Buying a Timeshare - Good or Bad?

One summer almost thirty years ago, a family purchased a second home in a seacoast community where they had vacationed for several years. Their ten-year-old son was disgusted with them. "Do you REALIZE," he demanded, "how many nights in a hotel you could buy for that much?"

His thinking is something to bear in mind when you're listening to the sales pitch on resort timeshares. Eager timeshare proponents will repeat the word "value," and even at its best, with no fraud or scam intended, it's easy to be misled by the figures.

The timeshare seller's logic goes something like this: if a typical family takes two vacations a year, and pays even a modest $130-$150 a night for resort hotel accommodation, a year's vacations with travel, food and entertainment thrown in cost somewhere in the neighborhood of $4,000 to $6,000 a year, more if the destination is at a distance. "And nothing to show for it," the seller will remind you. A resort timeshare priced at, say, $18,000 looks like a good deal when you think in terms of a decade.

But keep in mind that the purchase price is not your only obligation with buying a timeshare. You also commit to paying annual maintenance fees (about $800 a year is cited as average) and dues, and likely you will discover surprise assessments for future improvements waiting in the wings. And of course your vacations will STILL involve costs for travel to your destination, food and entertainment. The number of timeshare resales on the market, and the number of hapless timeshare owners trying to get rid of a timeshare, tell the story. Do the paperwork ahead of time, and don't forget the details. The devil is always in the details.

And the beach cabin that ten-year-old kid was so adamant his parents shouldn't have bought? Well, the family has paid insurance and taxes and utilities over the years. But they've been able to remodel it to their taste, and paint it the colors they like, and leave their stuff in it so they can travel light when they go. They've used it a lot (any time they want to, without counting points). And so have the grown-up kid and HIS friends. The advantage of the cabin is that it is real property, free and clear. Bet they can sell it faster than they could sell a timeshare!

Did you already buy a timeshare? If so, and would like information on how to get rid of your timeshare because the hidden costs are becoming a burden, schedule a free consultation by visiting http://www.ProfessionalTimeshareServices.com and filling out our online form.

Victim of a Staged Sale? Get a Timeshare Lawyer!

For every timeshare owner who finds owning a piece of a resort or holiday chain a great deal, there's at least one who's having second thoughts.

Many of those in the latter category are victims of one of the many high-pressure salespeople employed in the timeshare industry. They may have been tempted with a free or low-cost weekend with the requirement that they listen to an hour-long promotional presentation, then succumbed to the pitch. One of the techniques in the arsenal of the sales staff of many timeshare resorts is the staged sale which can ultimately lead to the need for a timeshare lawyer.

Here's a typical scenario. A couple - we'll call them Mark and Mary - sees an ad for a ridiculously cheap "romantic getaway" at a brand-new seaside resort. For a mere $50 per night, they'll get an ocean-view room with a jacuzzi, a two-for-one deal for dinner, breakfast buffet and premium chocolates on their lovely, fluffy pillows.

At a no-host happy hour the first night, they'll get into a conversation with another couple - we'll call them Andrew and Allison - who have similar interests. They meet again at breakfast the next morning and share a table. That afternoon, after a round of golf (with a discount from the resort) they attend the obligatory promotional program. After all, what's an hour on a wonderful weekend?

In the program, they hear from folks who've been able to return to a favorite place season after season, and from others who have vacationed in premium locations all over the world through this chain of affiliated timeshare resorts, with descriptions of white-sand beaches, mountain chalets, Tuscan villas and Mexican fishing resorts. It all sounds so enchanting that they don't quibble when the hour turns into two, especially when they see the projected figures comparing a timeshare with the cost of a second home. What a bargain it would be.

Even though they came away for the weekend with no intention at all of actually buying a timeshare, it begins to sound awfully good. And when there's an offer of the chance to sit down and talk specifics, including how such a purchase would fit into their own budget, Mark and Mary decide to explore the idea just a little bit farther.

So they go off to a small conference room with Roger, one of the presenters, who is relaxed, easy and low-key. There's still no obligation, he assures them. He wants them to be comfortable with whatever decision they make. And then they begin to look at figures: their combined incomes, what obligations (car, mortgage on their home, upcoming college expenses for their two children) would affect their choice. There's a tier of options available, and while maybe the top level isn't appropriate for them, a slightly more modest accommodation or off-peak-season options might fit their budget.

