Investing in timeshares can be profitable when purchasing a good timeshare at a popular location. The timeshare industry continues to grow each year as family friends, and lovers continue to travel and vacation.
The $14 billion industry has an average occupancy of 80% compared to hotels that occupy 65%. This business can easily be a sour one when you are not careful. If you believe you were sold a timeshare illegally, you can build a timeshare legal case.
Not sure if you have a case? Keep reading to learn seven signs you need to work with an attorney.
1. False Advertisement
Any time a person is not aware of the timeshare laws or how they work, it can be easy for them to fall for false advertisement. There are millions of timeshare exit companies because of this.
After giving false information, fraudulent companies only seek to collect fees. When you lack knowledge of the law, you are more likely to take in and accept what timeshare sellers present to you.
2. Pressure To Buy on an Exclusive Credit Card or Somewhere Else
The money you pay for a timeshare always goes to a secure location. This is to protect you as the buyer. Still, some timeshare sellers will attempt to take you away from a secure area and pay somewhere else in a way they can profit.
No timeshare seller should ask for outside payments or force you to pay using a specific method that only works to their benefit. Some may coerce you to buy a timeshare with an exclusive card, enamoring you with the benefits it will have. In the end, these “benefits” are exaggerated and may leave you with high interest rates.
3. Obscuring Access To Contracts
A legal and ethical timeshare seller should be open with you. They should inform you of all pertinent information regarding the timeshare and the contract. When they are hesitant to give information or evade questions, you should be wary.
It can be hard to cancel a timeshare when you sign a contract. However, when a seller attempts to hide or lie about anything regarding the contract, you strengthen your legal case. Otherwise, you can find a legitimate timeshare exit expert who could help you with your timeshare cancellation. Wesley Financial is wonderful in delivering excellent services to get out of your timeshare contract.
4. Unrealistic Guarantees
It’s true when you hear “if something sounds too good to be true, it likely is”. Timeshare sellers can be good at making an offer seem like a deal you do not want to miss. They may even make it seem like the deal is so good, there are others waiting in line if you do not sign up for it now.
Timeshare problems often occur with promises of lower prices. The average timeshare cost is $20,000, and oftentimes sellers will quote you a price below this. While you should never fall for such tactics, it happens.
Once you realize the price is nothing more than bait and you notice other fees and expenses that do not make the timeshare worth it, it will be hard, but not impossible, to get out.
5. Paying Upfront Fees
One of the biggest red flags with timeshares is upfront fees. If you are new to buying or selling timeshares, you may not be aware of this. When a person seems honest enough and explains the reason for an upfront fee, you may believe it. If you pay that money, it doesn’t go anywhere but in the seller’s pocket.
In the event you did pay a crazy amount of upfront fees and need to get your money back, you should find an attorney. They can help you retrieve your money back and get additional compensation for any losses.
6. You Are a Victim of Fraud
There are so many types of fraud you may fall for in regards to time share:
- Resale fraud
- Cyber fraud
- “Double Dip” Fraud
- Ponzi Scheme
If you bought a timeshare anytime before 2011, you may be one of the millions who were told you can resell timeshares for a high price. Although this does not happen as much anymore thanks to the implementation of new laws, it can still happen.
Cyber fraud is perhaps the most common today with the advancement of technology, websites, and social media. It can be hard to spot a legitimate website from a lookalike with website cloning.
Double dip scams happen to those who fall for the same scammer twice. The first time you are working with a timeshare seller who scams you, you may not be aware they are conning you until a second or third time.
Ponzi schemes are one of the more sophisticated investment schemes. Victims are often promised high rates at little to no risk. Like most pyramid schemes, it is made to benefit the first investor while taking funds from those beneath them.
7. Unable To Give a Sales History to Sell Everything
While it is no longer a law to provide a two-year sales history to sell timeshares, asking for this can help you because it is a protection measure. When you fail to ask for it, you could end up in a fraud case or pay more money for the timeshare than you should. The lack of information sellers provide on timeshares in an attempt to sell hurts you in the long run.
Don’t Get Trapped: Know When You Have a Timeshare Legal Case
Before you consider purchasing a timeshare, you should always do your research first. There are dozens of timeshare scams that will trap you in order to take your money. You should always look at the reputation of a timeshare provider and ensure they have a permit and license.
The seller you work with should be open and honest about the timeshare. When something is good to be true or you have a bad feeling about something, run.
If you already have a timeshare you believe was sold to you in an unethical and illegal manner, you may have a timeshare legal case. Speak with a timeshare lawyer to help you fight the matter so you can get out of the timeshare you believe you are trapped in. If you found this article helpful, you can read other blogs like this and more on our website.