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FREQUENTLY ASKED QUESTIONS
Q. Why should I purchase a timeshare and how does it work?
A. Purchasing a timeshare can divert otherwise lost vacation dollars into a piece of vacation real estate serving your vacation needs for the rest of your life. Timeshare weeks can be reserved at your home resort or can be traded to other resorts through an exchange company. Here are some specifics:
BENEFITS to owning timeshare:
- You will have guaranteed quality future resort vacations for yourself and others in your family.
- You will build your own equity rather than that of your vacation landlord AND be enjoying some of the finest vacation accommodations available.
- You will have beaten vacation inflation, which means you SAVE MONEY!
- You will have the privilege of using Bonus Time at your resort, so you can enjoy mini-vacations in addition to the timeshare week(s) you own.
Q. How long do I get to stay at the resort if I purchase?
A. Usually one week – 7 nights. Timeshares are typically sold in intervals consisting of a seven-night stay.
Q. Can I use the resort at other times in addition to my week usage?
A. YES. Most resorts offer additional time to owners at a reduced rate; this benefit is most commonly known as bonus time.
Q. Will I receive all major benefits that the resorts are offering if I purchase through Vacation Property Resales?
A. YES. All major benefits transfer to you when you purchase a resale timeshare. The property’s Homeowners Association benefits and rules apply to all owners regardless of how the property was acquired.
Q. What is a Five-Star resort?
A. The top rating given to a resort in the Interval International system.
Q. What is a Gold Crown resort?
A. The top rating given to a resort in the Resort Condominium International system.
Q. What does lockout mean?
A. A timeshare that is divided into two separate living spaces with two separate entrances. A lockout will usually exchange one week for two weeks in a smaller unit.
Q. What is a fixed week?
A. A set time that can be used annually.
Q. What is a float week?
A. Vacation time that can be used anytime of the year based upon availability.
Q. What is a banked week?
A. A week of timeshare deposited in one of the many exchange companies to be saved or banked for use at a later time.
Q. What is a point system?
A. Points are offered annually and can be redeemed for daily stays, weekend getaways, full week stays or other products. Additional points can be purchased but usage varies from resort to resort.
Q. What is red, white-yellow, and blue-green time?
A. A color system used for rating the desirability of a timeshare week. Red is considered the most desirable followed by white and yellow. Blue and green are considered off-season.
Q. What is involved in buying a timeshare?
A. Thank you for your interest in purchasing a timeshare with Cashoutatimeshare.com LLC. When an offer is submitted to purchase a timeshare, the offer will be forwarded to a licensed real estate agent who will review the offer. The buyer specialist will make contact with the buyer by telephone or e-mail and normally within 24 hours of the offer being submitted. This is done to confirm the offer and answer any questions the buyer may have. Once the offer is confirmed, the licensed real estate agent will then contact the owners of the vacation property to present the offer for their consideration. When a response is received from the owners, the licensed real estate agent will forward the response directly to the buyer. In the event that the offer has been declined or countered by the owners, the buyer will have the option on how he/she would like to proceed. If the offer is accepted, the closing process will ensue. It is the buyer’s responsibility to pay for all closing costs involved with purchasing a timeshare with a licensed real estate agent. For more information about the closing process, please refer to our FAQ section “The Closing Process.”
Q. What is involved in the closing process?
A. When an offer has been accepted, the transaction will be handled by an approved timeshare closing company. The licensed real estate agent will send an initial purchase agreement form to the buyer for the buyer’s signature and a deposit to send to the closing company. IT IS THE BUYER’S RESPONSIBILITY TO PAY FOR ALL CLOSING COSTS!!! This fee is based on sales price, resort and location. Once the initial deposit is received by the closing company, they will perform a full title search if requested on deeded timeshares and prepare a detailed settlement statement which is sent out to both the buyer and seller. The paperwork is signed by both parties and returned to the closing company. The money is held in escrow while the new deed is drawn up and registered with the resort. The funds are disbursed to the original owner and the new deed is sent to the buyer. The entire process takes about 60-90 days to complete, assuming both parties act in a timely matter. For more information about this process, please contact one of our licensed real estate agents at 1-877-536-0560.