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Quick Tips Before you Listen to a Timeshare Presentation
Timeshare

Quick Tips Before you Listen to a Timeshare Presentation

by Lisa Ann Schreier
written by Lisa Ann Schreier

If you’ve ever sat through a timeshare sales pitch, you know that they can be high pressure. The sales staff has been trained to do one thing and one thing only—-influence you to purchase on the spot. Because of that high pressure, these sales pitches can be laced with, ahem, some misrepresentations. Here are the most common things that are misrepresented at timeshare sales pitches:

Price Today vs Price Any Other Time

This is the one that is used the most, often in conjunction with ‘quoting’ some State Statute. If there is such a statute, such as in Florida, it has to do with whatever gifts you’re being bribed with to sit with the salesperson, not the price. Trust me, they’ll take your money tomorrow, next week or next month.

Resale Value And Your Ability To Resell

The truth of the matter is that the resale market is awash in timeshares that owners are willing to sell for $1,000 or less. Sales agents simply refuse to disclose that. In some cases, licensed brokers will refuse certain listings because the timeshare literally has NO resale value because of the draconian restrictions placed by the developer in secondary market purchases.

Maintenance Fee Relief Programs That Do Not Exist

There are many permutations of this misrepresentation. Suffice it to say you should not purchase additional timeshare under some bizarre plan that you’ll be able to pay off your fees with the points. Read that again. It makes no sense, does it?

The Value of Travel Awards

Again, there is a myriad of promised schemes using timeshare points and the ability to purchase certain travel rewards. Bottom line, buy timeshare only to use as timeshare, not for the promise of being able to use it for airline tickets, etc.

Stating A Lower Interest Rate Can Be Obtained From A Bank Or Credit Union

In the event you’re smart enough to balk at the ‘convenient’ 15%, 16% or 17% financing the resort will offer you (and you’d be stunned to find out how many people agree to those insane rates), some salespeople will tell you that you can get a personal loan. Wrong. I have yet to find a bank that will finance a timeshare. What are they going to do if you’re foreclosed on? There is however a reputable source for people with good credit history. Check out LightStream.com.

Ease Of Ability To Return To Your Home Resort

Unless you purchased a fixed week/fixed unit timeshare, highly doubtful, you’re going to have to make reservations to come back to your home resort. You’ll be battling other owners and owners who are exchanging into your resort for prime season. You better fully understand exactly when you need to make a reservation and what the process is before you purchase. Don’t rely on the salesperson, talk to other owners.

Ease Of Ability To Trade/Exchange

If you think coming back to your home resort takes some doing, it’s nothing compared to attempting to trade or exchange into another resort. In addition to the fee averaging over $200 (!) most owners find out too late that they need to make plans either 12-13 months out or less than 60 days out in order to get what they want. A week in Branson, Missouri is not going to get you Christmas Week in Hawaii.

Bottom line here is do not do anything in haste. If you’re looking for assistance in determining what’s true and what’s false, figuring out if a timeshare is for you, or like millions of people who already own and no longer want or use what they have, contact me at lisaschreier617@gmail.com.

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Protection from Timeshare Scams
Timeshare

Protection from Timeshare Scams

by Lisa Ann Schreier
written by Lisa Ann Schreier

Unfortunately, seniors are often the target of timeshare scams. Before you get into a timeshare investment nightmare, consider this solid advice.

Follow these important tips so you don’t fall for a timeshare scam:

  1. Never deal with anyone who contacts you first

  2. Never pay upfront to sell your timeshare

  3. Never pay anyone to anyone to get you out of a timeshare, except a vetted attorney

  4. Don’t buy more timeshare because the salesperson claims it will save you on annual maintenance fees

  5. Don’t fall for unsubstantiated claims that your children or grandchildren will be forced to inherit your timeshare unless you upgrade, buy more or convert to timeshare points

 

Lisa Ann Schreier has been educating consumers about timeshare issues for 18 years. Contact her with any questions at lisaschreier617@gmail.com

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5 Things To Avoid In Timeshare Matters
Timeshare

5 Things To Avoid In Timeshare Matters

by Lisa Ann Schreier
written by Lisa Ann Schreier

If you are interested in purchasing a timeshare, here are 5 things to avoid: 5 Things To Avoid In Timeshare Matters

