How To Buy A Timeshare On An Internet Auction
While many people still go through traditional method of buying timeshares (i.e., through timeshare brokers or real estate companies), the trend to buy timeshares online is catching up.
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. 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.
One more important point to remember while bidding on timeshare auctions is to do your homework in advance by finding out complete information about the property. The details would include name and location of the property, number of bedrooms, number of bathrooms, Exchange Company's name that seller's resort deals with, the date by which the property is ready to use, annual maintenance fee of the resort, and sizes of bedrooms and is there any assessment this year?
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.
The auction websites also provide seller ratings, feedbacks and transaction history. This very important to you as you may not want go to a seller with bad ratings or feedback. Also, if you miss a bid by a whisker, say $10, don't be discouraged. You may contact the seller that you are ready to buy the unit just in case if the winning bidder retracts his bid. It happens! Even if it doesn't happen, you may get another unit if seller has multiple units. But never agree to pay over your bid price which defeats the purpose of an auction which provides an open platform for fair and reasonable bargaining but within the jurisdiction of the system adhering to the rules and regulations.
About the Author: Buy-Timeshare-Online.com showcases hundreds of Florida timeshare auctions, Orlando vacation rentals, as well as timeshares and vacation rentals around the world.
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Print Article | Download PDF | 13 views | Mar 16 2008
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