By Steve Cousino on May 16, 2008

It’s a classic come-on. You’re on your Vegas vacations, ready to try your luck at the casino tables or catch Bette Midler’s show, when a clipboard-toting salesman materializes in front of you. How about a pair of free tickets, he asks. All you have to is sit through a 90-minute timeshare presentation. What could go wrong?

Everything, actually.

If you’re not prepared for what’s ahead, you might end up owning a the wrong timeshare. There’s no shortage of complaints about timeshare companies and their programs, meaning all too often people allow themselves to be caught up in the moment and get involved in timeshare ownership without being fully aware of the facts. If you know what you’re doing, and you take steps to prevent yourself from unscrupulous companies, you can avoid the emotional and financial hardship that some experience.

The timeshare business has been around in one form or another since the 1970’s. According to a 2007 ARDA International Foundation study, the domestic timeshare industry has grown from a $2.2 billion business in 1996 to $10 billion in 2006. At last count, there were 1,615 resorts across the United States representing 176,232 units.

Timeshare properties are typically found in vacation hotspots like Branson, Cancun, Las Vegas, Myrtle Beach and Orlando. Many of the companies that promote timeshares are legitimate. But if you don’t know how timeshare presentations and the incentives offered work, you stand a chance of being scammed or persuaded into purchasing something with your guard down — a decision you may later regret.

Timeshare complaints are generally made to the Federal Trade Commission (FTC) and the Better Business Bureau of the state in which the company operates. A quick search can yield dozens of complaints for various reasons, and in fact, the FTC’s 2007 list of top consumer fraud complaints puts timeshare and related operations in 9th place, representing two percent of the agency’s complaints.

A good number of travelers are faced with the option of attending a timeshare presentation while on vacation or they’re enticed to take the vacation in the first place in order to attend the presentation. All too often, they get caught up in the emotion of the moment and make a purchase they later regret, and have little to no recourse to get out of it. Here are some tips to help you avoid timeshare scams while on vacation:

1. Don’t buy on emotion.

No matter what arrangement you are presented with, dom’t commit to purchase a timeshare while at the presentation unless you have already researched the pros and cons of timeshare ownership. It’s certainly not for everyone, and the financial investment must be considered carefully. If you can, take the material home and take the time to read through it and fully understand what you’ll be agreeing to.

2. Freebies are not always free.

Prizes and incentives offered as part of a presentation may have “fine print restrictions.” Know what they are before you accept them. Also, many timeshares come with a period of time, from three to five days, where the purchase can be canceled with no penalties (a ‘rescission’ period). These recession periods are governed by state law. To find out what your state’s requirements are, call the Attorney General’s office or visit the department’s Web site. If you take advantage of a benefit of being a timeshare owner during this recession period, you void any right to cancellation. A benefit can be something as simple as discounted show tickets. A good rule of thumb: if you are asked to pay for anything, say, “no, thank you.”

3. Read what you’re signing.

Read the timeshare contract and have it reviewed by an attorney. If the sales person promised you something that’s not in the contract, don’t sign the contract. Some timeshare companies provide a ‘verification officer’ to go over details of the contract with you. Pay careful attention during this time, and make sure you read every word of the contract. You never know what you’re agreeing to if you don’t read it. Note: some companies do not allow you to leave the presentation with a copy of an unsigned contract. If this happens, it’s a clear signal that something isn’t right, and you should leave as quickly as possible. Outside the United States, especially in Mexico, it is important that the attorney you enlist for help is familiar with the laws governing timeshares in that country. Travel agency owner John Frenaye of Travels With Fred in Annapolis, Md., had a client who thought he was purchasing a timeshare for 30,000 pesos when it was actually $30,000. The contract he signed was in Spanish, and after some investigation he ended up chalking the experience up as a bad decision.

4. Remember, you DON’T have to take it.

Most timeshare presentations involve high-pressure sales tactics. If you don’t think you can handle it, don’t go. Also, if the presentation makes you uncomfortable for any reason, get up and leave politely. Don’t let the salesmen argue with you or convince you to stay. Some clients of travel agents I know have left, only to have the salesmen follow them out, and every once in a while salesmen have been known to yell at the departing customers, and even getting rather crude with their statements. It pays to research the company hosting the presentation to find out if they have issues like this with their sales staff.

5. Research! Research! Research!

A timeshare is a real estate investment. It’s important to treat it the same as if you were buying a home. Don’t purchase one blindly. Do the research, and know what you are purchasing.