  1. Buying anything under pressure or duress. Timeshares can be great for some people, however since the majority of timeshare contracts are in perpetuity, they are not to be entered into on a whim, or under pressure at a sales pitch. If you must sit through a timeshare sales pitch in order to take advantage of a discounted vacation package; listen, ask questions, be polite but remember that whatever price they might dangle in front of your face will be available tomorrow, next week or next month. Have you ever heard of any company that will turn down your money?
  2. Buying any timeshare without fully understanding how it works. If you don’t understand the difference between fixed week, floating week and point based timeshare and don’t have a clear understanding of how tracing/exchanging works, you have no business buying a timeshare. Don’t rely on what the salesperson says. Do your homework or enlist the help of an independent advisor.
  3. If you own a timeshare, do not engage with any person or entity that initiates contact. I’ve yet to find one cold caller that does what they say they will. If you’re ever in doubt, ask yourself if you’d proceed if someone called you out of the blue about your car, your computer or your house. The answer should be no.
  4. Not understanding or factoring in all of the costs associated with owning a timeshare. Owning a timeshare is not just the purchase price, which if you’re buying from the developer averages around $22,000. There are the annual maintenance fees which are close to $1,000 on the average. If you want to trade or exchange your timeshare there’s a fee for that as well as a membership fee to the company that does the exchange. Some resorts levy a special assessment. You may be asked to pay closing costs when you purchase and many resorts charge an administrative fee. Many fees are negotiable. Most are not.
  5. Falling for one of the four ‘red flag words.’ Free, perfect, always and never. Free and perfect simply do not exist and always and never are exceedingly long periods of time.

If you’d like to obtain a copy of ‘19 Questions You Must Ask Before Buying A Timeshare’ and get the 9 Bonus Questions When You’re Buying On The Resale Market, drop me an email at lisaschreier617@gmail.com.
If you have a timeshare that you aren’t using, no longer want, can’t afford or feel you were mislead into purchasing, there may be one or more viable solutions out there. I offer a flat consultant rate of $250 which provides you with solid information depending on if you’re looking to for resolution, relinquishment, refund, foreclosure or resale. I’m not an attorney and I do not offer legal advice. Every situation is different, but if you know what to say to whom, you have a much better chance of a successful outcome. Remember that the timeshare industry has had 40+ years to hone their methods and their contracts. There are no easy solutions for anyone looking to get out, but it is possible in some circumstances. Knowledge is power.
Guide to Purchasing Timshares

5 Things To Avoid In Timeshare Matters

5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters5 Things To Avoid In Timeshare Matters

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Timeshare

Guide to Purchasing Timeshares

by Lisa Ann Schreier
written by Lisa Ann Schreier

Have you ever been to a Timeshare presentation and wondered if you should buy one? Here are 7 things every consumer needs to know about Timeshares and Timeshare Presentations: Purchasing Timeshares

Don’t believe everything you hear

This rule applies to Uncle Mark telling you that timeshare do not work because he was never able to trade to go anywhere else (perhaps because he owned in Kansas?) to the salesperson telling you that you’ll always be able to trade at anytime for any place. Location is key when talking about week-based timeshare if you want trade or exchange into different locations. This is especially true for high demand timeshares such as Hilton Head in the summer or the French Alps in the winter, etc. You need to own in an area that has high, year round, global demand.

Nothing is Free or Perfect, Always

Avoid anyone, especially a salesperson or a sales manager who uses the words FREE, PERFECT, ALWAYS and/or NEVER. Generally speaking, if things seem too good to be true, they are.

