Things to Consider Before Purchasing Timeshare for Sale by Owner
Perhaps you have come across an enticing ad for a timeshare for sale by owner on eBay, Craigslist or other online garage sale type website and exclaimed, “wow, this deal seems too good to pass up!” However, before you take the plunge down the rabbit hole and consider buying a timeshare directly from an owner (as opposed to negotiating a timeshare purchase with the developer itself), you should determine based on your individual circumstances if it is indeed worth the risk in terms of your time, money and effort to take this route. In terms of “for sale by owner” rules and processes, it’s typically “buyer beware!” Therefore, consider these important factors before deciding whether to purchase timeshare from an owner:
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You May Not be Getting the Best Price
One important consideration when considering the purchase of a timeshare for sale by owner is that you are only able to see the seller’s listing price and you will never truly know the original purchase price of the timeshare. Therefore, you have no idea whether you are indeed getting a good deal on the timeshare. In addition, you will be purchasing the timeshare solely based on the owner’s description and selected images rather than touring the property yourself and making an informed decision of whether it meets your family’s needs. By working with the developer directly, you will become educated about everything the specific timeshare resort offers such as the size of suites and villas, list of onsite amenities and services, various timeshare plans available and much more. The bottom line is that dealing directly with the timeshare developer is by far the best method of getting the most out of your timeshare purchase.
Certain Developer Guarantees May Not Apply
By purchasing a timeshare from an owner, you most likely will miss out on various perks and features unavailable to resale timeshare buyers such as internal exchange systems. In fact, owners who purchase timeshare on the secondary market typically do not receive all the benefits that owners who purchase timeshare from the developer receive. In contrast, if you buy a timeshare directly from the developer, you get all the perks associated with being a full-fledged timeshare owner such as access to a wide range of exclusive programs – and none of the limitations that result from purchasing from an owner.
The Transaction Might Get Bogged Down with Legal Complications
You may face legal challenges by purchasing timeshare from an owner. Most of the transactions with the owner – a total stranger who you will probably never meet face to face – will take place exclusively online, over the phone or through the mail. Therefore, don’t expect anything in terms of conflict resolution or arbitration if you come across any problems when buying timeshare directly from an owner and the proposed transaction goes wrong in any way.
There May be Hidden Costs or Fees Involved
Another serious consideration when buying a timeshare for sale by owner is that you may be setting yourself up for serious financial risk if you are not careful. For example, you may be unknowingly attempting to purchase a timeshare with unpaid fees or liens against it, thereby creating a huge burden on you as the new owner by forcing you to pay unexpected fees and penalties that the previous owner incurred.
You May Very Well be the Victim of a Fraud or Resale Scam
Last but not least, how can you be absolutely sure that the seller is actually the owner of the timeshare and you are not being the victim of a timeshare resale scam? You may have to actually initiate a title search to make sure that the person claiming to sell the timeshare to you even owns what they’re trying to sell! In fact, timeshare resale scams in various forms have been on the rise over the last several years. With an established timeshare company, you never have to worry about the widespread scams associated with the timeshare resale industry.
Have Questions About Selling or Transferring Your Timeshare?
Don't go it alone or risk the outcome on some third party timeshare reseller! Westgate Resorts is NOT affiliated with any third-party timeshare exit company which means that our only priority is YOU, our owner. Work with us directly towards a beneficial outcome today.
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