New to Buying and Has Questions

[TulaGirl]

Hi everyone, I am thinking of purchasing a timeshare and am in the research phase. This forum has been very helpful! I do have a few questions and I apologize if they seem too basic I just want to make sure that I am understanding properly.

1. Has anyone purchased through "sellmytimesharenow.com" and what your experience with them? I inquired about one timeshare and the closing costs seemed high. Who typically pays the closing costs in a resale situation?
2. The unit in which I inquired claimed to be a "fixed week with points attached." Is this a normal situation? If I would purchase would I have the same flexibility as if it were a points only unit?
3. I've noticed that quite a few of you have purchased from ebay. Was that process easy? Would it be wise to hire a third party real estate agent?

Thank you for your time!!!!

TulaGirl

 

[AwayWeGo]

The few times we bought eBay timeshares, the seller picked out the closing services agency that we had to use. That was OK because the eBay timeshares we bought came with free closing & resort transfer fee paid by seller.

Not sure what fixed week with points attached means. I'd guess it's like ours -- a deed for a particular unit & week that has already been converted to RCI Points & that stays converted upon transfer to us. Apparently that's the usual system with RCI Points, but not necessarily with other points-based timeshare exchange systems. If you're not sure, use the Ask Seller A Question feature via the eBay item web page.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Egret1986]

Hi everyone, I am thinking of purchasing a timeshare and am in the research phase. This forum has been very helpful! I do have a few questions and I apologize if they seem too basic I just want to make sure that I am understanding properly.

1. Has anyone purchased through "sellmytimesharenow.com" and what your experience with them? I inquired about one timeshare and the closing costs seemed high. Who typically pays the closing costs in a resale situation?
2. The unit in which I inquired claimed to be a "fixed week with points attached." Is this a normal situation? If I would purchase would I have the same flexibility as if it were a points only unit?
3. I've noticed that quite a few of you have purchased from ebay. Was that process easy? Would it be wise to hire a third party real estate agent?

Thank you for your time!!!!

TulaGirl

Definitely do continued research before buying through "sellmytimesharenow.com". Their pricing always seems extraordinarily high to me. Payment of closing costs in a resale situation is dependent on through whom your purchasing the timeshare. If you're buying from an owner directly, the payment of closing costs/transfers is negotiable on who pays. However, many of these companies like "sellmytimesharenow.com" require that you utilize their closing services, which most times are extremely high compared to what is charged by some of the closing companies recommended here on TUG.

As stated previously, the "fixed week with points attached" could be a fixed deed week that is in RCI Points. Do you want to be in a Points program? Understand that with RCI Points that if you want to use the fixed week, then you have to reserve your "fixed week" if you wish to use it the following year 12-13 months prior to check-in or you will only have use of the points. Most times when you buy these types of ownership, the week has not been reserved. In that case you cannot expect to use the week at your resort until you are able to make a reservation yourself at the 12-13 month mark. Many times these sellers will indicate that you have use of the upcoming week, when in reality; you don't. Do more research before jumping in. There's always going to be opportunities to buy timeshares. Make sure you know what you're buying and what you want to achieve with the ownership. Haste makes waste.

The process is normally easy buying on eBay. Again research the sellers. Do your due diligence. Ask questions of the seller and here on TUG.

I've bought and resold dozens of timeshares over the years. I've never felt the need to use a third-party real estate agent.

Do as much research as possible before jumping in. You'll be much wiser and knowledgeable for doing so.

 

[Panina]

Hi everyone, I am thinking of purchasing a timeshare and am in the research phase. This forum has been very helpful! I do have a few questions and I apologize if they seem too basic I just want to make sure that I am understanding properly.

1. Has anyone purchased through "sellmytimesharenow.com" and what your experience with them? I inquired about one timeshare and the closing costs seemed high. Who typically pays the closing costs in a resale situation?
2. The unit in which I inquired claimed to be a "fixed week with points attached." Is this a normal situation? If I would purchase would I have the same flexibility as if it were a points only unit?
3. I've noticed that quite a few of you have purchased from ebay. Was that process easy? Would it be wise to hire a third party real estate agent?

Thank you for your time!!!!

TulaGirl

I chose not to deal with sellmytimesharenow after I found a week that interested me, as their fees and closing costs were excessively high, making the purchase price too high. I asked them to present an offer to the seller as I wanted them to share closing costs. I was told fees and closing costs were not negotiable. They would not present my offer. Always wondered if that was even legal not to present my offer.

I have purchased a few timeshares at great prices on eBay with no problems. There are many reputable sellers on eBay but there are a few that other tuggers have had problems with. Make sure to check tug before buying, searching the sellers name to see if the seller is good.

 

[geist1223]

I have bought several Worldmark Accounts and all went smoothly.

 

[Dave Landry]

Currently in the process of purchasing wyndham points through an ad in the tug marketplace. It is a low fee resort and sold at 7.75/1000 points including closing costs. We have received a breakdown from LT Transfers who the seller is using and it is going to cost 299 for transfer 299 for the closing service and around 30 bucks in assorted filing fees with town and state. So in all reality we are the ones paying the closing costs. As we were researching and looking through timeshares it seems as if all the ones with free closing that were next to nothing had higher maintenance fees.

