EBAY...$1 and $97 timeshares? [merged]

[optimist]

Originally Posted by Rent_Share

You may need to change your name - the tone of your post is hardly optimistic

I should have said this is the pessimist in me coming out

My comment wasn't meant to be read as a sarcastic "do you think you know something they don't" but more of WHY do you think people are giving away their timeshares when they obviously are not worthless?

The reason I made the comment is that I am thinking of bidding on a week that is, based on my research, a high demand week, in a high demand resort but the fact that it is being given away and there are no bids on it is making me nervous. Maybe my name should be paranoid

[moneyhappy]

It looks like people are buying TS on ebay, but I'm a little concerned about it. My parents bought Fairfield points (now Wyndham) some years ago, They only has 154K point every other year. I wanted to increase their points and there are a number of options on ebay that are really cheap. My concern is buying on ebay.

I saw one person that sells a number of TS and they have a 99.8% positive feedback and have all 5 stars rating out of 1903 reviews They look like a good person to buy from, but is it to good to be true?

Each TS has similar cost $300 - $500 closing cost + $125 transfer fee + $xxx reimburse maintenance fee + bid amount.

What are your thoughts?

[memereDoris]

Originally Posted by optimist

I should have said this is the pessimist in me coming out

I agree that you should only buy in locations you would use but I never buy local. If I wanted to stay local I wouldn't need timeshares.

There are so many on the market now that not all will get bids even if they are great timeshares. If 10 people want one location and 20 are available, some won't get bid on.

People also have different needs, one person's "great" week is not good for another. Some people want odd or even years, some want every year. I have purchased several in the past few months to top up my vacations but now even if a great one comes along, I have enough.

Sometimes the locations that get the most bids aren't the best resorts but the resorts that people know and are comfortable with (e.g. adding a week to a place they already own).

Just remember to bid only what you planned on paying. Another will come up. I hope this helps.

[memereDoris]

Originally Posted by moneyhappy

TS on ebay
What are your thoughts?

Buying timeshares on ebay can be great but make sure you are buying from the more reputable sellers. Research these on TUG.

My Wyndham points were purchased on ebay and closed very quickly. Some people have not been so lucky. Some resorts and some counties are quicker than others with their processing.

At this time of the year, paying for 2009 points is not a good idea. If the closing takes too long, those points would expire. By the time you would have the title recorded at the county, the resort transfer done, and Wyndham add your new points to their system; it is very doubtful that this would be completed by Dec. 31st.

[DeniseM]

We have bought 4 weeks one ebay. We did all our research online and bought all 4 weeks sight-unseen. We did have one bad experience on ebay, but we got our money back, and I wouldn't hesitate to buy on ebay again. (It wasn't a scam - it was more of a situation of sloppy work/changing terms by the seller, and I decided to back out.)

1) Know what you are buying - research it throughly until you are sure you understand the product.

2) Choose a reputable ebay seller who uses a licensed professional closing company.

3) Use the function on ebay to ask the seller all your questions before you bid.

4) Print out the ebay Ad so you have a hard copy.

5) Get any changes or additions to the Ad in writing (email and then in the contract.)

6) Pay with a credit card, in case you have a problem and have to get a refund.

7) Monitor your purchase closing through the closing and transfer process.

[BMWguynw]

To add to what DeniseM just said:

I've purchased six timeshares on eBay. In each case I knew exactly what I was getting, and I confirmed details before signing the deed. I've gone so far as to contact the resort directly, and talk to them about things like special assessments, maintenance fees, and problems with the resort. By speaking directly to the resort, and not the seller, I think I got better information, especially if the seller was a third-party PCC company. I've had a positive experience on each purchase, and no regrets.

The biggest thing about eBay is to be patient. If one auction isn't exactly what you want, wait awhile. Another will come along that probably will be. Avoid the urge to bid on something that isn't exactly what you want. It's a lot easier to buy a timeshare than it is to sell one.

Dave

[moneyhappy]

Thank you for the information I'm in no rush so I'll make sure do my homework before buying anything. Are there any ebay sellers that I should look for (that are better then others) from your past experiences?

