How to Sell a Timeshare: The Steps Explained
Get a lion’s share of the profits.
A timeshare provides an affordable and effective vacation. But not all timeshares are lifelong. Financial situations change, and people look for some money selling a timeshare.
You can turn a profit on your expenses. You just need to sit down and learn how to sell a timeshare. Here is a quick guide.
To begin your process, you have to start with your contract. Get a copy of any documents you sign related to your timeshare. Read it over, then read more information about timeshare law and regulations.
You should know where the timeshare is, who the developer is, and how they describe the timeshare. You should also know how much time you have on the property every year. Figure out who holds the deed and get a copy of it.
Submit a cancellation notice to your developer. Include your contact information and describe the timeshare in detail. Most developers have many clients, so this lets them know who you are.
You may need to contact a legal representative to void your contract. Reach out to a local law firm for a consultation. Keep their contact information in case the developer progresses with a lawsuit.
Research the value of your timeshare. Compare your timeshare to others in the area, and from the same developer.
Do not expect to make a profit back on your investment. It is possible, but most people do not break even because of the regular expenses they paid. However, many people do get close to their breakeven point.
Make sure you are caught up on all your payments. You need to have your mortgage paid off in full. Very few people manage to sell timeshares with a mortgage still pending.
You can sell your timeshare by yourself. Contact someone you know who may be interested in buying it.
But you can also go to a listing company. Give them the information about your timeshare and your price. They will then advertise your timeshare to get it sold.
Be careful with listing companies since some scammers run them. Check with the Better Business Bureau for any company you do business with.
You can sell your timeshare to your resort or developer. Some developers have internal processes to buy timeshares back from their owners. Stand your ground in negotiations, and don’t take any “upgrades” on your contract.
You can also contact a timeshare exit firm. They can transfer or cancel your timeshare, examining your contract and personal history. You will not make any money back, but a firm can free you from an abusive contract.
It’s time to split. Learn how to sell a timeshare, and you can make thousands of dollars back in little time.
Get a copy of your contract and deed. Make sure you know all details about your rental property. Submit a cancellation notice to get out of a contract.
Do some research and ask around about anyone interested in buying. Go to a listing company if you are having trouble. If you’re in a tough spot, go to a timeshare exit firm.
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