At this point Roger discovers he left the one of the papers he needs in his office, and excuses himself to go pick it up, leaving the door ajar. Mark and Mary hear familiar voices in the hallway, and Andrew and Allison appear. Allison looks in, sees Mark and Mary, and rushes in to say they've just signed a contract for a share. "Oh, I hope you will too," she burbles. "It will be so neat if we can meet again!"

By the time Roger reappears, with the news that two other couples have just bought shares, Mark and Mary are ready to be convinced.

What they don't know is that before the day is over, Andrew and Allison will buddy up to two more couples and persuade one of them to sign on the dotted line as well, and that weekend after weekend, they do the same. The euphoria of a luxury getaway, the staged sale and the enthusiasm of the "everyone's doing it; don't be left out" approach have claimed another pair of victims.

By the time they discover that the next tier down from the luxury room they enjoyed has a small shower and a view of the parking lot, and that off-peak-season means bring boots and an umbrella, Mark and Mary are in danger of falling prey to the next set of villains, the unscrupulous timeshare resale scammers. What they need at this point is a timeshare lawyer. What they needed initially was an awareness of the techniques the timeshare sellers employ.

If you would like information on how to legally get out of a timeshare contract without hiring a timeshare lawyer visit http://www.ProfessionalTimeshareServices.com and request a free consultation.

Timeshare Foreclosure Is Not the Best Option

The combination of an iffy economy, declining property values, and high-pressure sales techniques on the part of timeshare sellers has resulted in large numbers of people wishing they could dispose of their timeshares.

Most timeshare buyers are reassured, in the purchase discussion, that their timeshares will hold their value and will be easy to sell should their circumstances change. But that's not likely, as many timeshare owners find to their dismay.

Many people think timeshare owners can simply turn the timeshare back or walk away from the contract without repercussions. Wrong! A timeshare is treated the same in terms of law as regular real estate. A timeshare is foreclosed in the same way as a home mortgage. The only difference is that a timeshare foreclosure is also a consequence if your timeshare property is fully paid off and you are obligated only for the maintenance fees.

What happens if you're unable to keep up payments on your timeshare? That varies depending upon the terms of your particular contract and whether yours is a deeded timeshare or a right-to-use agreement. But the general pattern is that your timeshare resort's collection company will begin calling when your first payment is missed, late fees will be imposed, and within a few months, the Internal Revenue Service may be notified of your payment status.

Timeshare companies aren't keen to foreclose, so some time will elapse before proceedings will begin in most cases. During this time, some resorts will be amenable to negotiate a satisfactory arrangement, such as lowering the payments or amount due on the principal, reducing maintenance fees or making them due every two years, or adding perks to your timeshare package. Some may offer you the chance to sign over a Deed in Lieu of Foreclosure. But don't count on it. This is a time when it's a good idea to seek the services of a qualified timeshare lawyer to provide timeshare foreclosure advise or suggest an alternative solution.

If your timeshare company proceeds to foreclosure, you aren't going to emerge unscathed. You'll receive notice that your timeshare will be sold at a public auction or trustee's sale. This is a legal proceeding, a matter of public record, which will be reported both to the IRS and credit bureaus. There goes your credit for the next seven years: you'll find it difficult, if not impossible, to finance a car, get a loan or buy a home. And that's not the worst of it: a trustee's sale or auction rarely raises the amount that's owed, including late fees, by the time a timeshare property is foreclosed on. Your timeshare company can still take legal action against you, suing for the balance owed.

All of this is a matter to think carefully about before you commit to a timeshare. If you have one, and find yourself in the crunch because of an unanticipated change in your circumstances, a marriage dissolution, job layoff or major medical expenses, for instance, you'd be well advised to seek legal counsel and review your options before you miss your first payment.

If you would like information on how to avoid timeshare foreclosure without hiring an expensive timeshare lawyer visit www.ProfessionalTimeshareServices.com and request a free consultation.

For every timeshare owner who finds owning a piece of a resort or holiday chain a great deal, there's at least one who's having second thoughts. One of the techniques in the arsenal of the sales staff of many timeshare resorts is the staged sale.

We aim to help timeshare owners who have been victims of fraud and misrepresentation. We provide services to timeshare owners how to get out of timeshare and give them the justice that they deserve. If you choose Professional Timeshare Services and want to get rid of timeshare, check out http://www.professionaltimeshareservices.com