Buying Foreclosed Timeshares

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Buying Foreclosed Timeshares

Timeshares are not generally good investments due to their mortgage payments and maintenance costs. To purchase a timeshare below the market value, you may consider foreclosed timeshares. Before you commit to buying a timeshare, you should understand the legal elements of the agreement and possibly consult with an attorney.

Perform a Title Search

Even though you paid for the timeshare at the auction, you may still be responsible for any debts that the previous owner(s) left on the property. For example, it is common for there to be liens that were not wiped out due to the foreclosure sale. To avoid being surprised by unknown debts, it is important to do a title search.

Annual Assessments of the Property

Once you purchase a foreclosed timeshare at an auction, you will still be responsible for annual assessments of the property. The assessment rate is calculated from the price the original owner paid for the timeshare, not your reduced auction price. Even though you may challenge the assessment rate, the annual assessment rate is likely to increase every year.

Do I Need a Lawyer?

Doing a proper title search and determining whether there are debts left on the timeshare is a tricky process. An experienced timeshare lawyer can help you locate any debts on the property and help you assess whether a timeshare is a wise investment. A lawyer can also help to ensure that you are not the victim of a timeshare resale scams.

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Last Modified: 06-10-2014 10:36 AM PDT

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