Who can I trust to sell my timeshare?

[jasmine32]

I have a 1 bedroom grand lockout at Planet Hollywood Westgate Towers in Vegas. It's paid in full and comes with 1 week EOY. I just want to be rid of it and know I'm going to take a big loss. Who can a person trust to sell it?

Fair Market Services wants $399 to list it but I'm afraid it's a scam. I don't know what to do.

 

[billymach4]

My advice would be to try and sell it yourself. You have made it to the right place for educating yourself.

Be patient, read up, browse around.

My only personal experience in selling a timeshare is by listing on ebay. I have used JRA services to handle escrow, and closing.

Welcome to TUG!

 

[DeniseM]

Any company that charges you a large upfront fee is going to scam you - not sell your timeshare. Legitimate resale agents work more like real estate agents - they charge a commission AFTER the sale. However, they charge a commission of $1,000 and up, so unless you own a property that is going to resale for top dollar, most or all of your proceeds may go to the commission.

For a low priced resale, you really don't need a resale agent. Simply post Ads on several low cost listing sites and use a reputable TS closing/escrow company to do the paper work, handle the funds, and transfer the deed. Look at the TUG Marketplace (linked in red bar - top of page) for examples. You need to visit several resale sites to determine a REALISTIC resale value. Completed auctions on ebay will give you an idea of the bottom dollar price.

 

[foreverloves]

If you really want out of it, list it on ebay for $1 starting bid. Buyer will pay closing costs. Keep listing it until it sells - chances are good it will sell! Many, many auctions attract attention from buyers because they are getting the use of the timeshare for a very small initial investment. I watch many auctions on ebay, and many of the $1 timeshares DO sell, allowing owners to be rid of their unwanted timeshare and a new buyer to have something they've wanted.

Another thought might be to reach out to some of the big ebay sellers (look at current and completed auctions) and ask them to market it for you; I'm not sure what they might charge for that, but if you truly don't think you can list it yourself, it might be worth a shot. These timeshare sellers know that many buyers cannot resist the urge to acquire real estate for such a low price - that's why they are so successful!

 

[Dave M]

Read this TUG timeshare how to sell guide for more info on how to follow the advice in these responses and how to avoid scams.

 

[DeniseM]

Another thought might be to reach out to some of the big ebay sellers (look at current and completed auctions) and ask them to market it for you; I'm not sure what they might charge for that, but if you truly don't think you can list it yourself, it might be worth a shot. These timeshare sellers know that many buyers cannot resist the urge to acquire real estate for such a low price - that's why they are so successful!

Jennifer, I know you are trying to help, but most of the big sellers on ebay are not resale companies that help people sell their timeshares. Most of them are the resale branches of PCC companies who "take your timeshare off your hands" after you pay them a fee of $2,000-$3,000. If the OP hopes to get anything out of her TS, that's not the way to go.

If she wants to sell it on ebay, she can do it herself for about $75 and keep any proceeds, rather than paying someone $2,000-$3,000 to take her TS.

But if I hoped to get as much as possible for my timeshare, ebay is the last place I would use. Timeshares on ebay go for bottom dollar, and their listing fee is high.

 

[PhillyChic]

Jasmine,

My advice would definitely be to sell it yourself. Post an ad here on tug, craigslist, even eBay classifieds instead of an auction. Wherever you can think of, more you list the better chance you have. NEVER pay an upfront fee to a resale company! While there may be a handful out there that are actually honest, unfortunately the majority are not and are way too hard-to-find. There's too much risk in their taking your money and running.

I would also recommend having a closing company to handle transfers of funds, deed preparation, processing the transfer with the resort, all that fun stuff that you don't want to screw up. If you can find a reputable one, the charge very reasonable fees (less than any attorney I've ever talked to). After many mistakes, I exclusively use Timeshare Closing Services out of Orlando, Florida. I'm sure there are plenty of others that are trustworthy, and that people have their own opinions about every one - just do your homework on any company first.

Again, this is just from my personal experience, but whatever you do don't pay someone to list it. Would you ever pay a realtor their commission upfront to list your house? I'm sure you worked hard to earn your money, make sure they do too.

 

[Kola]

Jasmine,

.... If you can find a reputable one, the charge very reasonable fees (less than any attorney I've ever talked to). After many mistakes, I exclusively use Timeshare Closing Services out of Orlando, Florida. I'm sure there are plenty of others that are trustworthy, and that people have their own opinions about every one - just do your homework on any company first.

.

Re Timeshare Closing Services - how long does it take them and how much do they charge ? Thanks.

K,

 

[PhillyChic]

Re Timeshare Closing Services - how long does it take them and how much do they charge ? Thanks.

K,

Hi Kola!

The timeframe has varied based on location, resort, the state of the title. They got one done for me in 3 weeks, but a Wyndham took 4 months (they are, after all, Wyndham )

Both of those cost $300, but I know that, again, can vary based on all the different services they offer that you can chose from. Maybe not worth it to some, but was to me to get it done right.

