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Hello, I hope this is the right forum. I am looking at buying a timeshare off of a website that acts as the Transaction Broker. They essentially just act as a host for me and others to find timeshares that other people are selling but don't seem to take ownership of anything themselves. When I asked them about licensing, they said that they use a reputable Title company and they act as the Transaction Broker to be a neutral party between buyer and seller.
I noticed that this company is not registered as an LLC or registered at all in the state where the Title company is located. Is this an issue or a red flag? Are they even required to be a registered company with the state where the Title company is located? The Title company is located in the state where the timeshare i'm looking to purchase is. The Transaction Broker is in another state.
Location: Sarasota/ Bradenton - University Pkwy area
4,629 posts, read 7,561,420 times
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How familiar are you with timeshares? Have you visited the actual timeshare location in person?
Do you know that with timeshare contracts you will be liable for things like property taxes, maintenance fees, utilities, insurance and special assessments? If you fail to keep current on all of the expenses and fees, the timeshare can foreclose on your timeshare -- then sell it again, and again....
Were you thinking of this as an investment? Because timeshares are difficult to resell and owners often lose money on them.
Have you researched the ownership of the location on your own, to make sure the website is legit? There are a lot of timeshare scams on the Internet.
If it were me I would be taking a trip to see the location in person before committing to buying anything.
This would not be for an investment, we're looking at buying for that. This would be purely to use for our family and would get plenty of use out of it with our large family. We've also visited the location and it is not a permanent time share.
Our main question is still if the transaction broker website, who doesnt have an office in the state where the timeshare is located, is breaking any rules by facilitating this sale in Florida.
Getting "plenty" of use out of a timeshare is probably not the right word to use. If you really want to buy a timeshare, you are one of the very few people who feel that way. Most of the people I know who own a timeshare, rue the day that they got suckered into...er, bought into, a timeshare.
Don't do it, timeshares are horrible and have never ending maintenance fees of more than $1,000 for the week. It's a scam, they say it's a maintenance fee but for $52000 a year which is what everyone is paying it 's much more than a mortgage and all associated costs.
Also look for someone selling it on EBay for $1. they are notoriously hard to get out of and people want to give them away for free because they are worthless and can't.
They come with a lot of things you are not aware of, such as extra fees, extra exchange clubs you have to join, parking fees, family transfer use fees, these are starting at $100 for the week each. Also if you want to use your week the first year will be fine, that's the sucker year, the next year they will tell you nothing is available, even 9 months earlier and you have to pay a several transfer fees to go to one of their other properties.
I have never, ever met anyone who did not regret buying a timeshare. No way would I buy one.
Exactly. My dad tried to pawn his timeshare off on me. He offered it to me for FREE and I refused. I was shocked that my father, a petroleum engineer, was suckered into buying one. He usually makes such wise financial decisions. They are so difficult to get rid of that oftentimes the victim's (whoops owners) decendants are saddled with them, and all the payments, even after the owner dies. Doing more traditional vacations or just buying an RV and traveling across the country is a much smarter idea.
We went to a timeshare sales presentation years ago and came away with only a set of deluxe steak knives.
I suspect we came out much farther ahead than those who fell for the pitch.
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