First time selling timeshare

[Kona Lovers]

We're good at buying, I now have a question, as we want to maybe sell a thing or two. I've read the "How to sell" sticky and looked over some of the articles.

My question: once an interested buyer contacts you, and you agree on everything, do (or can) you provide a company like one recommended in the "How to sell" sticky, with all the information and the closing company handles it from there? It appears that's how it works, but not ever having sold before, I just want to make sure.

Is there anything else?

Thanks,

Marty

 

[icydog]

We're good at buying, I now have a question, as we want to maybe sell a thing or two. I've read the "How to sell" sticky and looked over some of the articles.

My question: once an interested buyer contacts you, and you agree on everything, do (or can) you provide a company like one recommended in the "How to sell" sticky, with all the information and the closing company handles it from there? It appears that's how it works, but not ever having sold before, I just want to make sure.

Is there anything else?

Thanks,

Marty

Once you have a closing company working for you, you can have them take care of everything. You should not have to do the follow up at this point. Get your buyer in place, agree on a price, get all his information, call or contact a closing company and rest easy they should handle it all from there. In theory that is. I have found from selling and buying timeshares that I have always had to follow up several times with the closing company otherwise things just sit there.

 

[Kona Lovers]

Icydog,

Thanks for your reply. That affirms my understanding of the process.

Marty

 

[kmdionne]

Marty,

I know they recommend using a closing company but in many cases the closing company can chg you up to $1000 for closing costs, etc. This can sometimes make it too expensive to sell a unit depending on the resort. What resort are you considering selling from. I have bought and sold numerous timeshares and may be able to help you avoid the extra fee from a closing company depending on the resort. Please feel free to email me with the resort at kmdionne@comcast.net and I will let you know.

Kathi

 

[sfwilshire]

Marty,

I know they recommend using a closing company but in many cases the closing company can chg you up to $1000 for closing costs, etc. This can sometimes make it too expensive to sell a unit depending on the resort. Kathi

Most closing companies recommended here on TUG charge WAY less than $1000. I have done a closing myself, but for the low price charged by Timeshare Transfer, for example, I find it much simpler to just hand everything over to them and let them take care of all the paperwork.

Sheila

 

[JudyS]

About $300 - $350 seems to be the going rate for a closing without title insurance, plus any resort transfer fee.

Marty, there will be some paperwork for you to fill out and get notorized. Otherwise, the closing company handles it.

 

[Kona Lovers]

Thanks Sheila,

I noticed that the costs mentioned here on TUG were quite a bit less than what is listed even on some ebay auctions.

Thanks Judy,

You've reinforced my conclusions. A few things to get signed and notorized are no problem, knowing the closing company handles it all correctly.

Marty

 

[sfwilshire]

I noticed that the costs mentioned here on TUG were quite a bit less than what is listed even on some ebay auctions.

That's because some of the companies do their own closings (sometimes veiled as a different company) and make a lot of their profit from overcharging on the closing. I just lower my maximum bid to make up the difference.

Sheila

 

[John Cummings]

I just sold one of my timeshares and it is now in escrow. I am using Timeshare Transfer Inc. which was recommended to me. It is very easy. Basically you fill out a simple form and FAX a copy of your deed to them. They take it from there. In a few days, they send an e-mail with any questions they have, etc. and then you wait for the buyers to do their part. I have talked to Timeshare Inc. on the phone a few times and they are very knowledgeable, responsive, and nice. The last thing you will have to do is sign the new deed that Timeshare Transfer Inc. sends to you when the buyers have done their part. The cost for the closing services is $300 which does NOT include title insurance. Title insurance would be the responsibility of the buyer if they want it and can get it.

We split the costs so I have to pay $150. Below is a link to Timeshare Transfer Inc.



http://www.timesharetransfer.com/timesharetransfer/services.aspx

 

[Kona Lovers]

Thanks, John. They were who I was leaning toward using, if the buyer also want to also, that is. It's good to hear of some good things happening rather than problems all the time.

Marty