Help! (How do I go about selling my timeshare?)

[jerseyguy]

I am an owner at [a beautiful resort], but due to divorce, I would like to sell. I am at a loss to choose how to market. I tried once through a R.E. agency(Century 21) reccomended to by by the property, but I feel as though I was just scammed out of an" apprasial" fee. I talked to Time Shares only, and they gave me an aggresive asking price, which, strangely enough, made me more uncomfortable. Any suggestions?

 

[Dave M]

First, never (that means NEVER) pay an upfront fee - other than nominal one-time $15-$40 listing fees - in an effort to sell your timeshare.

Second, for more about the bad aspects of upfront fees and for some practical advice on how to successfully sell your timeshare, study the "how to sell" article located at the top of the list of topics for this Buying, Selling, Renting forum.

 

[jerseyguy]

Thanks, Time Shares Only Wants A "marketing Fee" Of About$500!

 

[Hoc]

Thanks, Time Shares Only Wants A "marketing Fee" Of About$500!

Don't pay that. It's a scam. For more info on how to sell, review Dave's advice, above, and go to this link.

If you bought your timeshare from the developer, rather than on the resale market, you will have to make a substantial attitude adjustment to get an idea of what it's really worth. If it is a particularly high demand timeshare, then you will probably be able to resell it for as much as 50 percent of what you originally paid. Otherwise, figure that the fair market value is closer to 30 percent of what you originally paid.

If you still owe money on it, or are paying off a loan used to purchase it, you will probably have to pay down the loan and take a loss when you sell.

As the link above shows you, once you get realistic with your price expectations, you will be able to resell it yourself, without the help of a broker. If you are willing to take about another 10 percent reduction in the fair market value of the unit, then you can sell it on ebay in less than a week.

For a good idea of what the fair market value of your unit really is, look at the completed sales on ebay and add about 10 percent to those numbers, and you will see what you can get for it if you are willing to list it elsewhere and wait a few months to a year to sell.

Edit: Also check out this link and the "Timesharing 101" article referenced in it to help you understand the market for timeshares a bit better.

 

[jerseyguy]

Thanks, Hoc! (as in Ad Hoc?) I 'm getting a fast (and good) education here. Time shares can be a really good vacation, but it seems as though you have to be totaly unaware of the game( as I was) that the worst place to buy one is from a developer. Thank God I do not owe money on it, but i know I over paid. I would own one again but at a location that I would make more use of it. They are not popular at the Jersey shore, nor in North carolina.

 

[king1]

As an alternative, you could send that $500 to me. I won't sell your timeshare either, but will promise to enjoy spending your money!

 

[pedro47]

Please read Dave M advice again he is solid with his information.
Never pay upfront fees !

 

[Hoc]

Thanks, Hoc! (as in Ad Hoc?)

Naaw, it's a nickname from High School. Part of my last name.