If you have ever wanted to sell your timeshare, or just want out of your contract, the process can be lengthy and difficult. Many sellers have to work with a reseller, which can add to the total cost of the sale. If you choose to work with a reseller, it is important to understand that they will have to subtract their commission from the final sales price. This can often reduce the amount of money you will get at closing. To avoid this, it is best to do your research and find out what other timeshares are selling for at your resort or in the same area.
What the Timeshare Salesperson Didn’t Tell You
The developer spends between 40% and 60% of the selling price on a new timeshare just to market it. Then they sell it to you with a “free” gift or vacation and a high pressure sales pitch. They never tell you that the resale value is very low. In fact, most people don’t even realize that there is a resale market until they are trying to get rid of theirs!
Resale is a very difficult market to sell your timeshare in. There are many reasons why, but it is mainly due to supply and demand. The demand side is that buyers don’t see the value of a used timeshare for what they are paying for it, especially when you can buy an identical week, at the same resort, for pennies on the dollar from an existing owner. The supply side is that a lot of timeshares have gone depreciating for years and the owners are desperate to get out of their contracts.
One other major reason for the difficulty in selling is that it takes longer than a real estate sale. There are a lot of steps involved, and it is important to follow all the steps correctly, or you will run into problems. Also, as with a real estate sale, you will have to pay for closing costs. Make sure to choose a reputable title company that has experience in closing on timeshares.
A good title company will be able to verify the title and make sure it is clear before closing. They can also help with any legal or financial issues that may arise during the transfer process. It is important to use a title company that will work hand-in-hand with your timeshare resale broker to ensure the sale proceeds are properly distributed.
While it can be challenging to sell your timeshare, it is possible with a little patience and by following these tips. Just be prepared to lose some of the selling price, and make sure you are working with a reputable, experienced timeshare resale broker. By working with the right team, you will be able to sell your timeshare quickly and easily. Good luck!