Trying to find the best way to sell your timeshare now may look a little different than in previous times. Due to the current state of life amidst the COVID-19 pandemic, things can feel more uncertain than usual. The good thing is, many timeshares are sold online daily around the world with companies like ours.
Should I Sell My Timeshare Now?
If you’re wondering if now is the time to sell your timeshare, it depends. Perhaps you’ve been considering selling your timeshare for a while. Or, maybe you just recently started debating it since much has changed in the world around us. COVID-19 has certainly put many travel plans on hold, but certain timeshare resorts are reopening.
Since resorts are reopening, people are considering when they will travel again. Before the pandemic hit, timeshares were growing in popularity and had the highest year of growth. Although 2020 hit the industry pretty hard, people are still interested in purchasing timeshare resales especially.
Every timeshare owner is unique and has different motivations for selling. We recommend thinking about what is motivating you. Have you not used it in recent years? Are your maintenance fees becoming too much? Maybe you want to go somewhere new (we recommend vacation exchange). Not to worry though—we’ve come up with some of our best tips to help you decide if it is the right decision to sell your timeshare now. Then, we’ll dive into the process of how to sell your timeshare when you are ready.
Review your Options Before You Sell
If you’re thinking of selling your timeshare now because of travel restrictions, your resort or developer likely has options to assist. Many developers have even fully re-opened, such as Bluegreen and Hilton.
Perhaps you feel like you’ve seen it all already and are tired of visiting the same resorts with your points. If you haven’t already joined a vacation exchange program, you are missing out on thousands of other travel opportunities available to you as a timeshare owner. Trading platforms such as RCI or Interval International give owners the ability to trade their weeks or points for other brands and resorts around the world.
Rent Your Timeshare
Many timeshare owners don’t realize they can rent their timeshare. If you love your ownership but need help paying maintenance fees or can’t plan a trip for a while, you can rent your timeshare and put the money you get toward those fees. And, if you’re current on your fees, you can always just save the extra money for a rainy day. In recent years, timeshare rentals have become popular among competitors. Not to mention, renting your timeshare to a family member can be a great gift until you decide to sell.
How to Sell Your Timeshare Now—Safely and Legally
During the pandemic especially, unscrupulous exit and cancellation companies have preyed upon owners that are looking for a way out of their timeshare. You have probably heard their ads over the radio or seen commercials on television. Other common timeshare resale scams include unsolicited phone calls, as well as shell companies with a “motivated buyer.”
It is possible to sell your timeshare now, especially with the right help. A few warning signs you should look out for include:
- Companies that tell you to stop paying your maintenance fees or mortgage. If you are trying to sell your timeshare now, stopping payments will interfere with the closing process should you find a buyer. If you stop paying your timeshare, you will default on your ownership and it will stay on your credit report forever.
- Timeshare exit or cancellation. The truth is, there is no simple way to just “get out” of your timeshare. Owning a timeshare is much like owning a house—you can’t just cancel your home ownership. Companies that claim they can get you out of your timeshare by cancelling or exiting normally charge thousands of dollars upfront. The reason so many people have been okay with paying is because they also offer a “money back guarantee” if they are unsuccessful. However, many owners have not been able to get refunds successfully. In fact, some timeshare exit companies are under close scrutiny in Washington from the State Attorney General.
- Unsolicited phone calls. If a company reaches out to you without your permission, be wary. It is illegal for a timeshare resale company to contact you unsolicited. If you get one of these cold calls from a company that claims they have a motivated buyer, it is likely a scam. A legitimate timeshare resale company will never contact you without your permission.
Call Your Developer Before Selling
Did you know major timeshare brands have in-house exit solutions for owners? The American Resort Development Association created an entire coalition that supports these programs and others like it. Developers understand that things change, and are available to help their owners find the best way out. Among all of the timeshare exit teams and scams out there, we recommend contacting your developer first. Companies like Wyndham have in-house teams designed to refer owners to the best selling solutions.
Get Help With Timeshare Maintenance Fees
Regardless of your situation, it is not a good idea to stop paying your maintenance fees. This can definitely hurt your credit. If you’ve fallen behind, we recommend contacting your resort. Given the unprecedented circumstances from the pandemic, some resorts may be able to work with you. One thing many timeshare scams consist of is telling owners they can cancel their timeshare or their fees, and this is unfortunately not the case.
Another option is to sign up for our maintenance fee relief program called TO GO. TO GO is an exclusive program offered by our company that allows timeshare owners to receive cash assistance for their maintenance fees.
The first step is to post your property for sale with us. Our program is a special opportunity for our members and isn’t currently offered anywhere else. Additionally, we will help you complete the 100% risk-free registration, where you will see the full details before making the decision to complete the enrollment. You can either receive cash or TG credits to use elsewhere while you wait for us to find the perfect buyer.
How Can I Sell My Timeshare Now?
There are a few legitimate timeshare resale companies out there. At Timeshares Only, we pride ourselves on offering legitimate solutions to sellers on the resale market. We are members of ARDA and have been in business for over 27 years. To get started selling your timeshare now, we can help you post it online.
We work hard to market your timeshare to the right people. Not to mention, we have industry partners that work with us to find sellers more solutions each year. If you’re ready to sell your timeshare now, contact us at [email protected] or give us a call at 1-800-610-2734.
Once you agree to our services, we’ll create an online advertisement of your timeshare for sale. Our resale marketplace is accessed by investors as well as real estate brokerages that are looking for timeshares just like yours. When an offer comes in, we recommend using our Preferred Real Estate Brokerage, Fidelity Real Estate, to close the deal.