First let’s deal with any misconceptions that timeshares can’t be resold. At VacationOwnership.com we resell timeshares every day. Some properties are easier to sell or sell faster than do others and rarely do timeshares resell at a profit or appreciated price. But timeshares, both weeks owned and timeshare points, resell all the time when they are properly marketed to a target audience of interested timeshare buyers.
Do I need a real estate broker to sell timeshare?
No, you are not required to work with a timeshare broker when you resell your timeshare. But a timeshare broker is a licensed real estate broker, and as such, serves your resale needs at the highest level, providing you a simple, reliable way to sell your timeshare.
What are the advantages of using a broker to sell my timeshare?
Your timeshare broker works for you, representing your wishes and your interest. You pay for his or her services, only when your timeshare sells. You never pay an upfront fee to sell your timeshare when you work with a timeshare real estate broker at VacationOwnership.com. You start the sales process when you agree to list your timeshare for sale. All the other steps along the way, right up until you sign the closing documents, are fully handled for you by your broker.
If I bought my timeshare originally through a developer, can I resell it?
Your timeshare is yours to resell as you choose. The exception to this is in the case of some resorts that maintain the right of first refusal (ROFR) over the timeshare. This means that your resort has held on to the right to buy back your timeshare from you should you decide to sell.
If your resort maintains this right and chooses to use it, then the resort becomes your timeshare buyer. If the resort declines to buy back your timeshare, then you are released from this condition of your contract and can move forward selling your timeshare as you choose.
If you are not sure if your resort has the right of first refusal over your timeshare, just ask us. Our licensed timeshare brokers can quickly determine the answer.
Can I sell my timeshare, even if I owe money on it?
Yes, you can. As the timeshare owner you will be responsible to pay off your original debt on the timeshare. This payoff can be handled by your broker as part of the closing transaction. Even if the offers you receive to purchase your timeshare are not sufficient to cover your outstanding debt, your VacationOwnership.com broker may still be able to assist you. Some sellers choose to borrow money through one of our lenders at terms that are manageable to them and then use this money combined with the proceeds of their sale to pay off their current timeshare debt. Although they now owe some balance of money on a new loan, they are free from their commitments as timeshare owners, free of their annual maintenance fees, and the debt they are repaying is likely to be at a lower interest rate and for a smaller amount of money than the debt they were previously carrying.
Do I need an appraisal before selling a timeshare?
No, you do not need a timeshare appraisal in order to resell your timeshare. Although appraisals are used in the sale of other types of real estate, such as private homes and commercial buildings, they are done in order to satisfy a mortgage lender. Because your timeshare resale will not involve getting the financing approval of a buyer’s lender, there is no party involved in the sales process that needs or benefits from having an appraisal done. When you are setting the sale price of your timeshare, the most relevant information to consider is: how much are buyers offering for timeshare resales that are similar to mine?
Can I resell my timeshare if I lost my deed?
Because you are working with a full service timeshare broker at VacationOwnership.com, your broker will handle any necessary details like obtaining a duplicate copy of the deed from the county courthouse in which your timeshare is located.
How quickly will my timeshare sell?
No one can answer this question for you. Price, resort location, the flexibility of your usage and season and of course, demand for your resort, all factor into your timeshare resale timeline. Many timeshare sellers find that working with a broker, who receives no payment until the timeshare has sold, gives them peace of mind that their broker is acting aggressively on their behalf to market and sell their timeshare. Once your timeshare moves into the closing process, from that point, it then typically takes from six to ten weeks for the timeshare transaction to close.
What happens to my banked time if I sell my timeshare?
Banked time that you have deposited with a timeshare exchange company is no longer affiliated with the timeshare resort. You can use your banked time personally or you can add it to your sale as a way to attract more buyers or perhaps better offers.
Still have questions? Ready to sell your timeshare now? Contact our licensed real estate brokers for more information about selling timeshare. They will be happy to answer your questions and assist you in any way they can.
When you sell your timeshare or rent out your vacation ownership with our licensed real estate agents, there are no upfront fees. Contact us now.