Best Way to Re-Sell a Timeshare

[ZanyAnticsE]

Hi All,

I am new to this forum but joined because many of you have experience with timeshares and might provide some help for me and my fiancée. I purchased a Orange Lake West Village unit last summer and we have not gotten around to using it - everything came to a head this month as I tried to exchange points for airline miles and was blown away by the exchange fees which made more sense for me to just buy tickets on my own.

Overall we feel like we are not getting what we expected out of the ownership experience and now we are researching the best way to resell our unit and week. We received mail from Bay Tree Solutions, but have read mixed reviews about them - you pay up front and then the listing languishes online. I have heard of resales happening on eBay but I don't know much about the process and am intimidated to do anything. I am interested in hearing your opinons on the best way to resell.

Thank you!

 

[tschwa2]

Bay Tree Solutions promises high prices for resales but I doubt they sell anything as their prices are about 20X's higher than other places. No matter what you have in the West Village it is going to be worth less than $3000. In all likelihood you own a size/week that regular sells on ebay for less than $500 out of pocket for the buyer including about $300 in closing and transfer costs and in some cases includes a free week during the current or upcoming year. This for a free and clear paid off unit.

If it is paid off and you are prepared to list at these type of prices, you can get some good advice. If your week isn't paid off and you aren't in a position to pay it off before listing or are holding out for $10,000+ then TUG or anyone/where else won't be able to help either.

(I own a week 52, three bedroom unit in the East Village that I can always rent out for more than the $1000 annual MF. I am holding out for $2500 because I am not in a hurry to sell and am waiting to find a buyer who wants what I have. If I wanted to sell quickly, I would probably have to drop it another $1000)

 

[RX8]

Looking at sold Orange Lake West Village timeshares on eBay most are sold for a $1.00. Unless you have something special like tschwa2 then yours is likely worth the same. Unfortunately then,you would have difficulty in actually selling it and would in fact need to give it away. If you have already paid it off why not learn to use what you own and take some great vacations?

Sadly, placing an ad with a company who charges an upfront fee and that recommends you list it for a premium selling price won't help you sell it.

 

[Passepartout]

The dirty little secret of timeshares is that the only use for them that makes sense is for vacation lodging. The salesweasels will tell you how they can be used for all kinds of stuff, but as you discovered that's a poor use for your money. Also more bad news. If your ownership is paid for, it's worth a whole lot less than you paid for it. If it's not paid for, nobody will buy it. Also you should know that we've never found an 'upfront fee' sales agency that isn't a scam. What they will do for the $1500 or so that you pay them is list it at an exorbitant price forever. If you complain that it isn't selling, they will either have disappeared with your money, or will tell you that it isn't their fault that it isn't selling.

If it was me, I'd keep the TS and learn to use it as it is intended to be used. It will give you and your family many great vacations and memories.

Good Luck and we wish you well.

Jim

 

[ZanyAnticsE]

Bay Tree Solutions promises high prices for resales but I doubt they sell anything as their prices are about 20X's higher than other places. No matter what you have in the West Village it is going to be worth less than $3000. In all likelihood you own a size/week that regular sells on ebay for less than $500 out of pocket for the buyer including about $300 in closing and transfer costs and in some cases includes a free week during the current or upcoming year. This for a free and clear paid off unit.

If it is paid off and you are prepared to list at these type of prices, you can get some good advice. If your week isn't paid off and you aren't in a position to pay it off before listing or are holding out for $10,000+ then TUG or anyone/where else won't be able to help either.

(I own a week 52, three bedroom unit in the East Village that I can always rent out for more than the $1000 annual MF. I am holding out for $2500 because I am not in a hurry to sell and am waiting to find a buyer who wants what I have. If I wanted to sell quickly, I would probably have to drop it another $1000)

Can you explain why I paid so much more for it when I bought it and now it's only worth $3000?

 

[TUGBrian]

unfortunately like so many other owners, you fell for the sales pitch and didnt realize you could have bought on the resale market from an existing owner for pennies. its the number on reason we always hear "I wish I would have found TUG before I bought!"

on a more positive note, you shouldnt beat yourself up over it, there are literally thousands up on thousands of other folks on this forum that have done the exact same thing you did and lived to tell the tale! Its simply a very expensive lesson

however an even bigger one would be to pay a company money upfront to "list" your timeshare for a ridiculous amount....youd just be throwing away even more and compounding the issue.

 

[theo]

Can you explain why I paid so much more for it when I bought it and now it's only worth $3000?

Developer sales people sell sizzle (not steak) and they sell that sizzle at grossly inflated prices. They rely on the fact that many people do not know that a secondary (resale) market even exists. It does exist however and it is ruled by supply and demand --- actual resale market value, much like water, promptly "finds its' own level" in the open marketplace. Your particular "product" would likely fetch only a small fraction of $3000 in the resale market. As already noted, many before you have discovered this harsh reality, so as TUGBrian has wisely advised, don't beat yourself up. We all live and learn, 'tho sometimes at a cost.

 

[Panina]

Welcome to Tug. Even though you feel it's not what you thought, learn to use and enjoy it. You can have many wonderful years of vacations in nice accommodations. Here at tug you can learn how to use your week, lots of information on the tug site and we are all here to answer your questions.

 

[Bmatrose]

Can you explain why I paid so much more for it when I bought it and now it's only worth $3000?

Sorry to say its worth less than $3000...Probably no value at all

 

[Passepartout]

Can you explain why I paid so much more for it when I bought it and now it's only worth $3000?

$3K is waaay overly optimistic. Looking at eBay completed auctions for Orange Lake West Village, I found one that sold for $680, a couple for around $200 a fair number that sold for $1.00, and a LOT that were listed for a buck that got no bids. I can't explain why you paid what you paid, except that the sales person laughed all the way to the bank. Sorry. But take heart. you're among friends here, many of whom did the same thing you did.

Jim

 

[Ty1on]

There are four options:

1. If it is not paid off, walk away and face foreclosure and the hit to your credit rating.
2. If it is paid off, treat your purchase as sunk money and sell it off at a significant loss.
3. If it is not paid off, pay it off, treat that as sunk money and sell it off at a significant loss.
4. You've already learned that the "side benefit" uses of points are rip-offs. Learn to enjoy your ownership, getting vacations at Orange Lake or exchanging into other destinations.

 

[HudsHut]

When / where do you plan to vacation?
Since you own at Orange Lake, it would be wise to either stay there, or use your exchange company to trade into another timeshare.
Pay cash for your airfare & cruises. Use your timeshare for lodging.