Buying timeshares can be fruitful for some people, but not everyone. Here are some questionable timeshare practices that unscrupulous people follow to take advantage of seniors:
Claiming that they have a buyer for your timeshare and requiring you to pay a certain amount that’s refundable upon sale
If you own a timeshare, there’s a chance you may want to sell it at some point. However, if any person or company contacts you about knowing someone willing to purchase your timeshare, don’t engage with them. A timeshare is usually barely worth a fraction of the amount you spent on its purchase, because of which there are many timeshares available for sale. There’s no chance of someone else finding a buyer for your timeshare even before you’ve advertised it. Don’t pay any amount before selling your timeshare.
Lying about how your heirs will be stuck with the timeshare unless you do as asked
Your heirs are under no obligation to accept the timeshare upon your death unless their name is included in the timeshare deed. However, your estate must pay off any debt you still have on the timeshare. Buying more timeshare or upgrading to a made-up ownership level will only increase your debt, but not impact your heirs getting stuck with the timeshare.
Keeping you at a sales pitch longer than required
Irrespective of the terms you accepted to attend a sales pitch, there’s a minimum duration for which you have to stay to get whatever you’ve been promised. The time limit must be somewhere in writing. Find it, and don’t deviate from it. You have no obligation to stay longer than the stated length of time. There have been instances of sales personnel keeping hapless seniors without food or drinks for four, five, or more hours, citing one reason or another. Be firm about this. Leave at the appropriate time. Remember that you’re in control, not the salesperson.
Being aware of such practices can prevent you from falling prey to them.