How to sell a timeshare? Well, that sort of depends on whether you want to attempt to sell it yourself or list it with a licensed real estate company like Advantage Vacation. When contacted by people asking me for advice on how to sell their timeshare, my advice is always to answer the following three questions first:
Do you know what your timeshare is worth on today’s market?
Do you know where and how to advertise your timeshare for sale?
Do you know the legal documents required to sell your timeshare?
Selling a timeshare resale in today’s market is not as easy as a lot of people would want you to believe and since a timeshare interval represents a real estate interest, it is important for you to have a licensed real estate professional handle the transaction for you. Hawaii, for instance, requires that anyone involved in the sale of real estate must be licensed.
Let’s take a look at some of the most frequently asked questions about “how to sell a timeshare”:
Do I need to get an appraisal of my timeshare prior to selling it? No, but while an appraisal is not required, this question is directly linked to the first question above – “do you know what your timeshare is worth on today’s market?” A licensed timeshare resale broker can assist you in the selling of your timeshare by showing you comparable sales in order to reach a reasonable asking price for your timeshare interval.
How long will it take to sell my timeshare? The time it takes to sell a timeshare depends on several factors: resort location and demand for that location, season of ownership, unit size, and amenities.
What happens to banked weeks when I sell my timeshare? When you deposited your weeks with the exchange company, your deposited weeks were removed from the resort and placed with your exchange company for your use. The banked weeks with the exchange company remain in your possession for your use, even after the sale has been completed.
Do I really need to use a real estate broker to sell my timeshare? You do not have to use a real estate broker to sell a timeshare. An individual can sell it on his own and can hire a licensed escrow company to handle the closing on his own, too.
Some States however, like Hawaii, require that anyone involved in the sale of real estate be licensed and since timeshare ownership represents a real estate interest, many States require the sale or purchase be handled by a licensed real estate professional.
Some of the benefits of using an experienced broker include:
An experienced broker will provide you with current market comparables, so that you will understand what the fair market pricing of your timeshare should be.
You many want to ask about what steps the broker will take to market your timeshare.
You benefit from the peace of mind that the sale will be handled in a professional manner. An agent spends many hours answering buyers questions about your timeshare, coordinating with the closing agent and acting on your behalf to ensure a smooth and timely completion of the sale.
An important point to take into consideration when selling your timeshare, is that when you use the services of a licensed broker you are assured that escrow will be handled by a third party licensed and bonded escrow company, all the paperwork will be handled professionally and promptly and title searches will be complete.
In addition, Advantage Vacation always recommends getting title insurance which is also done thru escrow.
Can I sell my timeshare if I have a loan on it? Yes, you can sell your timeshare if you have a loan on it. However, if the loan is attached to the timeshare itself, the loan must be paid off prior to transferring the timeshare to the purchaser.
How long does the escrow/transfer process take? Typically, you should plan on the transfer process taking 45-90 days to complete, although some can be completed in less than 45 days.
Can I sell my timeshare without my timeshare deed? Yes, the escrow company should be able to obtain a copy of your deed from the county in which your deed was recorded.
My resort has a Right of First Refusal policy – what does that mean?
Simply put – the resort reserves the right to purchase the timeshare interval under the same terms and conditions which the buyer and seller have agreed, or it will waive its right of first refusal, thereby allowing the buyer and seller to continue consummating their transaction.
If you are considering selling your timeshare, let the licensed real estate professionals assist you. We specialize in name brand timeshare resales of Hilton, Hyatt, Marriott and Westin Starwood. You are assured of prompt, courteous and professional service (before, during and after the sale.) Our business has been built on relationships and we pride ourselves on providing excellent service to our clients.
Advantage Vacation is a member of the American Resort Development Association (ARDA) and offers the best buys on the timeshare re sales market today. We never charge an upfront fee for clients who want to sell a timeshare and only receive a commission, paid from escrow, when the transaction is closed.
We are leaders in the timeshare resale secondary market, have been in the timeshare industry for over 30 years and are Accredited Members of the BBB with an A+ Rating.
Advantage Vacation is using Twitter and Facebook to help educate people on the changes in the timeshare industry along with current timeshare tips, up to date timeshare news and timeshare FAQ’s.
We hope you will follow us and our blog, Timeshare Blogging by Advantage Vacation for the latest news and reviews. If our site does not answer your question or questions, please email us your question and we will answer it and add it to our library. Make your voice heard – what questions do you have?
At Advantage Vacation you can be assured you are working with professionals who believe that honesty and integrity are the most important aspects of the business they are in – timeshare resales. Our business has been built on relationships and we pride ourselves on providing excellent service to our clients.
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