How to Sell a Timeshare Yourself
You may own a timeshare that you just don't have the time or desire to use. Rather than paying maintenance fees every year, you'd be better off selling it. Perhaps you bought your timeshare recently and realized that you made a mistake, but it was too late to cancel the contract. Whatever your reasons for wanted to sell a timeshare, your best bet is to sell it yourself. Most companies that offer to sell it for you are really just looking for fees. You'd be better off putting the money into your own sales efforts.
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Instructions
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Before you put your timeshare up for sale, educate yourself about the laws governing timeshare transactions in the state where your unit is located. The sale will be governed by those laws, not those in your home state or the location of your buyer. The laws will give specifics on the things you must disclose to buyers, the time-frame in which they can cancel the sale without any penalty, and the amount of time they must wait before being able to resell the timeshare. If you violate any of these laws, even unintentionally, it may void out the sales transaction.
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Set a realistic price for your timeshare, based on market conditions and sales of similar units, and leave some room for negotiation. Many people buy their timeshare units directly from a developer. They rarely recover that full cost because it is padded with commissions and advertising expenses. Realistic prices can be found on eBay and the Timeshare Users Group (TUG). Pay special attention to the price of units that sold the most quickly.
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Advertise your timeshare on several of the most popular sites for timeshare resales, such as Redweek, TUG, and My Resort Network. Newspaper classified ads may also generate interest, especially if you advertise in papers located in the area around your timeshare. People visiting the area may like it enough to want to return regularly. If they pick up a newspaper and see your ad, they may be interested in your timeshare as a way of facilitating those regular visits.
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Get back to anyone who responds to your ad within 24 hours, if not sooner. Many buyers will respond to multiple ads. If you take your time responding, they may already have agreed to buy another unit. If you call them back promptly and are ready to answer the most common questions, you'll have an edge on making the sale. Their questions will probably include wanting to know the cost of annual maintenance, the dates on which they can use the unit, and policies for trading it for other destinations.
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Be prepared to negotiate on your asking price for the timeshare. Don't immediately dismiss lowball offers. Always come back with a reasonable counter offer, and be prepared for some additional back-and-forth. If you give up too easily, you may just lose a sale.
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When you have found a buyer and agreed on a price and terms, hire a professional closing company or attorney to handle the actual transaction. Some states require you to have a lawyer for a timeshare closing. Even if yours doesn't, an experienced attorney or closing company will make sure that all the legal requirements are met. They handle things like the disclosure package, quit claim, and warranty deed, that you would most likely not have the expertise to do. They will also prepare the deed and give proper notice to the timeshare resort. Normally you will be charged a flat fee or a percentage of your timeshare's selling price for this service.
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Tips & Warnings
If you're having trouble finding potential buyers for your timeshare, consider expanding your search to the international market. Many foreign buyers visit the United States frequently and are purchasing timeshare accommodations. If you find a buyer in another country, be sure to hire an experienced attorney because there may be special legal requirements to complete the sale.
Be on the alert for individuals or companies who may call you, claiming to have a buyer for your timeshare, and ask for a fee in order to connect you with the buyer. If you give them the money, you'll most likely find out that it was a lie. At best, the company may list your timeshare for sale on some obscure list or website. At worst, they will take your money and give you absolutely nothing in return.
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