Selling Your Timeshare: Everything You Need to Know
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Reselling your timeshare is one way to exit your contract. You have the option to sell it back to the resort company or to other people who may need it.
This article will talk about the different ways of selling your timeshare. We will also talk about the things that you should look out for to avoid getting scammed.
Table of Contents
Why Sell Your Timeshare:
Buyer's remorse:
It’s normal to feel buyer’s remorse after buying your timeshare. Regret is one of the most common reasons why timeshare owners cancel their contracts. Before you go about reselling it, check your contract for the rescission period of your timeshare. This is the number of days after the purchase when you can cancel your timeshare agreement without incurring financial or legal penalties.
Let us know if you are not getting any results from your attempts to resell your vacation property. You may schedule a short chat with us. We want to learn about the details and then, we will let you know if we can help.
Selling to Get Rid of your Timeshare:
It’s also possible for people who were once fond of their timeshare to find a need to get rid of it. Some have changes in their lives that prevent them from using their timeshare ownership. Others may find the maintenance fees to be too expensive.
While reselling your timeshare is one option, remember that this is just one way to legally get rid of your timeshare commitment.
Can I make a profit by selling my timeshare?
Many timeshare owners were promised by the sales presentation that their purchase was an investment. While timeshares are a unique type of property, they rarely go up in value. The price of the timeshare in the secondary market is dependent on several factors.
One is the demand for it. If many people want to buy a spot in the resort where you own a timeshare, the price may increase. However, if there aren’t a lot of buyers in the market, you may find it hard to sell your property.
Another factor to consider is the number of sellers listing their timeshare weeks or points for sale. Suppose other people are offering a similar timeshare property to yours at a low price. In that case, it may not be possible to resell your timeshare at the price you want.
How to Sell Your Timeshare?
Before listing your timeshare for sale, make sure that you prepare all your essential documents. You may also want to research the online services and sales professionals who may help you get rid of your timeshare faster.
1. Collect All the Documents about Your Timeshare
Prepare for the selling process by collecting all the documents you have for your timeshare ownership. You want to get hold of all the documents that you received when you completed the timeshare purchase. In particular, you will need your contract, the deed if you have it, and all the maintenance fee statements.
2. Read Your Contract
Next, you may want to sit down and look over the details of your contract. Some resort companies include instructions on how to transfer your property ownership to other individuals there. Other resorts might not let you have the option to sell your property.
3. Contact the Timeshare Company if You Have Questions
Most resort companies have a team in charge of communicating with timeshare owners. They are the best source of information if there are parts of your contract that you want to clarify.
Are You All Caught Up in Your Timeshare Fees?
It’s easier to sell your timeshare if there is no outstanding balance that the new owner needs to pay. Most buyers will check this information. Your timeshare listing will not get a lot of interest in the market if you have unpaid fees.
4. Check the Value of Identical Timeshare Properties in the Market
Next, check the market for timeshare listings to find the potential price of your property. Look for listings of the same resort company and location in timeshare reselling websites.
Some websites also show information about properties that were recently sold. Check if they have sold listings from your resort. If they do, take note of the final selling price. This will help you assess the value of your timeshare property if you are successful in selling it.
Where to Sell Your Timeshare
In this section, we will talk about the various services you can use to sell your timeshare. When dealing with companies and professionals to help you get rid of your timeshare, do a thorough background check on them before signing anything.
Selling It Back to the Resort
Some resort companies have a buy-back program for timeshare owners who want to get out of their contracts. This may be the best option for you if you wish to get rid of your financial commitments. If the resort company does not have a buy-back policy, ask them to recommend a timeshare resale community.
Reselling your Timeshare in the Secondary Market
There are a lot of timeshare resale companies online. Be careful when transacting with these companies. There have been many cases of timeshare resale scams in the past.
Be wary if a company is promising big profits for selling your timeshare. Also, stay away from reselling communities that require upfront payment for listing your timeshare on their website. Ideally, you only want to work with websites that only ask for payment upon the successful sale of your timeshare.
Before signing up for these reselling communities, look for online reviews about them from reputable third-party websites. Check their Better Business Bureau page and check what people say about them there.
Real Estate Agents & Timeshare Sales Professionals
You may also find ads for individuals offering help to sell your timeshare. Do the necessary background check before hiring them. You can check with the state attorney general or BBB and ask if complaints were filed in the past on the person you are about to hire.
Check if They Have the Proper License for the Job
Before hiring a professional to sell your timeshare for you, check the state’s rules where they are located to see what licenses they should have. In most states, you need some sort of license to resell a timeshare. California, Florida, and Georgia are just some that require a real estate license.
Some states have specific types of licenses for timeshare sellers. Nevada, for example, issues a Timeshare Representative License. Before you give someone authority to sell your timeshare, make sure to check if they have the proper license to do so.
Read the Fine Print before Signing Anything
The salesperson or the reselling company will probably make promises to get you to hire them. Before using their services, make a list of the commitments they make so that you can hold them accountable later on.
It’s best to have all promises in writing to make them easier to track. Keep a copy of all the communications you have with the salesperson or the company selling your timeshare.
Before you finalize the transaction, make sure that you are satisfied with the conditions of the sale by reading the documents that come with it. Do not sign anything unless you understand every sentence.
Hire a Timeshare Exit Company
Selling your timeshare is just one way to get rid of it legally. If you tried selling it without success, you could also hire a timeshare exit company, like the Forza Consumer Group, to facilitate your exit. We work with attorneys with years of experience in dealing with timeshare resorts.
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