Sadly, timeshares have gotten a bad reputation in recent years because of bad deals and timeshare scams that have occurred to innocent people. Today, the majority of offers regarding timeshares are legitimate, but if you don’t know the tips to prevent timeshare scams, then you could become an innocent victim. Continue to read below for the top tips to prevent timeshare scams.
You may be involved with a timeshare scam if you have encountered a forceful salesperson as this is one of the biggest signs. The salesperson are forceful because they have been offered great incentives to make a sale, which is why they encourage people to attend a sales presentation. The salespeople sometimes offered expensive and luxurious vacations and even a free car. If you have agreed to attend a sales presentation, then you should make sure that you read all of the fine print in the reading materials to make sure that the deal that is being offered is even available as this is another sign that you may be involved with a timeshare scam. Another timeshare scam warning sign is if you are charged a fee to become approved for the timeshare financing. There should never be a fee for this. Sometimes a scammer will even convince victims into buying a new timeshare, but in fact the scammer is only selling a timeshare that is old and not wanted. The victim will find out that they have been scammed when they are stuck buying and paying for two timeshares instead of just one.
Don’t Sign a Contract Right Then
When you know the timeshare scam tricks it will be easy for you to see the forceful salesperson tricks that are typically associated with timeshare scams. One of these tricks is when you are offered an unbelievable discount for the timeshare, but to get this deal you must sign the contract right then. Anytime the salesperson wants you to sign the contract immediately this should be a big red flag and warning sign that this may be a timeshare scam. If the salesperson uses a sneaky trick like attacking your ego by saying that this deal may not be the right one for you, then this is another timeshare scam trick to be aware of. The salesperson is just using a reverse psychology trick on you so you will be prompted to avoid all of the signs and purchase the timeshare.
Paperwork Should Be Read Extensively
Of course, it is recommended that you have an attorney look over any legal contract before you sign it, but sometimes that may not be possible for some people. Before you agree to sign the contract you should make sure that you go to the property that is being offered. Never take the word of the salesperson when they show you pictures or the website. Another very important topic that you will want to discuss is the maintenance costs at the property. Make sure the maintenance fees are discussed in the contract. You should avoid consider purchasing a timeshare that has not been built or is still being constructed as this is another common timeshare scam. Many times the financing for the property may fall through and you are stuck paying for a timeshare that you will never see nor use. Using an escrow company is recommended with any timeshare purchase as the escrow company will deal with the money exchange from you to the seller, and an escrow company are experts with foreign money and real estate markets.
Conclusion: These are tips to prevent timeshare scams from occurring to you, which include never signing a contract immediately, always read the contract thoroughly, and take your time before you decide to make an important decision like purchasing a timeshare. If you don’t make an impulsive purchase and you have everything clearly stated in the contract, then you will be able to keep yourself from becoming a timeshare scam victim so you will have an amazing timeshare vacation property to make memories with your family for many years.