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What is best way???

J

judydoyle@comcast.net

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Joined
Feb 6, 2008
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Hi!
I am looking to buy a timeshare probably in the Palm springs area.
What is the best way to go about this? Should I contact a real estate/timeshare broker in that area, the resorts themselves, or some timeshare selling company?
Thanks for any assistance.
Judy Doyle
 
judydoyle@comcast.net said:
Hi!
I am looking to buy a timeshare probably in the Palm springs area.
What is the best way to go about this? Should I contact a real estate/timeshare broker in that area, the resorts themselves, or some timeshare selling company?
Thanks for any assistance.
Judy Doyle
Click to expand...


Ebay, of course. AFTER you've done your homework to know exactly which resort you want, which week (or season), what unit # or type, etc. You should know more about this resort before you bid than any salesperson will ever know. Don't take this assignment lightly, it is absolutely the difference between a delightful ownership experience and potentially a huge mistake. Talk to the resort, find out if there are any upcoming special assessments, understand the condition of the finances (are there sufficient reserves to replace those roofs, water heaters, etc.). Who runs the timeshare? A group of disinterested owners, an over-agressive management company or developer, or well-intentioned and knowledgeable owners?

And don't ask people here the answers to these questions, you'll miss something if you do. Doing the research will reveal much I haven't mentioned. You need to understand exactly what you're getting into. By the time you're ready to pull the trigger, you won't 2nd guess your decision or ask for other opinions, because you'll be an expert in the matter.

One final caution. Pay the money for an estoppel letter, if the resort offers it. Or better yet, prepare a sales agreement that states the terms of the offer, including future usage, then pay timesharetransfer.com to close the deal and make sure they hold escrow until you are the owner of record and have confirmed all terms have been met. That way, the owner can't commit the 2009 week without your knowledge. It's quite common for the seller to say after the fact, "Oh, I didn't remember or know that my wife had banked next year's week".

Good luck.
 
You might consider renting there first.

Nothing beats a hands-on experience if you plan on using your timeshare at least 1/2 the time. If you plan on renting the place out, even better (because you have first hand experience).

To find a rental, check craigslist, bidshares, redweek (fee involved - gee), here on TUG and any other site mentioned somewhere to see what's available. You can even call the resort and ask what the rates are and book through them. And when you're at the resort ask them about ownership and costs and other factors (if there is/was a special assessment) - but don't buy retail.

I would guess that MOST tuggers would say this (try it first) about 1/2 of the resorts they have bought site unseen. It's true that sometimes you can't believe how 'lucky' you feel when you paid 'hardly anything' for something that turns out to be a gem. But then there are the other times where you are just 'okay' with it.
 
PA- said:
Quote:
Originally Posted by judydoyle@comcast.net
Hi!
I am looking to buy a timeshare probably in the Palm springs area.
What is the best way to go about this? Should I contact a real estate/timeshare broker in that area, the resorts themselves, or some timeshare selling company?
Thanks for any assistance.
Judy Doyle
Click to expand...
Ebay, of course. AFTER you've done your homework to know exactly which resort you want, which week (or season), what unit # or type, etc. You should know more about this resort before you bid than any salesperson will ever know. Don't take this assignment lightly, it is absolutely the difference between a delightful ownership experience and potentially a huge mistake. Talk to the resort, find out if there are any upcoming special assessments, understand the condition of the finances (are there sufficient reserves to replace those roofs, water heaters, etc.). Who runs the timeshare? A group of disinterested owners, an over-agressive management company or developer, or well-intentioned and knowledgeable owners?

And don't ask people here the answers to these questions, you'll miss something if you do. Doing the research will reveal much I haven't mentioned. You need to understand exactly what you're getting into. By the time you're ready to pull the trigger, you won't 2nd guess your decision or ask for other opinions, because you'll be an expert in the matter.

One final caution. Pay the money for an estoppel letter, if the resort offers it. Or better yet, prepare a sales agreement that states the terms of the offer, including future usage, then pay timesharetransfer.com to close the deal and make sure they hold escrow until you are the owner of record and have confirmed all terms have been met. That way, the owner can't commit the 2009 week without your knowledge. It's quite common for the seller to say after the fact, "Oh, I didn't remember or know that my wife had banked next year's week".

Good luck.
Click to expand...
PA advice is right on. The best thing anyone can do before buying a TS is to get yourself educated in exactly what you want.
 
Get educated. I did, but I am lazy. I called Holiday Group after I found what I wanted and contacted Claudia Myatt, told her what I wanted to pay and what I wanted, and she found it at the price I requested. They did the closing and all was done. The phone number is 800-930-9717. Good luck!
 
lprstn said:
Get educated. I did, but I am lazy. I called Holiday Group after I found what I wanted and contacted Claudia Myatt, told her what I wanted to pay and what I wanted, and she found it at the price I requested. They did the closing and all was done. The phone number is 800-930-9717. Good luck!
Click to expand...

If you go swimming with sharks (Timeshare Resale Companies), you can get some good deals, but you had darn sure better be well educated. when you're educated enough to buy from a timeshare resale company, you're ready to buy.
 
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