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!!!!
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
site or seller. Good luck!