Buying a timeshare means that you and other
people are all buying one property -- and
sharing the time you spend in it, which is where
the name comes from. Some timeshare properties
guarantee you a week a year; others allow for up
to 3 weeks annually.
All of them have you pay
a portion of the property value itself, and all
of them have you pay a ‘common area’ cost for
upkeep on the building and grounds, etc. Most
timeshare units are sold at a sales
presentation, during which enticing incentives
are offered just for attending.
Common incentives include discount or free
hotel rooms, weekend getaway packages, or
prizes. Many of these are legitimate, but there
are also scams out there. Timeshares that are
scams will offer very upscale incentives like a
new car or boat or a luxury vacation. When
high-value incentives like this are offered,
beware! The presentation usually involves
extremely high-pressure sales tactics.
Even worse, the timeshare presenters won’t
deliver what they promise or they’ll charge a
fee for the incentive for “delivery” charges or
“administrative fees”. Still worse, some
companies supposedly “go out of business” after
they’ve taken your deposit.
Tips to Avoid Timeshare Scams:
 | Don't ever, ever buy (or sell) while at
the presentation. Sleep on it, and take the
time to evaluate whether the deal is a good
one. |
| If you are offered a prize as an
incentive, be sure to read the ‘fine print’
on the prize. Don’t pay for anything. |
| Read the contract and have it reviewed
by an attorney. If the sales person promised
you something that's not in the contract,
don’t sign the contract! |
| If the presentation is too high
pressure, leave. You have every right to
leave when you want. Simply stand up and
politely say ‘thank you very much but we're
leaving now’. Then go -- don't let them
argue with you. |
| Ask for references -- and call them. Ask
for folks who have been happy and unhappy
with the previous service. |
| Don't ever call a 1-900 number to book a
trip. It’s almost always a scam. |
| Google the company on the Internet to
see if any complaints have been made either
on message boards or to the Better Business
Bureau. |
Source:
http://www.scambusters.org/timeshare.html