 

[Cornell]

I purchased from sellmytimeshare.now and had a very positive experience. Be aware, though, that many of their listings are outdated. I found it easier to to tell them what I was looking for, then they searched through their listings to find listings that were close to my "wants". I found the person who I worked with there to be extremely knowledgeable about the system I wanted to buy into and he was extremely responsive. I would absolutely recommend them.

 

[Panina]

I purchased from sellmytimeshare.now and had a very positive experience. Be aware, though, that many of their listings are outdated. I found it easier to to tell them what I was looking for, then they searched through their listings to find listings that were close to my "wants". I found the person who I worked with there to be extremely knowledgeable about the system I wanted to buy into and he was extremely responsive. I would absolutely recommend them.

What were your fees and closing cost?

 

[dagger1]

Check out Redweek and MyResortNetwork as well as the TUG Marketplace. And eBay. I would forget the site you are looking at, they are always too high in my opinion.

 

[theo]

Currently in the process of purchasing wyndham points through an ad in the tug marketplace. It is a low fee resort and sold at 7.75/1000 points including closing costs. We have received a breakdown from LT Transfers who the seller is using and it is going to cost 299 for transfer 299 for the closing service and around 30 bucks in assorted filing fees with town and state. So in all reality we are the ones paying the closing costs. As we were researching and looking through timeshares it seems as if all the ones with free closing that were next to nothing had higher maintenance fees.

Not disputing your limited research results, but that's a rather broad generalization. There are lots of different listing venues (and seller motivations).
Some listings are just junk intervals "offered" at obscene prices, some listings are quality products and a good bargain. Maintenance fees are of course an important factor for any prospective owner to consider, but mf's are certainly not necessarily a determining factor for any listing (or for its' pricing).

Your transaction is in good hands with LT Transfers. The $299 Wyndham "transfer fee" is unavoidable. $299 for LT fees is certainly higher than their usual costs, but may include a $50 charge by their affiliated attorney for escrow of transaction funds. Even with that, $299 is still higher than normal for LTT.

 

[TulaGirl]

Thank you very much for all of the replies and information! I am in no hurry to purchase and I do want to ensure that I am purchasing smartly. I too thought that the fees were high for "sellmytimeshare" and I will continue to search using the recommendations on this site as well. At this point, I believe it is best for me to be on a points only system considering the nature of my current job; it will allow me greater flexibility. You all have provided great insight! Thank you, Again!!!

 

[theo]

Hi everyone, I am thinking of purchasing a timeshare and am in the research phase. This forum has been very helpful! I do have a few questions and I apologize if they seem too basic I just want to make sure that I am understanding properly.

1. Has anyone purchased through "sellmytimesharenow.com" and what your experience with them? I inquired about one timeshare and the closing costs seemed high. Who typically pays the closing costs in a resale situation?
2. The unit in which I inquired claimed to be a "fixed week with points attached." Is this a normal situation? If I would purchase would I have the same flexibility as if it were a points only unit?
3. I've noticed that quite a few of you have purchased from ebay. Was that process easy? Would it be wise to hire a third party real estate agent?

Thank you for your time!!!!

TulaGirl

With the noteworthy exceptions of eBay "mega sellers" and / or SMTN, where the buyer is virtually always responsible for (usually inflated) closing costs, there is really no "typical" --- payment of closing costs is often a negotiable detail in a transaction.

On eBay, there are private sellers and there are (...lots more) commercial "mega sellers". Mega sellers usually mandate the use of one specific closing entity with which they are (...ahem) "closely affiliated" and the closing costs are likewise not negotiable in those instances. "Closely affiliated" can even mean that it's actually the very same people, merely "changing hats" for different parts of the transaction process (making money several ways by doing so) --- an arrangement seriously lacking in anything remotely resembling "arm's length" objectivity.

Not enough info provided to comment intelligently on the accuracy of your prospective "fixed week with points attached", but such things do indeed exist. We owned just such a "converted" fixed week within Wyndham (sold it 7-8 years ago). In that instance, we could either use the fixed week / unit ourselves, or "credit pool" the associated points with Wyndham to use to make a reservation elsewhere within Wyndham later. We did both at one time or another.

If you decide on a "points only" acquisition, make certain that the amount of points is sufficient to make reservations where you might want to stay, in the size unit you will require. A "too small" points package is essentially completely useless, although Wyndham sales weasels still gladly sell them all the time.

In regard to your "third party real estate agent" question, my answer would be --- No, it's generally not even remotely necessary (or particularly helpful). There isn't much money in resale timeshare commissions; most agents would be both woefully uninformed and unmotivated. I would recommend just doing your own searches, research and due diligence regarding any and all advertised details in any ad you see on any site (week, unit number / size, points amount (annual? biennial? triennial?), any reservation restrictions associated with "floating" week ownerships, verify accuracy of stated maintenance fees, etc.). It's definitely a process. Lots of homework is required to become an informed buyer before purchasing anything from any site or seller. Good luck!

