This is a sad story of the buyer believing the sellers who are licensed agents, and trusting that licensed real estate agents will not break the law. When my husband and I toured the sales office for the Grandview, we were given one of the most brilliant sales pitches ever told. The number of lies is hard to list on one page; (1) 6 weeks of bonus weeks available through RCI, (2) #1 location so you can trade for anyplace in the world, anytime, no problems, (3) bus leaves every 30 minutes to take you to the casinos, (4) don't worry about the finance rate, you can get your own mortgage when you get back to your home state, (5) business write-off every time you come to see the place as long as you just rent it out one time..."hey, you have to check on your investment, right", (6) they appreciate about, "at least" 10% a year and if you decide you don't want it, you just sell it for a nice profit, (7) Las Vegas is the hottest real estate market in the US, so the timeshare will be easy to sell anytime... Blah... Blah... Blah!
The reality; the walls are paper thin, so guest feel like they are staying in a low-rate motel, not a luxury vacation resort. They cancelled the bus service to the casino district, so you have to take a taxi or drive your rental car and hope you can find parking. You CANNOT re-mortgage at a lower rate, none of the banks will even touch a timeshare. You cannot sell the timeshare, as no one will represent your property and they have dropped in value as there are people willing to GIVE THEM AWAY just to not have to cough up the almost $700/wk maintenance fees in addition to the cost of the timeshare. I have never been able to get any decent place to stay with RCI by trading my week, and it cost me an additional $150 to trade. Add that to the nearly $700 maintenance fee and you are getting really close to retail prices on hotel packages available all over the place.
I would like to hear from others. I think this huge ripoff (approximately $24K) is ripe for a class action lawsuit because I know I am not the only person who was lied to. I saw at least 20 other people that day getting the same line of BS as we were. Real estate agents should know better than to break the law like this, but obviously, no one has challenged them yet.
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