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.
All these happenings lead to the emergence of internet auction sites for timeshares. Now the buyers have freedom from those unscrupulous sellers who adopt illegal techniques to sell their timeshares. Popular auction sites allow users to buy and sell timeshares through their website. These sites charge absolutely no upfront fee either to put your timeshare on sale or to bid on timeshare sales. They only charge after the bid is successful. When bidding on a timeshare, few points have to be kept in mind. Try to establish communication with the seller as soon as possible and know whether the seller is responding well to your queries or not. If yes, how soon and whether he is giving you the complete information or not. Internet auctions are also not fool proof against scammers and frauds, so beware of them. The above practice would eliminate few of the possibilities of you being trapped in some kind of scam. But it doesn’t mean at the same time that if the seller is not responding he may not be a genuine seller. Some people are not good at written communication. In that case, making a phone call to inquire about the timeshare unit is not a bad idea.
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.
It is important to research the selling price of similar units that recently sold in your desired location. Try not to stress over losing out on a property, and do not hurry – there may be a better property waiting for you. It is also a good idea to determine the mode of payment before you contact the owner. There are many methods of payment available, but a seller may have a particular preference. Exercise caution if the owner does not respond to questions about payment.
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.
Buy-Timeshare-Online.com showcases hundreds of Florida timeshare auctions, Orlando vacation rentals, as well as timeshares and vacation rentals around the world.
- Daniel Wright
This entry was posted on Wednesday, July 29th, 2009 at 6:07 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