6. Save it for another day.

If you decide to attend a presentation, refrain from doing so on a honeymoon or other special occasion type of vacation. While on vacation, your guard is down, but on a honeymoon or other special getaway, your guard is down even more. Besides, who wants to waste three hours in a presentation on their honeymoon? Laura Frazier, of Bliss Honeymoons in Columbus, Ohio, frequently encounters brides who are lured in by a “free honeymoon” as an incentive for attending a company’s product demonstration. The fulfillment company for the ‘free’ honeymoons has a poor reputation with the Better Business Bureau, and many of their practices raise red flags.

Timeshare ownership has many benefits as well as drawbacks, and should be carefully thought out by the potential buyer. When you’re on vacation, or if you’re unprepared about what to expect, the entire experience can result in disaster. If you leave emotion out of the purchase, know what you’re signing, and are prepared as much as you can be, you can successfully skirt a timeshare tragedy.

Steve Cousino is an independent travel agent based in Branson, Mo.

Frustrated with fees, timeshare owners struggle to donate, sell or give away vacation property.

April 3, 2002: 1:01 PM EST -By Sarah Max, CNN/Money Staff Writer

NEW YORK (CNN/Money) – If you’ve attended a timeshare sales pitch for free Sea World tickets or a round of golf, you know how easy it is to walk out with not just the freebies, but a lifetime of annual vacation shares as well.

Trouble is, it’s not so easy to dump that timeshare down the road.

Even as developers continue to lure new buyers, the market is flooded with timeshare owners who are paying $100 to $1,000 in annual maintenance fees on vacation shares they bought on impulse or can no longer use.

Renting is one way to cover annual costs, but that requires work and is never a sure thing. Selling is perhaps the best solution, though that, too, is easier said than done. Supply of resale timeshares so outweighs demand that owners find it nearly impossible to unload their shares short of giving them away.

Laurie Deitz, who purchased a timeshare in Whistler, British Columbia, is among them.

“I wasn’t using it as much as I thought I would and found it was impossible to exchange my shares for the places I really wanted to go,” said Deitz, who was paying about $260 (U.S.) in maintenance fees each year. When she called a real estate agent, “he told me there were 50 people in front of me trying to sell their timeshares through him.”

Your worthless piece of heaven

Unlike most other real estate, timeshares typically don’t appreciate in value. They’re more like cars in that respect. “You don’t buy a

timeshare as an investment,” said Bill Rogers, founder of the Timeshare Users Group (TUG). “You buy it because you want to use it.”

You don’t buy a timeshare as an investment. You buy it because you want to use it.

Just as your car loses value the second you drive off the lot, so too does your timeshare. This is because developers typically add 40 percent to 60 percent onto the selling price to pay for their marketing expenses. After all, those free tickets and vacations they give away cost money. If you can sell your timeshare for half of what you paid, consider yourself lucky.

Fact is, most timeshares are still sold the old fashioned way – by a developer with freebies and a fine-tuned sales pitch – and few people realize that a resale market even exists. “Anybody selling in resale just doesn’t have the demand,” said Rogers.

Real estate agents know this to be the case. Although some do accept timeshare listings, they charge 25 to 35 percent commissions to sell this kind of property – more than five times their normal rate. Many also insist on up-front fees of several hundred dollars with no guarantee of success. “We strongly recommend that you avoid real estate agents who charge an up-front fee,” said Rogers.

By Chris Reiter

NEW YORK —

Timeshare is not quite the investment that Patricia Uhler had hoped it would be. While companies like Wyndham Worldwide, Starwood Hotels & Resorts Worldwide and Marriott International are doing great business around the world selling timeshares, Uhler has not been so fortunate.

Finding that she has less time and money for vacations than she expected, and with combined maintenance fees climbing to nearly $1,200 a year, Uhler has sought to sell two weeks of timeshare that she had hoped would be a nice investment in prime resort real estate.

But in her six-month effort to sell a week at a resort in Myrtle Beach, South Carolina, and another week at a property near Walt Disney World in Orlando, Florida, Uhler, a mother of two, has encountered dubious brokers and the realization that most of her money is probably gone.

Buyers on the timeshare resale market are scarce, and experts say sellers are lucky to get 10 percent of the original price. It could be even less: Timeshares are routinely offered for sale on the auction site eBay starting at 1 cent.

The problem for many buyers like Uhler is that they believe timeshare is a slice of real estate, which they hope will increase in value. High-pressure, glitzy sales pitches can add to the confusion.

