Buying Timeshares on Auction Websites
Daniel Wright
Although buying timeshares through traditional means such as brokers or real estate companies is still pretty common, more and more timeshares are being bought through internet auctions.
We hear many horror stories about people being scammed into buying timeshares which do not exist or sometimes are not up to the quality that they were promised or even in the wrong location. And these stories cannot be ignored because the number of people that have been cheated is unusually high and increasing by the day. And imagine yourself sitting in a presentation given by timeshare companies to prospective buyers. It is a traumatic experience as you will be subjected to sit for many hours and pressure selling techniques of the timeshare companies. They won't let you go unless and until you give some sign of commitment or sign some papers.
Events such as these helped popularize internet timeshare auctions (http://www.buy-timeshare-online.com/US/Florida). Now a buyer who is interested in a timeshare can buy one without interference from an unscrupulous seller who may want to do something illegal to sell their timeshare. Such auction websites allow a user to buy and sell a timeshare, and they charge no upfront fee at all either to list your timeshare for sale or to bid on a timeshare for sale. Their charges are only after your bid has won. When you bid on such a timeshare listing, you have to remember a few things. Try to communicate with the seller as soon as you can, so that you can get a feeling of how responsive the seller will be to your questions, and how quickly, and whether that seller is giving all the information you need. No internet auction is completely foolproof against fraud, so keep your guard up against it. The practice referenced above will get rid of some of the risk of your being caught in a scam transaction, but it doesn't necessarily mean that a nonresponsive seller is a scammer; some people simply don't communicate well in writing. In a case like that, you would do well to make a phone call to ask about the timeshare unit.
While bidding on a timeshare, one important thing to remember is to "do your homework". Get complete information on the property: name and location of the property, number of bedrooms and bathrooms, the name of the Exchange Company that the seller's resort is associated with, the date which the property will be ready for your use, the annual fees (including maintenance) for the resort, the size of the bedrooms and rooms, and the cost of any possible assessments.
Also do research about the selling price of similar units sold recently in that location. Do not worry whether you lose nor be in a hurry, there may be a better property in waiting for you. Also, it is not a bad idea if you determine the mode of payment beforehand by contacting the owner. Although there are many methods of payment available a seller may have a specific preference. Be watchful if the owner is not responding to this question.
When you browse Internet sites that offer auctions, some tools available to you include ratings of sellers, feedback from other users, and records of users' transactions. You need to look at this information to avoid dealing with bad sellers. Perhaps you make a bid on a seller's item and finish the auction in second place, just missing by a small amount of money. If this happens, you can message the seller and let him/her know that you are willing to buy the item if the winning buyer is unable or unwilling to go through with the purchase. This really happens! Perhaps the seller has another unit of the same item he would be willing to offer you. One thing you should never do is pay more than you bid, which goes against the main reason auctions exist in the first place - to offer a justified bargaining system under a structure of rules and organization.
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