# Times get rough- best way to sell?



## jonny_blackhawk (Nov 7, 2022)

My wife and I have been owners at Worldmark since 2017 and have not payed off yet. We still owe about 7.5k. We have been going to some rough times and have decided to change our life style and will no longer be able to afford our ownership, What is the best option for sellling? There are so many scams out there that it makes us weary to just call someone. Are brokers the best option? is there a list of trust ones? Should I just try to sell on my own?
Sorry if I am asking for info that is already on the site, I am new to the site.
Any advice will be greatly appreciated!


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## Luanne (Nov 7, 2022)

I'm sorry to say but if you still owe on it you will probably not be able to sell it.  Hopefully you will get some advice on how to get out of it.


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## DeniseM (Nov 7, 2022)

Unfortunately, there is no way to sell a timeshare with an active loan -  you would have to pay the loan off first. Depending on how serious your final situation is, you may want to just stop payments and let them foreclose.  It won't be pleasant, and you may take a credit hit, but it can be done.


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## DaveNV (Nov 7, 2022)

Welcome to Tug.  You're in the right place. Sorry to have to say what i'm about to tell you.

The problem with trying to sell what you own, is that with an outstanding mortgage, the value is less than what you owe.  Depending on the credit total, someone shopping around can easily pick up up the same value for pennies on the dollar.  If you check Completed Auctions on eBay, you'll get an idea of what your value is.  www.wmowners.com is a great resource for information and valuation.  But as I say, if you owe money,  nobody is going to want to take it on.

A better option would be to try renting things out, to make enough to cover your contract payments.  There are different ways to achieve that, but it takes a bit of work to make it pay off.

And a final option would be to stop paying, and let things go into foreclosure.  You'd take a hit on your credit, and lose what you've paid, but after it was over, you could move on with your lives.  If things are truly tough for you, that may not be a bad decision.

Good luck!
Dave


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## VacationForever (Nov 7, 2022)

How many credits are on your contract? If it is below 35K credits or there of, then you owe more than what it will sell for.  You can let WM foreclose on you.  Resale is going for about 20 cents per point on a fully paid up contract.


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## jonny_blackhawk (Nov 7, 2022)

thank you all for the info.. we have just started looking so we want to weight our options. It is hard getting reliable information.


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## Luanne (Nov 7, 2022)

Just don't go with anyone who says they can get you out of your contract and wants money up front.  Run far, far away.


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## DaveNV (Nov 7, 2022)

jonny_blackhawk said:


> thank you all for the info.. we have just started looking so we want to weight our options. It is hard getting reliable information.



Information you get here is the truth, however unpleasant it may be to hear.  Tug has been around for more than 20 years, and has tens of thousands of people who have come here for information.  Nobody is trying to sell you anything, so there is no "angle."  Just truthful information.

Be very careful about companies that promise to get you out of your contract for a fee.  They charge you upfront, and then don't do anything.  You get stuck with what you started with, plus you've lost the money you paid them.  No reliable company will ask you for money up front.  Scammers are everywhere in the "Get out of your timeshare" world.  They prey on the frustrated and uninformed seller. Don't fall for the scam. But also understand if you owe money on your contract, nobody will want to buy it.  So you're caught in the middle.

To give you real world numbers:  When I bought a free and clear 12000 credit WorldMark account on eBay several years ago, I paid about $1600 for it, and I got a fully-loaded account.  It had two years worth of credits (24K) and 2 housekeeping tokens already in the account, with the next year's 12K available to borrow. So it couldn't have had more availability to me.  The seller paid all the fees.  I scored a great deal (as a Buyer) but the Seller lost a great amount, because he just wanted out. He had owned the account more than 10 years, and the mortgage had long since been paid.  I'm sure he lost plenty.

You've already invested a good deal of money into what you own.  Rather than bail out and throw that away, try and find a way to make it work. Read some of the forums here about renting your timeshare, to have it pay for itself.  If you can do that, you can keep what you've already paid so much for, and if your situation improves, you can enjoy what you own.

Dave


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## VacationForever (Nov 7, 2022)

Trusted broker list can be found at https://wmowners.com/threads/worldmark-trusted-resale-brokers.45426/ 

You cannot sell until the loan is paid off.


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