How Can I Sell My Timeshare?
So you want to sell a timeshare or timeshare points. The timeshare market is riddled with companies that make many promises to sell your timeshare, but simply do not deliver. If you are interested in selling your timeshare, you have a couple of options. Some people choose to have a company that specializes in timeshare sales to handle everything from the marketing, timeshare sale, deed transfer, and all legalities of the time share sale, while other timeshare owners are comfortable with executing some or all of these steps on their own. The right timeshare sales option depends on two factors – your individual comfort level/willingness to complete the timeshare sale process, and the amount of money you want to spend to sell your timeshare.
Steps to Sell a Timeshare:
1) Marketing and Finding a Buyer
2) Negotiating the Timeshare Sale
3) Executing the Timeshare Deed Transfer
1) Marketing and Finding a Buyer This is by far the most difficult part of the timeshare sales process. If you choose to use a “sell my timeshare” company to complete the timeshare sales process for you, they will handle all of this for you. Each company has their own way of marketing and selling timeshares. They will act as a broker in that they will advertise your timeshare for sale, and handle all of the inquiries related to the property for you. Because they are acting as a broker, the timeshare sales company will want to be paid accordingly, either in the form of a flat fee to handle the entire process, or a fee that covers only the advertising and marketing of the timeshare. The company you select will likely use a variety of marketing tools to show your timeshare to potential buyers including listing the property on resale sites, using auction sites, and utilizing their connections to market the property back to the developer or a timeshare exchange company. As you may have guessed, if you are willing to put the time and effort in, you can sell your own timeshare for free. There is more information on how to do this at the end of this article.
2) Negotiating the Timeshare SaleOne of the benefits of doing a timeshare sale through a reputable company is that they will handle all of the negotiations and contract terms for you. If you are a timeshare week owner or are timeshare points owner, the timeshare selling company will pass on any pertinent information about the property or points being sold including weeks included, where the week(s) are in the year, right to use and number of timeshare points for sale. They will be able to act as a liason on issues of price and purchase date, and will answer any questions a potential buyer may have. If you choose to handle the timeshare sale on your own, you will be dealing directly with the buyer, and negotiating terms with them, as well as answering questions.
3) Executing the Timeshare Deed Transfer After the timeshare sales company has found you a buyer and negotiated the details of the timeshare sale, they will then execute the deed transfer through a title company or a lawyer. The deed transfer process includes deed preparation, escrow of funds, the issuance of a timeshare estoppel certificate (outlines the status of the timeshare with the resort with regards to back taxes, maintenance fees paid, and outstanding charges/special assessments), closing statements and recording fees. If you choose to complete the timeshare deed transfer without using a company specializing in selling timeshares, you will need to pay a title company or lawyer to execute the deed transfer for you. There are real estate lawyers that work on an hourly basis that will handle the preparation, escrow, estoppel certificiate, closing and recording, but it is usually cheaper to enlist the services of a title company. When choosing a title company make sure you choose a group that is licensed and bonded to avoid any possible complications.
Final Notes on Selling Timeshares Beware of companies that claim to sell your timeshare and charge a large upfront fee. I have heard one too many stories about timeshare companies that offer to take your timeshare off your hands for a large fee ($1000-$5000 before anything has been done), and the companies disappear a few months later. The original owner of the timeshare then discovers that the time share property was never sold, and is still in their name. The owner is now out of the money they spent upfront to have the timeshare sales company transfer and sell the property/points, and they are still responsible for paying the associated timeshare fees, including maintainence fees and HOA dues. Your best bet is to find a company that will only require full payment once the timeshare is sold and all legalities surrounding the timeshare transfer have been completed. If you decide to have a timeshare resale company handling the selling and transfer of your timeshare, do research – make sure they are accredited by the BBB (Better Business Bureau) and that they have a solid reputation. You can sell a timeshare on your own for free if you choose not to pay a company to assist you in selling your time share. If you want to sell your timeshare property or points on your own visit this post – Can I Sell My Timeshare Myself?
I am interested in selling my time share points which are at Wyndham Ocean Walk in Daytona Beach. I have 1,366,000 or close to that. Not sure if you can sell these all together or in separate bundles?