When Dealing With Timeshare Resorts Outside of the United States, Use Caution!

When Dealing With Timeshare Resorts Outside of the United States, Use Caution!

In foreign countries, laws regulating timeshare resorts, timeshare sales and other real estate purchases can be very different from US laws.

Recently, I read an article about timeshare owners who were pressured into buying timeshare from  timeshare resorts in Mexico. They wanted to buy a timeshare for the sole purpose of renting it out. However, not only did the contract they signed specifically forbid them from renting the property, the rental company that they were referred to did nothing to help them rent this timeshare. Though the terms of this agreement seem self-contradictory, many people each year are, in effect, scammed at timeshare resorts by unethical timeshare salespeople using similar ploys.

Laws pertaining to the regulation of real estate (including timeshares) differ drastically in all parts of the globe, and this can create leverage for dubious timeshare sales agents to exploit. For example, in the UK, the cooling-off period (a period of time during which a timeshare transaction can be cancelled for a full refund after it is completed) is ten days. In Mexico, it is five days. Recognizing this, the US State Department warns potential timeshare buyers not to sign a contract which penalizes the buyer for canceling the timeshare sale within five days.

In addition to carefully reading through any agreements, people who buy timeshare directly from a resort should familiarize themselves with local laws that may affect the terms of sale. For instance, Mexican law prohibits the ownership of property by foreigners within 100 kilometers (about 62 miles) of any border, or within 50 kilometers (about 31 miles) of a coastline. Typically a Mexican bank holds the property in trust, and a trust beneficiary enjoys the rights of ownership. This is why rental timeshares and right-to-use agreements are the predominant ways in which Americans enjoy Mexico timeshares. This is not to say that anyone who wishes to use timeshare in Mexico will undoubtedly undergo a bad experience; rather, it is more accurate to suggest that anyone looking to buy timeshare in a foreign country should pursue as much research as possible before entering into an agreement.

In regard to the article under discussion, I am inclined to wonder if things would have turned out quite differently for the timeshare owners, had they investigated their options in the timeshare resale market. Before they were approached by the resort developer’s sales team, they may have been pleased to find out that they did have the option to buy a resale timeshare directly from a timeshare owner, saving a considerable amount of time, money and hassle in the long run. Local regulations aside, even after they were duped into buying this property, they might have discovered that a reputable online timeshare reseller could have given them a chance to rent this property (like they intended to do from the beginning) or resell the timeshare outright. Sadly, as events unfolded, they became the latest in a long line of timeshare buyers badly treated by the resort industry.

If you are thinking of entering the timeshare market, please consider SellMyTimeshareNOW. We are committed to providing quality service and a high degree of marketing visibility to our advertisers.

Timeshare Resales

Timeshare Resales

Buying timeshare resales is a smart alternative to buying timeshare directly from a developer.

The timeshare resale industry, though maligned by the misdeeds of many timeshare resale companies, has allowed many people the opportunity to experience the benefits of owning timeshare while paying far less than the original asking price of the property. If you are working with an honest and reliable timeshare resale company, a world of vacation possibilities is at your fingertips.

In earlier posts, I detailed some of the pitfalls encountered by people buying and selling timeshares online, and some ways to tell if your timeshare resale company can deliver what it promises. Because of rampant fraud, the timeshare industry has suffered bad press. In particular, the portion of the industry devoted to timeshare resales has lost a great deal of credibility. It seems that half the sites out there are trying to defraud people of their money, their timeshares, or both.

Fortunately, with major hotel chains investing in lucrative timeshare developments, the timeshare world has been infused with a healthy dose of respectability. Marriott, Hilton, and other giants of the hospitality industry have brought about a significant paradigm shift, causing a renewed interest in the concept of timeshare. Resort developers, in order to compete in a business climate dominated by established hotel brands, have de-emphasized making a fast buck in favor of actually providing the quality service and luxury amenities that the timeshare-owning public demands. By giving timeshare owners what they want, large resort development companies have seen record gains in recent years.

Though it is true that the entire industry has been affected by these changes, the resale side of the timeshare industry has been the slowest to respond. While companies who plan for long-term success have set new standards for the resale community, there still exist unscrupulous timeshare resellers whose only concern is collecting the fees they charge. However, since the advent of the internet, consumers have become more aware, more canny about who they are willing to do business with. Using online resources like the Better Business Bureau is the best way to determine whether any online business can deliver on its promises.

Once you are satisfied that a timeshare resale company is honest as well as effective, an impressive array of vacation possibilities is at your disposal. However, the real beauty of resale timeshares lies in their cost-effectiveness.

Timeshare resort properties produce large profits, but consumers aren’t easily sold. Consequently, roughly half the cost of each new timeshare covers the cost of marketing the property. For example, a brand-new 200-unit resort development would earn $153,000,000. Shockingly, about $76,000,000 of these earnings is spent on sales commissions and enticements for people to sit through lengthy timeshare sales presentations.

  • One person out of every 200 responds to telemarketing and direct mail campaigns advertising new timeshares.
  • The expense of free gifts such as hotel bills, meals and theme park tickets (to lure prospective timeshare buyers into one of those infamous sales presentations): $200.00 – $500.00 for each attendee.
  • People whose sole reason for enduring a timeshare sales pitch is to receive the free gifts (such people are sometimes referred to by the unflattering term of “professional mooch” by certain unsavory characters in the timeshare resort industry): 1 out of every 4.
  • 1 out of every 10 people who are in attendance at a timeshare sales presentation actually buy the property.

