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Re: Buying resale timeshares (by R P.):

mikec211 wrote:

Thanks for the reply and information jayjay. I have another question or two. Before I submit a bid on the unit, how can I be sure that the Owner is telling the truth regarding things like "It's a platinum week" etc. What if he says that, I submit a bid and win, and then the documentation shows otherwise? Is there something I can ask for to "prove" it before I bid? I asked the Owner in an e mail, and his response was "It's a little early in the negotiation for that". Also, he asked me what kind of offer I had in mind - I plan on offering the minimum bid, as no one else has bid on this in the last auction or so far this one, so I figure he is not getting much interest. I did not answer him, as I also wonder if he can have someone (a relative or something?) bid up the price.

It seems the owner is a little illusive in answering your questions, however that doesn't mean that he's not legitimate.

You can go on and bid and if you win tell him to fax you a copy of the deed OR some form of verification concerning the week for sale. If the information doesn't corelate with his ad, then you have the right to back out of the purchase due to false or wrong advertising.

Also, you MUST use a reputable closing company to handle the paperwork, drawing up a new deed, recording of the deed and transfer of ownership at the resort with escrow services (holding all monies until the transaction is complete).

You can search for closing companies recommended by Redweek forum members by performing a forum search at the upper right corner of this page by entering 'reputable closing companies'.