Buying a timeshare is very, very easy (sometimes too easy), but selling one can be quite challenging. Don’t despair, though. It can be sold, and these tips will help smooth the way.
Be realistic about your price. Brace yourself, because — with rare exception — you won’t be able to get anywhere near what you paid for your timeshare. How can you discover its worth? Try checking other listings at sites such as RedWeek.com, The Timeshare User’s Group (tug2.net), MyResortNetwork.com and TransActionRealty.com.
Search for those comparable to yours (similar location, week or season of the year, number of bedrooms, baths, view, etc.). Now, think like a buyer. If you were shopping for a timeshare and found 10 listings that met your criteria, which would you buy? Right, the cheapest one. Therefore, if you don’t list yours at a comparably low price, you may be keeping it for a long, long time.
Know how to advertise. Check the specifics of the above listing sites, then use the one (or more) that offers what you are looking for. Of course, there are fees associated with these listings, and some sites offer not only a listing service but also escrow and closing services. Other advertising possibilities are e-Bay or a classified ad in the real estate section of the resort’s local newspaper.
How about donating? The problem with donating is that you only receive a tax deduction instead of the full proceeds of the sale. Besides, your timeshare will only help a charitable organization if they can sell it, so if you are having trouble unloading it, they probably won’t want it either.
Give it away. If all else fails, consider a Timeshare Deedback, giving it back to the resort. Be aware that many resorts will not agree to the deedback or will charge a transfer fee for the transaction.
If you have been trying to sell your timeshare, I am sure you agree that doing so is a challenge. Still, it can be done, and I hope these tips will help you successfully navigate the transaction.
JOE PLEMON is a Certified Financial Counselor. Email your questions on personal finance to Joe at email@example.com.