5 Steps to Get Rid of a Timeshare
If you are no longer using your timeshare, it may be time to get rid of it to save on the yearly fees. Follow these five steps to be relieved of your ownership once and for all.
1. Educate Yourself on the Timeshare Resale Industry
The timeshare resale industry is where timeshares are bought and sold on the secondary market. This is what you will be doing to promote your timeshare for sale to find a buyer. The resale arena has been plagued by numerous scams and you will need to be educated about your options before spending your hard-earned money.
Google, Bing and Yahoo web searches are good places to start for more information about timeshare resales. Make sure you are gathering information from reliable sources as there is a plethora of misinformation on the Internet. Forums and discussion groups are filled with content, but most, if not all of this content is posted without going through any kind of editorial process, so it may be incorrect.
2. Find Out How Much Your Timeshare is Worth
Not all timeshares are created equal and some are easier to get rid of than others. Your timeshare could be worth several thousand dollars or nothing at all. A licensed real estate brokerage such as Timeshare Broker Associates can provide you with a free estimate of value. Give us a call at 877-624-6889 or fill out the contact form on this page for more information.
Our licensed real estate agents can provide you with a valuation of your timeshare based on what other similar items are selling for on the resale market. Be alert for unscrupulous companies that claim your timeshare has significantly increased in value because this is rarely the case. Nearly all timeshares lose at least 50% of their original purchase price when sold on the resale market.
3. Contact Your Resort
The first recommended step would be to check with your resort, the management company or homeowner’s association to see what programs they have available to help you get out of your timeshare. Some resorts may charge you a few year’s maintenance fees in advance to take the timeshare back while other resorts will simply take the timeshare back for free. Rarely will a resort compensate you to take the timeshare back. It becomes even more difficult if you have an outstanding loan or are delinquent on any of your assessments.
4. Promote Your Timeshare for Sale
If your resort is unable to help and a timeshare broker has advised you that your timeshare has little to no value, you may want to try to promote it for sale for $1 and offer to pay all closing and transfer fees. Sites such as Sellatimeshare.com, Craigslist or eBay offer free or low-cost solutions for timeshare resale advertising. Be careful, however. Sites like Craigslist or eBay have their own sets of problems with fraud and don’t fall for anyone asking you to pay in advance for closing costs.
Timeshares that have retained some value may be sold with the help of a timeshare brokerage such as Timeshare Broker Associates. Timeshare resale brokerages work on your behalf to get the timeshare sold and only take a fee in the form of a commission after the sale. This means we will never ask for an “up front” fee to get rid of a timeshare. Be sure to do your research on the brokerage you intend to use by verifying their license with their state licensing division to confirm you are working with a reputable company.
5. Transfer the Timeshare Out of Your Name
Once a buyer has been found, you will need to complete some paperwork and pay various fees to transfer the timeshare to the new owner. If you are inexperienced with this process, we recommend working with a reputable timeshare broker to guide you through it. A timeshare broker can assist you with the entire process, from the listing agreement, purchase and sale agreement, arrangement of escrow and more.
Closing and transfer fees are typically paid by the buyer, but if you want to ensure a quick transaction, you may offer to pay these fees yourself. It is wise to do your research on title companies that handle the transfer of timeshare interests ahead of time. We usually recommend the services of First American Title.
If you are interested in learning more about our services, feel free to contact us at any time. We work with a network of timeshare brokers and other resale avenues to connect buyers and sellers together. Call us at 877-624-6889 or fill out the contact form on this page for more information.