Timeshare Tips and Advice - Avoid Scams When You Buy a Timeshare

Transcript:

Steve Luba - When somebody is looking to buy a timeshare -is there anything they really need to be careful of when they're thinking about buying a timeshare?

Jason Tremblay - When you're buying on the resale market, I think, really there are two things you need to be cautious of. The first is you need to be knowledgeable; you need to understand what it is you're trying to buy. A lot of people, when they are buying their timeshare initially from a resort, they don't even really completely understand what it is they are purchasing. If the timeshare property has a point system they may not even understand how it works. Once you have settled in on a destination -and ultimately a property- that interests you, it really makes sense to take a little bit of time to research that property, look at reviews of that property, that developer. Make sure you understand their point system. Make sure you understand the benefits that are associated. Make sure you understand the fees and the maintenance fees that are associated with the property, so that you can make an intelligent, educated and informed buying decision. I think, one other thing to be cautious of when buying in the resale market is you are buying by owner. The good news is you are saving a ton of money. The bad news is not every timeshare owner really understands what they have. Like I was just saying, so it's important that you use, when you go to closing and make that purchase make sure you use that title company that specializes in timeshare resales. They get an estoppel letter from the resort, so everything you think you are getting, you are really going to get. Who we refer our people to is transfermytimeshare.com. This company specializes in timeshare resale closings. In fact, the lead coordinator there has been in the timeshare resale closing business for years. What she'll do or what one of her closing coordinators will do is essentially walk you and the seller through the entire process. From the initial contract, the initial agreement, the notification of new ownership to the resort. They are going to get an estoppel letter from the resort making sure that what you think you are buying you are in fact buying. What they do is make the entire process seamless, simple and safe. Funds go in to escrow; those funds aren't released to the seller until everything is closed.

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