In fact, sometimes they have no ownership of the underlying property. With some arrangements, they are buying only the right to use what is typically a one- or two-bedroom apartment for a set amount of time each year. The industry is quick to point out that timeshare is a prepaid vacation, not an investment.

The slump in the American real estate market has made things even harder for people like Uhler, whose timeshares are in the United States. But the resale difficulties are worldwide.

“Timeshare is a kind of stupid, complicated thing to get involved in,” said Annie Galvin, a Briton who owns a two-week timeshare at a development in Stratford-upon-Avon, England, the birthplace of William Shakespeare.

“We can’t sell it even if we find an idiot to buy it,” said Galvin, a substitute school teacher from Northwood, Middlesex, who bought the weeks for a total of about $5,000 seven years ago. “We realize that we’ve lost our investment.”

With a generation of adults approaching retirement and hoping to relax more, sales of new timeshares in the United States, the biggest market, have nearly doubled over the last five years. Sales in the United States reached $10 billion in 2006, about five times the rate of a decade earlier, according to the American Resort Development Association, the industry’s leading trade group. About 4 percent of American households own timeshares.

In Europe, more than 1.4 million people own timeshares, with annual sales of more than $1.5 billion, according to the Organization for Timeshare in Europe, a trade group.

Wyndham Worldwide is the market leader in the United States, while Starwood, Marriott, and Walt Disney are also major players. Wyndham, Starwood and Marriott also have timeshare resorts outside of the United States, where the market is more fragmented.

Big lodging companies are counting on timeshare for growth, as the slowing American economy threatens to put an end to the boom in the hotel business. The Dow Jones U.S. Hotels index has fallen 32 percent since hitting a high in July.

Harry Taylor, secretary general of the Association of Timeshare Owners Committees, which is based in Birmingham, England, said reselling a timeshare was fraught with difficulty. “It’s a very poor marketplace,” he said.

Some people are even trying to give their timeshares away to get out of the annual maintenance fees, Taylor said. In some cases, a timeshare ends after a certain amount of time, while other timeshares are set up to end only if a people sell them.

“When they’ve signed, they’ve signed it for perpetuity – you know, forever,” Taylor said. “If they die, it goes to the son. He’s got to pay it. There’s no exit policy.”

The never-ending maintenance fees and the slowing U.S. economy have pushed more timeshare properties than usual onto the resale market, said Ed Hastry, who runs the Maryland Timeshare Owners Association in the United States. He said it was the worst market for timeshare sellers that he had seen since he started following the industry in 1988.

But for others, the glut translates into opportunity.

“This is the time of year when you get your best deals, because the fees are due,” said Fran Korwek, who has bought several weeks of timeshare in Florida on the resale market. He said he bought the weeks for less than 10 percent of their retail value.

A leading timeshare site, RedWeek.com, which helps owners sell as well as rent their units, is finding that the developing rental market is attracting some buyers.

“We see a growing number of individuals who buy timeshare and rent them,” said John Locher, RedWeek’s vice president for marketing and sales. “It becomes a bit of a business for them.”

The desperation of resellers like Galvin has opened the door to con men, looking to exploit the hopes for big money from the murky resale market.

“It is a huge area of fraud,” said Peter van der Mark, secretary general of the Organization for Timeshares in Europe, a trade group.

The typical ruse involves a supposed timeshare broker, claiming to have found a buyer willing to pay a good price for the owner’s timeshare. The broker says he needs an upfront fee to arrange the transaction, which then never materializes.

The timeshare industry recognizes that a hobbled and fraud-ridden resale market could give the industry a bad reputation and eventually hit sales at new resorts.

The Organization for Timeshares in Europe said it was working with the authorities and had helped shut down more than 40 fraudulent timeshare brokers in Europe.

Howard Nussbaum, the president of the American Resort Development Association, likened the resale market to the used-car market of the 1960s, where unscrupulous salesmen could fleece naive consumers. He says the industry is working to create more regulation and standards for the market.

“The health of the resale market is very important to us,” Nussbaum said. “We have a dog in the fight.”

He advises consumers looking to sell their timeshare to contact their developer or his association for help in finding reputable timeshare brokers.

Uhler, who lives in Sykesville, Maryland, and has her own driver education business, paid $1,200 for the week in Myrtle Beach three years ago and $2,500 for the Orlando timeshare, a year ago.

