What You Need to Know About Buying Timeshares on Auction Websites

Even though the vast majority of people still prefer to purchase their timeshares via an actual broker, online auction sites are becoming increasingly popular. This has however resulted in a sharp increase in the number of people being scammed into buying nonexistent timeshare properties. Unfortunately, this seems to be happening ever more frequently so of course it's not something you should choose to ignore. Even so, many people would rather take a chance instead of attending a presentation being hosted by a timeshare company, and this is of course because they don't enjoy being pressured into making a commitment simply because the salesman is twisting their arm.

All these happenings lead to the emergence of internet auction sites for timeshares. Now the buyers have the freedom from those unscrupulous sellers who adopt illegal techniques to sell their timeshares. Popular auction sites like eBay.com and bidshares.com allows users to buy and sell timeshares through their website. Although there are many other websites for timeshare auctions eBay.com and bidshares.com are the most reliable and safe websites to conduct timeshare auctions. These sites charge absolutely no upfront fee either to put your timeshare on sale or to bid on timeshare sales. They only charge after the bid is successful.

If you decide to acquire a timeshare property in this manner then you need to keep a few things in mind, such as the need to establish contact with the seller as soon as possible. This also gives you an opportunity to see whether or not the seller responds to your questions. You also need to judge whether the seller is providing you with all the information you've asked for, and above all, you need to realize that auctions are not without risk.

Having this type of attitude will certainly help to minimize the chances of you being scammed, but of course even if the seller doesn't respond immediately, it doesn't necessarily mean he or she is dishonest, bearing in mind that many people are not very good as far as written communication is concerned. If that's the case then you may want to try phoning them instead.

One more important point to remember while bidding on a timeshare is to do your homework in advance by finding out complete information about the property. The details would include name and location of the property, number of bedrooms, number of bathrooms, Exchange Company's name that seller's resort deal with, the date by which the property is ready to use, annual maintenance fee of the resort, and sizes of bedrooms and is there any assessment this year. Also do research about the selling price of similar units sold recently in that location. Do not hurry whether you lose or hurry, there may be a better property in waiting for you. Also it is not a bad idea if you determine the mode of payment before hand by contacting the owner.

Even though there are essentially several different payment options available, the seller you're dealing with may only be willing to accept a particular form of payment. If a seller avoids answering your questions with regards to payment options then your alarm bells should start ringing. It's also a good idea to examine the seller's ratings, as well as their feedback and past transaction history. In the event that you miss the auction by a small amount then you shouldn't be afraid to contact the seller to let them know that you're willing to purchase the timeshare should the winning bidder fail to honor the sale. After all, even if the winning bidder does pay for the unit, the seller may have other units available, but even so, you should never agree to paying more than the amount you decided on when you placed your bid.

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