How to Sell Your Timeshare in Today's Market
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Insider tips the resort developers don't want you to know
1. Collect Information on What You Own - The more information you can provide a potential buyer of your timeshare, the better. Unit number, assigned week, points value, exact amount of maintenance fees, and square footage of your unit are all potentially important factors for a quick sale. Providing your buyer this information upfront can help them make an informed decision, and avoid potential problems at closing. Once you've decided to sell your timeshare, BayTreeSolutions.com can assist you in acquiring as much of this information as possible, when creating your timeshare profile.
2. Know What Your Resort is Charging for Similar Units - Since timeshare resales cannot be appraised, the most important factor in determining value is current developer pricing. If your resort is no longer selling timeshare, is there an onsite resale program? It's just not realistic to expect to sell your timeshare for more than a buyer would pay at your resort. If you are unfamiliar with current pricing, simply call your resort and ask what units like yours are selling for. In our experience, an asking price of $2,000 - $5,000 less than 'on-site' pricing will be enough incentive to attract a buyer. If your resort won't quote you current pricing, contact one of our trained staff and ask for a no-obligation market analysis.
3. Be Aware of any Deed Restrictions Affecting Your Sale - Some timeshare deeds include a 'first right of refusal' for the developer, which means once you've found a buyer, the resort must be given the opportunity to purchase your timeshare at the price you've agreed to sell your timeshare for. (Unless you're sale price is substantially under market value, the resort will not exercise this right.) Also, some vacation clubs, or points based ownerships, do not transfer all benefits to the new owner at time of sale. By making yourself an informed timeshare seller, you'll be prepared to handle these questions as they arise, and inspire confidence in your buyer.
4. Determine Your Asking Price, and Your Bottom Line - Once you're aware of developer pricing, set an asking price for your timeshare resale. Be aware that many buyers will offer substantially less than they are willing to pay, and decide on your bottom line price ahead of time. This way you can avoid making an impulse decision on a low-ball offer.
5. Decide on How to Market Your Property - Will you market it yourself, with a real estate broker, or use a marketing company? Each of these choices has pros and cons, and every seller is different. BayTreeSolutions.com can usually assist you in selling your timeshare for substantially less than going it alone, and most real estate brokers require both up-front listing fees, and large commissions at time of sale. Make sure that, if you use a timeshare resale company, they are familiar with timeshare lending, and are able to assist your buyer in locating competitive financing.
6. Have Patience - If you've followed the steps above, and your timeshare is fairly priced, be prepared to wait a few months for a qualified buyer. Remember, less than 6% of American households own timeshare, so it's still a niche market. Often sellers make the hasty decision to lower their asking price, only to find out a buyer is already preparing an offer: Haste makes waste!
7. Use a Reputable Title Company - Though the buyer is typically responsible for closing costs, as the seller, you should make sure the title company is legitimate, and that they are experienced in closing on timeshare properties. BayTreeSolutions.com can provide you with a list of suggested title companies, should you desire.