She can expect “very, very, very little” for her weeks, said Hastry, of the Maryland Timeshare Owners Association, who is helping Uhler sell her timeshare.

Uhler, who bought the weeks as an investment and has never used them, said she had been approached by companies asking for upfront fees as high as $1,800.

“I’ve talked to a lot of different companies that sell timeshare, but they all want money upfront,” Uhler said. “I didn’t realize the deceivingness of it.”

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Trendwest Collection Practices and Non-Cancelable Contract

Send your
comments to trendwest@althits.com.Trendwest Resorts

The president of Seattle-based campground timeshare hockers, Thousand Trails, along with five directors/officers therof, formed a new entity, Trendwest Resorts.

Potential buyers are seduced by entering a drawing to win a grand prize of a new automobile or sports utility vehicle. Contestants are contacted and notified that they although they are still eligible for the vehicle grand prize, they have also won another prize. This secondary prize ranges from a free dinner to a complimentary vacation. All you have to do is attend one of their 90-minute presentations to collect your prize. No purchase necessary.

The high-pressure sales presentation is their professional attempt to persuade buyers to buy-into their time-share vacation packages at a variety of levels. They make purchasing easy and offer in-house financing. Their main objective: get them to sign a contract.

What if you purchase one of their programs, then later change your mind? The official word from, Marcus Dixon of Trendwest Resorts is, “We have an ironclad, non-cancelable contract that cannot be dropped.”

According to Trendwest, your only option is to fulfill the terms of your non-cancelable agreement, or to pay-off any remainder of your contract at a discount (discount applied for early lump-sum payment).

What collection tactics are enforced by Trendwest Resorts? We have many reports on file of people who claim that they have been constantly harassed and defamed. Some incidents cited include Collection calls at all times of the day and night. Users armed with caller ID are bombarded with relentless calls, re-calls and uninterrupted phone-ringing. A barrage of threatening collection letters. They will also contact your workplace, using the same tactics

• Trendwest contends that there is no legal loophole for an un-satisfied customer to escape through
• They will persist, even after being put on legal notice (because according to them, there is no legal alternative).

I am not a lawyer. I am only a reporter. I would be interested in hearing from anyone who has been unreasonably harassed by Trendwest Resort. I would also like to hear from anyone who has ever discovered a way out of Trendwest’s non-cancelable contract.

I might also like to hear from professional legal providers as to whether there really is anything that one could call a non-cancelable contract. It is my understanding that any contract is entered into by the mutual consent of two, or more persons, and is cancelable.

In my (albeit, likely, legally ignorant) humble opinion, if one could actually write a non-cancelable contract, there would be no need for lawyers -
many whom spend a great deal of effort to support either side of a legally-binding contract between two or more individuals who mutually consented to signing said contract at one time.

I prefer, whenever possible, only to use services, or engage in legal contracts with upstanding businesses and individuals that offer an ironclad
money-back guarantee rather than an ironclad contract. I find it interesting that any business would embrace legal superiority over high-customer-satisfaction standards.

Nonetheless, our free society in the Americas, allows businesses to align themselves with their own standards within some legal parameters. Americans are constantly warned by regulating authorities, “Let the buyer beware.” And please, don’t sign any document until you understand fully what the long-term ramifications may be.

I have yet to ascertain whether there exists a story, here, that needs to be told. If you have any information that you feel might be helpful, or if you
would like to tell your story without implicating yourself, then please send me an email to trendwest@althits.com.

Thank you, in advance, for any help that you might be able to offer from your unique perspective that can aid our research of these issues.

I promise not to disclose your personal information, only to make other potential victims aware of pitfalls that may be ahead, or avoided, by entering into a “non-cancelable” contract with Trendwest Resorts, if warranted.

Trendwest: Look Before You Leap Forum

Send your comments to trendwest@althits.com.

FYI:  Trendwest is now Worldmark by Wyndham…STILL A NON-CANCELABLE CONTRACT!

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Book Description

by Michael Strauss

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LOS ANGELES (KABC) — Dying to go on vacation but short on funds? Consumer Specialist Ric Romero says renting timeshares can offer bargains.

Timeshares are a great way to vacation with the whole family since many of the properties have great amenities such as space and kitchens. But when ABC7 teamed up with Consumer Reports, we found that you don’t need to buy one to enjoy one.

Caryn Alexander says the vacation timeshare she and her husband purchased has allowed her family to take some great trips together.

“I like to try different experiences. I think that’s what makes vacation fun,” said Alexander.

