Understand what you own
Make sure you understand the exact details of your timeshare before you try to sell it. Do you have a deeded ownership or a Right to Use? Review all of your timeshare documents including mortgage records, maintenance details, and tax records.
Never pay an upfront fee
There are many less-than-reputable individuals and companies who will contact you with guarantees of selling your timeshare for an upfront fee. Don’t do it. The “broker” has no motivation to sell your timeshare after they have collected the up-front fee, and you will probably never receive a return on the fee due to a lack of sale. The only exception to this rule is paying a fee to list your timeshare with a reputable company like Ebay or Craigslist.
Most timeshares sell on the resale market for up to 50% of the initial price
Be prepared to take a loss when you sell your timeshare. Making money on the “investment” of a timeshare is the exception to the rule. The value in a timeshare is the vacation, not a monetary return. Research what other comparable weeks and locations are selling for to get a feel for the market. The price you ask may be higher than what is available on the market, or it may be lower if you are looking for a quick sale.
You will need to cover the difference
If you have a timeshare loan then you will need to be prepared to write a check for the difference of the sale price and what you owe. Don’t have enough cash on hand to cover difference? Rent the timeshare until you have paid down the loan.
Caveat Venditor – Seller Beware
The timeshare resale market attracts scammers on a global level. Walk away if you sense a scam. Always give yourself 24 hours to think before exchanging any money or signing any contract.
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