How To Sell A Timeshare – Many years ago I participated in a three-hour timeshare pitch in exchange for tickets to a Vegas show. Totally not worth it, but it was a learning experience.
After the presentation was over, I did some research and found a lot of information about people who have bought timeshares. Some were satisfied with the purchase. Many were not – and then deeply regretted it.
How To Sell A Timeshare
If you’re in the latter group, we’ll show you ways to get out of your timeshare—or at least get back some of the money you spent on it.
Best Websites For Renting And Selling Timeshare Resort Property
What if you don’t care about selling your timeshare and just want to get out of the contract? Is it possible to simply cancel your payment obligation, contract and leave?
First, check out this timeshare exit guide, courtesy of a company experienced in working with people looking to exit timeshares. You can also call them at 1-888-703-3329 for a free consultation if you want someone to help you leave.
Also, know that most timeshares have a “cooling off” period. In other words, they give you a certain amount of time during which you can easily cancel the contract without any permanent obligations.
This time period is usually less than two weeks, but you will need to check your contract for exact specifications.
Timeshare Deed Back Program
If the contract cooling-off period has passed, you cannot just leave. Well, you can – but it will result in negative marks on your credit report and could land you in legal trouble.
Since you signed a contract to purchase your timeshare, you are legally obligated to pay the fees that are part of the contract. However, you also have other options to get rid of your payment obligation.
For example, you could see if your timeshare company will buy back your timeshare or even take it back for free. Honestly, most timeshare companies don’t buy back after selling. They are in the business of selling timeshares, not owning them.
However, some companies will take the timeshare back for free. Yes, you’ll probably lose some serious money if you go this route, but at least it’ll get you out of the payment obligation.
How To Unload An Unwanted Timeshare Without Getting Scammed
Depending on what your timeshare agreement says, you may be able to rent out your timeshare weeks to a third party. You will need to read your contract to see what it says about the legality of the lease.
Understanding who owns this timeshare is key. As we learned in a previous post about timeshares, some leases are “right to use” agreements, and you own nothing except the lease. You get a timeshare for a certain period each year and pay fees associated with its use during that period.
Most timeshares allow you to rent for the duration of the rental, but you’ll need to check the contract to be sure.
Other contracts on the time-limited use of real estate are simple contracts. This means that you are actually buying the property, but only for the period specified in your contract. Your purchase agreement will also include maintenance fees and future assessments for improvements and repairs.
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If you have purchased a timeshare through a points system or vacation club, you will be purchasing actual points to use at one of the resorts owned by the vacation club. Disney Vacation Club is one example of this.
Some timeshare companies require you to rent through them. In other words, they handle the rental process for you. This can be a tricky process as it can be difficult for you to prove whether they have rented it or not.
If you are lucky enough to be able to rent your timeshare yourself, that is good. There are several platforms that you can use to facilitate this process.
Some people rent their timeshares on “by owner” sites like VRBO. There are also companies that advertise weekly timeshare rentals, such as Koala and Redweek. These types of sites deal directly with timeshare rental owners.
Timeshares: Yes? No? Maybe?
However, there are fees associated with using these types of sites. Some timeshare rental companies charge a flat commission when they rent your timeshare. Other companies charge additional fees, such as annual membership fees, listing fees, or online payment fees.
One thing to keep in mind is that some timeshare listing sites will charge you a fee knowing that they are not going to rent your timeshare. It’s something to be aware of and stay on top of – only pay the fee if you consistently see your timeshare being rented out.
If you’re looking for a completely free way to find renters, try Craigslist or Facebook Marketplace. Keep in mind that there are additional risks when doing it yourself. Companies that specialize in vacation rentals have policies in place to avoid problems.
Bottom line: Do your research and know exactly what you’re getting into before you rent your timeshare.
How To Sell A Timeshare: 5 Proven Ways
If you decide the best course of action is to sell your timeshare, there are a few things you need to know – and some steps you need to take.
The first step before selling a timeshare is to obtain the timeshare agreement and read it in its entirety. There are a lot of details that you will need if you want to market it as a timeshare.
When you’re selling, it’s important to know the details of your timeshare, such as whether or not you can rent it out. This is because potential buyers will want to know if they will be able to make decisions after the purchase, such as renting a timeshare.
In addition, there are other legal terms in timeshare contracts that could affect your ability to sell your timeshare.
How To Get Rid Of A Timeshare
For example, you’ll also want to know about any Right of First Refusal (ROFR) agreements found in your timeshare agreement. The ROFR agreement means that once you have a contract with a potential buyer, you must send that contract to the timeshare company.
The timeshare company then gets a chance to buy the timeshare back under the same conditions. If they refuse, you can go ahead and sell it to your buyer. However, if they accept it, your buyer will lose the timeshare with the purchase.
This may be tough news, but your timeshare probably won’t be worth nearly what you paid for it. In fact, many are worth nothing because they are a payment obligation that lasts for many years. Timeshare companies raise the price of a timeshare to offset the expensive cost of presenting and managing the resorts.
So while you may get some money when you sell your timeshare, don’t expect to get back what you paid for it. Unfortunately, timeshares do not appreciate over the years. As with cars, their value decreases.
How To Sell A Timeshare That Is Paid Off
In fact, if you get a valuation that comes close to what you paid – chances are it’s someone who wants to take advantage of you! It costs so little.
You can also use a free timeshare value tool like the one hosted on Redweek. This will give you an idea of what your timeshare might be worth.
Some of them you might want to check out (we don’t endorse any of these companies, we just provide a list of the most famous ones):
These companies charge fees, so make sure you fully understand the fees and the services you will receive. For example, Redweek charges $60-$80 to access their marketplace, but you have to do the legal work of actually selling a timeshare yourself. If you want their “full service” package, the price is $125 plus either $399 or 3% of the retail price (whichever is higher).
Are Timeshares A Good Investment Or A Scam?
In addition to fees, research any companies you are considering listing your timeshare with as there are scam companies out there. Check the company’s rating on the Better Business Bureau and read the fine print on any contracts they send you.
Check out online reviews of any company you’re considering selling through. In short, do your research.
Buying a timeshare doesn’t have to be a life sentence. There are ways to sell your timeshare or cover costs by renting it out. The key is knowing the details of your contract, as well as working with a reputable company.
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