Just keep these tips on mind so you can avoid getting burned during the selling process. Also, keep in mind, that if you have just bought the timeshare and are having regrets, it may be possible to rescind your purchase if you are working within the correct timeframe. It is possible to cancel timeshare contracts in most states, but only in a short, prescribed period of time. Now on to my tips for selling.
Watch out for Scams
If you decide you’d rather use a real estate agent, be wary of what’s known as “postcard companies”. These are companies that claim they are great at selling timeshares quickly, but before they will list it they require an upfront fee in the thousands of dollars. They usually solicit unwary timeshare owners by mail with postcards, hence the name. Often, they don’t even attempt to do timeshares selling. They just list your property on a site that no one will ever see and then forget about it. The whole thing is a bit bogus.
A professional real estate agent will not require an advance payment. They work on commission and that commission is paid after the sale. Those companies who take money upfront usually list your timeshare on an infrequently visited website with an over-bloated price and it will never sell. You’ll not only be stuck with it, but you’ll have spent more money to boot!
Once you decide on how to sell a timeshare, you’ll need some legal documents since for all intents and purposes this is a legal transaction. You can buy legal documents from Timesharing today for about $30. I would have those in hand in case of a fast sale.
Set your Selling Price
The biggest reason that many folks have a hard time selling their timeshares is that they refuse to accept that the timeshare is not worth the $20K or $30K that they paid for it if you bought from a developer. Almost all timeshares lose at least 50% of their value the moment you sign the contract. So set your sights accordingly. Take a look at some of the listings on my site for the type of timeshare you own to get an idea of prices and do some further search of completed auctions on Ebay. This will be a good guide to going prices — and how low the prices are will often shock you.
Where to Sell
Now you just need to decide where you want to sell. I personally would try a listing on Craigslist first — both a listing in my own town and a listing in the area where the timeshare is located. It’s free and you may get lucky if you price the listing right. And if you sell to someone locally you can probably get a local real estate agent or closing company to handle the transaction for you. At the very least, you can meet with your buyer in person to complete the legal documents.
Failing Craigslist, my next step would be Ebay. Buying timeshares on Ebay is really popular with savvy owner. If you really want to just get rid of the timeshare because you don’t want to pay the maintenance fee any longer, set your opening bid low to attract the bargain hunters. For a low season week, I’d set it at $1.00. For a desirable resort and a high season week, I’d try a $99.00 opening bid. You can set a reserve price if you are concerned that the winning bid will be too low, but you will usually have much better luck selling your timeshare the first time you list the auction if you do not set a reserve price. Good luck!