Can You Really Buy a Timeshare for $1?

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These days even a quick search for buying timeshares online will bring up articles and forums discussing timeshares for sale for $1. Why are there timeshares available at such insane discounts (sometimes listed for between $1 and $100)? Is it a good idea to buy timeshare from owners on FSBO sites?

As licensed timeshare brokers, we’re prone to be a bit biased. Still, the truth is that you can find some great timeshares for sale on FSBO sites; but there are almost always other considerations. We offer our take here:

Why are There Timeshares for Sale for $1?

The main reason you can buy a timeshare online at such deep discounts is because the current owner either isn’t using their property or can no longer afford their maintenance fees. Owners in this situation are usually just looking to “unload” their vacation property and relieve themselves of their annual fees.

So how do you buy timeshares safely and securely from FSBO owners like those described above? The trick is to ask the right questions, research carefully and know who to talk to. Here are a few key questions to ask FSBO owners, along with a brief explanation of why they’re important.

  • The first question you need to ask the seller is, “is the deed paid in full?” This question is essential. If the deed isn’t paid in full, you’re not getting a timeshare for $1, you’re inheriting a debt.
  • You’ll also need to ask, and get written confirmation as to whether the owners are current on their maintenance fees or penalties. If there is remaining debt associated with unpaid fees or penalties, will the seller take care of the remaining balance, or will you inherit that deficit?
  • Who will pay for the closing costs and timeshare transfer? There are administrative costs associated with everything from document preparation to taxes, as a buyer in an FSBO transaction, it’s important to discuss whether you (the buyer) will be cover the closing costs, or if the seller will take care of them.
  • Discuss who will handle the closing and the escrow process, and research that closing company on our own.
  • Finally, and perhaps most importantly, be sure the owner actually has the right to sell their timeshare. 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. Contact the resort directly if the seller can’t provide you with proof… but don’t fall for their pitch to buy from them – you’ll spend thousands more.
  • As with any real estate transaction, it’s a good idea to hire a lawyer to take a look at all associated contracts and paperwork.

These are just a few of the legal logistics of buying an FSBO timeshare. There are also convenience issues. When you buy a timeshare directly from the owner your choices are very limited. You’ll be forced to make a decision based on what was a perfect fit for somebody else’s family; but not necessarily your own.

If you know the specific resort, season, unit size and usage type you’re looking for, you may have luck conducting a very specific search, but if you’re just browsing for good deals, you will find your options lacking.

If all this sounds too complicated, or if you’d like access to virtually any property, week, or unit-size, you may want to work with a licensed timeshare broker.

Brokers will not only match you with a vacation ownership opportunity that’s exactly to your specifications, they’ll also handle all the logistics. Just be sure to check your potential broker’s BBB accreditation and licensing.

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und kompetent

Source by Donald Nadeau

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