Have you invested in a real estate property and regretted doing so because of skyrocketing maintenance fees? Did you recently acquire a vacation house that you realized would be of little use to you? Whatever your reason may be in selling your timeshare property, there are basic procedures that you need to follow if you want to put it back on sale in the market. Here are some important facts to consider when selling your timeshare property:
Beware of resale agencies.
Scammers are lurking everywhere so be sure that a resale agency is legitimate and duly-licensed, if and when you decide to sell through one. Be wary of a resale company that is asking for upfront fees beyond US$100 and be cautious when a resale agent communicates mostly through phone.
Determine your timeshare’s value.
Timeshare properties tend to devalue easily so be sure to determine the appropriate value of your timeshare property by referring to sites like Redweek, Sharket and Timeshare Users Group.
Consider an agent.
If you’re too busy to supervise the listing and selling of your timeshare property then it’s time to consider a real estate agent to do the work. However, these agents tend to demand a larger commission for such transactions as compared to usual home sales and may be selective with the properties that they are willing to sell.
Be sure that your decision to sell is final.
Ask yourself if your decision is final as being hesitant to do so may cause untoward stress. Timeshares now also come with points that can be accumulated such as frequent flyer miles which may work to your advantage after all.
Look for a buyer yourself.
It’s now easy to look for a buyer so long as you have the patience and the right connections. Social media networks can be utilized and along with the right connections you can easily find a buyer for your timeshare even with little or no external help at all.
If you want to proceed with selling your timeshare property, the following are options to consider:
Put it on sale on consumer sales sites like eBay or Craigslist.
These sites are popular among consumers and frequently visited by prospective property buyers as well.
Utilize online advertising sites dedicated to timeshares like Timeshare Users Group or Redweek.
These sites are solely devoted to promote timeshares which are up for sale and most prospective property buyers visit it regularly.
Sell it through a licensed resale company.
Resale companies help in the prompt sale of timeshare properties. However, make sure that it is a registered and legitimate resale company and check with the Better Business Bureau to verify it.
Place an ad on the real estate section of the city or area where the property is located.
Don’t forget to post on the local ads of the city or area where the timeshare property for sale is located so it can be viewed by more people.
Here are some important things to remember on how to avoid scams in selling your timeshare property:
Do not divulge personal information to anyone who is offering to help you sell your timeshare without doing your due diligence.
Searching for a suitable buyer for your timeshare property takes time and resources so be ready to take on the risks. However, if a resale agent tries to contact you and offers help in selling your timeshare then be on guard. Giving out your personal information is a red flag as you don’t have any clear idea about the person you’re dealing with. He or she may just be one of the countless scammers around who are out to make a quick buck.
Always do your homework with the help of the internet when contacted by a suspicious company or agent.
Thanks to the internet and Google you can easily search for a person or company online if you’re ever contacted by a resale agency or resale agent that you hardly know or were not recommended by friends, family or colleagues. Check out if they have an existing website and search for their list of entries. Legitimate resale agencies and companies place their company information, headquarters, address, list of owners, services and other pertinent information on their websites. If a company’s website provides very little information and only lists a toll-free number then more often than not they are scammers.
Get in touch with your timeshare company and inquire about give-back or resale programs.
One great way to avoid scammers is to directly get in touch with your timeshare company for any resale or give-back programs they may have for owners like you who intend to sell timeshare properties. If they don’t have such programs they can always refer you to licensed and registered real estate brokers who will assist you in selling your timeshares.
Selling your timeshare property has its share of risks and set-backs so it’s best to stay informed and up-to-date with all the necessary steps. Scammers are always on the look-out for their next victim so be sure to equip yourself with the necessary knowledge and procedures so you won’t fall prey to these heartless people. And good luck with your sale!