With the real estate market struggling to move foreclosures, many people are taking advantage of this time to buy by seeking out great deals on foreclosure and REO properties.  Most foreclosures can be purchased at auction for well below market value.  REO properties, or post foreclosures, offer an even stronger investment opportunity.  An even newer consideration in the foreclosure markets is timeshares and honestly, if you had always wanted a timeshare, there is no better time to buy.  With one exception; timeshares appear to be the staple of scammers and frauds.  One must be weary when purchasing timeshare foreclosures to avoid getting caught in a scam.

When you are seeking out timeshare foreclosures, it is important to conduct good research on the property so as to avoid being taken advantage of.  There are some really great questions you need to ask and information that you need to gather before you look any deeper into this kind of foreclosure purchase.

•    Find out why the seller is selling their timeshare
•    Is there a reason that the sellers were not able to move the property on the MLS
•    When are their weeks for the timeshare and does this coordinate with your vacation plans
•    Is it a nice vacation spot year round or is it only seasonal
•    What are the conditions surrounding the property

It is always important to find out about home owner association fees and other maintenance charges that may come with the timeshare foreclosure.  Don’t just get estimates on this year’s fees, make sure you research fees from previous years so you can figure out their rate of growth and how much they will likely change in years to come. 

It can also be beneficial to read reviews of the area in which you are looking at a timeshare foreclosure.  It is likely that this is not the only timeshare in area and looking at reviews of other timeshares in the same neighborhood can reveal a lot about the neighborhood, businesses and what you can expect of your neighbors.

One of the reasons timeshares fall into foreclosure is because the owners were unable to sell them on the conventional market.  There has to be a reason behind this, besides the poor economy.  You want to ask the right questions and get a clear picture as to why this property fell into foreclosure in the first place. 

You should always treat buying a timeshare as if you were purchasing a second home.  When contemplating your timeshare for re-sale remember that they don’t unload easily, so you should be prepared to hold onto your shared vacation spot for years to come.  Basically, unlike second homes and vacation properties, timeshares are considered investment properties.  You will not likely profit from selling your share of the vacation property, but for a long term access to your favorite vacation spot, timeshare foreclosures are a great way to save on your vacation each and every year.