Timeshare Auctions: Questions to Ask Before Buying a Timeshare on Ebay

If you’re looking to buy a timeshare at a great price, eBay is often the best place to find one. Hundreds of timeshares are bought and sold on eBay each week and nearly every major timeshare company is represented, so whether you’re looking for a fixed week deeded timeshare or a points-based vacation club, you should be able to find it. easily for the right price. .

However, there are some important questions to consider when searching eBay for the right timeshare to bid on. They will prevent you from getting stuck with a terrible dealer or financial surprises for your winning bid.

What are the closing costs?

Many of the timeshares on eBay have very low starting bids or Buy now prices and sometimes because the seller is compensating you, i.e. closing costs to hire a title company. From my research on Ebay, most timeshare auctions are handled by real estate companies and most of them have a relationship with a particular title company. This is fine, but shop around. Expenses can vary dramatically between title companies.

Is there a resort transfer fee?

For most timeshares, once you win your eBay bid, you pay the winning bid amount, the current year’s maintenance fees, and the title company’s closing fees. However, there are some timeshare companies that require a fee to transfer a deed or membership between owners. This can range from $50 to $350, so be sure to check the fine print on the auction listing before you bid.

Is commercial power a consideration?

If you are buying a timeshare strictly as a dealer for exchange programs like RCI and Interval International, $1 timeshare auctions are generally a waste of time. Every single one I’ve seen has either been in a horrible off-season week in a part of the country no one wants to visit or the week is essentially an off-season there (ie winter on Cape Cod). Maybe you’ll be luckier than me and find an amazing deal at a bargain price, but don’t count on it.

Is the timeshare tangle free?

Try to do your due diligence on a timeshare before the auction ends. Contact the seller and ask for the contract number and name of the owner, then call the resort and verify the details listed in the auction. Here is a list of questions to ask:

1. Are the maintenance fees up to date?
2. Are there tax obligations up to date?
3. If it’s a points-based timeshare, is the number of points listed in the auction the same number of points as the membership?
4. If it is a fixed deed timeshare, is the week correct?
5. If this is a “Right of Use” vacation club membership, is the expiration year correct?

Is there any special appraisal pending?

Special assessments cover things like hurricane damage and major rebuilding projects. Many owners often want to get rid of a timeshare if there is an onerous special assessment that must be paid over several years, so make sure you don’t take on someone else’s burden.

It may seem like a lot of things to consider, but buying a timeshare on eBay will often save you 50-75% off developer retail prices, so it pays to look things over to find the best timeshare. deal for you Once you take your first vacation in your new home away from home, it will be well worth the time spent.