Bargain timeshares

kerkev · Feb 19, 2011

Has anybody bought from the bargain deals? I'm looking to purchase a timeshare and I'm doing lots of research. Bit scary because you don't know who to trust. When I see Timeshare for $1.00 I'm a little skeptical. Also the TS in places like Aruba Hawaii Vegas and Ca are the hot spots? Is it good to have RCI vs II. Any insight will be appreciated. Thanks Suzanne

ronparise · Feb 19, 2011

I just bought a week at the Avenue Plaza Resort in New Orleans that was advertised on TUG's Bargin Basement

The transfer went as smooth as silk, and I now have my deed back from the courthouse.....Still waiting however for Wyndham to add me to their system

I would however advise against doing it the way we did. (just like I used to tell my kids, "do as I say, not as I do"

We did a quit claim deed with no title company involvement. Both of us are licensed real estate agents and think we know what we are doing. For all I know I bought this subject to a mortgage and other liens. I dont think so, but its a risk I took to save a few hundred dollars.....Dont do it; use a title company to make sure what you are buying is clean.

DeniseM · Feb 19, 2011

kerkev said:
Has anybody bought from the bargain deals? I'm looking to purchase a timeshare and I'm doing lots of research. Bit scary because you don't know who to trust. When I see Timeshare for $1.00 I'm a little skeptical. Also the TS in places like Aruba Hawaii Vegas and Ca are the hot spots? Is it good to have RCI vs II. Any insight will be appreciated. Thanks Suzanne

Hi and welcome to TUG!

First of all, you should do a lot more reading to determine what your timeshare needs are. There are some great deals on the Bargain Board, but that doesn't mean they are all great deals for you.

Secondly, you should use a reliable 3rd party to transfer the deed for you, so that you know the transfer is done legally. This could be a closing company, or a lawyer, or a deed preparation company. Which you choose depends on the location and the cost.

As far as the $1 price - check out ebay. The market is flooded with $1 timeshares because of the economy - it certainly doesn't mean it's a scam.

Here are some questions for you to think about and answer here, if you want:

1) Where do you want your home resort to be?
2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time?
3) What are your 5 top trade destinations?
4) How many people do you usually travel with?
5) Can you travel any time, or are you locked into the school schedule?
6) Can you make firm plans 12 or more mos. in advance?
7) Can you vacation for a full week at a time?
8) How much can you afford to spend upfront, without financing?
9) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
10) Are you a detail oriented planner?
11) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do?

kerkev · Feb 19, 2011

Bargain Sales

DeniseM said:
Hi and welcome to TUG!

First of all, you should do a lot more reading to determine what your timeshare needs are. There are some great deals on the Bargain Board, but that doesn't mean they are all great deals for you.

Secondly, you should use a reliable 3rd party to transfer the deed for you, so that you know the transfer is done legally. This could be a closing company, or a lawyer, or a deed preparation company. Which you choose depends on the location and the cost.

As far as the $1 price - check out ebay. The market is flooded with $1 timeshares because of the economy - it certainly doesn't mean it's a scam.

Here are some questions for you to think about and answer here, if you want:

1) Where do you want your home resort to be?
2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time?
3) What are your 5 top trade destinations?
4) How many people do you usually travel with?
5) Can you travel any time, or are you locked into the school schedule?
6) Can you make firm plans 12 or more mos. in advance?
7) Can you vacation for a full week at a time?
8) How much can you afford to spend upfront, without financing?
9) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
10) Are you a detail oriented planner?
11) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do?

Hi Denise , thank you for responding. I am still researching. I read that I need to have a licensed real estate broker. I'm thinking if i do this I may go with Island Consulting Realty. They are licensed real estate brokerage that specialize in resale of timeshares. Checked them out with BBB. I believe they handle the deed. Of course I would check that out prior to purchase. I love the Caribbean. Is Cancun an Island of high demand? Or is it just Hawaii, Orlando, & Aruba?

DeniseM · Feb 19, 2011

You can use a broker if you want to, but you do not have to use a licensed real estate broker - not at all.

I would not buy in Mexico. Mexico is a cheap and easy rental and exchange. In other words, if you buy there, it won't be a good trader or rental, and there is no need to buy there, because you can rent so cheap.

Here is my recommendation for a first timeshare - click here

funtime · Feb 19, 2011

Have fun with your research but in the end you can learn a lot more by buying and trading a timeshare and if your ultimate purchase is under $500, I say go for it. Also Join TUG for 15 and have access to our reviews they are invaluable.

And, how to get in real trouble (but have fun doing it?) Go on ebay and type in timeshares - it will ask you if you are looking for timeshare finder. Yes. Then use that timeshare finder to punch in a geographic area and then punch in summer weeks and then see if you like any of them - if you get a week 26 through 30 you will have a great trader and can use it yourself.

Lastly, while you certainly want to do some further exploration, in my view more conservative advice which others will share to wait six months before buying anything is far more important when one was paying 10,000 per timeshare rather than 300 to 500 per timeshare.on ebay. So enjoy!! Funtime

Bargain timeshares

kerkev

ronparise

DeniseM

kerkev

DeniseM

funtime

TUG Review Crew: Veteran