Wanting to buy a timeshare resale! How to?

Okay. So, I was thinking of buying a timeshare off of somebody but after reading the posts in this forum, there are so many people wanting to get RID of their timeshares. So, now I'm scared about wanting to buy one.

Question: if I were to buy a timeshare off someone here on Redweek, what FEES would it entail? Say, I bought it for $3000 off somebody, does that mean I dont have a mortgage? That all I have to do is pay maintenance fees? Do maintenance fees go up every year? Do I have to play closing costs? Transfer Fees? ANY FEES??

Help!!!

erminiau wrote:

Question: if I were to buy a timeshare off someone here on Redweek, what FEES would it entail? Say, I bought it for $3000 off somebody, does that mean I dont have a mortgage? That all I have to do is pay maintenance fees? Do maintenance fees go up every year? Do I have to play closing costs? Transfer Fees? ANY FEES??

Help!!!

The closing fees (about $200-300) would have to be decided on between you and the seller. Most, if not all, resorts charge some sort of a "resort transfer fee" which can range form $100 and up. If it's a Wyndham property, Wyndham will charge at least $299 for a transfer (in addition to the closing fees).

Ask for an estoppel letter from the resort to make sure the owner is up to date with his maintenance fees and has his mortgage paid off.

As for maintenance fees, it's almost guaranteed that they will increase each year. And they have to be paid whether you use the week that year or not. If I were in your shoes, what I would do is find out what the current maintenance fees are and compare those with what it would cost to rent from an owner. If you see the fees surpass what a rental might cost, then I would recommend you just rent there each year that you want to go there.

Yeah, I actually have always RENTED timeshares every year for the past 6 years. So, that's why I thought, why not just buy a timeshare.

But one last question: So, if the mortgage is paid off, that does mean that the timeshare is mine Forever, right? As long as I keep my maintenance fees up to date?

erminiau wrote:

But one last question: So, if the mortgage is paid off, that does mean that the timeshare is mine Forever, right? As long as I keep my maintenance fees up to date?

That depends. Is it deeded or is it Right to Use (RTU)? Most timeshares in Mexico and the Caribbean are RTU meaning that your "ownership expires after a set number of years. If you are "buying" it from someone, the years that that person "owned" it count towards the RTU agreement.

Most timeshares in the USA are deeded meaning that they are yours until you sell it or give it away.

use the timeshare recyclers guarantee. that}s how i got mine

ronj165 wrote:

use the timeshare recyclers guarantee. that}s how i got mine

Responding to a 3 year old thread seems odd (a shill, maybe?), but maybe I'm mistaken....

Personally, I do not know what or where "Timeshare Recyclers" might possibly be, but regardless of where a timeshare is acquired and regardless of the cost (including being acquired for absolutely free), timeshare acquisition is a legally binding, long term contractual obligation and commitment to pay maintenance fees for as long as you remain the owner of record. No "guaranty" can in any way ever possibly change that fact. Unexpected and unwelcome "special assessments" are always a possibility too.

Timeshares are generally very easy (and often very cheap) to acquire in the resale market, but getting rid of a timeshare is almost always MUCH more difficult. Only people who fully understand EXACTLY what they are getting into should even CONSIDER timeshare ownership, in my opinion. Far too many just jump in haste on "a good deal", completely uninformed and clueless --- and when they discover later that they want "out", they very quickly find out that they cannot easily GET "out".. Forewarned is forearmed.