Ebay timeshare question

[cbecerrajr Junior Member Find all posts View Profile Close cbecerrajr]

I have yet to bid on any timeshares that are up for bid on Ebay, mainly due to the following statement that is listed on the same page that you would "confirm bid":

"This is a non-binding auction. By bidding, you are not entering into a contract to purchase this property. You are, however, expressing serious interest in the property and in pursuing contract discussions if you win."

What exactly does this mean? Does this mean that the price you bid isn't the final price? Are you basically bidding for the opportunity to negotiate? Don't really understand why the seller wouldn't just set a reserve.

Also, when a listing states "no reserve", does this mean that the winning bid is the actual purchase price? If so, why does the statement, "This is a non-binding auction. By bidding, you are not entering into a contract to purchase this property. You are, however, expressing serious interest in the property and in pursuing contract discussions if you win." still appear before you confirm the bid??

Thanks for the info!

Carmelo

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

I have yet to bid on any timeshares that are up for bid on Ebay, mainly due to the following statement that is listed on the same page that you would "confirm bid":

"This is a non-binding auction. By bidding, you are not entering into a contract to purchase this property. You are, however, expressing serious interest in the property and in pursuing contract discussions if you win."

What exactly does this mean? Does this mean that the price you bid isn't the final price? Are you basically bidding for the opportunity to negotiate? Don't really understand why the seller wouldn't just set a reserve.

Also, when a listing states "no reserve", does this mean that the winning bid is the actual purchase price? If so, why does the statement, "This is a non-binding auction. By bidding, you are not entering into a contract to purchase this property. You are, however, expressing serious interest in the property and in pursuing contract discussions if you win." still appear before you confirm the bid??

Thanks for the info!

Carmelo

The short answer is YES and no.....
They can't actually MAKE you buy the TS but will leave you negative feedback if you don't.....

The key to ebay is to know WHAT you are buying, what your top price is that you would pay for it and don't go over that price.
Always email the seller to get the 'contract number' or owner number and then call the resort or resort group to verify that the ownership is what they say it is.

A property that is listed as no reserve means the seller will sell regardless of the final price.
On occasion, it has been reported that people have not honored the final bid of a low reserve auction because they 'misunderstood' that it could be sold for such a low price but most of the time, no reserve means the TS will be sold for the final price.

Many sellers 'pad' the auction by charging very high closing costs but you should factor that in to the amount you are wiling to pay for the TS.

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

Carmelo,

The reason for the caveat in the ebay timeshare listings is that t/s is considered Real Estate, so a bid on an ebay auction isn't legally binding. Ebay thus requires the language be included in all t/s listings.

[cbecerrajr Junior Member Find all posts View Profile Close cbecerrajr]

Thanks!

So, if the listing states "no reserve" or "This auction has no Reserve Price. We are prepared to sell this great timeshare at the bidder's winning bid amount, regardless of the amount", than the final bidding price is the purchase price (plus inflated closing costs, resort transfer fee, and mf...when stated)??

Carmelo

[Transit Member Find all posts View Profile Close Transit]

Thanks!

So, if the listing states "no reserve" or "This auction has no Reserve Price. We are prepared to sell this great timeshare at the bidder's winning bid amount, regardless of the amount", than the final bidding price is the purchase price (plus inflated closing costs, resort transfer fee, and mf...when stated)??

Carmelo

If you win then it should be the purchase price but a seller can back out If they feel their reserve hasn't been met even if it was listed as no reserve.You can check the seller for pos/neg comments.My biggest problem is inacuatre information that is listed with alot of units I've been interested in such as Incorrect MFS,seasons,taxes ect.

[garyd210 Senior Member Find all posts View Profile Close garyd210]

You can't presume everythings 100% correct

I've used eBay 3 times for t/s purchases. I cringe when I see listings that advertise one resort, but actually supply photos either from some other resort or a unit that is completely different than what is up for sale. Many of the listers on eBay are not the actual owners and at times not all that concerned about providing a accurate representation of the unit. Almost all the listers ask you to e-mail them questions, and you should if there is a question of view, annual, season, deed vs RTU, etc.. If the seller doesn't respond or if the seller has few previous transactions, these should be "red flags". I particularly avoid the lister who says "Dont ask any questions as we will only send you the same generic description." The no-reserves auctions will sometimes start at a moderate to high dollar level, say $1000, so they'll take that amount if you're the only bidder. If there's a particular place you like, closely monitor what they're selling for so you can determine a good value. Good luck! garyd210

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Be VERY careful when purchasing timeshares on the eBay. The only time I have been burned when purchasing a timeshare is on eBay.

You should view eBay as nothing more than a method of achieving a "meeting of the minds" in Real Estate jargon. That means the seller and the buyer have agreed on a price and most terms as expressed in the ad and the questions and answers the ensue.

However, due to the Statute of Frauds, all Real Estate Transactions must be in writing in order to be enforceable. So, you should always follow up an eBay auction with a legally binding real estate contract. If you don't, you will have a chance of getting ripped off with no protection from State Real Estate Laws.

Some states, like Florida, require a recission period on all timeshare purchases whether or not they are resale or purchased directly from the developer. A special notice is required to purchasers by the seller or broker. If it isn't provided, then the buyer has a legal right to a 1 year recission period. And, they can cancel for ANY reason. So, eBay cannot be a legally binding auction in Florida. Only an agreement signed by competent persons that have passed the period of recission are considered binding.