Tag: how to buy timeshare

Buy Vacation Timeshares with Friends or Family

Buying a vacation Property With Family and Friends Have you thought about getting a timeshare for your family vacation spot? Timeshares can be a great solution to those who are looking for a nice and simple way to vacation each year. Buying into these properties means that you will always know you have a place […]

A Better Economy Boosts Timeshares Sales

Great Deals on Timeshares Over the last few years, it seemed as though the thought of buying into a timeshare was a dream many people no longer thought they could afford. With the economy finally on the rebound though, more and more are starting to see timeshares as a viable possibility. Timeshares have quite a […]

How to Choose a Timeshare You Will Love

Do Your Research Before Buying a Timeshare

Everyone loves the idea of going on a vacation at least once per year. However, the hassle of trying to find out just where you are going to stay, how much it is going to cost, and whether they even have rooms available is a pain. Instead of going the traditional route with their vacation, many people are using timeshares instead because of the benefits that they can offer. For example, when you have a timeshare for your vacation, you never have to worry about where you are going to be able to stay! Of course, it is important to make sure that you are choosing the right option for you and your family. Here are some of the things that you have to consider when you are getting a timeshare.

Look at the Location

Where do you want to vacation? Do you have a spot where you and the family love to visit every year? If you do, then you are going to want to make sure that you are choosing a timeshare that is in that vicinity. If you haven’t yet thought about where you like to vacation, it’s time to do that now. Whether you want to stay on the beach or in the mountains, make sure that you are choosing one that you really like! The ability to exchange your timeshare is one of the reasons that timeshares are the world’s most flexible form of vacation ownership. Timeshare exchange companies essentially allow timeshare owners to trade their time at their “home resort” for time at one of a number of affiliated resorts within a given exchange network. Read more about timeshare exchange companies.

Understand the Features and Amenities

When you are buying into a timeshare, make sure you know the amenities that come with the timeshare, and the features that it offers. Where is the unit located? Who takes care of the maintenance? Does the timeshare offer any special features such as a fitness room or a pool? If you can, visit the timeshare in person first. Otherwise, you can look at photos online and read testimonials of those who have property there.

Find a Price that Works

You need to make sure that you have a price that is going to work well for you too. Buying a timeshare is going to be far more affordable than buying a vacation home, but you do need to make sure that the money you spend on the property, and the annual fees, is worth what you receive!

Start looking for your own beautiful timeshare property today. You are going to love it!

Ten Signs it’s a Timeshare Scam

Every year millions of people fall victim to scammers when trying to buy a timeshare or sell their timeshare. In fact, a recent Forbes article stated that “timeshare gripes were the fastest-growing category” of consumer complaints in 2012.

The unfortunate truth is that timeshare scammers prey on vulnerable individuals who are often in desperate financial situations. But don’t lose hope. If you know what to look for, you can easily spot a potential timeshare scammer. If your potential reseller meets any or all of the criteria below, back away slowly.

• They Initiated Contact – Beware of any “timeshare reseller” that initiates contact with you. Cold callers represent by far the largest single group of timeshare scammers. All told, cold-callers have stolen nearly $1 billion from innocent consumers. Most ‘cold-callers’ have gleaned your information from a list of owner’s names they purchased. Many times, cold-callers will try to convince you they’ve got a buyer already lined up or even that they’ve already sold your timeshare and just need a check to cover the closing costs. Don’t fall for it!

• They Require for an Upfront Fee – You should never pay an upfront fee to sell your timeshare. In most cases, you should treat a timeshare like you would any other real estate transaction and work with a licensed real estate broker. Choosing a real estate broker who specializes in timeshares will help you sell your property safely and securely; with a commission paid only at the time of sale. We believe that paying an upfront fee is the number one mistake timeshare sellers make.

• They Aren’t BBB Accredited – The BBB is a nonprofit organization focused on advancing marketplace trust. Serving as an intermediary between consumers and businesses, the BBB alerts the public to scams and handles consumer complaints. Check for BBB accreditation and don’t take a badge on the website as a sure sign. Anyone can copy and paste a logo onto their website. A legitimate time share broker will link the icon to their actual BBB rating.

• They Don’t Have a Street Address – Most scam artists don’t want you to be able to locate them easily. After all, if you can find them easily, so can the authorities. That’s why they often only give an email address, cell phone number or a P.O. box. On the other hand, reputable companies DO want you to be able to contact them quickly and easily. They’ll offer several ways: telephone, physical address, email, fax, etc.

• They Ask for Credit Card or Banking Information – You should never have to give credit card or bank account information to timeshare resellers upfront. A legitimate timeshare broker will will operate through a licensed closing company with secure escrow procedures.

• Poor Grammar and Spelling Mistakes – Many times, scammers aren’t willing to invest in quality content. Sometimes, they purposely use nonsensical language to confuse consumers. Grammatical errors and spelling mistakes often indicate that the message was written by a scam artist in a foreign country. This type of nonsensical language is a common characteristic of a scam.

• They Overuse Big, Important-Sounding Words – Scammers sometimes use official-sounding words like “national,” or “federal” or they display an official-looking seal to fool you into thinking they are legitimate. Scrutinize what you’re reading and perform a simple Google search to check the validity of their claims.

• They Employ High Pressure Tactics – If a potential reseller acts in any way aggressive, or if he or she tries to force you into acting right away (thereby sacrificing the all-important research step), run for the hills. A legitimate company is more than happy for you to take your time researching their credibility, and will provide you with every resource available to help you do so.

