How to Sell a Timeshare

Posted on July 21st, 2009 by aileen

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Selling a timeshare can be difficult. There are too many sellers and only a few buyers. The reselling price is usually lower than the original price. You need to be thorough when selling your timeshare in order for you to avoid the scammers lurking the market. Here are a few easy ways to get you started.

Steps:

Be familiar with what you’re selling- There is nothing worse than a seller who doesn’t know what he is selling. You have to familiarize yourself with all the information about your timeshare. Give accurate details. Anticipate questions that a possible buyer may ask and be confident in answering them. Put yourself in the buyer’s position. Would you transact with someone who is unsure of what he is doing?
Give a reasonable price - Before putting a tag on your timeshare, it would be best to search for current timeshare listings similar to your own. Most timeshares are usually sold 30% - 50% of the original value. Pricing depends on several factors. A timeshare older than those already in the market may not be sold easily. Those with off-season dates are also difficult to sell. Timeshares whose credits can be used for other things such as plane tickets and accommodations may be priced higher. The view from your unit like a beach, a mountain or a swimming pool, may also mean a higher selling price. If you’re in a rush to sell, remember that most buyers are looking for the lowest price in the market. Try to keep your selling amount within the low but reasonable range of prices.
Advertise - There are numerous ways to get your timeshare out in the market without spending too much. Find a website where you can place your ad for free. Contact your local newspaper and have your ad placed on the real estate section. Keep in mind that the more exposure your ad has, the more prospective buyers you will get.
Contact other timeshare holders - Look for timeshare holders of periods before and after you. They might be interested in getting yours to lengthen their time.
Get an agent - If you want to make it easier, get a broker to do all the necessary things. Some companies would ask for upfront fees and commission for the sale. There are others who offer the same service for a low cost. Choose an agency carefully. Check for accreditation and licenses.
Gather all the necessary documents - Details regarding your timeshare, mortgage information and tax records are very important. A prospective buyer and your broker may want to see these forms.
Keep your transactions legitimate - Have a good grasp of the laws concerning timeshares. Before signing an agreement with a real estate agent, make sure that you have understood all the information such as how they plan to market your timeshare and all the fees you need to pay for. When you already have a buyer, make a contract stating specific details about the timeshare, the amount agreed upon, payment terms and conditions. Getting a lawyer for this is advisable, but it might also be expensive.

Tips:

Before selling your timeshare, make sure that you’re able to pay your loans and other fees. If you think you won’t be able to do so, you may opt to have your loan refinanced.
Be careful of scams. There are those who will give you an offer higher than your asking price, but you will be asked to pay them a certain amount of money in exchange. Some may also offer money back guarantee. Don’t believe these things and choose the people you deal with.
You may choose to buy or download a resale document kit. Included in this kit are directions, forms and sample letters.
You may also decide to use a timeshare closing service. This is for the security of both the buyer and seller.

Though selling a timeshare may be difficult, it should not be expensive. There are numerous ways to sell your timeshare quickly without spending too much. Just remember to be careful. Don’t let the scammers take advantage of you.