It is easy to see why buying a new timeshare directly from a resort developer is so pricey. However, on average, buying a timeshare resale week from an owner costs $5,000, in contrast to the $14,800 asking price of a resort developer. You pay almost 1/3 of the original price of the timeshare property!

Timeshare resales are available all over the world, often costing a small fraction of a developer’s original price. Whether you’re looking to buy, rent, or sell timeshare, SellMyTimeshareNOW can help you.

Timeshare Houseboats

Timeshare Houseboats

For those with a taste for the unusual, timeshare houseboats are available at a variety of destinations all over the world.

Timeshare vacations are not only limited to huge resort complexes. Some timeshare owners prefer to spend their week aboard a luxuriously appointed houseboat. With amenities similar to those found in traditional vacation condominium properties, a houseboat could be just the thing if you’re seeking an alternative to an “ordinary” vacation.

Timeshare owners are accustomed to two options: either spending their week in a vacation villa, or in a large resort complex hemmed in on all sides by more or less identical units. Sure, there are a few timeshare developers that offer a truly different vacation option, but for the most part, a timeshare owner has to choose between a villa and a condo. Granted, these properties are all located in the most desirable vacation destinations in the world, and these properties come fully loaded with all the finest amenities, but the fact still lingers. Isn’t the whole point of owning timeshare to get away from it all? What about the concept of flexibility, one of the major selling points behind any timeshare property? Timeshare owners who are looking for a truly unique experience on their next vacation are often hard-pressed to come up with a fresh alternative.

Fortunately, there is a solution. One of the most interesting developments in the world of timeshare is the concept of timeshare houseboats. Timeshare owners are often able to exchange their banked time (or points) for a week aboard a luxurious houseboat. Below are several options for vacation houseboat rental:

  • Alvecote Marina, in Straffordshire, England offers houseboat lodging deep in the heart of the English countryside. They offer either stationary “Canaltime” houseboats, or, for more active timeshare owners of a nautical bent, there are “Narrowboats” available. In a Narrowboat, it is possible to take a leisurely cruise through the waterways of central England, stopping at Leicester, Birmingham, Nottingham, or several other destinations. Each boat is fully equipped with fresh linens, kitchen facilities, and all the amenities one would expect from a luxury condo rental.
  • Stigler, Oklahoma is home to the Royal Host Club on Lake Eufala, which offers timeshare aboard high-end houseboats. These boats can have up to four bedrooms, and are fully modern craft which boast air conditioning and fully-equipped kitchens among their amenities. Sportfishing, canoeing, swimming, and hunting are just some of the reasons why people choose to buy timeshare on Lake Eufala.
  • Sometimes, it is possible to buy timeshare aboard a Turkish gulet. A gulet is a wooden-hulled boat, averaging between 70-80 feet in length, and usually staffed by a crew of four. One can expect 4-6 private cabins belowdecks, and a galley where delicious food is served daily. These beautiful yachts ply the waters of the Mediterranean and the Black Sea. Often, a cruise will stop at a number of picturesque sites of historical interest on the Turkish mainland or outlying islands.

Houseboat timeshares are sometimes hard to find, but they are available on the timeshare resale or rental market. For those seeking an out-of-the-ordinary vacation, a timeshare houseboat may prove to be the answer. SellMyTimeshareNOW offers an inventory of houseboat timeshares for sale or rent in addition to our standard inventory of timeshare resales and rentals.

Do I need to hire a lawyer to handle the timeshare closing process?

Do I need to hire a lawyer to handle the timeshare closing process?

Typically, closing the deal on a piece of real estate property means paying legal expenses. Discover why, if the proper conditions are met, you do not need to hire a lawyer to help settle your timeshare closing.

Anyone who has ever bought a home knows that an attorney who specializes in real estate is a natural part of the closing process. Therefore, it is logical to assume that a timeshare closing transaction requires a lawyer to facilitate the close of the sale. What most people don’t know is that there is no reason, legally or otherwise, to hire your own lawyer to oversee a timeshare sale.

With any large purchase, the intercession of a third-party intermediary is helpful to both the buyer and seller. In real estate transactions, a lawyer’s involvement is just one of several systems in place intended to assure both parties that the sale is taking place “by the book”. A real estate lawyer provides many services, including the review or preparation of the purchase agreement and negotiation about the terms, determining who should hold the deposit, the preparation of the deed and power of attorney (if needed), dealing with any title issues that the bank attorney may raise, attending the closing and reviewing any documents which the seller is required to sign, escrows, special arrangements to correct the title, and many other functions vital to a successful and stress-free sale process.

Timeshare, though it is still deeded property, is a different case in many respects.

There are a variety of timeshare closing companies available to help close a timeshare sale. These companies are staffed by attorneys, and are capable of handling the entire process from start to finish. Often a timeshare resale company will be able to recommend a closing company to a buyer. A good closing company will be approprately licensed and bonded, and must be capable of handling and preparing deeds, escrow of funds, estoppel certificates, closing statements, and recording fees- all for a flat rate. This means you don’t have to hire your own lawyer to sell your timeshare.

SellMyTimeshareNOW has long-standing relationships with the timeshare closing companies we recommend. Because of these partnerships, we have saved our advertisers untold additional expenses. For more information, you are invited to visit our seller FAQ page.