12 Timeshare Tips and Advice to a Friend…
12 Helpful Tips For Timeshare Advice to a Friend…
Recently, a friend of ours expressed an interest in how to go about buying a timeshare on the resale market without getting scammed. Ww thought that the email we sent to him could also be used in giving advice to anyone. We are including it here for your information. We hope this helps anyone interested in the purchase of a resale timeshare in the market place.
A lot of answers can be found on my website: <strong>timesharefun.com
Here are some questions you want to ask yourselves:
Many people who have owned timeshare for sometime say 10-20 years are looking for someone to take their timeshare vacation properties off of their hands for little or nothing. All 3 weeks we own for bought for pennies on the dollar. It depends how you wish to use you timeshare. Some examples:
1. My brother in Sedona who owns a resort in Oak Creek Canyon called Oak Creek Terrace also owns a timeshare right downtown Sedona that includes use of the recreational facilities year round. The resort allows his married kids who live in Sedona and his grand children to use the facilities for swimming and exercising anytime they wish. In fact he also has arrangements for us to use
it when we are in Sedona even though he has his own resort. Kind of like a health club. The name of the resort is Arroyo Roble. We have stayed there many times and love it. They have weeks for sale. Mostly points but I believe they have deeded weeks also.
2. We own two deeded timeshare weeks at two different resorts in Minnesota. One at Izaty’s located on lake Mille Lacs north of Mpls and St. Paul about 90 miles and only about 3 hrs from our home. That one we purchased for $1.00 from an owner who no longer wanted to use it. He paid $8,800 for it a few year earlier. We used that for many years, because it was a 5 star high demand resort, for exchanging to other resorts through out the U.S. We never used it locally until the last few years where we now use it for family togethers a week before thanksgiving. However, if we lived closer we would use the facilities at other times of the year because we are owners like my brother in AZ.
3. About 10 years ago we traded our Izaty’s deeded timeshare week into Treetop’s Resort in Lake of the Ozarks. We liked the resort so much we went up to the association office, where we checked in, and asked them if they had any owners who were willing to sell
a summer week. They put us in touch with a Canadian owner who had owned it for 20 yrs or so and who had used it all over the world, he was in the Air Force while owning it. We contacted him by email and settled on a summer week for $3,000. We never met him. He arranged for a escrow agent in Canada, an attorney to hold our money until his papers were motorized and clear. It took about 30 days. We have only used that week we own twice using it mostly for exchanging again all over the U.S. We still own it and are using it this year at Williamsburg, Virginia in a couple of months. By the way of the 3 resorts we own at it has the lowest maintenance fee’s at around $360 per year. We usually pay our $30 per month maintenance fee monthly and ahead one year in advance so we can have enough time to figure out our next trip for the following year.
4. Elaine and I are not interested in owning points at any resorts anywhere. We prefer the orginial concept of timeshare ownership. You bought one week and you exchange for one week. Points is a whole different breed of timeshare. The big resorts such as Marriott, Hilton, Westgate and so on are into the points game.
5. We found our 3rd deeded week on the Internet for $400. Since that resort is only 3 hrs away from our home and we were familiar with the facilities we bought it sight unseen. The owner and his wife lived just a mile from the resort and used the facilities when they had relatives coming and when they wanted to use the facilities as a recreational place. The same reason my brother had in AZ. The sellers were in AZ for the winter but still lived in MN. He paid $10,000 for it 10 years earlier. We wanted to use it that year we found it for sale. He knew a timeshare escrow agent in Georgia and asked if it would be alright for us to use them We didn’t care as long as we got a deed. We sent him $100 in good faith and it took about 45 days to close and we were able to use it that year, a summer, high demand week. He paid the closing cost. So for $400 we own a deeded week at Breezy Point International in a unit called Pelican Greens. In fact, we are going there next week and looking forward to it. We have used it for the last 3 years or so and we have use of the facilities year around and 50% off available motel or hotels whenever we want.
6. So, a lot depends on whether you want a timeshare close to where you live for use of the facilities at other times of the year or mostly for trading.
7. There are two major exchanging companies if you wish to exchange to other resorts. You will have to pay an annual fee to either one, outside of your maintenance fee’s if you want to travel. One is called RCI and the Other is called II or Interval International. RCI is mostly a points driven system. We don’t like it. We belong to Interval International (II) and have never had a bad experience in all the years exchanging.
8. Points and how it works, click here.
9. The reason we have had good results exchanging to other resorts are because of the weeks we own. High demand at Pelican Greens here in Minnesota starts when schools let out. But in this case we were lucky by finding this summer week for sale on the Internet thru a company called Tug2.net
10. The one we own in Treetops is a summer week and located in the Ozarks. People from all over the world want to exchange into the resort because of its location. So, it is a high demand week making it easy to trade or exchange into other great timeshare resorts. All 3 deeded weeks we own are two bedroom units and that also makes exchanging easier. We have had our kids and grandchildren with us because of a two bedroom feature.
11. There are many escrow agents available who will handle most timeshare transactions for around $250 but for sellers who want to sell you can negotiate. We have never paid a closing fee. Also, I receive a “foreclosure” list from 3 resorts of timeshare units the resorts are willing to sell for as little a $500 at Treetops in Missouri and higher depending on the time of the year, 2 bedroom or one bedroom summer, winter etc. Deal directly with the resort association. No salesman involved.
12. Another example of a “foreclosure list” see our Breezy Point list by clicking here.
I hope this helps. It looks long winded to me.