Learn how to sell your timeshare successfully here.
Selling a timeshare can be a daunting task. There are so many options to list a timeshare, but they all cost money. To make matters worse, the FTC warns about potential Timeshare Resale Scams that have plagued the timeshare resale market for years. So how are timeshare owners able to sell their timeshare contracts safely? What can timeshare owners expect to get from selling their timeshare? We will answer these questions and give the best advice to sell your timeshare successfully.
Tip 1 - Resale Timeshares sell for much less than retail prices.
We cannot stress this enough. We hear stories every day of timeshare owners falling victim to resale scams that offered to get them thousands of dollars for their timeshare. These scams use greed to get people. Remember the old adage - if it sounds too good to be true, then it probably is. The easiest way to value your timeshare is to search the open market for what others have their timeshare listed for, or even better - what other resale timeshares similar to yours sold for.
Tip 2 - Do not pay large upfront 'advertising' fees to anyone.
Any company that wants hundreds or even thousands of dollars upfront to advertise your timeshare is likely a scam. Do not fall for these high-pressure tactics. Although it will cost money to list your timeshare online, it should not cost thousands of dollars to do so.
Tip 3 - Keep your club dues and maintenance fees current.
To transfer the timeshare, your account must be in good standing. An encumbered timeshare cannot be transferred. By failing to pay your maintenance fees or club dues, you may incur additional penalties from your HOA or timeshare company. Play it safe and make sure you keep everything ready to transfer to a potential buyer.
Tip 4 - Know it will take a few months to sell.
Although every rule has its exceptions, plan to list your timeshare at a minimum of several months to have any luck of finding a buyer. Why? Because resale timeshares are a niche product with a limited buyer pool. They are out there, but it will take time to find the right person who is interested in what you are offering.
Tip 5 - Be reasonable about the pricing.
The more competitive your offer, the faster it will sell. It's that simple. The longer it takes to sell the more you pay in fees. Timeshares have a carrying cost so it may make sense to make the offer highly competitive so you get the timeshare sold relatively quickly.
Tip 6 - Do your homework before you list it.
Know exactly what you own and have your documents ready for the transfer to the new buyer. Making a mistake on the details during the listing process could mean delaying the sale for months because of inaccurate information.
The basics of selling a timeshare are much like selling any other large ticket item. You must be proactive and responsible during the process. Taking shortcuts will cost you time and money. The best way to sell your timeshare is making sure you have a good plan that is well executed. We recommend using an affordable listing service like Allied Transfers to give you the best bang for your buck. However, there are other options that may be a better fit. No matter what though - do not pay large upfront fees to any company or individual offering you an easy way to riches.
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