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As more homes go into foreclosure, you might be considering investing in a foreclosed property to generate some extra income.

Foreclosed homes can be moneymakers in strong rental markets or if you’re able to sell a deeply discounted property for a higher price in the future.

Regardless of whether you’re considering a foreclosure for investment purposes or as potential property in which you might live, you still need to make some informed decisions about any building you buy.

Continue reading “Buying a Home in Foreclosure? Here Are 6 Tips” »

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Buying a timeshare property may have seemed like a good idea when you signed the timeshare contract. But if you’re taking yet another “staycation” this summer – and really haven’t been able to travel as much as you’d like the rest of the year as well – you may have realized that you aren’t truly benefiting from your timeshare purchase.

Some people buy timeshares as potential investments. But that’s often an unwise move, since timeshares aren’t investments in the traditional sense, and they don’t offer the typical benefits that, say, stocks or bonds might, such as price appreciation or dividends.

Many timeshares also don’t function as traditional real estate investments either, since most timeshare buyers only own a specific and limited portion of a property for a specific week or month during the year.

That’s why most people enter into a timeshare agreement simply to enjoy the privilege of having a vacation home at their disposal. Owning a timeshare, however, comes with a lot of inherent financial risks and may not always be your best economic move – especially in a slow economy.

Fortunately, you do have some options if you’ve signed a timeshare agreement and want to get out of it.Here’s what you can do to get rid of a timeshare you no longer want:

Review your agreement.

You need to determine whether you have a deeded timeshare or a leased timeshare property. A deeded timeshare bounds you to the contract as an exclusive owner, while the leased timeshare means you are only the owner for a set number of years. If you have a deeded timeshare, you have the option to sell it to someone else. If you have a leased timeshare, you may have to keep paying your annual fees until the lease expires.

Consider renting it out.

If you know you aren’t going to be using your timeshare for a certain period of time, consider renting it out to somebody as a vacation rental for extended stays. In some cases, the rental fees you earn will be able to cover the annual maintenance fees you must pay on the timeshare. Just remember that, regardless of whether you use the timeshare or rent it to someone else, you’ll still be responsible for maintenance costs and other fees as outlined in your initial timeshare agreement.

Check in with the company that manages the property.

Some timeshare companies offer services for those who are interested in selling their timeshare, and they may even help to match you up with an interested party. They may charge a fee for this service – which will come out of the final sale price – but this could be an easier way to get that timeshare sold.

With some timeshares, your annual fees may have escalated to the point where you’re not getting much value each year from the timeshare, or you could simply pay to go to another resort and come out cheaper. If high annual fees are the issue, ask your timeshare property management company for permission to deed back your timeshare to the organization. With a “timeshare deedback,” you basically agree to give your timeshare back to the resort.

Advertise your timeshare property for sale.

If you are under a deeded timeshare agreement and decide to sell the timeshare on your own, consider posting your property on reputable site like TUG, the Timeshare Users Group.

TUG offers a wealth of practical, consumer-friendly information for both existing timeshare owners and would-be timeshare buyers. Among the features at TUG are a “Timeshare Marketplace” that lets you sell or rent your timeshare free of charge; a wealth of advice articles about timeshare ownership; and an online forum where you can ask timeshare questions and get answers.

Best of all, TUG provides its members with a sales history database, so you can get the most recent, up-to-date information on timeshare sales and properly assess how much your timeshare is worth.

Aside from TUG, you can also place classified ads for your timeshare on sites like Craigslist and eBay. read the rest of Lynnette’s article on Daily Finance.

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Data from Experian’s 2011 Strategic Default Report revealed that in the first half of 2010, an estimated 275,000 people just walked away from mortgages they could afford to keep paying because they had become such bad investments. Read – What Strategic Defaulters Mean to Marketers | Ad Age Stat – Advertising Age

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The Lee County Sheriff’s Office is warning residents to be aware of potential scammers targeting owners of timeshare properties.

The scammers make unsolicited calls to current timeshare owners with  promises of financial profit, and claim to be able to get owners out of their timeshare contracts by paying up-front fees, ranging from $200 to $8,000.

The Sheriff’s Office says some timeshare owners have lost thousands of dollars to these scams, and never ended up
selling their property.

Lee County Sheriff’s Office  has offered a few tips to follow when dealing with timeshare telemarketers or vacation rentals.

1) If someone promises to sell your timeshare or tells you they have a buyer but need cash upfront DON’T do it! You wouldn’t pay a realtor to sell your home before they sell it, would you?

2) Companies that cold call you are more than likely a scam. Don’t do business with them as legitimate timeshare companies generally never initiate contact with you first.

3) Refuse to be pressured. Legitimate businesses do not demand that you make a snap decision. They welcome your questions and will encourage you to consult with experts and other reliable sources. Do not sign anything you do not understand.

4) Avoid sending cash, check or a money order should you decide to utilize a timeshare rental.

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