Are you no longer using your timeshare? Have timeshare 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 for selling responsibly.
Should I Sell My Timeshare?
There are a few things to keep in mind before you consider selling your timeshare. The “value” of your timeshare comes from using it, and if you are not using it to its fullest potential, you may not be getting much worth out of it.
Use A Vacation Exchange Network
Some timeshare owners have seen it all at their resort or within their brands inventory. This is where vacation exchange comes in. Your brand or resort is likely affiliated with either RCI or Interval International. These vacation exchange networks allow timeshare owners to trade their timeshare points or weeks for vacations at thousands of other resorts worldwide. RCI and Interval International have extra benefits as well, such as cruise vacations or airfare discounts. If you are looking to vacation elsewhere, why not trade your timeshare? Afterall, you already own it!
Gift Your Timeshare
If you simply aren’t using your timeshare every year, gifting your vacation to a friend or family is a great idea, especially during holidays or as graduation presents. Rather than gifting a tangible item, the gift of vacations brings lifelong memories and incredible experiences. Ask your resort about guest check-ins or gift certificates. Each brand has different rules and stipulations for guest reservations, but they do allow guests to use your ownership.
Rent Your Ownership Out
Whether you are not using your timeshare or you are behind on maintenance fees, renting your timeshare out is another plausible option before selling. Our rental specialists can assist with posting your timeshare for rent, and you will receive the proceeds. This can help you cover those annual maintenance fees, and your ownership will still get good use! Contact us today if you are interested in renting out your points or weeks. You can also contact your resort or developer to ask about their in-house rental options.
Banking or Borrowing Points
Many vacation ownership brands have points-based programs that allow for more flexibility and options with your timeshare. This system normally allows owners to bank or borrow their points for convenience. This means that if you’re planning a week-long vacation one year and need a larger villa but don’t have enough points, you can “borrow” points from next year. Or let’s say you didn’t use all of your points for the year and don’t want them to go to waste. Owners can also “bank” their points to use for next year.
The Best Ways to Get Out of Your Timeshare
There are a few different ways you can go about getting out of your ownership. While timeshares were made to be a lifelong product, we understand that life circumstances change and you may no longer want to hold onto it. Our first recommendation is to always reach out to your developer or resort first, as many have in-house solutions for owners.
If you’re wondering how to sell your Wyndham timeshare, Wyndham has a couple of different solutions available. You can contact Wyndham Cares for legitimate options, directly from Wyndham’s representatives. Wyndham Cares can answer any question you have about your ownership, assist with renting out your timeshare, or help you with selling. Depending on your ownership details, they may connect you with Ovation by Wyndham. Ovation by Wyndham may be able to offer an immediate solution to give back your ownership. If you would rather sell your time share, Wyndham Cares can also refer you to a legitimate timeshare resale company.
Horizons by Holiday Inn Club
Looking into selling your Holiday Inn Club timeshare? Horizons by Holiday Inn Club is here for you. This is Holiday Inn Club Vacations Incorporated’s direct program for owners in need of relief. It is a free service that all Holiday Inn owners can turn to when the thought of cancelling or selling is on their mind.
Can You Sell Your Timeshare Back?
In certain cases, you may be able to sell your timeshare back to your resort or developer. Usually, all maintenance fees must be up-to-date and/or the timeshare is completely paid off. The best way of knowing if you can sell your timeshare back is to get in touch with your developer or resort, as they will have direct answers to your questions and can direct you the right way.
Timeshare Cancellation Companies
It’s very likely that you have seen or heard advertisements to “cancel” your timeshare contract. Unfortunately, timeshare cancellation companies are not always legitimate and have a history of harming owners rather than helping. Unless you are still within your rescission period, you cannot simply cancel your timeshare. Learn more about timeshare cancellation companies on our blog, and keep up with the latest timeshare wins against exit companies.
The Coalition for Responsible Exit
Should you have any questions or concerns about who to turn to for relief, we recommend visiting ResponsibleExit.com. The Coalition for Responsible Exit was formed by the American Resort Development Association with top developers in order to stand against illegitimate companies and scams. Members of the coalition are also members of ARDA. They uphold a strict Code of Ethics and serve to help protect their owners. We at Timeshares Only are also part of the Coalition of Responsible Exit.
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 filling out an online form, 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!
Sell Your Timeshare With Timeshares Only
Ready to post your timeshare for sale? Timeshares Only is a Member of ARDA, with an A+ Rating on the BBB as an Accredited Business. Fill out the form below to get started.