Buying a timeshare holds a lot of similarities to buying any other realty property. One of those distinctive similarities is the fact that it can be foreclosed on. For someone dealing with a timeshare foreclosure, there can be some repercussions such as an affected credit score, but for someone looking to purchase a timeshare on the resale market, you are also able to find a property for far cheaper than you may have found it elsewhere.
Learning about the foreclosure process of a timeshare property can both help you prevent it, and allow you to find affordable properties that hold the amenities you may be seeking. Within this article we will go over Hilton timeshare foreclosures and some details regarding them.
Similar to foreclosure of something like a home, the reasons for timeshare foreclosure tend to stem from perpetual lack of payment. This may range from the maintenance fees or simply the monthly costs of the resort. The timeshare company, at their discretion, can get a lien on your timeshare which could ultimately lead to foreclosure.
Buying A Hilton Timeshare Foreclosure
In the event you choose to purchase a timeshare property in foreclosure, it is important to keep in mind that any assessments from the previous owner will be taken over by you, in addition to the typical annual maintenance fees and monthly cost. Because of this, if you do choose to purchase a deeded timeshare currently being foreclosed, you may want to go through a title search. This will determine if there are any existing liens on the title. These liens would not be eliminated by foreclosure, and would have to be taken over by the new owner, yourself. Using a licensed broker can eliminate the worry of being scammed or simply paying too much.
Title searches cost money, so you may also be able to request a public offering statement, which would detail everything from charges and assessments, to any potential future expenses, transfer restrictions on the title, and just an overall description of the property. These are a couple of different options you have to make sure that you are purchasing an affordable property without having to take on unpaid fees and debts along with it.
Now that you understand more about the details of timeshare foreclosure, you can better prevent it from happening to you, and can also find additional options when shopping for a new property. If you have any additional questions regarding timeshare foreclosure, feel free to contact us to speak with any of our licensed agents.