Timeshares were once seen as a great way for families to vacation together year after year. Many people, however, were lured into purchasing their timeshare by high-pressure sales tactics and are now feeling buyer’s remorse or are tired of paying annual maintenance fees that seem to keep rising. Some even find that they can’t use their timeshare as planned due to job relocation or family changes. Regardless of the reason, these consumers want out. But what are their options to sell a timeshare?
Selling your timeshare can be a complex process, but it is important to remember that the market for Timeshares is primarily driven by supply and demand. Timeshares are only worth what someone is willing to pay for them and it is not unusual to get pennies on the dollar or less when reselling. It’s also vital to understand that any timeshare resale is a transaction just like any other real estate sale and as such, should be treated accordingly.
When trying to sell your timeshare, you should know that it will likely take a long time before you receive any offers and even then, the offer may not be what you were hoping for. That’s because there are a lot of scammers in the timeshare resale industry who charge upfront fees and then disappear. The Federal Trade Commission has cracked down on these fraudulent resale companies and it is important to be wary of any company that asks for an upfront fee. Any legitimate broker who specializes in timeshare resales will only collect their fee once the timeshare has been sold.
You may be able to find buyers by advertising your timeshare in various places, such as the travel or real estate sections of local newspapers. You can also list it on consumer sales websites that specialize in timeshares, such as TUG or RedWeek. Some of these sites are free to use, while others may require a small listing fee and/or an annual membership fee. If you do decide to work with a reseller, it’s important to ensure that they are licensed and registered in your state. They should subtract their selling fees from the final sales price and not charge you up front.
In some cases, you may be able to find buyers by contacting your resort directly. Many resorts will allow you to advertise your timeshare in their newsletter or online and may even have a deedback program. Deedback programs usually allow you to give back your timeshare if you have gone through a life changing event, such as the death of a spouse or drastic loss of income.
In the end, any potential buyer will have to sign an agreement with you and your timeshare’s title company will be required to transfer the ownership into their name. Any outstanding obligations, such as association fees, taxes, special assessments, estoppels, judgments and mortgages, will be deducted from the sale proceeds at closing. In most cases, it’s best to hire a third-party title company that works hand in hand with Vistana to ensure that the transfer is completed properly and that both parties walk away satisfied.