Home | Finance | Investing

Timeshare Scams Revealed

By: giljo9

Read More About Investing

Scammers are abundant in the timeshare industry. These scammers know that they are dealing with people who are willing to spend a large sum of money to have a property in their ideal travel vacation destination. These scammers are wise enough to know the “rules” so that they can use it to their advantage when trying to lure victims. Thousands of people have been scammed using different techniques. The sales representatives typically use these techniques during timeshare property presentations and tours.

Signing Papers and Contracts: One of the most common ways sales representatives do in order to make a sale is to “force” the buyer to sign some papers and contracts. This usually happens after a timeshare presentation. The sales representative will approach you and ask you to sign some documents and contracts. After signing, you will then realize that you have just bought or secured a timeshare property.

Upgrading Your Ownership: Sales representatives will invite you to a small gathering or dinner party. The dinner party is held in order to update the owners about some very important news regarding the property. You will be assigned a representative who will help you go through your account with the timeshare developer. The representative will tell you about all of the things that you are missing out on and will push you to purchase an “upgrade” to your property.

Wavering of Maintenance Fees: Maintenance fees are a big part of timeshare properties. This is also a topic of concern for the people who are interested in purchasing a timeshare property. Beware of representatives who tell you that the maintenance fees can be waived if you can provide some referrals. Another trick that these representatives use is to tell you that the fees can be paid when you use your credit card to earn points. The points can be used to pay the fees. You should know that in order to earn points to pay off the maintenance fees, you will need to spend thousands of dollars.

Tax: Sales representatives will tell you that you can include the timeshare property when filing for your taxes. This is not true at all. The timeshare property is not considered a second home and it will not let you have the tax incentives that the sales representative will tell you about. There is already a rule regarding this topic, but sales representatives still use this technique in the hopes of luring an unsuspecting buyer.

Reselling of Timeshare: Reselling timeshares is not easy but sales representatives will not tell you this. They will most likely say that you can get rid of the timeshare property easily when you no longer want it. You should know that reselling of timeshare properties is very hard. You will be losing more money in the process and it can take years before you find a buyer.

Article Source: http://depositarticles.com/

For more travel and timeshare related articles and news updates, please visit the Direct Transfers blog.

Please Rate this Article

 

Not yet Rated

Click the XML Icon Above to Receive Investing Articles Via RSS!
Additional Articles From - Home | Finance | Investing
Sign Up for a free account.
Our other websites
All about SEO
Beauty Tips Forum
Submit Articles
Member Login
Link Us
Submission Guidelines
Ezine Notifications
Article RSS Feeds
Sitemap
New Stuff
About Us
Developer
Good shopping portal
Link to Us
Contact Us
Privacy Policy
Terms of Service

counter easy hit

Powered by Article Dashboard