Tips For Paying Off A Timeshare Loan

There are companies that offer to buy or help you sell a timeshare that you own. Contact them and ask what you could get for yours. Think about the amount they come up with. Would you buy it for that? Would you sell it for that? That will give you a fair market value estimate, it will probably be lower than you believe. Use your new knowledge to make an offer to your debtor. (Depending on your goal you could offer to buy or sell at that same price whatever your debtor chooses-that would assure them that you believe it to be a fair value). If they do not go for it, move on to next step.

If there is a mail box or a community bulletin board at your home resort, you can put up a “For sale” sign. This will pressure the developer especially if they sell it for $20,000 USD and you offer it for $5,000. Sometimes on the fine print of some sale agreements says that the developer has the first right to buy if your place is ever sold. I have heard of developers paying the money (as long as is not too much) just to take the sign out.

To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, don’t be another victim of a scam. Unfortunately over 50% of people that really need to sell their timeshare falls for resale scams where they charge money upfront and less than 10% of them use their only real option which is to post it or offer it through free advertising options as much, and as many sites as they can (it is okay to pay a few dollars to post in a great place but no more that $20 to $30). Timeshares do not have resale value and in most situations you would take a loss in what you paid for, as they resale for less than $2000 USD.

There are some free classified ads where you can start posting:

http://timeshareownerscommunity.com/

http://craigslist.com

http://ebay.com

http://recycler.com/

http://usfreeads.com/

http://www.inetgiant.com/

In the meantime you can put any and all extra money you have towards paying off the loan. You could even get a second income to do so. This really should be thought of as throwing good money after bad; because if you do pay it off you will still be on the hook for maintenance fees and taxes etc.

Tags: buy, pay off, sell