Did you know that over 9 million people own a timeshare? If you are currently a timeshare owner but are no longer interested in owning it because you are not really using it, you are in the right place. We have put together a few tips for selling timeshares to help you.
Keep reading to start taking action right away on your timeshare.
1. Look Over Your Contract
You want to pull out the original contract and paperwork you signed when you first bought your timeshare. Check all of the small details of what is included with your timeshare.
Do you have a specific unit or do you get to pick the room and building when making a reservation? Figure out your HOA, housekeeping, and maintenance fees.
Double-check if you own the property or if you only own a right to use the property. See if you are allowed to sell the property to anyone or if a trust company has the right of first refusal on the resale.
You will have to know all of the details before you list your timeshare for sale either by yourself or with an agent.
Sometimes you might be able to sell your timeshare back to the resort developer. If this is true per your contract, it might be the easiest way to deal with a timeshare sale. Just keep in mind that sometimes they will take advantage of this time to entice you for some type of upgrade to keep you from selling it.
2. Timeshare Exit Company
You can connect with a timeshare exit company because they look for legal and ethical ways to get you out of your contract. They are not the same as having a real estate agent or a broker that lists or sells your timeshare.
When searching for an Exit company make sure that you do not work with an agent that demands you to make an upfront payment for their services. Also, if they ask for credit card information before the property sells, that is a red flag and it is best to walk away.
Do your homework and check with the Better Business Bureau to see if there are any complaints against the company. If the company tells you that they already have a buyer then this is another red flag. Usually, it takes between 6-18 months to fully transfer a timeshare, and finding a buyer is also a process.
Time to Follow Our Tips for Selling Timeshares
As you can see there are a few things you can do when it comes to selling timeshares. There is someone out there looking for what you have to enjoy with their own families.
Make sure to do your homework if you choose to have someone sell your timeshare for you because there are companies that use high-pressure sales tactics and give promises that are too good to be true.
Did you learn something new today about selling timeshares? Learn more about property management and real estate investing by visiting the Real Estate section of the Frugal Finance blog right now!
