Have you decided it’s time to part ways with your timeshare? Well, you have come to the right place! Timeshare owners give up their timeshare for various reasons, like their maintenance fees piling up or they’ve experienced a lifestyle change. Regardless of the cause, there is a safe way to get rid of your timeshare! So, if you’d like to learn how to sell a timeshare the right way, we have you covered! Continue reading to learn the step-by-step timeshare resale process.
Although many timeshare owners are satisfied with their vacation ownership, some are ready to part ways. According to the American Resort Development Association (ARDA), more than 80% of timeshare owners express satisfaction with their vacation ownership. It may be a surprise that there is a thriving secondary market of people selling their timeshares. Although vacation ownership is meant to be a lifelong product, sometimes it doesn’t make sense to keep holding onto it if unused. The good news is that the timeshare resale industry has many options for relief. Learn the different options to exit your timeshare safely.
Should I Sell My Timeshare?
Before advertising your timeshare for sale, there are a few things to contemplate. Your timeshare’s value comes from using it, and if you’re not using it to its full potential, you may not be getting much worth out of it. Below, we’ve listed a few alternatives to selling if you’re not fully ready to give up your timeshare ownership.
Utilize Vacation Exchange Networks
Some owners have seen everything their home resort or brand’s inventory has to offer and are eager to try something new. Well, that’s where vacation exchange networks come into play.
Your brand or resort is likely affiliated with either RCI or Interval International. These vacation exchange networks allow owners to trade their timeshare points or weeks for vacations at thousands of other resorts worldwide. RCI and Interval International also have extra benefits like cruise vacations or airfare discounts. If you are looking to vacation elsewhere, why not trade your ownership before looking at how to sell a timeshare? After all, you already own it!
A vacation exchange is an excellent opportunity to explore other options if you want a vacation change.
Gift Your Timeshare
If you aren’t using your timeshare every year, gifting a trip to a friend or a family member is a great idea, especially during holidays or as graduation presents. Rather than gifting a tangible item, the gift of vacations brings lifelong memories and incredible experiences. Ask your resort about guest check-ins or gift certificates. Hence, remember that each brand has different rules and stipulations for guest reservations but allows guests to use your ownership.
Rent Your Ownership Out
Whether you are not using your timeshare or you are behind on maintenance fees, renting it out is another plausible option before reselling it. Our rental specialists can assist with posting your timeshare for rent, and you will receive the proceeds. This can help you cover those annual maintenance fees, and your ownership will still get good use! Contact us today if you want to rent out your points or weeks. You can also contact your resort or developer about their in-house rental options.
Banking or Borrowing Points
Many vacation ownership brands have points-based programs, allowing more flexibility and options with your timeshare. This system will typically enable owners to conveniently bank or borrow their points. So, if you’re planning a week-long vacation one year and need a larger villa but don’t have enough points, you can “borrow” points from next year. Or let’s say you didn’t use all of your points for the year and want them to use them wisely, well owners can also “bank” their points to use for next year.
If you’ve decided that the above-listed options aren’t plausible in your situation, that’s okay! Keep reading to learn how to sell your timeshare today!
Can You Sell a Timeshare?
Selling timeshares is possible; almost anyone can sell their timeshare ownership, should they choose to do so. Most timeshares are deeded real estate interests, meaning the owner can bequeath, rent out, or sell their timeshares at their discretion. If you are looking to get out of your ownership, the best way is to sell, gift, or ask your developer to take it back. If you advertise your timeshare for sale online, you can also rent it out while waiting for a buyer.
Having realistic expectations is vital, as there is no way of knowing how long your timeshare will take to sell. However, owners at your resort often want to add to their ownership for less money. Posting your timeshare for sale online on social media or different forums can help put more eyes on your timeshare for sale.
Next, let’s discuss the best ways to sell timeshares.
The Best Way to Sell a Timeshare
There are several ways to get out of your ownership legally and safely. While timeshares are lifelong products, we understand that life circumstances change, and you may no longer want to hold onto it. Our first recommendation is to always reach out to your timeshare developer or resort first, as many have in-house solutions for owners.
Wyndham Cares
If you own a Wyndham timeshare and are wondering how to sell it, several solutions are available. First, you can contact Wyndham Cares directly from Wyndham’s representatives for legitimate options. This service can answer any question about your ownership, assist with renting out your timeshare, or help you sell. Depending on your ownership details, they may connect you with Ovation by Wyndham. Ovation by Wyndham may be able to offer an immediate solution to give back your ownership. If you would rather sell your timeshare, the service can refer you to a legitimate resale company.
Up next are folks who own a Holiday Inn Club Vacations timeshare.
Horizons by Holiday Inn Club
Are you looking to sell your Holiday Inn Club timeshare? If so, Horizons by Holiday Inn Club is here for you! Horizons is Holiday Inn Club Vacations Incorporated’s direct program for owners needing relief. It is a free service that all Holiday Inn owners can turn to when contemplating selling or getting rid of their ownership.
If you are neither a Holiday Inn Club Vacations nor a Wyndham Destinations timeshare owner, continue to learn more about contacting your timeshare developer.
Can You Sell Timeshare Back to the Developer?
In some fortunate instances, owners may find themselves with the opportunity to sell their timeshares back to their resort or developer. This could potentially offer a way to relieve financial obligations. However, it’s important to note that all fees must be paid and up-to-date, and the timeshare must be fully paid off.
