Home » Timeshare
Tag:

Timeshare

Timeshare

5 Things You Wished You Knew Before You Bought A Timeshare

by Lisa Ann Schreier
written by Lisa Ann Schreier

We all know that the timeshare buying process is daunting, and it might seem like the salesperson is either the devil incarnate or your best friend- neither of which is true. Everyone has something to say about timeshare, but who should you listen to? We asked Lisa Ann Schreier a former timeshare salesperson and now the consumer advocate known as The Timeshare Crusader for her thoughts. Here are the 5 pieces of advice she thought were worth sharing.

  1. Understand all the costs involved. It is not just the purchase price, which averages more than $20,000 when buying from the developer. There’s the annual maintenance fees which rise over time, usage fees, reservation fees, exchange company membership fees and the occasional special assessments. In one notorious case, a developer assessed owners over $5,000 for water intrusion.
  2. Using your timeshare is not as easy as the salesperson makes it out to be. You’re not going to be able to pick up the phone or go online and book a winter vacation in Vail or Kauai two or three months out. There are rules that you need to fully understand in order to use your timeshare and it’s never as simple or easy as booking a hotel.
  3. It makes all the difference in the world if you own a fixed week, floating week or a point based timeshare.Each time has its pros and cons. For instance a point based system may offer more flexibility in usage, but the majority of them are not inflation proof so you might find yourself continually having to buy more to do what you want to do.|
  4. Timeshares are not investments, have extremely low resale value and many come with restrictions for anyone purchasing on the secondary market. If you owe on it, your chances of selling it are slim to none.
  5. Despite the proliferation of so-called exit companies, it’s nearly impossible to be released from your financial responsibilities of a timeshare once the legal rescission/cancellation period has lapsed. It’s not unusual for people to be scammed out of thousands of dollars and still owe on the timeshare.

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry.

Seeking to be a catalyst for positive change, she wrote Surviving A Timeshare Presentation…Confessions From The Sales Table and Timeshare Vacations For Dummies. In addition, she co-authored the definitive college level textbook on timeshare. She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups.

In addition to her articles at SeniorNews.com, she is on the Advisory Board of ConsumerAffairs.com where she ensures that content is unbiased, accurate and helpful for consumers as well serving as the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com.

Her tell it like it is blog (https://thetimesharecrusader.blogspot.com) covering timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.

Twitter users can follow her at @LisaLooksAt
Questions? Looking for assistance? Email Lisa a lisaschreier617@gmail.com

0 comment
0 FacebookTwitterPinterestEmail
Timeshare

5 Myths About Buying Timeshares

by Lisa Ann Schreier
written by Lisa Ann Schreier

Whether you own a timeshare, are thinking of purchasing a timeshare, used to own timeshare or find yourself in front of a timeshare salesperson, you’re bound to come across some timeshare myths. Here are the Top 5 I run into: 5 Myths About Buying Timeshares

1) Timeshare is a less costly vacation alternative to renting hotels.

In rare cases and when purchasing on the secondary market, this may be true. For the majority of owners, you’ll be paying more when you factor in the purchase price, annual fees and exchange/usage fees. That’s not necessarily a bad thing.

2) Real estate based timeshare is an investment and will appreciate in value. 5 Myths About Timeshare

NO, NO, NO, NO. A million times no. 5 Myths About Buying Timeshares

3) You can hire a company to get you “out” of your timeshare because the sales presentation took more than the agreed to 90 minutes.

The length of the sales presentation has nothing to do with the legality or enforceability of the contract.

4) Brand name timeshares are better than others.

“Better” for who? Based on what? Each person has different needs. Don’t fall for generalizations.

5) Owning a timeshare makes vacation planning easier.

Unless you own a fixed week timeshare and plan on returning to your home resort each year, most people find that using a timeshare makes vacation planning more difficult, or at least more time-consuming. Plan on making reservations 12-13 months out.

