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 wasn't 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:
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.
There are cases when new timeshare units are offered to consumers even before the property is developed. If financing for the property's construction falls through, it might never be built. It's wise to use an escrow service to hold your money for you until you're sure that the development will push through.
If a property is poorly maintained, it won't be much fun to visit each year, so make sure there are terms in the contract outlining exactly what maintenance services the resort will provide. If they cut corners on upkeep, you'll have legal rights if they've violated the terms stated in the contract.
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