But Consumer Reports ShopSmart says these days, you don’t have to buy in order to enjoy the amenities many people like about timeshares like resort facilities, a lot of room with a kitchen and living room and their exotic locations.

“In this economic downturn, timeshare owners are anxious to rent. So you can negotiate a really good deal. We found some as low as $400 a week and many in the $600 to $1,200 range,” said Mandy Walker of Consumer Reports.

Some good Web sites to check are My Resort Network, which is free, as well as Timeshare User’s Group and Red Week, which charge membership fees of $15 a year for full access.

“The sites we checked out have plenty of rent-from-owner listings and are categorized by location and even activities, like skiing or golf,” said Walker.

Be sure to check out reviews of the resort where the timeshare is located, either on the rental sites or on free travel sites like TripAdvisor and Travelocity.

“Keep in mind that most timeshares require at least a weekend and sometimes a  week-long booking,” reminded Walker.

But with a few clicks of the mouse, getting in a getaway this year just may be within reach.

When you’re looking for a timeshare rental, Consumer Reports says to check out prices for comparable properties. That puts you in a better position to negotiate. Also, don’t forget to ask the owner about what amenities are available, including restaurants, and if you have to pay extra for housekeeping.

To find out more information on the timeshare rental market, and to find out how this is effecting you as a timeshare owner and seller…Get my latest book titled “The Truth About Timeshares“!

Through my many years of experience and research, I was able to put together this book to inform, enlighten, encourage, and help you, by giving you completely unbiased information, based real timeshare owner experiences.

With my experience in the timeshare industry, it is all too obvious to me the underlying intentions Roger had, when telling you about the resale market.  As you may have noticed, he never really gave a compitent answer as to why timeshares are not selling on the resale market.  It goes a whole lot deeper than people being “leery of buying a “used” timeshare”, or simply that “they’d rather buy new”, or just being afraid, or ”don’t believe it can be true.”

That is only one of the jaded comments among a few others!

If you’d REALLY like to know the truth about timeshares, check out my latest book titled, “The Truth About Timeshares“! It’s completely unjaded, with no underlying motives…Just the STRAIGHT TRUTH!

The Truth About Timeshares

How often do you buy a home, without finding out any information about it first? How about a car or boat? Almost never, in fact, almost everyone gets a home inspection, before signing final paperwork. Why? Because they want to make sure they know what they are getting into, before they commit to it! We should do the same kind of research before buying a timeshare. However, the fact remains, almost everyone bought their timeshare without doing the slightest bit of research at all.  All the hype while we were sitting their on vacation, visiting, but not staying at, a beautiful resort, all the while being promised the world…We made a hasty decision, which in return cost some folks hundreds of thousands of dollars.

If you are thinking about buying a timeshare, I cannot express how important it is to get all the facts, before you purchase. Timesharing is not what it is cracked up to be…There is a reason why more than half of the timeshares sold are listed on the timeshare resale market today, and the number grows daily!  Remember, it doesn’t matter who the developer is-Diamond Resorts, Wyndham, Westgate Resorts, Worldmark, Marriott…YOU STILL NEED TO DO YOUR RESEARCH!

If it’s too late, and you’ve already purchased a timeshare, you still need to be informed…Don’t sit around and worry about it, or try to figure things out.  It will only drive you crazy. I’ve already done all the research. I have experienced almost everything first hand, and if I haven’t, I have consulted a timeshare owner who has!

If you can handle the REAL and COMPLETE truth about timeshares…Get my latest book titled “The Truth About Timeshares“!

Through my many years of experience and research, I was able to put together this book to inform, enlighten, encourage, and help you, by giving you completely unbiased information, based real timeshare owner experiences. CAUTION: This unsensored version of the truth about timeshares is not for everyone…Can you handle the truth?

The Truth About Timeshares

Don’t fall for one of the biggest scams around from daveramsey.com on 27 May 2009

Timeshare Sales

NOT ALWAYS A DREAM VACATION

by Georgia Governor Consumer Protection

Who could resist the promise of a sure way to have a yearly vacation?  While buying a vacation home may not be an option for you, perhaps you’re looking at timeshare properties as an alternative.  Before you go to a sales presentation for a timeshare or seriously consider purchasing one, please do some research and get all the facts.

What Is a Timeshare?

A timeshare is typically a condominium property that is split up and sold as separate estates, whose use is shared among a number of owners.

