Despite the number of owners trying to get out of their timeshares nowadays and the reported disadvantages of such property, many people still opt for this form of vacationing. With the advent of the internet, one of the great ways to pick up a timeshare at a great price is through eBay. As there are hundreds of timeshares which are bought and sold on eBay every week, you can easily find one for you at the right price.
However, there are some important questions to keep in mind when bidding for the right timeshare on eBay. These questions will keep you from getting stuck with a terrible trader or financial surprises for your winning bid.
First, you should ask what are the closing costs? Many of the timeshares on Ebay have very low opening bids because the seller is making it up on the back end, i.e., the closing costs for hiring a title company. The majority of timeshare auctions are handled by real estate companies and most of them have a relationship with a particular title company.
Also ask if there’s a resort transfer fee. For most timeshares, once you win your eBay bid, you pay the winning bid amount, the current year’s maintenance fees and the closing fees for the title company. There are a number of timeshare companies that require a fee to transfer a deed or membership between owners.
Trading power must also be raised. Some units available are in some horrible low season week in a part of the country that either no one wants to visit or the week is for an essentially dead season in that location.
Try to contact also the seller and ask him or her for the contract number and the name of the owner and then call up the resort and verify the details listed in the auction.
Moreover, ask if there are there any special assessments due. Many owners want to unload a timeshare if there’s a special assessment that needs to be paid for several years. So, make sure you don’t pick up someone’s burden or else you may regret your decision and end up trying to get rid of that timeshare later on.