My $0.02 worth...
Hi, I have the oppotunity to buy a timeshare in a resort we really like. We are going to get the unit location we want, and the weeks are 3 every 2 years - in times we want them (or we will trade through RCI or internally through the resort once in a while). The cost is $500 to buy, and the yearly assessment fees of about $800. Closting costs are about $100.00. We are buying directly from the resort because they have a unit in foreclosure that meets our needs. It sounds like a good deal to us, but I'm wondering if we are missing something?
I have checked other places, and people are trying to sell the same type of unit / weeks at this resort for anywhere from $1500 to $9000.
The resort is unidentified, but some of the numbers cited still seem oddly low to me. If foreclosure has already been initiated, likely having already involved out-of-pocket legal expenses for the resort, it certainly seems a bit odd that "closing costs are about $100" --- an absurdly low figure in virtually any closing. And, assuming that foreclosure proceedings were initiated because of unpaid maintenance fees and/or assessments, if those foreclosure proceedings are now going to be halted before actual completion, what then becomes of the existing debt on the existing ownership? Are you unknowingly agreeing to take on that debt?
I don't know. I'm certainly no expert, don't claim to be --- and there isn't much substantive info or detail provided to work with here, but the numbers cited above somehow have me looking a bit askance at this, based on the very limited info provided...
In view of the fact that this seems to be a low cost purchase anyhow, it might not be a bad idea to enlist the services of a closing company to flesh out all the details on your behalf and handle all of the deed and recording matters as well. That might well turn out to be a prudent additional $300 investment...