A deeded timeshare allows you to use a particular unit at a specific time every year.  You are also allowed to rent, sell or exchange your allotted time.  This type of timeshare is your own property and can be passed on to your heirs.  Once you have purchased the timeshare, you are responsible for the annual maintenance fee and taxes.

A right-to-use timeshare is a leased property.  You are purchasing the right to use the property for a set number of years, determined by your contract.  Unlike the deeded timeshare, you might not stay in the same unit every year.  Instead, you are purchasing intervals (weeks or points) to be used as specified by the developer.  The types of intervals are:

• Fixed: You purchase the right to use during a specific week of the year.
• Floating/Flex (based on a rotation of all the owners): You can request a certain week within your specified range during the year.  This is typically on a first-come first-serve basis and requires advance planning.
• Biennial: You purchase the right to use for a fixed week every other year.
• Fractional: You purchase a large block of use, instead of one interval per year.
• Point-based: You purchase points at a specific resort that may also be used at other locations.  Each vacation would vary in point value, depending on the location, the length of your stay, and the season.

The Costs of Ownership

You will incur costs for the initial purchase of the property and for annual maintenance fees.  The annual fees are determined by the owner of the resort property and can vary according to location, size and amenities.  The fees go toward the upkeep of the property (onsite management, unit maintenance, utilities, real estate taxes) and any improvements or upgrades that may be needed, such as replacement appliances.  Maintenance fees can increase at any time and must be paid whether or not you use the property.  There could also be additional fee assessments for unexpected repair costs at the resort, such as hurricane damage if you are in a vulnerable location such as Florida.

Use Sound Judgment

You may be offered a great prize just to go and hear the sales presentation.  Find out whether the prize is what it’s claimed to be (is that “free boat” just a toy?) and whether you are asked to pay a fee to receive it.   Never sign a contract under pressure.  Always get everything in writing to look over at home first.

If you decide to purchase, ask about your ability to cancel the contract after purchase (this is sometimes referred to as a “right of rescission.”)  While many states require by law that you be given a right of rescission, the short amount of time you have to cancel the deal once you’ve entered into a contract may vary between three and seven days.  Each state law is different and you should be aware of your rights before you sign any contract for purchase.  If a right of rescission is not required by your state law, negotiate for one to be included in your written contract.  If you decide to cancel the purchase, under the terms offered to you either through your contract or by state law, cancel it in writing and follow the cancellation requirements exactly.  Send your letter by certified mail, return receipt requested, so you can document the date the seller received your cancellation.  Keep copies of your letter and any enclosures.

Florida Timeshares

Georgia residents often look southward to Florida with their vacation fantasies.  If this describes you, you should be aware that the Florida Vacation and Timesharing Act sets out specific requirements for inclusion in any timeshare purchase contract, including resale purchase agreements.  These include a ten-day cancellation period and certain financial disclosures that must be made by the seller.  If the timeshare is in Florida or the seller is a Florida company, you may contact the Department of Business and Professional Regulation Division of Florida Land Sales, Condominiums, and Mobile Homes, Bureau of Timeshares at 850-488-1122 for additional information.

Selling Your Timeshare

Trying to sell your timeshare later may be difficult and will most probably result in financial loss.  You may receive only half (or less) of your original purchase price when you decide to sell.  There are many more people trying to resell than to buy, yet developers routinely hold sales presentations to sell new timeshares to consumers who are unaware of the lower-priced resale market.

The best place to start when seeking a buyer is with the resort from whom you bought your timeshare.  Many resort properties include a clause in their contract called the “Right to First Refusal,” which states that they will buy back your week.  Although this is likely to be for less than you paid, it is generally more than you would receive if you sold it yourself.

If there is no Right to First Refusal clause, you can attempt to sell your timeshare yourself.  Online outlets include RedWeek.com, Tug2.net, eBay and others, where you will have to pay a small listing fee.  To set a fair asking price, check the resale market to gauge prices for timeshares similar to your own.

Another option would be to list the timeshare with a licensed real estate agent.  The most reputable real estate brokers charge a commission only after the sale.

If you are unable to sell your timeshare, as a last resort you might explore donating it to a charity.  This option has become less viable in recent years due to the struggling economy, the decreased value of timeshare properties and the large number of timeshares for sale; in fact, many charities will not accept timeshare properties through donation.  However, if the charity does accept your donation, you would not only dispose of the property, but you also might be eligible for a tax deduction.

