About Andreas Rossler Expertise I'm able to answer general questions on timeshares and specifically in regard to purchasing, renting or exchanging timeshares on the secondary or resale market and through the Internet. I have expert knowledge in sales, mechanics (how and why timeshares work), and timeshare exchanges.
I am also well versed in timeshare financing and may be able to guide you to better financing or refinancing options for your timeshare purchase.
If you ask questions of a legal nature, or those requiring tax advice - I may not be able to answer fully.
Experience I have 10 years of industry experience in sales, management and processing. I'm currently CEO of Timeshare Village, a resource for timeshare owners and industry professionals.
Organizations Mensa - Life Member
Publications I have been interviewed by Channel 7 News in the Bay Area of California regarding my opinions on Worldmark, the Club timeshares as developed by Trendwest-Wyndham Resorts.
Education/Credentials MBA - Master's in Business Administration
BS - Mathematics
BA - Economics
California Real Estate Broker
Question QUESTION: HI - I 'bought' 3 units (connecting) for one week each - all Week 21 (week before and including Memorial Day weekend) at the going to be built Westgate Myrtle Beach tower for every other year (nice!). I can pay it outright totalling ~ $40K - so, no finance charges. Also, no closing costs. They said they could get $8K/week for all 3 and could sell for ~ double after it gets build (1/09). Is this a good investment? I would want it to pay for itself and just use the cheap mini-vacations elsewhere. There is more invovled - like got money from house fire and not ready to buy a house - pending divorce, etc. - just fyi
ANSWER: I can buy Westgate in Florida all day long for $500-$2,000 per week. Go ahead and check eBay - no, not the listings, but the COMPLETED listings - what they actually sold for. You'll find the listings priced too high - most never sell. NO, not a good investment. Timeshare is an absolute waste of money unless you are going to use it every year for vacations. Have them put it in writing that it will sell for double - I think you'll find them reluctant to do so. Matter of fact, if they mentioned the word "investment", I would consider reporting them to the attorney general in Florida. If they sold this to you as an "investment", write me back - I have about 13 different ways you can make their life hell for ripping you off.
Here's what will happen: you'll spend 40K for the weeks. Five years from now, you'll dump all of them for about $500 each because you're sick of maintenance fees. You'll never tell anyone you bought them out of embarrassment. You will have lost roughly $45K in costs and maintenance fees. Check out this site:
Go ahead, print this out and show it to them. Let them know they are thieves and not to be trusted with a penny of your money.
If you think it will sell for double after it is built, I also have an investment - this bridge in Brooklyn I'm trying to sell (just a joke).
Please, I beg you, don't buy timeshare as an investment. Hey! I have an idea - since it is going to sell for double after it is built, why don't the sales people buy the weeks! They could double their money!
If you just bought, you have 10 calendar days to cancel.
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QUESTION: It was 15 days ago. And, yes, one of the sales people said we should be able to sell if for double in 2 years. They Also said that it is profitable to rent it out and not use it so it would pay for itself - and just use the unlimited Getaways for a cheap vacation instead of using your own. What do I do now - how can I get out of it or sell it - I have only paid the $4K down.
Answer Keep in mind, I am not a lawyer, so I cannot give legal advice - however, I can give you an opinion and course of action I would take if I were in your situation. This is a case of misrepresentation and fraud. I am going to provide a list of actions you can pursue. Before doing so, I would write a letter to the company and to the sales office where you purchased. Let them know you were lied to, that this is a case of both misrepresentation and fraud, and that you plan to take the following actions if the contract isn't canceled and all your monies returned within 10 calendar days of receipt of the letter (make sure you are firm - explain that if you receive the money on the 11th day, it is too late and you will take the actions regardless of their refund and cancellation). Send the letter via the US Postal Service, return receipt requested (this is your proof of when they got the letter).
1. The Attorney General. You should file a complaint with the Attorney General where the company is headquartered, the state where you purchased, and your home state. Here is a good site where you can link to Attorney General complaint forms online: http://www.fair-debt-collection.com/attorneys.html
2. See if the company is listed with the Better Business Bureau; file a complaint with the BBB. Here is their online complaint form: http://www.bbb.org/complaint.asp
3. A good site is the Rip-off Report. Be careful when writing up a report on that site – state the truth and nothing but the truth. This site is caught by search engines, so be sure to use the company name. Here is their site: http://ripoffreport.com/
4. Complaints.com is similar to Rip-off Report. Here is their website: http://www.complaints.com/ (#3 and #4 have a simple purpose, to get the company’s name to show up on search engines. This is the worst possible publicity and can cause the loss of an untold amount of business).
5. The FTC (Federal Trade Commission). They are very much interested in hearing about shady timeshare developers or rip-offs. The reason being that most timeshares solicit individuals via the telephone. Here is their online complaint form: https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01
6. For reference purposes, you may want to check out the National Association for Members - http://www.natlassoc.org/ - lots of good stuff.
7. If a lawyer or other professional (CPA) was involved in the transfer or escrow process, you may be able to file a complaint with the state bar or other professional organization they belong to – depending on the nature of your situation.
8. Report the company to the state agency that regulates real estate. It is best to do a Yahoo search like this: “Florida Department of Real Estate”. You could however start here and drill down to the right website: http://www.usa.gov/Agencies/State_and_Territories.shtml
9. If your situation involved a credit card purchase and you’re not getting your refund, definitely call the credit card company and find out their policy on filing a complaint.
10. File complaints with State, County and City Consumer Protection Offices. Here you’ll find a list of all of them: http://consumeraction.gov/state.shtml
11. File a complaint with the National Consumer’s League Fraud Center. Here’s the web site: http://www.fraud.org/
12. File a Complaint with the National Association of Consumer Advocates. Here is their website: http://www.naca.net/
13. Small Claims Court. What’s good about small claims is that it is easy and can cause huge head aches for the company. In this case you can sue for $4,000 and then ask the judge to cancel the contract based on misrepresentation and fraud. Let the company know that you plan to post the court proceedings on the Internet.
Good luck - and please follow up with me so that I know how things turned out and can help other people in the same situation.
