How to Purchase a Timeshare Foreclosure

Purchasing a timeshare foreclosure can allow you to get a great deal on a vacation property. Here are a few things that you need to know about how to buy a timeshare foreclosure. 

Locating a Timeshare Foreclosure

First of all, you will have to locate a timeshare foreclosure that you like. One place to look is with the developer of the property. Take a tour of the property, and then at the end, ask if the developer is selling any foreclosures. Another way to find a foreclosure is on a timeshare resale website. These sites will often have a section devoted to foreclosures.

Purchasing

Once you locate a timeshare, the method of purchase can vary. Sometimes, there will be an auction. In that case, the highest bidder will get the timeshare. Other times, you will just be able to make an offer as if you were purchasing a house. Find out the necessary steps to make an offer, and once your offer is accepted, you can move on to closing.

Closing

Once you have an accepted contract to purchase the property, you will go to closing on the property. This is very similar to a closing for any other real estate transaction. You will sign several documents that release the property to you and the financing or payment will be arranged. After the meeting, the timeshare will be yours. 

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