If you have a timeshare and are thinking about selling it, there are a few things to keep in mind. First, be realistic about the price you want to sell it for and what is available in the market.
Be sure to gather all of your ownership documents. This includes your deeded or right-to-use contract, as well as any maintenance or club fees. You’ll need all this information to price the property competitively and make the sale process as painless as possible.
Then, you’ll need to advertise it for sale in a way that people can find it easily. This could mean listing it on local classifieds or auction websites like Craigslist, eBay and Facebook Marketplace.
Another option is to use a resale broker. Depending on the state, brokers may charge anywhere from 10 to 30 percent of the sales price. Be sure to check a broker’s license and reputation before making any payments.
You might also consider contacting your resort to see what is available. Many resorts have resale programs that can help you connect with potential buyers. If you have a deeded timeshare, your resort can take a cut of the sales price.
Your timeshare’s value depends on how much you paid for it and how often you used it. For example, if you bought it for $1 million and haven’t used it in five years, it’s likely to be worth far less than that.
Moreover, the longer you’ve owned your timeshare, the less it’s worth. You’ll probably need to get a large percentage of your money back when you sell it, as its value declines over time.
Then, you need to figure out how much money you’ll need to pay to your lender if you have a mortgage on the timeshare. It’s important to know this upfront, because you’ll need to pay off the mortgage before you can sell it.
Once you have all of the necessary documents, you’ll need to prepare your timeshare for sale. This includes taking high-quality photos of your unit and resort. You’ll also need to write a good description of your vacation experience and the benefits of owning a timeshare.
Remember, you’ll have to compete with other units in your resort and other timeshares from around the world. You’ll have to price your timeshare reasonably so that you can generate interest and sell it quickly.
You should also be aware of some common scams and fraudulent activities that are prevalent during timeshare sales. Scams can come in many forms, from letter or email cold calls, to online ads and YouTube videos.
Scammers are clever and will try to use your vulnerability to rob you of your hard-earned money. The best thing you can do is stay on the lookout for these types of people and report them to the proper agencies – the Better Business Bureau, state and local real estate commissions and consumer protection agencies, as well as your local attorney general.