Timeshare owners ready to move on and sell timeshare properties will need to learn how to sell a timeshare. You may have already made all the memories you want in that timeshare because your children grew up and left the house.
If you’re getting closer to retirement, you likely want to end your vacation ownership of a timeshare. You may need the extra funds from selling your timeshare with the help of a timeshare agency.
If you follow the steps of this guide, then you’ll quickly sell timeshare properties and gain the necessary funds. Before you know it, you’ll hand over the keys to the new owner and move on toward the next adventure!
The Requirements and Paperwork You Need To Sell a Timeshare
There are numerous paperwork requirements you’ll need to sell your timeshare. You’ll find out how to sell a timeshare effectively includes gathering the following documents:
- Social security cards and numbers of both parties
- Timeshare contract, which is known as an earnest money contract (includes details of timeshare transfer, address of the unit, and name of resort)
- The deed of the timeshare
- Title insurance showing that you’ve paid insurance on the property
- The deed of sale document showing you sold the timeshare should get filed with the resort
When you’re looking to sell your timeshare, make sure these documents are at hand, especially your timeshare contract.
Take a Look at Your Original Contract Again
The contract is vital for the timeshare resale industry. You’ll need to revisit the original timeshare contract and other initial paperwork about your property purchase. Take a look at everything you signed. Owners will need all the information available in the document to sell timeshares.
You should also check out all the small aspects in the contract to make sure you could legally sell your timeshare. Violating any aspect of the contact will lead to additional problems. If you have any questions reach out to the Timeshare Experts.
Who Holds the Deed?
It’s crucial to take a close look and see who has the deed to the property. Otherwise, it may have a “right to use” clause in the contract, and you may lack an actual deed to the timeshare.
Even if the contract states you have the deed, you may find that the home resort holds the deed or a trust company may have it instead. One way or another, you’ll need to have a physical copy of the deed.
Are There Any Important Details in the Contract To Consider?
You need to have information and details on the physical property itself, which the contract should outline. For instance, some of the details should include:
- The name of the resort
- The location (city, state, country)
- The size and description of the timeshare including the number of bathrooms and bedrooms
- Amenities associated with the timeshare
When searching how to sell timeshare properties, you’ll find that the above information will help with the timeshare resale.
How Much Time Do You Spend at Your Timeshare?
How often do you visit your timeshare? What type of arrangement do you have with this property? You’ll need this information for the timeshare resale process.
Is there a specific week of the year that you have the right to visit your timeshare? Or do you have a floating week within a certain month or season? Is there a point system showing how much time you can spend at the timeshare? Or could there be a combo?
Find out the exact process for the timeshare week you can visit the property. Get all of your questions answered by My Timeshare Experts
Determine the Total Value of Your Timeshare
The next step you should follow is finding out the complete value of your timeshare. The entire process involves understanding timeshare ownership details, which involves the fact that timeshares don’t appreciate over time.
On the other hand, a timeshare’s value drops the longer you have it. As such, don’t expect to get back all the money you put into your timeshare after selling it.
Do You Still Need To Pay Off the Mortgage?
Do you have a mortgage on the property when you’re selling timeshare units? If so, you’ll need to keep track of your loan. If you’re still making payments on the mortgage, figure out whether the timeshare secures the mortgage.
Unfortunately, you’ll find out that people refer to timeshares with a mortgage as encumbered and are extremely difficult to sell. As such, you may need to pay off the mortgage fully before selling your timeshare.
Do You Have Any Late Fees or Are You Up To Date on Your Timeshare Payments?
You need to ensure that you have paid all fees and remain up to date on your timeshare payments. These fees include:
- Maintenance fees
- Homeowners Association (HOA) fees
- Incidental payments
Before you can sell your place, you must pay all the fees, or else you won’t legally have a chance to sell the timeshare property.
Are Similar Timeshares On the Market?
Now that you have all the information you’ve gathered about the value of your timeshare, it’s time to check out other similar timeshare units available on the real estate market. You’ll want to pick out properties with the same or a similar number of bedrooms, bathrooms and sizes.
Check out Timeshare Users Group or websites like Craigslist or eBay. Specifically, look at sold listings to find out the price that other similar properties were sold at.
Best Company To Sell Timeshare – Find a Real Estate Agent
The next step is to find the right real estate agent and timeshare resale company or listing company. When looking at real estate agents, you’ll want to find one who specializes in these listings and, in particular, buying and selling timeshares.
You’ll also want to seek out the most trustworthy timeshare resale companies. Here is our top recommended Timeshare Expert: Get Your Questions Answered Now!
Can You Sell the Timeshare Back to the Resort?
If you end up unable to sell your timeshare in any other way, then you may want to see if you can sell the timeshare back to your resort. Take a minute and talk to the resort’s representatives to see if they’re willing to take back the timeshare property.
Yet, you’ll want to avoid letting them sucker you into any upgrades such as more points or weeks to spend at the resort.
Produce an Attractive Listing
Since the resale market has tons of timeshares available for sale, you must create a great listing that catches the eye. If you don’t have help from your real estate agent, then you’ll want to make the listing yourself that makes your timeshare stand out.
You’ll need to add details such as whether you have a deeded or right-to-use contract.
Take Great Photos of the Resort and Timeshare
A vital part of the listing is the photos. You’ll need to add attractive photographs of the resort and the timeshare unit. Is there a gorgeous beach or pool at the resort? Or is it at a ski resort with beautiful purple mountains and snow-covered peaks?
Take photos of the scenery and add them to the listing. You also need photos of the bedrooms, living room and kitchen.
Choose the Right Price for Your Timeshare — Make It Reasonable
When choosing the price of the timeshare, think about how much a potential buyer is willing to spend. Owning a vacation home is a lifestyle choice, and you’ll need to have a practical, reasonable price that buyers are willing to spend.
Essentially, you may find it difficult to sell for the same price as you spent on the timeshare, and you may need to drop the price below what you paid.
Pick Out the Real Estate Market to Sell Your Place
You should also consider the possible real estate resale market in which to sell your timeshare unit. You might get to sell your place back to the resort. Don’t forget to check out the Timeshare Users Group resource when picking a resale market.
Should You Contact a Timeshare Exit Company?
Another route you can take is to contact a timeshare exit company. These companies seek to get you out of your timeshare contract legally and ethically without needing to sell your property.
Conclusion – Sell My Timeshare
Did you like reading through this tutorial to learn how to sell a timeshare? This guide is necessary to follow to get out of your timeshare contract and make some funds from the sale.
Now, what did you think of the tutorial? We hope you liked it! If you are ready to sell your timeshare be sure to work with the most trusted timeshare experts.