Have more questions? Definitely consult an independent timeshare consultant. Click here 5 Myths About Timeshare 5 Myths About Timeshare 5 Myths About Timeshare 5 Myths About Timeshare

5 Myths About Buying Timeshares

5 Myths About Buying Timeshares 5 Myths About Buying Timeshares 5 Myths About Buying Timeshares

0 comment
0 FacebookTwitterPinterestEmail
Timeshare

6 Timeshare Questionable Practices Targeting Seniors

by Lisa Ann Schreier
written by Lisa Ann Schreier

While timeshares can be good for some people, sadly there are bad guys at every step of the way when it comes to timeshare matters. Unfortunately, seniors fall prey to these practices more often than other consumers. It’s imperative to keep your wits about you when dealing with timeshare matters.

Here are 6 ways that unscrupulous individuals take advantage of seniors:

Lying About How Your Heirs Will Be Stuck With The Timeshare Unless You Do Something

Unless your heirs are actually on the timeshare deed or whatever form of ownership you have, they are under no obligation to accept the timeshare when you die. It’s important to understand that your estate will be required to pay off any debt you still have on the timeshare however. Buying more timeshare or upgrading to some made up ownership level will only increase your debt, but will have zero impact on your heirs being stuck with your timeshare.

Keeping You At A Sales Pitch Longer Than The Required Length Of Time

When you accept the terms of whatever sales presentation you attend, there will be a stated minimum length of time you are required to stay in order to qualify for whatever you’re receiving. This time limit must be in writing. Find it and stick to it. You are under no obligation to stay for anything longer than that. I’ve heard countless stories of hapless seniors who were kept for 4, 5 or more hours, often without food or drink by sales personnel using one ruse or another. Don’t fall for this. Get up and leave at the appropriate time. Remember that you, not the salesperson is in control.

Lying About How You’ll Be Able To Pay Your Maintenance Fees If You Buy More Timeshare

Just not true, or at the very least, not the way they make it sound. Do not ever buy more timeshare for any other reason that you want more vacation time.

Claiming That They Have A Buyer For Your Timeshare And Need Money For Costs Which Will Be Refunded To You Upon Completion Of Sale

If you own a timeshare you may want to sell it. In any event, it’s imperative that you maintain control and do not ever engage with any company or person that initiates contact. 99% of timeshares are worth only a tiny fraction of what you originally paid, and there are millions of timeshares currency for sale on the secondary market. No one has a buyer for your timeshare that you haven’t even advertised yet. You should not ever pay in advance for selling your timeshare.

Lying About The Fact You Have To Attend An Update Or Survey

There are only a few cases where you are obligated to attend a sales presentation. One is if you accept those conditions in exchange for something that you’re receiving such as a discounted stay, theme park tickets, dinner show tickets, etc. Another case is where you previously purchased some sort of trial timeshare and each time you use part of it at a resort, they have another opportunity to sell you on the full program. That’s about it. There is no such thing as a mandatory owner update or customer survey.

Pretending To Be Your Friend

Sadly, I hear this one more than any other story. Remember that the sales person is just that, a sales person. They have no other reason to be nice to you or appear to have your best interests at heart other than to sell you something. However much they might remind you of your children or grandchildren, however many family photos they may show you or however many personal stories they may tell you, it’s all done with only one purpose-to sell you something. These people are very well trained in these tactics because they work so well. Don’t fall prey to them. You’re not being mean to them by not buying anything they’re selling.

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry.

Seeking to be a catalyst for positive change, she wrote ‘Surviving A Timeshare Presentation…Confessions From The Sales Table’ and ‘Timeshare Vacations For Dummies.’ She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups.

In addition to her articles at SeniorNews.com, she is on the Advisory Board of ConsumerAffairs.com where she ensures that content is unbiased, accurate and helpful for consumers as well serving as the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com.

Her ‘tell it like it is’ blog (http://www.thetimesharecrusader.blogspot.com) covering timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.