 

[chalee94]

I chose not to deal with sellmytimesharenow after I found a week that interested me, as their fees and closing costs were excessively high, making the purchase price too high. I asked them to present an offer to the seller as I wanted them to share closing costs. I was told fees and closing costs were not negotiable. They would not present my offer. Always wondered if that was even legal not to present my offer.

I always thought this was one of those companies that made money from desperate sellers for listing a timeshare for sale (with little real interest in actually selling it).

Ebay is a better place to buy IMO. But do a lot of homework first...

 

[theo]

I always thought this was one of those companies that made money from desperate sellers for listing a timeshare for sale (with little real interest in actually selling it).

I think your observations are spot on, although it's worthy of note that they make even more money from their inflated mandatory closing costs when they actually have something "listed" which someone is willing to buy.

 

[WalnutBaron]

First, welcome to TUG! You're so much smarter than a lot of us here (including Yours Truly) who bought from a developer first and then discovered TUG and the whole big wide world of resale purchases. To answer your specific questions:

1. I agree with dagger, who has recommended Redweek.com, MyResortNetwork.com, and Ebay. With MyResortNetwork, you can place an ongoing request for the resort(s) you are interested in purchasing, and every time a new listing comes up, you will receive an email with a link to that listing.
2. I'm guessing that "fixed week with points attached" means that the owner is selling a fixed week unit but has also converted a previous fixed week into points, either within the system you're looking at or through whatever exchange company the system is affiliated with. Essentially, you're getting some free points along with the purchase of the fixed week. Be aware, though, that the points have an expiration date on them. Be sure to factor in the closing period of several weeks to a few months before you factor in the potential use of the points, which could expire before you actually receive the deed and you're in the system of whatever vacation ownership you're buying.
3. I have purchased two units through Ebay without a hitch. However, as this would be your first purchase, I would advise against it. There are a lot of predators on Ebay, and you need to know what you're doing before trying it. I would recommend you go through a reputable broker, who will be representing you in the purchase. There are many threads in this forum about who the reputable brokers are, depending on the system you're looking at.

Best wishes on your first purchase! Feel free to PM me if you need additional advice.

 

[BJRSanDiego]

I bought four resale weeks. Two from eBay, 1 from Redweek and 1 from TUG marketplace.

If you buy on ebay, do your research into the seller. Make sure that the seller has sold hundreds of TS (versus buying a bunch of things) and that their percent satisfaction rating should be 99% plus. Also, when you bid, you want to avoid a bidding frenzy. So figure out what the max is that you want to pay. Make a single bid in the last 10 or 15 seconds or use a "sniping" program (google it). If you bid a week before the auction closes, all someone has to do is raise your bid by the minimum ($1 or $5, etc.) and you're out. If you put in a last minute bid that is, for example, $100 more than the current bid and no one can hit their computer keys fast enough, you'll get it at the current bid plus the minimum increment. The final bidder is the one that wins the auction. Early bidders aren't usually very successsful and they promote others to bid up the auction.

You may also want to look at sumdayvacations. The price that they list is inclusive of all costs. Their prices look pretty good but whether their inventory and your needs fit is something that I don't know.

 

[WinniWoman]

Don't forget to check on Timeshare Nation. I got a free one on there. But remember to do your due diligence.

 

[chapjim]

Hi everyone, I am thinking of purchasing a timeshare and am in the research phase. This forum has been very helpful! I do have a few questions and I apologize if they seem too basic I just want to make sure that I am understanding properly.

1. Has anyone purchased through "sellmytimesharenow.com" and what your experience with them? I inquired about one timeshare and the closing costs seemed high. Who typically pays the closing costs in a resale situation?
2. The unit in which I inquired claimed to be a "fixed week with points attached." Is this a normal situation? If I would purchase would I have the same flexibility as if it were a points only unit?
3. I've noticed that quite a few of you have purchased from ebay. Was that process easy? Would it be wise to hire a third party real estate agent?

Thank you for your time!!!!

TulaGirl

If you are uncertain about the seller and uncertain about what he is selling, those are pretty good reasons to keep looking.

 

[stanleyu]

Re: fixed week with points attached.
There are several ways that timeshares are offered:
- a fixed week: same week every year. This usually is the week number stating with a specified day of the week, as in "week 42 beginning on Sunday"
- a floating week, which has a different week number each year
- a week in a pool of weeks, where you request a specific week each year
- a number of points in a timeshare group, where points required for a week (or days) vary by time of year, type of facility, etc.

In the case of RCI Points, any of these types can be converted to points, which you then use to select from any resort in the RCI system. In you have a floating week the number of points you get varies according to the time of year your wee falls in. The points structure for within a given resort company like Disney, Marriott, etc. is unique to that company, so 100 Disney points are not equivalent to 100 Marriott points or 100 RCI points.