It is no surprise that the depressed economy has started to effect the timeshare market. Vacations are often among the first expenses to go in a climate of instability. While it is still too early to tell what time share owners can expect from this most recent economic downturn, we can look at the positive and negative effects it could have on owners, and what you can do to prepare and/or take advantage of the present economic climate.
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A friend of my recently came across a company called IBD Marketing and was in contact with them regarding selling an RCI affiliated timeshare unit in Orlando, Florida. After offering them a sum about 3k higher than what they had assumed they would be able to sell their timeshare for, they called me for assistance. I was unfamiliar with their organization and decided to do some investigating before giving my friend the go ahead to try to list and sell with them. My first search was a simple Google query for “IBD Marketing”, and I have to say I was mildly shocked when I realized that the first 10 listings were all negative commentary on the company, and not one of the links was to the actual company website itself! That was only the beginning of the bad omens…
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Whether you are simply unable to use your timeshare week for one year, or want to get rid of your timeshare completely, there are a few honest sites out there that can assist you with either renting out or selling your timeshare. In this instance, sites that require no up-front cost are the way to go, and you should steer clear of the sites that require any payment to be made before the transaction is completed. Some of the scam sites will require you to subscribe to a monthly plan in order for your timeshare to be displayed in their database, and others will charge a large amount of money down with offering a money back guarantee. Below you will find my top three picks for listing, renting out and selling timeshare with very little or no cost.
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Whether you are considering selling your timeshare ‘for sale by owner’, or have already found a buyer for your time share property (in which case - congratulations), there are a few legalities you will need to consider before closing the sale. In either case, you may be wondering whether or not you need a lawyer or broker to complete the transaction. Timeshare is often considered to be tangible real estate, but it is not subject to many of the rules and regulations typical for traditional real estate property. Therefore, there is a unique set of guidelines to follow when transferring ownership of a timeshare through a sale, and many of the traditional rules of real estate do not apply.
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Many timeshare owners out of luck on the resale market choose to offer their timeshare as a donation to a non-profit organization, or NPO. While some NPO’s have shied away from this type of fund raising, there are still many organizations out there that welcome timeshare as a way to raise money for their programs. Below is a list of charitable organizations accepting timeshare donations.
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