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Getting Buyers for your Timeshare
Recommended Timeshare Exit Companies
Getting Buyers for your Timeshare
- December 7, 2021
Table of Contents
Easy ways of getting Buyers for your Timeshare
For many vacation lovers who like to have quality time with family or loved ones without the stress of going to a new holiday location every year, purchasing a timeshare resort might seem like a good idea. Through this, resort owners get to have the wonderful feeling of being home away from home, all the more so because the environment of a typical timeshare resort is a conducive and serene one.
Despite this, it could be disappointing to later realize that the timeshare ownership experience might not be all that wonderful. Sometimes, certain life circumstances— such as financial constraints— push timeshare owners into trying to get rid of their contracts. However, this doesn’t come easy most of the time.
The thing with timeshares is that their maintenance fees increase each year and this in turn becomes an unexpected headache to many owners. As a result, seeking relief becomes a necessity, as the concerned owners begin to seek buyers to help them escape their distress.
If you are wondering whether a timeshare can ever be resold, the following section provides an answer to this.
Is it Really Possible to Resell a Timeshare?
The simple answer to this question is “yes,” and there are different ways by which it can be achieved. There is the do-it-yourself approach, which may only require that you find a buyer directly, or that you rather make use of listing websites through which you can advertise your property to potential buyers worldwide.
On the other hand, you could simply hire a resale company to help find a buyer. But understand that selling a timeshare to another owner could be much more complicated than it seems.
Briefly discussed below are two legitimate approaches that a resort owner should consider:
• The DIY Approach
For a timeshare owner who wants to have full control of his or her timeshare resale transaction process, this may be the best way to go. Here, you get to establish a direct buyer-seller relationship with the potential new owner of your timeshare, thereby eliminating an intermediary. As such, discussing the terms of resale, as well as responding to negotiations from the buyer, becomes as easy.
In very rare cases, you could be lucky enough to find a buyer around you. However, a better and more assuring means is to make use of listing or advertising platforms, a typical example of which is the Facebook marketplace which will not cost you any fee.
Indeed, making use of advertising platforms ensures that your product (which is the timeshare to be resold) enjoys wide visibility, thus increasing your chances of getting a buyer. Apart from Facebook, there are various other platforms through which you can get buyers for your unwanted timeshare resort.
Some of these platforms come with a fee, while others are free of charge, and it is highly recommended that interested timeshare owners use as many reliable platforms as possible, so as to expand their visibility. Below are some of the listing platforms that can be used:
• Ebay (Paid)
• Myresortnetwork.com (Paid)
• Tug2.com (Paid)
• Redweek.com (Paid)
• Timeshare Users Group (Paid)
• My Resort Network – (Paid)
• Craigslist (free)
• Advertise my Timeshare (Free)
• Kaola (Free)
• The Resale Company Approach
Just in case you are occupied or simply unable to successfully handle your timeshare resale yourself, you could hire a resale company to help you do the job. Typically, timeshare resale companies offer brokerage services and therefore take it upon themselves to help their clients buy, sell, or rent timeshares— for a fee.
So, in this case, the process of getting your timeshare sold does not really require your effort, except that you may need to provide certain information where and when necessary. Basically, your hired resale company will be expected to take charge advertising the given timeshare and ultimately getting a buyer for it.
Some reputable timeshare resale companies in the industry include such names as Timeshares Only (BBB accredited since 2018), Timeshare Broker Sales (BBB accredited since 2010), Selling Timeshares Inc (accredited since 2012), and Sell My Timeshare Now LLC (not accredited but well-acclaimed on various review websites), among others.
Certainly, one can see that these companies are quite reliable and viable enough for anyone looking to resell their distressing timeshare. Nonetheless, it is important to take a careful look at how valuable the resale activity could be.
Is Reselling Your Timeshare a Truly Worthy Thing for you?
You already know that timeshares can be resold. But then, you may have to keep in mind too that the value of a timeshare is never the same as when it was purchased. Unlike normal real estate property, timeshare resorts are liabilities; they begin to diminish in value immediately after you purchase them. Worse still, you will have to keep paying maintenance fees that continue to increase annually.
Consequently, putting your unwanted timeshare up for sale will most probably only yield a paltry sum of money that pales in comparison to the huge amounts of timeshares that are sold. A quick check through eBay and other listing websites will prove this.
It is only in rare cases that a timeshare owner might get to resell his or her timeshare for a fairly reasonable amount. This may be determined by factors such as: what specific resort is involved, the concerned location, and so on. To be specific, for instance, owning a Disney Vacation Club or a Hawaiian timeshare can easily make all the difference. But the question is, can everyone find this opportunity?
Timeshare ownership could be further burdening to the extent that even charities would not be willing to take them from you. And why? No one wants to be trapped with the need to keep bearing the rising annual maintenance costs. This is not to say there are no buyers available, as we have already established that there are.
It might interest you to know that people are getting aware of the timeshare resale market more than ever. This is because there is a growing understanding that they could save up to 70% when they acquire a timeshare via the secondary market rather spend a fortune purchasing it directly from the developer.
However, the resale market is swamped with scammers who claim to have buyers readily available and promise to help you sell your timeshare. But, more often than not, they only end up swindling you— so you should be extra cautious.
This reality, coupled with the fact that no one can actually guarantee that your timeshare will get resold, is a big red flag that you should consider when getting rid of your timeshare this way. Clearly, timeshare resale is not dependable and is hardly worth the hassle, despite the fact that there may be certain legitimate companies or platforms that help to facilitate the resale.
So What Other Alternative(s) Can you Explore?
Away from taking the slim chance of reselling your timeshare, you could simply attempt to give back the timeshare to your resort developer. There are resorts that offer what is known as a “take back” or “deed back” policy which is a provision that allows timeshare owners to return their timeshares.
Any troubled timeshare owner can enjoy this, provided they are current on the payment of their maintenance fees, do not owe a mortgage, and other related conditions that may be given. Indeed, this is the easiest and cheapest means of becoming free from a resort contract.
This may not work for some people, but there’s still hope! The next best move is to go for a reliable timeshare exit company. And the interesting thing here is that the focus of the company is to help you cancel your resort contract for good, thereby entirely ridding you of any future fees.
We always recommend timeshare cancellation companies that make use of escrow payment option. This is because escrow ensures that no money is released to the company until they have successfully fulfilled their promise.
What is more, reputable timeshare exit companies make sure to take the legal route in their process of helping timeshare owners terminate their burdening timeshares. By working with attorneys who are well-experienced in handling timeshare cases, these companies provide a sense of guaranteed success. But you may have to pay more than $1,000 depending on your situation.
Conclusion
Selling your timeshare is not an impossible thing to do, but the frustrating thing about this is that timeshares hardly have any value, therefore rendering the resale almost worthless and impossible. As such, you might want to hire a timeshare cancellation company instead— especially one that makes use of escrow.