To learn these details, the owner should contact their developer or home resort. Remember that all timeshare companies are different and abide by their policies.
Avoiding Pitfalls in the Resale Market
While plenty of reputable groups are in the resale market, as a timeshare owner, you’ll want to be aware of any potential pitfalls. One of the most common timeshare scams to be wary of is unsolicited calls from groups that claim they have found a buyer for your timeshare. Many owners receive these calls, but it’s illegal for any resale company to call you unsolicited. These scammers will often ask you to put some money in escrow, which you will allegedly get back after the sale, only to take the money and disappear. If you need clarification on whether you are dealing with a legitimate timeshare company, an excellent way to avoid timeshare scams is by checking with the Better Business Bureau. The BBB evaluates thousands of businesses and can help you decide if a timeshare resale company is trustworthy.
Timeshare Cancellation Companies
You have likely seen or heard advertisements to “cancel” your timeshare contract from a “closing company.” Unfortunately, timeshare cancellation companies are not always legitimate and have a history of harming owners rather than helping. Better known as a timeshare exit company. These companies will offer advice like saying you should stop paying your timeshare fees, which you should only do if you can confirm the timeshare is out of your name. Additionally, you cannot cancel your timeshare within your rescission period. Learn more about timeshare cancellation companies on our blog, and keep up with the latest timeshare wins against exit companies. Speaking of timeshare cancellation companies, also known as timeshare exit companies, let’s talk about organizations you can look to for relief and the risks that come with exit companies.
The Coalition for Responsible Exit
Should you have any questions or concerns about who to turn to for relief, we recommend visiting ResponsibleExit.com. The American Resort Development Association formed the Coalition for Responsible Exit with top developers to stand against illegitimate companies and scams. Members of the coalition are also members of ARDA. They uphold a strict Code of Ethics and serve to help protect their owners. We at Timeshares Only are also part of the Coalition of Responsible Exit,
The Coalition for Responsible Exit vs Exit Companies
Timeshare exit teams will tell you that the secondary market is nonexistent (not true; we are right here!) or that they can get you out of your contract (also not true). A timeshare contract is similar to the one for your primary home. Can you “cancel” your mortgage because you don’t want your house anymore? These exit teams are essentially fraudulent companies playing on timeshare owners’ emotions or financial struggles. An authority does not oversee them, and they are slowly prosecuted for their dishonest tactics. Some of these lawyers can no longer practice law again.
Instead of paying thousands of dollars or ruining your credit score, the safer and more responsible option is to sell your timeshare with a credible resale company. Start by checking the Coalition for Responsible Exit. Our blog also has resources and tips on how to avoid timeshare scams or timeshare exit teams.
How To Sell a Timeshare?
Now that you know what not to do when looking for timeshare relief, there are a few different ways of selling. You can contact your resort developer first for guidance, as they might have some resale company recommendations.
Working With Timeshares Only To Sell a Timeshare
Some of these developers may even refer you to one of our representatives at Timeshares Only. We help owners who are looking to sell their timeshare every day. By calling or filling out an online form, a TSO representative will walk you through the steps to post your timeshare for sale.
You must know what you own. That way, we can ensure all the correct and essential details are in your advertisement. So, gather all your crucial documents, contracts, and information. If there is anything you need clarification on, our representative will be happy to help you find the correct information. These crucial details will aid in bringing the right buyer to your posting so you can get it sold!
The Timeshare Closing Process
Once your timeshare is posted for sale on our online marketplace, hundreds of buyers looking for vacation ownership like yours can make an offer. Our services make it simple for a buyer to call us for more information about your posting or place an offer on the web page. When we receive an offer, we recommend using a timeshare broker at Fidelity Real Estate to help take over the rest of the sale.
The closing process works as one, two, and three!
- Accept
- Sign
- Send
Review and Accept Offer
If you get an offer, you may handle the closing process yourself; however, most people don’t recommend it. You must handle complex negotiations, navigate the Right of First Refusal, and transfer funds and ownership. A licensed real estate agent will be the most knowledgeable and can help you through all this. Fidelity Real Estate’s licensed real estate agents can handle the negotiations for you and navigate the developer’s Right of First Refusal.
Sign: Contracts and Closing Documents
When selling a timeshare, your contract details the resort developer’s right to purchase it back at the same price as the offer or waive their right to allow someone else to buy. This is also known as the ROFR, and it can take a few weeks to get a response. Once the ROFR is waived, the closing documents are gathered and sent to the buyer and seller for signature. A timeshare title transfer company is also required for this process, and your licensed Fidelity Real Estate agent can refer you to one, or you may pick one you trust. But, again, they must be a licensed, reputable company.
Send Contracts to Resort Developer
Once all contracts have been signed, it’s important to contact the resort and confirm that your membership is no longer in your name. Then, you can stop paying maintenance fees.
The selling process is complex, but our experienced representatives can guide you through every step of the way!
Sell Your Timeshare With Timeshares Only
Now you know how to sell a timeshare, you can decide if it’s right for you. If you don’t want to pay maintenance fees or you no longer care for the lifestyle, it may be time to sell that timeshare. Ready to take the next step? Then you’re already in the right place! Timeshares Only has been in the timeshare resale business for over 25 years. Plus, as a member of ARDA, we follow a strict set of guidelines to help keep you safe. If you’d like to get started, feel free to fill out our form, give us a call at 1-800-610-2734, or email us at [email protected].
