Notice was given in our local Maui newspaper that there would be a public auction for owed maintenance fees (which is where the bidding begins) on The Westin Kaanapali Ocean Resort Villas North on December 13, 2010 at 10am to be held at The Maui War Memorial.
Our attendance was twofold. We had clients who had asked us to attend to purchase a few units for them and we wanted to purchase some weeks for ourselves.
If you plan to attend a Foreclosure Sale you must DO YOUR HOMEWORK! Prior to the foreclosure sale, you can obtain a Disclosure Statement from the county the property is registered in which should contain a page that is dedicated to unit numbers and views if applicable.
All the units on the foreclosure list for The Westin Ka anapali Ocean Resort Villas North were two bedroom lockout units with an Island View, Ocean View or Ocean Front. I know this time share property very well and had a list of the unit numbers and view descriptions.
I did my homework and it paid off! We were able to purchase an Ocean Front property that was listed as an Island View. There were several other units that were listed as one view and in reality were another view. The maintenance fees of the units we purchased today are now current and the next maintenance fees will be due in 2011.
It is helpful if you own at the property at which you are attending a foreclosure sale because you will know the maintenance fee history, the management company’s history and any current or past special assessments. If you don’t own at the timeshare property you are planning to bid on, you should contact a licensed broker before the auction who knows the history of the property. This is what we did for our clients.
I have gone to auctions all of my life. My Mom and I were pickers in the Midwest and we would go every week to auctions that sold antiques. We would buy them, bring them home, strip and refinish and take them back to the auction. I love a great deal and this is a great way to purchase a timeshare. I have also attended a few foreclosure sales by the county. But, you MUST KNOW what you are purchasing!
Timeshares can be an investment in your future vacations or it can be a burden if you do not use it and still have to pay your maintenance fees.
If you don’t know all the ins and outs of a property then hire a licensed timeshare resale broker who is reputable and knows his market. Advantage Vacation has been in the Timeshare Industry over 30 years. We have built our business on owner referrals and are Accredited members of The BBB with an A + Rating.
Your best interest is our best interest.