Twitter users can follow her at @LisaLooksAt

Questions? Looking for assistance? Email Lisa at lisaschreier617@gmail.com

0 comment
0 FacebookTwitterPinterestEmail
10 Reasons To Work With An Independent Timeshare Consultant
Timeshare

10 Reasons To Work With An Independent Timeshare Consultant

by Lisa Ann Schreier
written by Lisa Ann Schreier

10 Reasons To Work With An Independent Timeshare Consultant

  1. You’ve “Googled” timeshare and come up with 15 million responses. Need a little help editing those responses?
  2. 2. How do you know which of the thousands of timeshares on the resale market is the best fit for your needs?
  3. How many timeshare sales pitches have you gone on? Do you know the “timeshare movie” by heart?
  4. Hmmm, the timeshare salesperson started by saying that the price was $40,000…by the time the manager came over, the price dropped down to $10,000. Did you find that confusing?
  5. Did you really believe the last timeshare salesperson you dealt with…the 22 year old who said that he owned a 3-bedroom in Hawaii?
  6. What does “all red, all the time” really mean?
  7. You get the price of just about everything else online, why won’t the developer give you the price of the timeshare online?
  8. You’re confused with all the media coverage about timeshare being a lousy investment. Isn’t spending money on hotel bills a lousy investment?
  9. Why would you buy anything after listening to a biased salesperson for 2 hours? Do you buy anything else that way?
  10. How many more “cheap” timeshares do you want to buy before you realize “cheap” isn’t necessarily good?

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry. Seeking to be a catalyst for positive change, she wrote ‘Surviving A Timeshare Presentation…Confessions From The Sales Table’ and ‘Timeshare Vacations For Dummies.’ She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups. In addition to her articles at Senior.com, she is the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com. Her ‘tell it like it is’ blog about timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.
Lisa’s blog can be accessed at: http://www.thetimesharecrusader.blogspot.com
Twitter users can follow her at @LisaLooksAt
Questions? Looking for assistance? Email Lisa at lisaschreier617@gmail.com
10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant

0 comment
0 FacebookTwitterPinterestEmail
Timeshare Expert Answers Owner Questions
Timeshare

Timeshare Expert Answers Owner Questions

by Lisa Ann Schreier
written by Lisa Ann Schreier

Lisa Ann Schreier is a leading timeshare expert who is helping Senior.com members make wise decisions about their timeshare investments. Here are some of the latest important questions submitted: Timeshare Expert Answers Owner Questions

1. Recently, Marriott and Starwood merged. Will this affect my timeshare ownership and usage?

These types of mergers are becoming more and more the norm. Individual ownership should not change all that much. The manner in which your timeshares are used, i.e. reservation systems, ability to use loyalty points across different platforms (hotel, timeshares, travel, etc.) and ability to trade/exchange MAY significantly change. More than ever you must pay attention to all communication that the resort issues and if possible, attend your annual HOA meeting(s). If you are unable to do so, request a full and detailed recap of the meeting.

2. I’ve been looking to sell my timeshare that I’ve owned for 20 years, but have been disheartened to find out that they are practically worthless. Why is this the case and how can I maximize my purchase?

In most cases, 50% or more of the price that you paid when you purchased your timeshare from the developer were attributed to sales and marketing costs. Factor in the glut of timeshare on the resale market and the increasing number of developers that are placing usage restrictions on secondary market purchases and it can look pretty glum for many owners. If you’ve used your timeshare for 20 years and enjoyed great vacations and can sell it for even a small fraction of what you paid for it, you’re coming out ahead…remember that this is NOT an investment. If you just can’t bring yourself to sell your timeshare for $1,000, consider renting it out. This way you can make some money while still holding on to your timeshare. If you are set on getting out of your timeshare, here are some tips:

  1. Use a licensed timeshare broker who will not charge an upfront fee
  2. In some cases, the “value’ of the timeshare is so low, that a broker will not accept the listing. In that case, look into the Alternative Dispute Resolution Service which will be rolled out in January 2017 from the National Timeshare Owners Association.

3. When multiple siblings inherit a timeshare what are the pitfalls of managing fees, ownership sharing, scheduling etc. What can be put in the estate planning to make it better?

Inheriting a timeshare can be difficult for everyone involved, particularly if there are multiple siblings. Some siblings may not want the timeshare; so if possible, find out who does and who does not. The parent or grandparent leaving the timeshare must first clearly understand the details of the timeshare; i.e. weeks, points, reservations, fees, etc. The easiest way to “split” a timeshare is to stipulate that each heir gets the use and the responsibility of the timeshare on alternate years.

