Looking To Unload Your Timeshare? Smart Seller Tips
If you are not using that timeshare as much as you thought, or things are a little tight financially, you may want to cut back expenses in the form of maintenance fees and recoup some of your investment.
You must proceed with caution here, and make sure you are doing everything as you should; if you are working with a company that helps people sell, it is important you do your homework. Here are just things to keep in mind:
Talk with a Lawyer for Guidance
One of the first things you may want to do is talk to a lawyer who can offer you sound advice on how to sell your timeshare legally. It is easy to do something wrong and not even know it, compromising the sale, and costing you lots of money to fix any mistakes.
Do Your Homework on Businesses that Resell Timeshares
In recent years, the purchase of timeshares has dropped, leaving an owner looking to sell theirs in a precarious position. Many less-than-scrupulous companies are taking advantage of this weak selling position to bilk owners out of thousands of dollars of fees for their services, but never finding a buyer, and not returning money as promised. Check the Better Business Bureau for a rating and to see any history of complaints. Confirm the company’s location, and whether its sales reps are licensed to sell real estate in the state where your timeshare is located.
Be wary of companies that make you pay any sort of fee immediately upfront, or tell you that you just need to pay closing costs , and they will take everything from there. It is these types of companies that people complained most about to the BBB. If offers sound too good to be true, they probably are.
If you do find a company that seems legit, give them a test run first from the buyer’s perspective. Reach out to the company pretending to be a buyer interested in one or more of the properties for sales. Reach out and pay attention to how you are treated. How quickly did they respond to your email? How helpful and friendly were they? Did they seem legitimate. This interaction will let you know exactly what a potential buyer of your timeshare will experience, so make sure you feel good about this interaction.
Check Where You Bought the Timeshare
See if the company where you bought your timeshare offers a reseller program or provide you with a list of interested buyers. Just so you know, most won’t offer any sort of assistance, but it is best to check this avenue to confirm, rather than assume they probably don’t.
Using a Local Broker
A local broker may be able to help, but considering the commission for selling a timeshare can be anywhere from 10 to 30 percent, make sure you find out about their experience and exactly what services they perform to help you get a sale. If they do nothing more than place a few ads online and elsewhere, you can easily do that yourself.