fall into their trap and attend the presentation, you find out that it’s just a gimmick. Then, they begin using pressure selling techniques, and they won’t let you leave the presentation unless you sign a paper like those used car dealers who say “we will sell you this car at this price, but only if you buy it today”.
They might tell you the property is only a five minute walk from the beach, but the reality is that it’s 15 minutes away. Sometimes the property might not even be the same one they described in their presentation. They’re able to take advantage of the fact that people won’t go to Florida or Carolina to see the property before they purchase it. The property might not even exist at all, in some rare cases. This should teach you to read the fine print in any invitation you receive. Never give in to their pressure, and don’t sign anything, either.
Consulting an attorney before you sign any contract or papers is always a much better idea. See if all the company’s verbal promises are being carried out, or not. Before you buy, do some homework by finding out the going rate for timeshare properties in the location you’re considering. Ask the timeshare company for the contact information of some of their previous customers, then make sure you call those people. Ask them to tell you everything you want to know about that specific timeshare company and their properties.
Since you are interested in timeshare ownership and want to learn more, you must to visit a Timeshare Forum, and check out WeOwnTimeshares. Meet and connect with timeshare owners on this Timeshare Owners Forum and social network. It is free to join and you can set-up your own profile in minutes. Share advice and reviews of different timeshares and start asking questions in the forum. Visit today.