[DeniseM]

There are 2 things I would check:

1) Their ebay rating and comments from buyers - see the link in their ebay Ad, by their name.

2) Their TUG rating - at the top of this forum. (Not all sellers will be listed.)

[carl2591]

Originally Posted by AwayWeGo

I am exerting heavy self-restraint to keep from bidding on this One Dollar -- $1 -- Cypress Pointe Phase One Floating Diamond 3BR lock-off on eBay right now.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.

while this one has expired I did see another 3 bed unit in emerald season..

one thing that would spook me was the fact they are managed or owned now by diamond resorts.. if i remember right they are less than "steller" in client services and prone to MF increased along with Special assessments..

am I mistaken on this account.. having stayed at CPGV unit some years ago I do like the place and location in Orlando/Lake Buna Vista area.

[timeos2]

Originally Posted by carl2591

while this one has expired I did see another 3 bed unit in emerald season..

one thing that would spook me was the fact they are managed or owned now by diamond resorts.. if i remember right they are less than "steller" in client services and prone to MF increased along with Special assessments..

am I mistaken on this account.. having stayed at CPGV unit some years ago I do like the place and location in Orlando/Lake Buna Vista area.

For some reason DRI seems to want to claim involvement with the two Cypress Pointe Resorts on a level they do not occupy. Their only connection with either resort is that both resorts were and are affiliated with the DRI CLUB but for only those owners that buy into that exchange system, they own units at both resorts as trustee for the CLUB Trust that includes those CP weeks in one of the trusts and finally that they have exclusive on site sales rights at the resort. None of those involve operation or maintenance - the resorts have a professional management company, VRI, hired and answering to the owner controlled Board of Directors at both resorts for that.

They do not "own" the resorts (although they are the subsequent developer that inherited the sales rights from the original builder - that relationship of developer as "owner" ended when the resorts were turned over to owner control 5 years after construction ended). They do not manage the resorts (the previous developer - Sunterra - at one time DID hold the management but that ended in 2001 when it was moved to VRI by the owner controlled Board of Director's at both resorts). So any owner/buyer does not have to be involved with or interact with DRI in any way if they do not wish to. You are under no requirement to go to sales presentations unless you agree.

I don't think it can be any clearer than that.

[sfwilshire]

Originally Posted by optimist

Why do you think the owner of the week you just bought was so desperate to sell it that he was willing to cover all closing costs when you were able to rent it for a profit? couldn't he have rented it too?

Not every one wants to become a landlord. I'd be more interested if I had friends who would like to rent from me. It's a little more complicated with strangers, though certainly doable.

Sheila

[chriskre]

I too have purchased all except one of my 6 timeshare on ebay. I got caught up in the Disney pixie dust and bought direct but otherwise I've had great results with ebay.

Nowadays I only buy biennial or triennial units so that I've got a good mix but don't have to pay yearly maintnenace fees. It's nice to have different options available in different years since all the systems have their strengths and weaknesses. I also want units that trade in both major exchange companies and the indies.

I've calculated out that including maintenance fees, exchange company fees and bonus weeks I average about $350 a week for about 8 to 10 vacations a year in mostly 2 bedroom units. Not bad for great digs and almost monthly vacations. It is much cheaper than owning a second home for me and I don't have to clean up when I go home.

[sailingman22]

We purchased 2 timeshares from Ebay and thought that they were excellent buys at the time of purchase. They still are great resorts for what we wanted in a resort and don't owe us anything even if they sold for a dollar.

LUCK was what I had not counted on since I didn't research the property management companies nor check for any special assessment fees. Some resorts only allow oceanfront on a rotational basis while others only allow you to reserve oceanfront if you purchased oceanfront. I continue to learn new information daily from TUG.

I like to think that timeshares are an asset and not worry about maintenance fees costing more than booking the resort outright through the internet.

[lovelyym]

It's all about having a good balance..I own three timeshares and yes they are starting to get very expensive to the point where if I were to sell them, I would most likely have to sell it for a dollar or $100 because any new owner is going to be calculating my high maintenance fee costs over time.
I couldn't imagine owning 20...unless of course I was using them for a business or something.