As always, I'll advise you to do your homework to find the one that's right for you, since I obviously haven't tried them all. But my personal opinion is that since I found them - I'll never use a different one!

You can give them a look-see @ timeshareclosingservices.com

Good luck!

 

[dglavin96]

Title Insurance

I went to the Timeshare Closing Services site and noticed they offer options both with and without title insurance. Is it normal practice to use title insurance when selling/buying a timeshare?

 

[DeniseM]

I went to the Timeshare Closing Services site and noticed they offer options both with and without title insurance. Is it normal practice to use title insurance when selling/buying a timeshare?

Only for an expensive week. In this market, most timeshares are selling for less than the cost of the title insurance, so it doesn't make sense to buy it.

In fact for a cheap or free purchase, I prefer to use a document Prep company to do the paperwork and mail the deed for $100 or less. To transfer a timeshare between friends, or give away a free timeshares, you don't really need to pay for a full closing. I recommend this licensed Document Prep Co. that can prepare the deed and send it for recording for about $100. The owner (Alan) is a long-time TUG member - user name "ttt". They have an "A" rating in the TUG Business Ratings - Time Travel Traders/TSTransfer

 

[dglavin96]

Selling on EBAY

I have a [timeshare] that I would like to sell on ebay. I've reviewed the auction selling prices and am willing to accept a price within the range I've seen. Since the birth of our daughter, most of our vacation time is spent visiting her grandparents, and this will not change for the foreseeable future. I'm hoping someone can spell out the details of the selling process step by step. What happens once the listing ends and the seller sends the deposit? Does the closing company handle everything, including contracts, resort paperwork, etc.? If not, how is all of this handled? I'd appreciate as much detail as anyone can provide.

 

[DeniseM]

I have a [timeshare] that I would like to sell on ebay.

Note that the minimum cost to list your TS on ebay is $75 and that's where you will get the lowest selling price. With over 300 timeshares listed for $1, your listing is likely to get lost in the shuffle. There are lower cost options, that may net you more money - maybe.

What happens once the listing ends and the seller sends the deposit? Does the closing company handle everything, including contracts, resort paperwork, etc.? If not, how is all of this handled? I'd appreciate as much detail as anyone can provide.

Yes - the closing company handles everything. A full-service closing will cost you $350 - but it's not really necessary for a TS that may not even sell for $350. (I have no idea what your's will sell for - this is just an example.) You can use a no-frills document prep company for about $100. Traditionally, the buyer chooses and pays for closing, but more and more, the seller is paying for closing to make their Ad more attractive.

More info. about how to sell your TS.

 

[dglavin96]

Note that the minimum cost to list your TS on ebay is $75 and that's where you will get the lowest selling price. With over 300 timeshares listed for $1, your listing is likely to get lost in the shuffle. There are lower cost options, that may net you more money - maybe.



Yes - the closing company handles everything. A full-service closing will cost you $350 - but it's not really necessary for a TS that may not even sell for $350. (I have no idea what your's will sell for - this is just an example.) You can use a no-frills document prep company for about $100. Traditionally, the buyer chooses and pays for closing, but more and more, the seller is paying for closing to make their Ad more attractive.

More info. about how to sell your TS.

Thanks for your help. I realize I may not do as well on ebay as I might listing in other places, but I'm looking to sell quickly with minimal aggravation. I've done the research on my particular timeshare and the selling prices on ebay are acceptable to me and more than enough to justify the listing fee and closing costs. Just to make sure I'm understanding you correctly, a company like Time Share Closing Services would handle everything that would take place after the auction is completed, i.e., contracts, resort paperwork, etc? Could you also recommend a no-frills document company? Thanks again.

 

[DeniseM]

Thanks for your help. I realize I may not do as well on ebay as I might listing in other places, but I'm looking to sell quickly with minimal aggravation. I've done the research on my particular timeshare and the selling prices on ebay are acceptable to me and more than enough to justify the listing fee and closing costs. Just to make sure I'm understanding you correctly, a company like Time Share Closing Services would handle everything that would take place after the auction is completed, i.e., contracts, resort paperwork, etc? Could you also recommend a no-frills document company? Thanks again.

Yes - a full-service closing company will handle everything.

When you look at Comps on ebay, are you looking at the asking price or at completed auctions/selling prices?

For a no-frills document transfer, I recommend this licensed Document Prep Co. that can prepare the deed and send it for recording for about $100. The owner (Alan) is a long-time TUG member - user name "ttt". They have an "A" rating in the TUG Business Ratings - Time Travel Traders/TSTransfer

 

[dglavin96]

Yes - a full-service closing company will handle everything.

When you look at Comps on ebay, are you looking at the asking price or at completed auctions/selling prices?

Time Travel Traders/TSTransfer

I'm looking at completed listings and have been watching the auctions for several months. Thanks again.