Be cautious if a company should approach you with an offer to sell the timeshare on your behalf, and never pay an advance fee.  Consumers desperate to be relieved of the financial burden of a timeshare are constantly being scammed by outfits which claim that they can sell the timeshare and charge a hefty fee for an appraisal or for “marketing purposes.”  Once it becomes apparent that the company is unable to resell your timeshare, it is often difficult to recoup monies already paid.  Be proactive; before doing business with a company, check the reputation of the business with the Better Business Bureau where the company is located, and ask whether there are any complaints against them.

Points to Ponder

• A timeshare is only beneficial if you use it.
• Compare your annual vacation costs to the costs of a timeshare to see whether it would save any money.
• Rewards and prizes for purchasing are of little value in comparison to the cost of the timeshare.
• Don’t feel pressured to buy or sign anything on the spot.
• You have to pay the annual maintenance fees even if you don’t use your timeshare, and these can go up.
• Timeshares are not financial investments; you will probably end up losing money if you sell it.
• Be wary of offers to buy timeshares or vacation plans in foreign countries.  If you sign a contract outside the U.S. for a timeshare or vacation plan in another country, you will not be protected by U.S. laws.
• Beware of any company that proposes to sell your timeshare for an upfront fee (other than a modest listing charge).
• And, as always—when the sales pitch sounds too good to be true, it probably is.  Read the fine print!

Fast Facts

• 22.7% of U.S. timeshares are in Florida.
• 3.9 million households in the U.S. own timeshares.
• The average price of a timeshare for one week (or the equivalent in points) is $15,789.
• The Federal Trade Commission stated in 2010 that the number of complaints related to fraudulent timeshare resales has more than tripled over the past three years, as more consumers have attempted to sell their timeshares.

Although this is an informative article, the Georgia Governor is putting it lightly!  Consequences of owning a timeshare are much more than relayed in this warning.

To find out more facts about a timeshare contract, the timeshare resale market, and details about how to get rid of a timeshare, get my latest book, titled “The Truth About Timeshares“!

Click Here for The Truth About Timeshares

The secrets of the timeshare industry revealed. Find out the truth about timeshares. So many timeshares for sale, but no takers these days! Why is the timeshare resale market declining, yet maintenance fees are rising? What is a special assessment? Many timeshare owners are questioning the truth about their timeshare interval ownership, whether they own with Wyndham or Worldmark, or at a diamond resort. No matter what exchange companies they use; whether they exchange their week through RCI or Interval International, they are questioning why their interval exchange is getting so difficult. Many timeshare owners ask, “What is a vacation club?”, “What is a timeshare contract?”,and “What does it really entail?” When they find out, they ask “How do I get out of my timeshare?” These are just a few timeshare questions among many, and all the answers are revealed in my book, The Truth About Timeshares!

Click Here for The Truth About Timeshares

The Trusted Independent Voice of Vacation Ownership since 1991

Nov/Dec, 2009

RCI Faces Class Action Suit on Points

TimeSharing Today has learned that, less than two months after RCI signed a proposed settlement agreement in a class action brought by its Weeks members, a Points member filed a class action Complaint with similar allegations in the same United States District Court. The 33-page Complaint alleges that RCI engages in a “fraudulent, deceptive and unconscionable marketing scheme” by representing “that only members of the program can access the timeshares,” whereas RCI actually engages in the “practice of skimming a large percentage of the timeshares from the system, including many prime timeshares, and renting them to the general public at a profit to RCI, or selling them to vendors who then rent them to the general Public.”

The plaintiff, Anton Glenz of Ellsberry, Missouri, an RCI member since 2004, charges that, as a result, “no matter how meticulously [Points members] follow RCI’s rules and procedures, and no matter how far in advance they begin looking for a desirable exchange, they simply cannot find available destinations.” In detailing the allegations, Glenz contends that RCI’s marketing strategy, implemented with various sales tools provided to affiliated resorts, is designed to “create and reinforce RCI members’ and prospective members’ false belief that access to Vacation Time is completely or almost completely limited to RCI members.” However, RCI’s actions frustrate his expectations and the fundamental purpose of the program.

While RCI has represented that its rental inventory is comprised of last minute cancellation and weeks that no member will request or use, according to the Complaint, RCI places into its rental inventory “Vacation Time from highly requested areas during popular times of travel.”

Glenz further alleges that, “in addition to renting Vacation Time, RCI secretly enters into … Agreements with third parties” who buy Vacation Time from RCI and rent that time to the general public, requiring such third parties to conceal their arrangements with RCI.

