How to Dump a Timeshare
You may have been caught up in the excitement of the moment and purchased a timeshare that you never use. Perhaps you spent too much money on the timeshare and need to get at least some of it back. No matter why you need to dump your timeshare, you'll have to know how to figure out a fair price and where to advertise it in order to make a fast sale.
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Instructions
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Read the state laws for timeshare sales in the state where your timeshare is located. Sales are governed by that state's laws, not by those of the state in which you or the buyer resides. State laws usually spell out specifics on what you must disclose to potential buyers, the period in which they can cancel without penalty and how soon they can resell the timeshare after the sale closes. If you unknowingly violate any of these laws, your sale may be void.
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Determine a realistic price for a fast sale. If you originally bought the timeshare from its developer, it's very unlikely that you'll be able to recover your entire purchase price. When you buy from a developer, you pay for promotions and commissions as well as the property itself. To see what it's realistically worth as a resale, check out current prices on the Timeshare User Group (TUG) and eBay. Especially take note of the prices of units that sold quickly.
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Place ads for your timeshare on the most popular sales sites. These include TUG, My Resort Network, and Redweek. Place classified ads in your local newspaper and in papers that are sold in the area where your timeshare is located. This may attract potential buyers who are visiting the area and planning to return frequently. The more ads you place, the more quickly you will gather leads to dump your timeshare fast.
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Respond to all potential buyers within 24 hours. They might be inquiring about multiple timeshares, so you need to catch them before they purchase a different unit. Have all the information they are likely to ask in an easy-to-find place. The most common questions include, "How much will I pay for maintenance?" "Which dates am I allowed to use the timeshare?" "Can I exchange it and stay at other resorts in other areas?"
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Be ready to negotiate. If someone makes an offer that is too low, don't just say no. Give her a reasonable counter offer, and be open to additional bargaining. When you need to dump a timeshare, you usually have to be flexible on price.
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Hire a closing company or lawyer to complete the transaction. Some states require the use of an attorney, and even if you could do it on your own, it's not a simple task unless you have legal and real estate knowledge. Many companies or attorneys will handle the process for a fixed amount or a percentage of the selling price. For this fee, they will prepare a disclosure packet, which gives details about the resort, assessments, and taxes. They will also prepare documents such as grant, quitclaim, and warranty deeds and the membership transfer; deed recording; and providing the required ownership change information to the resort. They will also keep the purchase funds in escrow and transfer them to the seller.
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Tips & Warnings
If you cannot dump your timeshare quickly enough to a purchaser in the United States, expand your search internationally. If you find a potential buyer in a foreign country, talk to an attorney because there may be special requirements. These are governed by the timeshare's location as well as the purchaser's home country.
If a person or company contacts you claiming to have a purchaser and asks you to pay a fee, always say no. If you pay, you'll discover that there really is no buyer and the company will never find one. The Timesahre Users Group says that you should never give money to anyone offering timeshare selling services. They make their money from desperate sellers and have little incentive to find buyers.
