As Seen On
why timeshare owners love working with us
Truth: Timeshares are like any other product that loses value immediately, like a new car once you drive it off the lot. Timeshares hold no resale value whatsoever as evident by the thousands of timeshare owners who have their timeshares listed on eBay and Craigslist for a dollar.
Lie #2: Timeshares are a great investment, especially properties owned on the beach. Any real estate that is owned on beachfront property do nothing but increase in value.
Truth: This is very similar as the first misrepresentation with one exception. Although timeshare laws fall underneath each states real estate division, timeshares are in no way real property and do not have value like real property. This fact is never realized by the timeshare owner until it is too late.
Lie #3: You can rent your timeshare out to others to recoup your maintenance fees and sometimes your mortgage as well.
Truth: The timeshare developers have worked hard to develop a product they can make money on whether the timeshare owner uses their timeshare or not. The developers save a lot of their inventory (available units) for non-timeshare owners looking to rent an available unit. The renter now has access to the same units you own without having to pay maintenance fees, assessments, or any other fees that owners. The most frustrating part of this is that the developers control this, not the timeshare owner. When the owner tries to book a reservation they cannot get the availability because the developer has already blocked those dates out.
Truth: When we survey timeshare owners, the number one complaint concerning their timeshare is the maintenance fees. Think about what you are paying versus how often you use it. Is it really a great deal to pay thousands of dollars in mortgage fees and then have to pay thousands in maintenance fees annually for one or two weeks in a timeshare per year, if you are lucky and can get the availability that you want. Additionally, we know that maintenance fees go up annually at least 8 – 12 percent on average. We have seen many go up by 300% over a span of 5 years.
Truth: This is nothing but an overused sales tactic by the developers to increase a sense of urgency so you will buy today. The developers know that if you have any brain whatsoever, you will not purchase after putting any thought to this impending disastrous decision. To keep you dialed in, they will not let you leave the sales presentation without making some form of commitment.
Lie #6: You only have to attend a 90-minute presentation and then you can get your gifts and leave if you want.
Truth: We have heard from many timeshare owners who state that their presentation lasted 8 hours or more. We have had clients with diabetes who have had to endure a very long presentation without even being offered anything to eat. When we ask them why they didn’t just get up and leave, the most common answer is that they simply felt that they couldn’t. Many have said they felt like they were being held hostage. Many have said the only reason they even purchased was because they just wanted to leave and they had every intention of canceling after they got home only to find out the developer would not let them out.
Truth: This is really tricky. If you think back to your presentation you will recall that the book that your sales rep was showing you was the book you would use to exchange your timeshare. They showed you how you could take trips to exotic locations. Although it is true that you CAN exchange and stay at many different resorts, but what they did not tell you is that availability is VERY difficult to get and you will have to pay extra for that exchange. The reality is nothing more than a bait and switch tactic timeshare sales reps use to get you think that there are more locations and availability than there actually is.
Truth: No one can give you tax advice if they are not qualified to do so. There is a huge conflict of interest going on here. The sales rep is telling you how great the tax advantage is for owning a timeshare. Timeshare sales reps are prohibited from giving any tax or financial advice whatsoever. From the research we have done in over 6 years of operation, we have not found one timeshare owners who was actually able to write their timeshare off on their taxes. Do yourself a favor and speak with a qualified tax specialist in your state to find out the facts in your situation.
Truth: When you purchased or upgraded your timeshare with the developer, it came with a rescission period. This is the legal “cooling off” period that an owner has to change their mind. Each rescission period is stated on the timeshare’s Public Offering Statement. Legally every state has a certain period of time. Some are in business days and others are calendar days. Most owners are told that they can cancel at anytime, or not told about this at all. It is strictly prohibited for a timeshare owner not to know that they have this right.
Truth: I think you are starting to see the trend here. Many timeshare sales reps will tell you whatever they need to in order to get the sale. Many are lured in every year by attending an Owner’s Update Meeting where they serve you a meal and then will educate you on your timeshare. You MUST understand this tactic is to do nothing more than get you to attend a sales presentation. Timeshare sales reps are masters at finding and creating problems with your timeshare ownership. Any and all problems have one answer. You, timeshare owner, do not have enough points. Whatever the problem is, that is always the answer. Remember this one thing, if the timeshare is willing to spend money on you or give you something for free, they are trying to sell you something.