Unsure how to sell your timeshare? Wondering how much to sell your timeshare for? These are very common questions for timeshare owners who are looking to get out of their timeshare commitment. One thing that can be very hard for many owners to face is the fact that you should not expect any kind of profit. Even in a very good economic climate, you will not make a profit. There are simply far too many timeshares resales available. The sooner you swallow this bitter pill you can take the first step to successfully selling your timeshare. Think about it, you do not fully own the property you merely own “time” to use it. Time is something that is readily available in this market.
Consumer advocates receive many reports of people getting ripped off by timeshare companies that have high, upfront fees for selling or renting timeshares. Timeshare contracts are notoriously sneaky. The high pressure sales tactics prey on people to make a hasty decision, and usually have it in writing that you have no way out. Unfortunately one of the sales tactics they use when selling timeshares is that you can someday easily sell or trade your timeshare when you grow tired of visiting the same old property. If you are looking into selling your time share you are probably aware that this is not the case once you are an owner. Currently there are increasingly more and more people complaining that they get very little luck with exchanging their timeshare weeks for weeks at another resort. It is safe to say that there is very little if any honesty in the timeshare industry these days.
Despite all of this grim information, you still need to sell your timeshare. There are mainly three options. Use a broker, sell it back to the resort or sell it yourself.
Contract with a broker that specializes in buying and/or reselling timeshares.
Do 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 fall for resale scams. Ask for references before working with a company. You should also review the BBB for any complaints
When looking to use a broker to sell your timeshare, there are things you absolutely need to know. The last thing you want to do is go into yet another contract that will be of no benefit to you in the long run. There are many people who are more than willing to take your money and not give you much if anything in return. Be sure to check into any your broker you are considering, check them out thoroughly. Check the BBB, timeshare forums etc. to find one who will be worth your money. According to RPMLS.com, there are limits that can be imposed on brokers when dealing with timeshare resale.
“Conflicting regulatory requirements raise barriers to effective resale efforts on behalf of widely dispersed sellers and buyers. If timeshare brokers are required to hold multiple licenses, few sales, if any, will be completed.
These regulations make it harder to resell a vacation timeshare to the detriment of resale prices and ultimately timeshare consumers’ equity. These conflicting regulations further exacerbate the “timeshare resale problem.” There are not enough true timeshare resale companies to satisfy demand and supply forces in this market place much less require a licensed timeshare broker to represent every state’s interest.
Most timeshare sales involve more than two states. Approximately 90% of our resale transactions involve three or four states.
In 2007 over 41% of our timeshare transactions the buyer, seller, timeshare broker and timeshare property were all in different states. Also in 2007 over 89% of our transactions involve at least three different states.”
So as you can see even when using a reputable broker they can have issues of their own. It cannot be stressed enough the importance of using a reputable broker, and also one with a proven track record of successful timeshare resale.
There are a lot of scammers out there. If you are willing to put in the time and effort, you should be able to market and sell your timeshare yourself.
Try to sell it back to the resort/developer
Review your contract as contractually the resort/developer may have the “right to first refusal”. Some resorts use the “right to first refusal” to preserve the value of timeshares in their resort. Selling back to the resort is often less of a hassle when compared to selling a timeshare on the resale market.
The problem with this option is that it is very unlikely to be accepted by the home resort these days. They do not sell timeshares with any intention of buying them back at a later date. Maybe if you are lucky enough to own time at an extremely popular resort with highly desirable weeks that people are waiting in line to buy this may be an option. Unfortunately this more than likely not the case but it never hurts to ask.
Many people are interested in doing a quit claim or deed in lieu of foreclosure on their timeshare. Just like selling it back to the resort, this option is one that must be approved by the loan guarantor. Just as with selling back to the resort this option rarely results in a positive response form the bank.
Sell it yourself
Selling a timeshare is not always an easy task. Your success is directly proportional to your effort. The process is fairly simple: Establish a price and advertise. Still unsure of a price for your timeshare? Do some detective work and see what the competition is selling their timeshares for in your area and more importantly your resort. Once you find some comparable timeshares for sale be sure to list for less than they are asking. Sometimes it’s just a matter of a few dollars to make a buyer feel like they are getting a good deal. When it comes to marketing your timeshare, the more places you advertise the more eyes will see it and increase your chances of finding an interested buyer. There are all kinds of websites and publications you can advertise in ranging in prices from free and up. One thing not to forget is even if you are doing something as simple as online classifieds be sure to include photos! It can make all the difference for buyers, and can be easily overlooked.
Below is a list of websites you can advertise your timeshare on:
In addition to online sites you can advertise your timeshare locally (near the resort). If there is a mail box or a community bulletin board at your home resort, you can put a “For sale” sign. Papers are still an effective advertising option. Take out an ad in the local paper or real estate publications.
You can also sell it through the following:
The above sites, along with eBay, have a nominal fee to sell your timeshare.
Avoid all companies that want to charge you a high upfront fee (more than $50 or so) to sell your timeshare. Do not trust them and don’t listen to them if they say they can get more for your timeshare, it is a ploy to get your money.
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