As with any kind of investment, the chances of your timeshare investment ending up being a fraud or scam are, sadly, possible. A fraud or a scam can prove devastating for you both financially and mentally. It may take a while for you to recover. Those of you who have already been a victim of these notorious frauds and scams can empathise with the trauma of such an experience. That dream vacation that you may have been planning for months or even years ended up being a complete nightmare for you. But if you think you are the first person to have been scammed – hold on! – there are many more people – even hundreds – who have been the victim of the unscrupulous behavior of some individuals.
Consider the following statement – “As a matter of fact timeshares are one of the safest ways of visiting many of the most popular vacation places.” Or what about this one – “How about a secluded journey to the geographical wonders of the world?” Or this – ” How about that romantic getaway at a beach resort?” Of course, it all sounds exciting, but these are only some of the marketing tactics used by the scammers to lure people into considering the purchase of a timeshare. In fact, the inviting pictures they paint are only stage one in setting a trap for you. This does not mean that every timeshare company who uses this tacticis a scammer but it IS important to be cautious and not impulsive about buying anything straight away. Always think and rethink before making a decision on buying a timeshare. Restrain yourselves to the maximum.
One of the important factors is selecting the right timeshare company. As a rule of thumb, always go with large, well established timeshare companies who have been in the business for years. In this way you know their history very well and their reputation in the market. They are less likely to con a person than a new or a small company. This is also applicable when it comes to the resale of your timeshare property.
Often the catchy style marketing techniques of these scammers can easily raise red flags and you can avoid being scammed. he first step is usually an invitation to a timeshare presentation. They offer you a gift if you attend the presentation which may look expensive but in reality is not. Sometimes they may also inform you that you have won a gift and you can claim it by attending the free presentation. And then once you fall prey to it and attend the presentation which turns to be nothing more than a gimmick, they start using pressure selling techniques and they won’t let you go out unless you sign something – just like dealers selling used cars who say “we will sell you this car for this price if you buy it today”. They may say the property is only 5 minutes walk from the beach but in reality it may turn out to be 15 minutes away from the beach. Sometimes the property might not even be the same they described in their presentation taking advantage of the fact that nobody would go to Florida or Carolina to see the property themselves before buying it. And in some rare cases the property might not even exist at all. What we learn from this is to read the fine print in the invitation if you are sent one. Never ever succumb to their pressure tactics and refuse to sign any kind of paper.
A much better idea is to consult a lawyer before signing any contract documents and see if all the promises that were made verbally are being fulfilled or not. Do your home work before buying a timeshare by researching the market prices in the location you are buying. And also ask for contact numbers of the previous customers. Make sure you call them and find out everything you want to know about the company and their properties.