Timeshares Auctions IndigoGuide Timeshares

Timeshares Auctions, Tri West

If you are looking for Tri West see www.triwest timeshare.comwww.triwest timeshare.com

Timeshare auctions work in much the same way as any other auction and online auctions are designed for ease of use. Most provide a free guest service whereby a user can search the inventory of timeshares on offer to see if there are any available that may be of interest. By registering and creating an account, bidders can place, monitor and change their bids. In some cases bidders can sign up for a notification service whereby the auction company will keep an eye out for properties that match specified criteria, and inform the bidder.

Research the price listings of similar timeshare units before setting your price. Using your research as a guideline you can then decide on a reasonable minimum bidding price. This is known as the opening bid. In timeshare auctions an opening price set too high may cause buyers to look elsewhere. This is important in getting the first bid which will encourage further bids.

A reserve price then needs to be set. This is also a price set by the owner and may be shown or hidden at the owner's discretion. A bid below the reserve price may be accepted or it can be declined. A bid that meets or exceeds the reserve price will be the winning bid. Timeshares listed with no reserve often attract more bidders than those with a reserve. Also, if a reserve is not known to the bidder and their bid does not meet this price, they may assume it has been set too high and move on.

Bidding should be taken seriously and bidders should check availability of the timeshare, ask questions and attempt to negotiate prior to bidding. Most companies will ask for credit card details, even if they offer free bidding and registration. This is used as a precaution against fraudulent bidding and it should not be charged for free bids or used for the final payment of the timeshare unless otherwise specified.

Bidders are welcome to bid on as many auctions as they want as long as they can follow through on all transactions if their bid is accepted.

If a bidder needs to retract a bid the owner should be contacted before the end of the auction. Common reasons for bid retraction are if terms or descriptions of the timeshare are changed after the bid was placed; incorrect information was supplied; the bidder entered the wrong bid amount by mistake or the bidder placed a bid on a rental thinking it was a sale.

If a bidder does not retract their bid before the end of the auction and then does not go through with closing transactions they are likely to be fined anything upwards of $50 by the auction company.

Most timeshare auctions run for between five and 14 days with most activity taking place within the last three days. Owners have the option of ending the auction early so if a bidder is interested in a timeshare they should e mail the owner to negotiate a closing price. The bidder then needs to enter the bid online so the owner can accept it and end the bid.

Most auction companies, online or live, will have an affiliated closing company that will deal with the timeshare closing and usually provide their services at a discounted price. Funds are sent to this company who then hold the money in escrow while the bidder comes to a final decision. If the bidder decides to proceed with the sale the company will release the funds to the owner. Auction companies also charge a fee for facilitating the sale.

As a bidder you are responsible for any fees listed in the auction including maintenance, closing and transfer fees if applicable. The buyer should always contact the owner to find out which fees they will be responsible for.