4. What do you see is the future of timeshare ownership? Point systems? Ownership weeks?

The majority of timeshares being sold today are point based products. But, that doesn’t mean that the week-based system is in any danger of being phased out. Many of the point-based systems have absolutely no real estate interest, which begs the question “do I really own anything?” Smart developers will begin to offer term-products, so that owners are not saddled with an ‘in-perpetuity’ product. However, this is no longer timeshare in my opinion. More than ever, it is imperative to understand what you own or what you are thinking of purchasing. A 5 year vacation club is vastly different than a deeded timeshare. Both have pros and cons.

Timeshare Expert Answers Owner Questions

0 comment
0 FacebookTwitterPinterestEmail
Answering Vital Timeshare Questions
Timeshare

Answering Vital Timeshare Questions

by Lisa Ann Schreier
written by Lisa Ann Schreier

Talking Timeshare With The Timeshare Crusader, Lisa Ann Schreier

Lisa has complied her most asked questions about timeshare for Senior.com readers: Answering Vital Timeshare Questions
What is timeshare?
In the most basic terms, timeshare is buying and owning your vacation accommodations, as opposed to renting a hotel room, resort room or vacation home. The difference between timeshare and whole ownership of a vacation or second home is that you only purchase and own the amount of time that you plan on using each year. Answering Vital Timeshare Questions
How do I buy a timeshare?
Timeshares can be purchased on the primary market, i.e. from the developer, or on the secondary market from an existing owner. Developer sales are generally onsite at the resort, while secondary market sales can occur online between consumers, via a licensed broker, or in some cases through the developer.
Can I sell my timeshare?
In most cases, the legal answer is “yes.” Although the value of the timeshare maybe far less than what you originally paid (see below) and some timeshares sell easier and faster than others. Timeshares can be sold if you no longer want/use it.
Why is the resale value of my timeshare so much less than what I paid for it?
Timeshares purchased on the primary market, e.g. from the developer, include the cost of building plus the cost to sell plus the profit margin, just as with any other product. Combine that with the fact that there are millions of timeshare units for sale on the secondary market and the fact that many developers are restricting the rights and benefits to secondary market purchasers, the value of most timeshare is considerably lower than most owners realize. It is simply supply vs. demand vs. benefit.
Is timeshare a real estate investment?
The short answer is NO. Even if a timeshare is backed by physical real estates (and many timeshares are not), a timeshare should not be thought of as a real estate investment as a house, condo or other types of general real estate may be. A timeshare can be thought of as an investment in your future vacations. You pay upfront now so that you can have vacations later.
What is the difference between timeshare weeks and timeshare points?
Timeshare weeks are the standard and are the simplest to understand and use. Owners have the right to use 8 days 7 nights, consecutively per year, at a home resort or at an affiliated resort. Point systems vary from developer to developer and from exchange company to exchange company, but all operate under the same premise; owners use their points as the currency to make accommodations and other reservations.
Can I donate my timeshare to a charity?
No charity will accept a timeshare due to the ongoing annual fees involved. If you receive a call from anyone saying otherwise, promptly hang up and report it to the National Timeshare Owners Association Helpline at 1-844-ASK-NTOA.
What happens if I stop paying my annual maintenance fees?
As mentioned above, timeshare ownership carries with it benefits and responsibilities. One of those responsibilities is to pay your share of the annual maintenance fees levied by the resort. Failure to pay these fees may result in losing your ownership rights and in many cases lead to a foreclosure, which can have a significant negative affect on your credit and your ability to purchase a major item or even obtain employment in the future.
Is a timeshare the same as a vacation or travel club?
No. While vacation and travel clubs differ, they are both are distinct from timeshare in that a vacation or travel club involve a membership vs. ownership rights. If you are considering a purchase of a timeshare, vacation club or travel club and are unsure of the differences, do not proceed until you are clear on the differences.
I just received a call saying that someone wants to buy my timeshare…what should I do?
Hang up and report the call to the NTOA Help Line at 1-844-ASK-NTOA. The NTOA has not found a single instance of a legitimate company that cold calls consumers with ready buyers. If you wish to sell or rent your timeshare, the NTOA has vetted a list of organizations listed on our resource page.

