Timeshare Scams: What to Know

Timeshare Scams: What to Know

Timeshare scams and bad deals have occurred to some unlucky individuals. Through the years, these negative occurrences have caused timeshares to earn a bad reputation. In reality, most timeshare offers are legitimate. For you to avoid becoming a victim of a timeshare scam, here are some important things to know.

Extravagant offers are signs of a timeshare scam
One important thing to avoid is the presence of timeshare agents offering aggressive sales pitches. Aside from that, they often encourage potential victims by enticing them with prizes and incentives to make them watch their presentation. Most of these offers are top dollar items including cars and expensive vacations. Study the offers well before you accept one. Make sure that what is being offered is truly available.
Another sign that you are dealing with a timeshare scam is they require you to pay a certain amount just to become eligible. Others would even convince prospective buyers to buy a new timeshare in exchange for an old, unwanted timeshare. The scam happens when there is no intention of selling the old timeshare and the result is you are stuck with two timeshares.

Timeshare scams will not want you to scrutinize paperwork
As a wise timeshare buyer, you should use the service of a lawyer to read through the contract for you. Ask the timeshare broker to allow you to visit the property being sold. Do not be satisfied with seeing the property through photographs from brochures or on the websites. Make sure you actually see what you are buying.
Inquire also about the maintenance details and fees included in the contract. Make sure also that the property is already built. A timeshare scam may occur if they try to sell you a property that is not yet built or is only being constructed. This would result in more troubles on your part.
Ensure also that your financial transactions are covered by an escrow company. Especially in foreign markets, an escrow company is essential when making any financial deals.

Asking you to sign the contract immediately is another sign of a timeshare scam
You can easily spot a timeshare scam when you know what to look for. A red flag is asking you to sign a contract immediately in order to avail an attractive discount. These kind of urgent requests should be a warning sign. Some would even attack your ego, implying in a dismissive manner that perhaps the offer is not ideal for you at the moment. They would use reverse psychology just to prompt you to take the plunge and become a timeshare scam victim.
Remember, the most important tip to avoid a timeshare scam is not signing anything on the spot. Give yourself enough time to read through and understand each document. Ask that you take home the paperwork. Take enough time before you make any decisions. Buying a property is a high-risk decision when not dealt with properly.

At the end of the day, make sure you have everything in writing and you do not make any impulsive decisions. Rest assured that you can fully enjoy your property for years ahead once you have everything property prepared for your timeshare purchase.

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