If it hasn't happened already, Monarch owners will no doubt be receiving a call from Diamond Resorts to schedule an "owners" update.
Actually you will be attending a sales presentation telling you to pay big money to convert to Diamond or be stuck competing with Diamond Members for Monarch properties. Research Diamond Resorts before you do anything.
Florida Passes Timeshare Law To Protect Consumers
Timeshare scams have been an ongoing problem and have reached the point that they are the largest consumer complaint made in many regions of the country. To help combat this growing problem, Florida Governor Rick Scott has signed a new timeshare law (the Timeshare Resale Accountability Act) giving consumers better protection against these scams which goes into effective on July 1, 2012.
The problem is that due to the current economic conditions, timeshare owners are finding it extremely difficult to sell their timeshare. Many of them find themselves in a situation where they can't get out of their timeshare even though they no longer want it. This has made them easy prey from scam artists who mislead them into thinking that they have someone who wants to buy their timeshare.
Once the timeshare owner bites, the scam artist then requests thousands of dollars in upfront fees for such things as title or closing costs. Once paid, the supposed buyer never materializes and the scam artists claim that they were merely offering advertising services for the upfront money paid.
While the new law provides a number of new consumer protections, the four main points are as follows:
1. Timeshare resale advertisers can't claim there's someone interested in the owner's timeshare without providing the purchaser's name and address.
2. Timeshare resale advertisers must provide a written contract for agreement of services that must be signed by the timeshare owner before it can collect any fees or engage in any resale advertising activities.
3. Timeshare owners have seven days to cancel any signed contract with a timeshare resale advertiser. If a timeshare owner cancels a contract, the timeshare resale advertiser has 20 to provide a full refund to the timeshare owner.
4. Any timeshare resale advertiser which violates the law's provisions can be hit with a penalty which may not exceed $15,000 per violation under the Unfair and Deceptive Trade Practices Act.
Political notebook: Bondi touts timeshare law reforms
Timeshare Resale Accountability Act, which protects timeshare owners from timeshare resale fraud in Florida.
http://www.naplesnews.com/news/2012/jun/23/political-announcements-collier-lee-counties-fla/
http://www.naplesnews.com/news/2012/jun/23/political-announcements-collier-lee-counties-fla/
Timeshare owners warned to look out for buyer scam .
KTVB.COM
Posted on June 24, 2012 at 1:55 PM
Updated
today at 8:28 AM
BOISE -- The Idaho Department of Finance is warning timeshare owners to be on the lookout for a scam involving fake buyers.
Department of Finance Director Gavin Gee said that All Net Escrow claims to be located in Eagle, Idaho. However, the business that is actually located at that address became concerned after someone walked in looking for escrow services. The DOF said that they have not licensed All Net Escrow in any capacity.
Gee said that All Net Escrow appears to be working with another company listed at a false address in Oklahoma City: Castle Wealth Management. While a Capital Wealth Management does exist, the DOF said that it is a legitimate business based out of Florida and not the one targeted in their investigation.
Timeshare owners with units in Mexico seem to be the main target of the scam. Gee said it works like this: Timeshare owners are contacted by Castle Wealth, who claim that they have a buyer for the timeshare and want to know if the owner is selling. All Net Escrow then sends account information to the owner, leading them to believe that funds have been received from the "buyer" and are being held in escrow.
The owner is then required to pay a "transfer fee" by wiring funds equal to between one percent and five percent of the sales price to a bank in Mexico. Owners are told this fee will be refunded once the transaction closes.
Gee said that at least one timeshare owner was presented with a fake escrow license fashioned to look like the ones issued by the DOF.
The DOF is asking that anyone who has been contacted by either of these companies call them at 208-332-8080 or toll free at 1-888-346-3378.
Diamond Resorts Proposes All-Cash Acquisition of Bluegreen for $6.25 per Share
Bluegreen Owners beware! You only have to google "Diamond Resorts Complaints" to see what a mess Diamond creates for it's owners.
Read the article here" http://www.marketwatch.com/story/diamond-resorts-proposes-all-cash-acquisition-of-bluegreen-for-625-per-share-2012-06-18
Read the article here" http://www.marketwatch.com/story/diamond-resorts-proposes-all-cash-acquisition-of-bluegreen-for-625-per-share-2012-06-18
Timeshare Datashare: Resort Occupancy Remains Strong in 2011
Provided by ARDA International Foundation
According to the newly released State of the Vacation Timeshare Industry: United States Study, 2012 Edition, the timeshare industry reported an average 78.9% occupancy rate in 2011, compared with a 60% occupancy rate for the hotel industry. (Source: "STR Monthly Hotel Review: December 2011" Smith Travel Research)
Owners, their guests and exchange participants accounted for about 64% of available intervals. Renters accounted for another 12%, while marketing guests contributed another 3%. The percentage of occupancy related to rentals is up this year from 10% last year.
Occupancy Breakouts
Source: State of the Vacation Timeshare Industry: United States Study, 2012 Edition, conducted for the AIF by Ernst & Young
With numbers the industry is seeing, why can't you get into the resorts? The average is 21% vacant. With 3% being used for marketing guests, why are they letting potential members stay at the resorts and telling the owner there is no room for him.
Subscribe to:
Posts (Atom)