© 2009 Roger Bredow /dba Valuecom
Selling a Timeshare MUSTS!
If you want to sell your deeded timeshare, and a company approaches you offering to resell your timeshare, please review the following checklist:
First you must understand if you are paying for a sales agent to sell and advertise your timeshare or merely advertising your timeshare for sale when speaking with any company you may involve in assisting you in selling your timeshare.
Donít agree to anything over the phone or online until youíve had a chance to check out the reseller. Contact the Better Business Bureau, state Attorney General, and local consumer protection agencies in the state where the reseller is located. Ask if any complaints are on file.
Ask the salesperson for all information in writing.
Ask if the resellerís agents are licensed to sell real estate where your timeshare is located. If so, verify it with the Real Estate Commission. Deal only with licensed real estate brokers and agents, and ask for references from satisfied clients.
Ask how the reseller will advertise and promote the timeshare unit. Will you get progress reports? How often?
Ask about fees and timing. Itís preferable to do business with a reseller that takes its fee after the timeshare is sold. If you must pay a fee in advance, ask about refunds. Get refund policies and promises in writing.
Donít assume youíll recoup your purchase price for your timeshare, especially if youíve owned it for less than five years and the location is less than well-known.
If you want an idea of the value of a timeshare that youíre interested in buying or selling, consider using a timeshare appraisal service. The appraiser should be licensed in the state where the service is located. Check with the state to see if the license is current.
It is always a good idea to talk with an attorney about the laws where the timeshare is located as they vary state to state.
Before you sign a contract with a reseller, get the details of the terms and conditions of the contract.
It should include the services the reseller will perform; the fees, commissions,
and other costs you must pay and when; whether you can rent or sell the timeshare on your
own at the same time the reseller is trying to sell your unit; the length or term of the
contract to sell your timeshare; and who is responsible for documenting and closing the sale.
If the deal isnít what you expected or wanted, donít sign the contract. Negotiate changes or find another reseller.
Selling a timeshare is a lot like selling any other piece of real estate.
Check with the resort to determine restrictions, limits, or fees that
could affect your ability to resell or transfer ownership. Then, make
sure that your paperwork is in order. Youíll need:
the name, address, and phone number of the resort;
the deed and the contract or membership agreement;
the financing agreement, if youíre still paying for the property;
information to identify your interest or membership;
the exchange company affiliation;
the amount and due date of your maintenance fee;
the amount of real estate taxes, if billed separately.
If you've decided to employ the services of a timeshare reseller, you'll
be surprised to find that many of these companies operate primarily
online. It can be difficult to weed out the good from the bad, however,
there are companies that offer a range of worthwhile services to assist
you in selling your timeshare. Two companies to check out are Sell My
Timeshare Now and Timeshare Broker Services, both part of Vacation
HotDeal Companies, Inc. Since its opening in 2003, Sell My Timeshare Now
has generated billions of dollars in offers from interested buyers and
renters, and together with its sister company, Timeshare Broker
Services, they offer a rental program, an advertising option, and
licensed timeshare brokers. By offering a range of services, these
companies are able to serve owners of both high-demand and less
well-known properties equally.
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