Sure, you do have a timeshare for a vacation property, such as a beachside condo or a house, and you want to make the most of it while you are not on vacation, but how can you sell it? Considering that there are much timeshares on the market, and the chances of a successful sale seems remote, you may want to read this guide on how to sell your timeshare to a sure buyer.
- Do not resort to upfront fee payment. Anyone wanting to sell his timeshare should never resort to upfront fee payment, as most he would end in failure. Many companies claim that they promise refunds or a money-back guarantee, and they surely tempt you to pay this fee in exchange for a better chance at a successful sale, but in reality they may not get what you want even if you have paid this fee, and worse, even if you complain they will not give your money back. However, if you must pay, the fee should be reasonably affordable, or better yet, find offers from buyers that do not ask you to pay such fees.
- Price reasonably. Many timeshare owners tend to cut down their selling price from the original purchase of their timeshare by as much as 50%, yet they could not secure a sale. The best thing you do first when setting the right value for your timeshare is to search online for other timeshare sales (including online ads and auctions) and pricing similar to your estimate and details of your timeshare (i.e. bedrooms, amenities, location, etc.), and see if some of these are successful; and consult your resort or property manager about up-to-date sale prices. Once you have done some of the research, keep in mind, however, that most resellers have little idea of what a timeshare really is, so they tend to overprice their timeshares to recoup whatever they paid previously, a misconception as if the timeshare is leasing a piece of real estate like land or a building that also appreciates in value.
- Advertise. There are many places on the Internet to put up a seven-day ad for your timeshare, but the most common is eBay, so before using that site it is recommended that you should consult their timeshare guide first. Other high-profile timeshare sites are also recommended, provided that you check their track records closely. Traditional classified ads in the newspaper also work. They have sections devoted to timeshares, so you can put a one-week ad there. Finally, make sure the timeshare information in your ad is as accurate as possible, as potential buyers will be expecting details.
- Pay the loan first. Before selling, make sure that the loan has been paid properly, as few buyers are willing to dole out cash to take over that loan. You can resort to refinancing the home mortgage to pay off the loan or if the timeshare is a personal consumer loan, you may sell it, provided that you still have the obligation to pay the loan. If your unpaid balance is too expensive, consider the option of renting the timeshare while reducing losses until the entire loan is paid.
- Resellers. Once you have your timeshare listed, contacts from resellers will have offers higher than your asking price and promises of quick sales, but of course there will be upfront fees involved, so beware.
With these tips, you will be able to sell your timeshare right away.