These days, even a quick search to buy timeshares online will show articles and forums about timeshares for sale for $ 1. Why are timeshares available at such incredible discounts (sometimes listed for between $ 1 and $ 100? )? Is it a good idea to buy timeshare from owners on FSBO sites?

As licensed timeshare brokers, we are prone to being a bit biased. Even so, the truth is that you can find great timeshares for sale on FSBO sites; but there are almost always other considerations. We offer our opinion here:

Why are there timeshares for sale for $ 1?

The main reason you can buy a timeshare online at such great discounts is because the current owner is not using their property or can no longer pay their maintenance fees. Homeowners in this situation are generally just looking to “unload” their vacation property and free themselves from their annual fees.

So how do you buy timeshares safely from FSBO owners like the ones described above? The trick is ask the right questions, do your research carefully, and know who to talk to. Here are some key questions for FSBO owners, along with a brief explanation of why they are important.

  • The first question to ask the seller is: “Is the deed paid in full?” This question is fundamental. If the deed is not paid in full, you are not getting a $ 1 timeshare, you are inheriting a debt.
  • You will also need to ask and get written confirmation from if the owners are up to date with their maintenance fees or fines. If there is remaining debt associated with unpaid fees or penalties, will the seller take over the remaining balance or will you inherit that shortfall?
  • Who will pay for the timeshare transfer and closing costs? There are administrative costs associated with everything from document preparation to taxes, as a buyer in an FSBO transaction, it is important to discuss whether you (the buyer) will cover the closing costs or whether the seller will bear them.
  • Argue who will handle the closing and custody process, and let’s investigate that company on our own.
  • Finally, and perhaps most importantly, Make sure the owner has the right to sell your timeshare. In some cases, an owner does not have the legal right to sell their timeshare property, so any contract they sign may not be valid. Contact the resort directly if the seller can’t provide you with proof … but don’t be fooled by their offer to buy from them, you’ll spend thousands more.
  • As with any real estate transaction, it is a good idea hire a lawyer to take a look at all the contracts and associated paperwork.

These are just some of the legal logistical aspects of buying an FSBO timeshare. There are also convenience issues. When you buy a timeshare directly from the owner, your options are very limited. You will be forced to make a decision based on what fits perfectly with someone else’s family; but not necessarily yours.

If you know the specific resort, season, unit size, and type of use you are looking for, you may be lucky to run a very specific search, but if you are only looking for good deals, you will find that options are lacking.

If this all sounds too complicated, or if you want to access virtually any property, week, or unit size, you may want to work with a licensed timeshare broker.

The brokers will not only provide you with a vacation ownership opportunity that is tailored exactly to your specifications, but will also take care of all the logistics. Just be sure to check your potential broker’s BBB accreditation and license.