A bad reputation is what you earn when you try to fool others into becoming timeshare scam victims. Timeshares have earned a bad reputation over the years, as some unlucky individuals have been the victim of illegitimate timeshare offers. Timeshare scams and bad deals make the company earn a negative reputation, but if you know the warning signs of a timeshare scam, you can avoid becoming a victim of one yourself.
- Don’t give in to an aggressive sales pitch
A hard sales pitch is one of the biggest indications that you are being exposed to a timeshare scam. These scammers offer big prizes and incentives just to make you watch their presentation. Some are even known to offer high-value prizes such as cars and extravagant vacations. Before you give in, make sure to obtain assurance that what is being offered is in fact, truly available. Some scammers would even ask you to pay a certain amount before you become eligible for the offers.
Some fraudulent agents will try convince you to quickly buy a new timeshare with the additional offer of buying an old, unwanted timeshare. The scam is that they actually have no intention of selling the old timeshare, and you would, unfortunately, end up having two timeshares.
- Don’t sign a contract on the spot
Another aggressive sales tactic that is a trademark of a timeshare scam is asking you to sign a contract on the spot. The broker may offer you an attractive discount on your timeshare in exchange for signing the contract at that moment. These urgent requests should shout out “Beware!” to you.
Another popular technique to persuade you into signing immediately is attacking your ego. They would suggest that perhaps this is not that ideal time to get the deal yourself. When you give in to their reverse psychology, you may be prompted to sign the contract and fall prey to a timeshare scam.
- Don’t underestimate the importance of carefully reading of all paperwork
Having a lawyer to read over any of your timeshare contracts before signing it is a wise choice. Do not rely on pictures from brochures or on websites to have an idea how your prospective property will look like. Ask to visit the exact property being sold. It is a high risk to buy a property without seeing it personally first. Ask also about the property maintenance, including maintenance fees and other details found in your contract.
Another timeshare scam is selling a property that is not yet built or still under construction. A service from an escrow company is valuable when dealing with money transfer between buyer and seller, especially in foreign markets.
Not signing anything without full understanding and giving yourself enough time to think about your investment is a wise step in how to avoid a timeshare scam. Make sure to gather all available information first, then take the paperwork home for you so you can read it over more carefully. Do not give in to any enticement or persuasion with unrealistic offers. Take your time before deciding on anything. At the end of the day, when you have everything in writing, you have taken time to read and understand the contract, and you do not make impulsive decisions, you will be able to avoid timeshare scams. You can then fully enjoy your purchased vacation property for many years to come.