We received a phone call back in early 1990s from someone at Surfside resort about winning a vacation. Apparently, my name and contact number was entered in a raffle or sweeptstake and these predators got a hold of it. Gullible us decided to drive all the way from Malden, MA to Falmouth, MA for this "FREE" trip. Big mistake. We arrived at Surfside Resort. It was still under construction. They ushered us into a room. The SALE presentation began. Honestly, I don't remember all the details BUT I'll TELL YOU what I DO REMEMBER.
1) I remember them taking us down to the STUDIO unit and showing it us (as if it was really OURS to buy - just like you do a showing for a house). We loved it and most of all love the view. We were looking out at the ocean.
2) I remember being qualified for a loan because we couldn't afford to pay the close to $7000 they were charging for that STUDIO week. We could only afford March week because the other times were way too expensive. But we took a week in March because we were SOLD on the idea that we could go to any resort in the world.
3) I remember being told that we could RENT out our unit for that week for more than the maintenance fee and make some additional income.
4) I remember being told that I was buying real estate and that it was a good investment.
3) I remember when we signed the papers at the table in the office, the gentleman stood up and SHOOK our hands and told us "CONGRATULATIONS, YOU NOW OWN A PIECE OF THIS PROPERTY" - that was a LIE.
We left feeling like we had a made a GOOD DECISION not realizing that we didn't even get that "FREE" trip we went for in the first place. WE LEFT - BUYING A TIMESHARE!
BOTTOMLINE - It's now 17 years later. It's only a few years ago that I realized that WE WERE LIED TO ABOUT THE TIMESHARE!
Here are the lies:
1) Timeshares are not REAL ESTATE!
2) Even though you are given a DEED, it is NOT a DEED to PROPERTY. You own nothing, not even a grain of sand on the land.
3) Timeshares are not INVESTMENTS!!! They are NOT ASSETS... They are a LIABILITY.
4) Timeshare are FOREVER and will pass down to your CHILDREN. Consider them a FOREVER DEBT!!! With Maintenance Fees that increase every year.
5) When you buy a timeshare, you buy a CONTRACT that forces you pay out $ yearly whether you want to or not.
6) You CANNOT just stop paying the Maintenance Fees because of that contract.
7) You cannot RELY on what you are TOLD when they are SELLING you the Timeshare.
8) Timeshares have NO VALUE! There's no RE-SALE Market. Selling is not an option (check out EBAY) and Listing Companies will scam you out of your $.
9) You can vacation at the same Resort where your Timeshare is located FOR WAY LESS than the Maintenance Fees.
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