Timeshares: Should You Purchase A Timeshare From An Auction Websites

Even though the traditional approach of buying timeshares via a broker remains the

most popular option, more and more people are turning towards online auctions, but unfortunately there are many cases where people end up getting scammed into purchasing timeshares which don't even exist in the first place, or else, they end up with a timeshare that is nothing like they expected. Because this seems to be happening to a great number of people, it's something which cannot simply be ignored. Understandably, many people insist on purchasing their timeshare online rather than attending a presentation, in that they feel uncomfortable in the presence of a salesman because they're afraid of being pressured into making a commitment.

In fact, it's because of these types of salesmen that online auction sites have become popular between those people who are in search of timeshare properties. Additionally, sites like eBay.com and bidshares.com which allow members to put their timeshare properties up for auction are known to be reliable and safe in general. Another advantage of following this route is that these sites don't charge you any upfront fees, but instead, you only pay if your property sells.

If you decide to acquire a timeshare property in this manner then you need to keep a few things in mind, such as the need to establish contact with the seller as soon as possible. This also gives you an opportunity to see whether or not the seller responds to your questions. You also need to judge whether the seller is providing you with all the information you've asked for, and above all, you need to realize that auctions are not without risk.

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 enquire about the timeshare unit is not a bad idea.

One more important point to remember while bidding on a timeshare 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 deal 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. Also do research about the selling price of similar units sold recently in that location. Do not hurry whether you lose or 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 before hand by contacting the owner.

Although there are many methods of payment available a seller may have a specific preference. Also be watchful if the owner is not responding to this question. Also the auction websites provides seller ratings, feedback 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 winner retracts his bid. 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.

by: Eric Frey

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