Selling timeshares: Bermudian style condominiums along the shore
Maybe your timeshare was fun for a while, and it's time to move on. Maybe you're just sick of the ever-increasing annual maintenance fees. Or maybe you just want to have real freedom in deciding what to do with your limited vacation time. Whatever the reason, vacation ownership is no longer offering you value, and you've decided that your timeshare needs to go.
If you're a homeowner, you may have already experienced the real estate process with regard to your residence. As you are no doubt aware, though, a timeshare is a very different kind of real estate. When you sell your home, you are typically selling property fee simple - that is, you're selling the right to use and exclude others from a certain piece of property forever.
Timeshares, on the other hand, are a much narrower (some would say lesser) form of property ownership. The traditional system of timeshare ownership splits properties into “weeks,” with different owners taking possession on specific weeks. More modern systems, such as the Marriott Vacation Club, use a point-based system to reserve time for different timeshare properties.
However, your timeshare works, selling it can be a hassle. In this article, we'll talk about different tools you can use to sell your timeshare. First, we'll look at the decision many people make to try selling their units themselves, which often leads to frustration. Then, we'll talk about a better option: finding a qualified realtor with experience in the timeshare resale process.
Of course, all of this discussion assumes that there is not another way to legally and ethically exit your timeshare based on your specific situation. If you cannot sell your timeshare, you should consider other methods of exit. Whatever route you choose, Centerstone Group is here to offer advice and guidance to make the experience as easy as possible.
Selling Timeshares by Yourself
selling timeshares: eBay signage on a post
Anyone who wonders about where to buy a used timeshare - or how desperate people can be to sell timeshares - should take a look at eBay or Craigslist. You can find timeshare units there for a few thousand dollars, or in extreme cases even $ 1. Someone who doesn't understand how timeshares work may think this sounds like the deal of a lifetime.
The truth is, though, that many owners consider these timeshares a disease that they can't get rid of. The rock-bottom sale prices are all that owners can get on these websites. Without any targeted marketing or professional listing, a few thousand dollars is probably the best that a timeshare owner on eBay or Craigslist can hope for.
And if you do decide to go this route, don't expect to sell your unit right away. These deeply discounted units can sit on auction websites for years before they sell - if they ever do. During all that time, who do you think is going to pay the annual maintenance fees and other charges associated with the unit? That's right, you.
To put a finer point on it, listing through eBay, Craigslist, or some other website is likely going to involve waiting a long time for a very low offer if one ever comes. And the timeshare will be draining you of money the whole time. Not even the wealthiest person wants to throw good money after bad. There are better options that are far more likely to actually work.
Selling Timeshares With a Real Estate Agent
Timeshares are tricky beasts, and it's not a sign of weakness to admit that you need help with selling one. After all, most of us wouldn't try listing our homes on eBay. Get a professional real estate agent to help you with your timeshare resale. You still aren't going to make a ton on the deal, but the transaction can be more efficient and save you money in the long run.
Watch Out for Timeshare Resale Scams
When you list your timeshare with a real estate agent, you still need to be careful about who you trust. The fact that a company advertises itself as a timeshare resale company doesn't mean they are qualified to help you.
Many of these companies run timeshare scams, taking advantage of desperate owners by promising they have buyers at the ready. Then they take thousands of dollars in upfront fees and vanish, leaving the owner high and dry. The problem has become so bad that the Attorneys general of Florida and other states are fighting back and pursuing these companies.
Get a Qualified Realtor
While all licensed realtors have the same basic competencies and adhere to the same code of ethics, not all of them are the best choice for timeshare sales. As you may have gathered from the discussion above (particularly the fact that so many owners are desperate to sell their units at online auctions), the timeshare resale market and pricing are a very niche specialization.
Your realtor may be the best there at selling beach homes, but if they don't have experience with marketing and selling fractional ownership properties, they may not be a great fit for this particular project.
While selling a timeshare should happen as quickly as possible to save you money, you do need to take the time to interview potential realtors and make sure they have the experience and track record you need to get the job done.
Getting Rid of Timeshares Without a Sale
Person ripping a contract
If you can How to sell a timeshare without too much difficult time or cost, that's great. But selling timeshares is neither easy nor profitable. Because of this, it is worth your time to consider whether you have any other legal and ethical options for exiting your timeshare.
Unlike some other timeshare exit companies, Centerstone Group is a BBB-accredited business with an outstanding reputation. We're dedicated to helping timeshare owners find solutions to their problems. Sometimes the best solution might in fact be a resale. Other times, however, there are more desirable options.
Maybe a resort will take timeshare units back but will not implement the policy unless it is forced to do so by knowledgeable people. Or maybe there is a timeshare cancellation commission in your contract. Or perhaps there is a more complicated legal exit strategy that a lawyer can help with.
Centerstone Group offers free consultations so they can get to the bottom of your specific problem. We can help you weigh all of these possible solutions and more. We can also refer you to qualified, trusted professionals who will help you take care of your timeshare problem with as little expense and trouble as possible.
Once you have made up your mind that you need to get rid of your unit, be careful not to become fixated on one particular option. Keep your mind open and allow us to help you find the least stressful exit plan for your timeshare problem.
Freedom Feels Wonderful
When you are shackled to an unpleasant, expensive timeshare contract, it can seem like your troubles will never end. The good news is that they do end. The better news is that, just by being here, you have already started taking steps to free yourself from the headaches and expense of your timeshare mistake.
Let us take a look at your case and see what we can do for you - whether that's helping you understand the process of selling timeshares or finding you another option. Contact Centerstone Group today for a free consultation and case evaluation.