How to Sell a Timeshare on Your Own

When it comes to selling a timeshare there are many companies available to help...and have a cut of the proceeds. Sometimes it's better to cut out the middle man. The decision to sell a timeshare on your own should not be taken lightly as it comes with many pitfalls. Read on to find out ways to do this and how to deter potential problems.

Difficulty: Moderate

Instructions

Things You'll Need:

• Documentation
• Patience
• Time

1. Gather the necessary documentation relating to your timeshare. Potential buyers will want to see confirmation that: you own the week, your fees are paid up to date and that the banked week is available for the owner's use. If management fees are not paid up to date you might find it very difficult to secure a buyer to take that on.

2. Set your price: It's said that many resorts inflate the price of their timeshare by up to a third - just to cover the cost of luring in buyers with advertising. Your price should reflect a few things, including how quickly you need to sell your timeshare and its current market value. Internet research into prices can be done via the resort's website, TUG site (see resources below), Google and independent brokers. But - be warned - prices are normally just 30-50% of the price you paid for your week. So it's best to consider what implications selling at such a low price might have on any loans taken for the initial purchase. Would it make more sense to rent out the week for the next year or two to recoup losses?

3. If you don't already have a seller in mind, it's time to spread the word. Start by popping an advertisement on a communal bulletin boards at the resort itself as well as at work, in local shops.

4. Place an ad in the local newspaper at your home - and the area where the resort is located. Many visitors to the area will scan the local paper looking for property in the area. This will involve an outlay, but it will be much less than what a broker would be skimming off your sale price.

5. On the web you can look for a buyer through free and paid timeshare websites (see resources below). Check out resources below. When paying for an ad, be wary of anyone asking for large sums (e.g. $75 plus) to promote your week.

6. Online auctions are another route to finding the buyer and will also help you guage whether you are setting your price at the right level. Before listing check out the E-bay timeshare sellers guide.

7. Once you have your buyer in place you should draw up a contract. Involving an attorney could be costly but it could avoid any pitfalls. Alternatively, you can buy re-sell kits online which include contract templates.

8. You should NEVER hand over the ownership to your timeshare without the cash in place, so it's best to involve a third party specialising in timeshare escrow. Expect to pay at least $300-500 in fees.

Tips & Warnings

• After listing your timeshare online you may be preyed upon by scam artists. Have your wits about you and be careful.
• You might find that the costs of reselling on the seller just don't add up. You might wish to find a charity to donate the week to (as a tax deduction for yourself) or rent out your week until selling is a more viable option.

Resources

• Timeshare Users Group - Timeshares for sale
• Redweek
• My resort network
• Additional list of websites to advertise your timeshare on
• E-bay Timeshare Sellers Guide

[sonni57]

on 5/12/2009 Thanks for the good info on selling a time share, helpful information.