Answering Vital Timeshare Questions

 

0 comment
0 FacebookTwitterPinterestEmail
Smart Ride: Go Anywhere with a Phone Call
Timeshare

How to Spot Timeshare Scams

by Lisa Ann Schreier
written by Lisa Ann Schreier

A QUICK GUIDE TO SPOTTING THE BAD GUYS IN TIMESHARELAND

There are a lot of players in the timeshare market—developers, marketing companies, exchange companies, title companies, resale brokers, resale listing services, rental listing services, magazines, forums, owners’ groups, law firms, consultants and self-appointed experts. How to Spot Timeshare Scams
While the vast majority of these players are legitimate, there are an ever-increasing number of “bad guys” that are in business for the sole reason of taking your money.
How do you know who to trust? Lisa Ann Schreier, a/k/a “The Timeshare Crusader” who has been educating people about timeshare since 2004, has compiled this list that, if taken into consideration will prevent you from being scammed 95% of the time..

THEY INITIATE CONTACT How to Spot Timeshare Scams

No legitimate timeshare resale or rental platform will initiate contact whether by phone, fax, text message or direct mail. Any instance should be treated as suspect.

THEY MAKE PROMISES

There are no absolutes in timeshare. If someone promises they can sell your timeshare, or they have a renter or buyer for your timeshare, do not proceed with any transaction. This holds true for purchasing a timeshare from anyone, including developers.

THEY PREY UPON YOUR EMOTIONS

Any timeshare transaction; buying, selling, renting or exchanging should be thought of as a strict financial transaction. If anyone attempts to use guilt or fear to persuade you to make a decision…STOP and do not proceed until you can look at things from a rational standpoint.

THEY PRESSURE YOU TO DO SOMETHING IMMEDIATELY

Again, any timeshare transaction is a financial one and just as you would not purchase a car, or a house on the spur of the moment, do not be fooled into thinking anything has to be done on the spot. If the opportunity is there today, it will be there tomorrow.

THEY USE MEANINGLESS LOGOS ON THEIR WEBSITE AND/OR COLLATERAL

Many scammers use logos that mean nothing in order to trick you. Examples of this include “Verified by ____”, “Member of Chamber of Commerce” and the like.

How to Spot Timeshare Scams

0 comment
0 FacebookTwitterPinterestEmail
Beware Timeshare Tax Deduction Scams
Timeshare

Beware Timeshare Tax Deduction Scams

by Lisa Ann Schreier
written by Lisa Ann Schreier

The timeshare related fraudsters hell bent on separating you from your hard earned money do not take a break and seem to come up with ever more clever ways of taking advantage of you. Beware Timeshare Tax Deduction Scams
With tax season here, I’ve heard from an increasing number of consumers who have been promised a tax deduction of upwards of $25,000 if they “donate” their unwanted timeshare…for a hefty fee of up to $5,000 of course.
Legitimately donating a timeshare is almost impossible and trying it usually results in an IRS audit and fines.
Here are some tips and things to remember before doing business with anyone claiming to “help” you donate your timeshare:

  • If you donate anything else such as a car, clothing or money, there is no “fee” to do so. Why then, would there be a fee to donate your timeshare?
  • The timeshare owners I’ve heard from were contacted by a third party, NOT the purported charity. The Red Cross, Disabled Veterans of America, Goodwill, the United Way, etc. do not work with third parties.
  • All of the companies initiated contact. No legitimate company will ever initiate contact. This goes for resale, rental, listing, transferring, “getting out of” and donations.
  • A charity will not accept a donation if it comes with an ongoing liability and annual maintenance fees are an ongoing liability

Your timeshare does NOT have a $25,000 value, or a $15,000 value, or in most cases, even a $7,000 value. Timeshare is not an investment and the value of it does not increase over the years. Here is a definition of Fair Market Value that should clear things up: Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.
If the legitimate charity receives anything (doubtful in most cases), it will be a nominal amount of no more than a few hundred dollars which comes directly from the fee the company is charging you, NOT from the value of your timeshare, which as stated above, the charity does not want and cannot take
If you own a timeshare that you no longer need or want, here are some tips:

  • Call the resort and inquire if they will buy it back from you.
  • If you decide to sell or rent it, only work with those organizations that you contact first and those that do not require an upfront fee or give you any promises about selling or renting

Bottom line is do not do anything before checking with an unbiased source of information. That source of information is NOT the one trying to convince you of anything.
 

0 comment
0 FacebookTwitterPinterestEmail