While there are literally 100s of timeshares currently listed on Ebay, there are a few things that you need to be aware of in order to get the best timeshare for the best price possible, especially when dealing with people on auction sites.
For the most part, timeshare auctions are offering you the ability to bid on a timeshare that you would like to purchase. They will give you as much information, if they are reputable, about the timeshare from the resort or management company that holds the unit. But, you must use due diligence when it comes to the information provided. While most auction companies and resellers want to sell these units as fast as they can, some of the conditions and fees might have changed from the time they posted the auction. Because of this, you should contact the resort or Management Company to make sure the information is correct. The two major things that you want to concern yourself with are:
- Making sure that payments are up to date (that includes both maintenance fees and any special assessments)
- Making sure the details about the unit are correct. So you want to confirm unit size, week, etc.
People and groups that sell timeshares on auction sites should be checked out as well. While most of these people are highly reputable, there are some that make promises that they cannot keep. These people will usually have lower feedback ratings for their auctions. Personally, I wouldn’t deal with a seller who had less than a 98% positive feedback and I would even be wary of that if they didn’t have that much sales history. You are looking for as close to 100% positive feedback. For the best possible results, stick to Ebay’s Top Rated Sellers. They are listed as such right in the listings.
If you notice that something seems too good to be true, you should check their ratings and any reviews that people have left. While some people will leave a scathing review just because the person was a day late on contacting them about their auction, others will leave detailed information on why you should not bother pursuing an auction.
If you are trying to hold your own timeshare auction, you need to make sure that all fees are listed in bold print. You should also give the people that are interested in your auction the ability to contact the resort so they can ask further questions about the unit that is up for auction. You will also want to include closing costs and transfer fees that will be required along with the winning bid price. The process should be made as simple as possible for all parties involved. If things appear too confusing to a bidder, he or she may move on to another timeshare where the information is much easier to read and understand. At no time should any pertinent facts be hidden from the prospective bidder.
While timeshare auctions may not seem to be the best way of getting a unit, as you won’t be on a tour to see the amenities that are available, they can be the cheapest way of getting your vacation home. Most of these resorts will have an online tour that is available for you to check out. You can also check out reviews for resorts from other travelers on sites like TripAdvisor or RCI.
In addition, any auction that is worth a grain of salt will have pictures along with relevant information about everything that is available to you. Remember that closing costs and transfer fees will always be added to the winning bid price and there is no reason why you shouldn’t contact the resort and/or the auctioneer for any information that you would feel could make you the winning bidder.