It has been over a year since our original post and I wanted to update everyone on our experience. We own a Jockey Club, Las Vegas, 1 bedroom, 4th floor, Bellagio fountains view unit we got for FREE through TUG Bargains late 2015. It cost us $125? in recording fees to get from previous owner. We used it on our week 7, 2016.
While we were there, the resort had a foreclosure listing taped to the door on their Hospitality Center door. It listed about 25 weeks and various units going up for sale in a foreclosure sale the week we were there in 2016. After much review and research on the units being sold, I posted the original question about "Does anyone have info on buying a timeshare in foreclosure?".
I was apprehensive on buying a foreclosure and any residual fees I may be taking on. Although the response from this post was not positive and for the most part, said I should stay away, I moved ahead and bought a unit in the auction.
The auction was conducted by TriCom, the management company that runs The Jockey Club. Several bidders were there but few were bidding on the same units. Most units were sold from a single bid with the purchase price being the starting bid price. The starting bid price ended up being the 2 previous years maintenance fees in arrears plus a few hundred dollars in transfer/recording/service fees. With the payment, you were awarded 2 banked weeks from the previous years maintenance fees.
That being said, we ended up purchasing a gem! We now own a 10th floor, 2 bedroom, back of the property, beautiful (best) view onto the Bellagio Fountains, Paris, and the whole strip. Looking down past Caesars, Flamingo, Trump, Venetian, etc. Simply gorgeous view!! All for a whooping $1600! With 2 weeks in the bank of a 2 bedroom, red, holiday week that we can exchange most anywhere!
We just returned from our week 7, owners unit visit to The Jockey Club! We could not be happier! Just goes to show you, do what YOU think is right for you and most times, it works out fine. Caution is warranted but research is key.