• It Sounds Too Too to Be True – Timeshare resellers may contact you with some pretty enticing claims. They might tell you they’ve got a buyer lined up to buy your timeshare, that the market in your area is “hot” and that they’re overwhelmed with buyer requests, or that they can guarantee a sale within a specific time. Be a skeptic. You can’t expect to get nearly what you paid for your timeshare from the developer. Get a free market survey to determine what your timeshare is really worth.

• They Are Evasive or Withhold Details – Any company offering legitimate timeshare resales will provide you with all the information you need, without working to portray a false appearance of credibility; and will have verifiable references that you can contact.

So What Can You Do?

Contact the state Attorney General and local consumer protection agencies in the state where the reseller is located. Ask if any complaints are on file. You also can search online for complaints and check with the BBB.

Check the license. Ask for licensing information and verify it with the Real Estate Commission. Only deal with licensed brokers and always ask for references.

Before you sign a contract with a reseller, get the details of the terms and conditions of the contract. It should include: the services the reseller will perform; the fees, commissions, and other costs you must pay and when; and who is responsible for documenting and closing the sale.

By keeping your eyes open for the ten warning signs listed above, you can save a lot of trouble and money. If you suspect you’ve been scammed online, file a complaint with your state attorney general’s office and the Internet Crime Complaint Center (known as the IC3).

The IC3 not only collects complaints but also analyzes them, links similar complaints, and discerns patterns in order to help law enforcement identify the scammers.

Timeshare Broker Sales’ Spotless BBB Record

As discussed in a recent post here on the Timeshare Broker Beat, the Better Business Bureau frequently deals with reports of fraudulent timeshare resellers and timeshare scams. Thus, the BBB periodically releases advice for timeshare sellers and buyers on the resale market, to help protect them from dishonest business practices.

Not surprisingly, one of their most important tips is to always check with the BBB about potential resellers. First, check to see if any complaints have been filed against them, and if/how they were resolved.

Then, check to see if they are BBB accredited – a distinction that means the BBB has determined that the business meets accreditation standards (which include a commitment to make a good faith effort to resolve any consumer complaints).

We here at Timeshare Broker Sales thought we’d take this opportunity to, ahem, mention our spotless BBB record. We’ve never had a complaint filed against us, and we operate with full BBB Accreditation.  We don’t like to brag… but in this case, we’re OK with it. We’re proud of our spotless BBB record because we know it serves as a testament to our reputability.

Check out our BBB record here, then contact us with any questions about buying, selling or renting timeshares on the resale market with Timeshare Broker Sales.

Buy a Timeshare for a Dollar?

Stop by almost any timeshare forum and you’ll find discussion about purchasing a timeshare for $1 on for-sale-by-owner websites like eBay and Craigslist. These days, you’ll even find sellers advertising their property on personal Facebook pages! So what’s the deal? Why are there timeshares available for $1, and is it a good idea to buy timeshare from owners on FSBO sites?

The primary reason you’ll find timeshares for sale at such drastic discounts (often listed for $1 – $100) is because the current owners are no longer able to afford their maintenance fees and simply want the property off their hands. Sounds great, right? Well, that depends.

The truth is, there are some great timeshares available on FSBO websites; but there are almost always strings attached. The trick is to research carefully and ask the right questions. Knowing which questions to ask comes from knowing the challenges associated with buying and selling timeshares this way. Here are a few key questions to ask FSBO owners, along with a brief explanation of why they’re important.

Is the deed paid in full? This one’s important. If the deed isn’t paid in full, you’re not getting a timeshare for $1, you’re inheriting a debt. If the amount owed is still acceptable to you as a purchase price for a timeshare – great! But, if it’s more than you were looking to pay, or if there are any penalties associated with late or missed payments, you might want to consider purchasing a timeshare whose deed is paid in full.

Are there any maintenance fees or penalties owed? This one is in line with the previous question. If the owner is selling their timeshare for $1, chances are he or she is having trouble making their maintenance fees. Find out from the seller if there are any maintenance fees or penalties for non-payment associated with the account. If there is remaining debt, who is responsible? Will the seller take care of the remaining balance, or will you inherit that deficit?

Who’s paying the closing costs? Just like traditional real-estate, when a timeshare deed is transferred from one owner to another, there are administrative costs associated with everything from document preparation to taxes. Closing costs may comprise origination fees, title search and title insurance fees, discount fees, survey fees, appraisal fees, attorney’s fees, credit report fees and prepaid expenses such as insurance and taxes. As a buyer in an FSBO transaction, it’s important to discuss who’ll be covering these costs, and how much they’ll amount to.

What is the escrow process? If you and the seller determine that you’ll be responsible for the closing costs, who will conduct your closing and where will the money be held?

Is the contract of sale valid? Finally, be sure the owner actually has the right to sell their timeshare. Ask to see their contract. In some cases, an owner is not legally entitled to conduct the sale of their timeshare property, so any contract you sign may be invalid. It’s a good idea to hire a lawyer to take a look at all associated contracts and paperwork.

The above questions might sound like a lot, but it’s extremely important to have all the facts before purchasing any kind of vacation ownership from a previous owner. If all this sounds too complicated, or if you’re looking for a way to streamline the buying process, you may want to work with a licensed timeshare broker like Timeshare Broker Sales, who can help you though every step of the process.

MSN Money offers Great Timeshare Resales Advice

We love finding good coverage of timeshare-related topics on mainstream media. We’ve recently stumbled upon some great advice at MSN Money that we’d like to make available to our website visitors.

The post, entitled: How to Buy and Sell Timeshares offers a comprehensive “overview” of timeshare resale best practices. Check it out and feel free to contact us with any questions about buying or selling vacation ownership property.

As addressed in the article, we are a licensed timeshare broker, a BBB accredited business, and we never charge an upfront fee to sell timeshare.