Are you no longer using your timeshare? Have the maintenance fees started to pile up, or has a lifestyle change made it more difficult to hold onto? For whatever reason it may be, there are many people just like you wondering how to sell a time share.
According to the American Resort Development Association (ARDA), more than 80% of timeshare owners express satisfaction with their vacation ownership. So it may come as a surprise that there is a thriving secondary market of people selling their timeshares. Although vacation ownership is meant to be a lifelong product, sometimes it just doesn’t make sense to keep holding onto. The good news is, the timeshare resale industry has so many options for timeshare relief. Learn your different options to selling responsibly.
Avoid Time share Exit Teams
First things first, if you’re wondering how to sell a time share, time share “exit” teams are not the way to go. You may have heard of these exit lawyers or teams on the radio, television or billboards. With big names and reputations, too many timeshare owners are targets and taken advantage of.
Timeshare exit teams will tell you that the secondary market is nonexistent (not true, we are right here!) or that they can get you out of your contract (also not true). A timeshare contract is similar to the one you have for your primary home. Can you “cancel” your mortgage because you don’t want your house anymore? These exit teams are essentially fraudulent companies playing on the emotions or financial struggles of timeshare owners. They are not overseen by an authority and are slowly being prosecuted for their fraudulent tactics. Some of these lawyers have even been barred from ever practicing law again.
Instead of paying thousands of dollars or ruining your credit score, the safer and more responsible option is to sell your time share with a credible resale company or agent. Start with checking ARDA’s Coalition for Responsible Exit. Our blog also has resources and tips on how you can avoid timeshare scams or time share exit teams.
“How Can I Sell My Time Share?”
Now that you know what not to do when you are looking for time share relief, there are a few different ways of going about selling. You can contact your resort developer first for guidance, as they might have some resale company recommendations.
Some of them may even refer you to one of our representatives at Timeshares Only. We help owners every day looking to sell their timeshare. By calling 1-800-213-7733 or signing up online, a TSO representative will walk you through the steps to post your timeshare for sale.
It’s important that you know what you own. That way, we can make sure all of the correct and important details are in your advertisement. Gather all of the important documents, contracts and information you have. If there is anything you’re not sure of, our representative will be happy to help you find the right information. These crucial details will aid in bringing the right buyer to your posting so you can get it sold!
The Timeshare Closing Process
Once your timeshare is posted for sale on our online marketplace, hundreds of buyers looking for vacation ownership just like yours can make an offer. Our services make it simple, so a buyer may call us for more information about your posting, or they can place an offer right on the web page. When we receive an offer, our partners at Fidelity Resales can take over the rest of the sale.
You may handle the closing process yourself if you get an offer, however, most people don’t recommend it. You will have to handle complex negotiations, navigate the Right of First Refusal and transfer funds and ownership. A licensed real estate agent will be the most knowledgeable and can help you through all of this. Fidelity Resales agents can handle the negotiations for you as well as navigate the developer’s Right of First Refusal.
When selling a time share, there are details within your contract that state the resort developer has the right to purchase the timeshare back at the same price as the offer, or waive their right to allow someone else to purchase. This is also known as the ROFR and can take a few weeks to get a response back.
Once the ROFR is waived, the closing documents are gathered and sent to both the buyer and seller to sign on all the dotted lines. A timeshare title transfer company is required for this process as well, and your licensed Fidelity Resales agent can refer you to one, or you may pick one you trust. It’s important that they are a licensed, reputable company.
There is a lot that goes into selling a time share, but our experienced representatives can guide you through every step of the way!