Do your homework ahead of time

Have some general ideas about timeshare and be truthful about how much you spend for vacation accommodations such as:

  • In 2015, the average price of a 2-bedroom timeshare purchased on the primary market was about $21,000
  • That same timeshare can be found on the reputable resale market for around $5,000
  • Most, if not all timeshare resorts allow you to exchange or trade off to another member resort.
  • Location is KEY in determining how “good” any particular timeshare is…unless you are purchasing a point-based timeshare, where location no longer factors into trading power at all.
  • Go back 2 or 3 years and determine how much you spend for your hotel/motel/condo rooms and include the hidden room tax

Keep an open mind

If you are going to go to one of these timeshare presentations for the gift (dinner, cash, theme park tickets, etc.) or just because you are required to go in order to receive the discounted hotel room, then do yourself a favor and at least go in with an open mind and let the salesperson do his/her job. On the other hand, if you have already determined that timeshare is not for you, for whatever reason, then why would you want to waste your valuable vacation time by listening to something you don’t want? After 2 or 3 presentations, you should be able to determine if timeshare is a good idea for you. If so, then purchase one. If not, then just stop wasting your time!

Don’t purchase any type of timeshare as a real estate investment

Even if the timeshare is deeded, it should not be considered a financial investment, but an investment in your future vacations. If you buy a timeshare today for $21,000, use it for the next 20 years and sell it for only $5,000, ask yourself how much you’ll be able to get for your hotel/motel receipts over the same 20-year period.

Don’t assume anything

Many timeshares are deeded in perpetuity. Many are not. Many timeshares operate on a “points-based” system. Often, those points are not inflation proof. Always ask questions and don’t be afraid to say “no” if the product doesn’t suit your needs or wants.

Don’t cave in to high-pressure sales techniques

A high-pressure sales person or sales manager is high pressure for one or two of two reasons: Ignorant or they don’t believe in their own product. Don’t confuse high pressure though with the fact that in all cases, you will be asked to purchase on the spot. Focus on these points:

  • Do you understand the product?
  • Do you like the product and/or the particular resort?
  • If you had it, would you use it? Meaning do you plan or intend to spend that amount of money “anyway” on vacations? (Note the word “plan.” You can’t predict the future of course, but you can and should plan.)
  • Focus on the long-term. In the short-term you will not be saving any money.
  • Compare apples to apples, when talking about cost and value. You may not be saving money even in the long term, but are you having a better vacation staying in a spacious 2-bedroom villa in a quality resort as compared to a 400 square foot hotel room?

For more information and to find out if timeshare is right for you, contact Lisa Ann Schreier at Timeshare Insights (www.timeshareinsights.com)

Guide to Purchasing Timeshares

Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares Guide to Purchasing Timeshares

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Timeshare Expert Answers Owner Questions
Timeshare

Answering Your Timeshare Questions

by Lisa Ann Schreier
written by Lisa Ann Schreier

Got A Timeshare Question? Ask Lisa Ann Schreier, The Timeshare Crusader.

Each month, we’ll choose three or four questions from our readers to be answered her in the newsletter. You can submit a question by e-mailing her directly at lisa@timeshareinsights.com. Answering Your Timeshare Questions
Hi. I’ve owned a timeshare for 10 or 11 years now and have recently begun getting inundated with calls about selling my timeshare. I enjoy my timeshare and don’t want to sell. How can I avoid these calls?
So glad to hear that you enjoy your timeshare! The best way to avoid these annoying and often-times misleading phone calls is to register your phone number with the National Do Not Call Registry. Here’s the link to register: https://www.donotcall.gov/ If you continue to receive calls once you’ve registered, you can file a complaint on that same site. I strongly advise timeshare owners to avoid doing business with any entity that initiates contact, including phone calls.
This is my first year of owning a timeshare and I recently received a notice of my timeshares annual meeting. I can’t attend this meeting, who should I appoint as my proxy assuming I should do this?
Welcome to the timeshare world! You have a world of great vacation experiences ahead of you. Understandably, you might not be able to attend your resort’s annual meeting. If you are thinking of assigning your proxy to someone in your stead, be certain that they have your best interests at heart and, should any votes be required, they are voting the same way you would had you been in attendance. I recommend staying up to date on any and all issues facing the owners and management company throughout the year.
My timeshare resort just informed us that they were switching from weeks to points. What does that mean to me? What if I am satisfied with the current system…do I have to switch?
Great question…you’ll be happy to know that the simple answer to this is “NO.” You do not have to switch from weeks to points if you are satisfied with what you own and it’s working well for you. I recommend listing to what the resort is telling you about any new system and taking time to ask questions and make an informed decision. Don’t do anything in haste.

Answering Your Timeshare Questions

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