With the real estate market the way it has been, many folks have been buying foreclosed properties. Many of these properties have been purchased at public auctions for fractions of what they are worth. If you are thinking that you may get a deal with a timeshare foreclosure, you need to be prepared so as not to fall into the many traps and scams that surround foreclosure sales.
As you go about your research into a timeshare foreclosure, make sure you find out why the owner wants to sell. Why weren't they able to sell it on the resale market? When is their vacation week and is this a week that works for you? How is the resort? Is it still a popular vacation spot? Does it still maintain high ratings? What are the conditions of the area surrounding the resort? Sometimes, a resort can become a disastrous vacation spot because of violence or drug gangs.
Without question you not only want to find out what all the fees and maintenance charges are, but also find out what the past fees and charges were. You want to calculate how much they have gone up each year. The fees and charges may seem reasonable until you realize they have been steadily increasing.
Lastly, read people's reviews about the resort. This is very important. People will be only too happy to share their experiences in the hopes of saving someone from a bad decision.The reason why there are timeshare foreclosures is because the units are often difficult to sell. It is imperative that you find out what attempts the previous owner used to tried and sell. You do not want to inherit any problems. Purchasing a timeshare should be taken as if you were purchasing a second home. You need to be certain you will enjoy this for many years and not be thinking that you can simply get rid of a timeshare at your convenience.
Unlike a second home or vacation home that you own completely, a timeshare should not be considered an investment. This is not the reason to purchase one. They only make sense if you plan on vacationing each year for many years at the same resort at the same time of year. This may not be the best option for you. Simply taking a moment to find a discounted vacation package on the Internet will usually save you money in the long run.