After describing numerous failed efforts to book trips through RCI starting in 2005, Glenz says that he ultimately determined that his RCI Points were providing no value to him. He deeded his timeshare week back to his resort in May, 2008.

The Complaint seeks damages based on New Jersey’s Consumer Fraud Act, breach of the covenant of good faith and fair dealing implied in every contract, and breach of a fiduciary duty owed to RCI members. Glenz also asks that RCI be required to disgorge to him and other class members the amount of its profits from “its practice of skimming Timeshare Intervals from the RCI Spacebank.”

RCI has filed a motion to dismiss certain aspects of the Complaint. The court has not yet ruled on that motion.  A case management conference, setting deadlines for pretrial discovery and other pretrial procedures, was scheduled for October 26, 2009.®

Hearing Set for Weeks Settlement

After a September meeting among the attorneys for RCI, plaintiffs and objectors produced no material changes to the proposed settlement agreement of the class action lawsuit against RCI, new notices of the settlement have been mailed and emailed to RCI Weeks members.

All RCI members between January 1, 2000 and August 31, 2009 will be bound by the terms of the settlement unless they choose to exclude themselves by November 20, 2009. That is also the date by which members can file objections to the settlement terms. The United States District Court will decide whether to approve the settlement at a hearing in Trenton, NJ on November 30, 2009.

Issue #108

To find out more information and RCI settlement outcome…

Get my book titled “The Truth About Timeshares“!

When trying to come to a conclusion of your timeshare value, you must look into what they are actually selling for, on the resale market, rather than thinking about what you paid for it… Remember, supply and demand is key!

For more information on your timeshare worth or timeshare value, get my book titled “The Truth About Timeshares“, available on amazon.com and lulu.com.

Although some of the information may not come as a suprise to you, I disclose many secrets of the timeshare industry and how they are effecting you, as a timeshare owner.

Besides huge maintenance fees, these type of rediculous special assessments are the main contributor to the overloaded market of timeshares for sale. Problem is, who wants to take over this type of bill, even for free?

To find out more about special assessments…What is a special assessment, and why the resort developers charge them, get my book,”The Truth About Timeshares“. It offers deep insight into the timeshare industry, and the reality of a timeshare contract. 

If you’ve received a special assessment recently, I want to hear about it! Leave a comment below!

“And make no mistake about it. Even though the timeshare may be in another country, the collection efforts are vigorously pursued by agents in the United States. You simply cannot abandon the timeshare without being sued in court.

And so, timeshare owners who paid $10,000 for their timeshares are sometimes placing ads offering to sell them for $1, simply in order to get rid of their obligation to pay a yearly maintenance charge of several thousand dollars.” Budget Travel:  Worldwide timeshare crisis under way during recession By ARTHUR FROMMER

To find out more details on this topic, get your copy of “The Truth About Timeshares” today! Avaible on lulu.com today and amazon.com in a few weeks.

Tell me what you think by leaving a comment!

Is a timeshare a good investment or a bad investment?

“Are Timeshares Worth the Cost? Radio host Dave Ramsey explains why he thinks timeshares are a bad investment.” Says ABC News.

Is it possible to resell a timeshare today? Check out what Dave Ramsey has to say about a timeshare investment in this ABC News clip! ABC asks if their is any way to sell a timeshare. Dave Ramsey just laughs and says “do not go to a listing company”, but doesn’t offer any suggestions on how to sell a timeshare…

Why not go to a timeshare listing company? There are so many timeshare scams out there today, offering to sell your timeshare for tens of thousands of dollars. Unfortunately, many timeshare owners have been scammed out of, up to $1,000′s of dollars, by paying listing companies upfront money to sell a timeshare.  Why is it so bad? There are way more timeshares for sale, than there are buyers! The market is completely saturated with timeshares for sale.

Check it out and tell me what you think by leaving a comment!

Check out my latest book for more information on “The Truth About Timeshares“!

ABC News Timeshares Beware!

Many owners ask “What is a special assessment?” Watch this video to find out!

When someone asks me “How do I sell my timeshare?”, I tell them to watch this clip! Besides the many timeshare resale company scams, ABC’s timeshare warning comes very strong with this expose’, making it VERY difficult for you to sell your timeshare!

If getting out of your timeshare could only be so easy as just walking away.  Find out what one woman did…and how you can get rid of your timeshare!

Check it out and tell me what you think by leaving a comment!

Check out my latest book for more information on “The Truth About Timeshares“!