Very few purchases are meant to be enjoyed for the rest of your life. Most people will typically sell their primary home at some point in their lives and move into a new home that better meets their needs. Why should you expect anything different from your vacation property?
Unfortunately, most timeshare contracts are structured in a way that locks you into the agreement for the rest of your life. As a result, it can often be difficult to get rid of a timeshare. That being said, you do have options if you want to move on from the burdens and financial hassles associated with timeshare ownership.
Many families try to sell their timeshare. It’s important to understand that there is virtually no resale market for timeshares, making it very difficult to sell them. In most instances, a better exit strategy is to legally cancel your timeshare contract. However, if you want to pursue a sale before exploring other options, you can take this route.
For many timeshare owners looking to sell their unit, online marketplaces, like eBay, offer an appealing solution. This platform provides a robust forum for buying and selling a wide range of items, and it’s common to see many timeshares listed for sale. However, it’s important to understand that selling a timeshare on these platforms is different than selling other household items that you no longer want. The following tips will help you navigate the process and avoid potential pitfalls.
You’ll need to do a fair amount of legwork before listing your timeshare for sale online. Make sure you take care of the following steps to ensure your timeshare week is ready for sale when you post it.
The first step is to review your original timeshare contract. It contains some important information that you’ll need in order to sell your timeshare:
There’s a cold, harsh truth that you must understand before you try to sell your timeshare. In most instances, timeshares have virtually no resale value. The moment you buy it, the property depreciates significantly. Therefore, it’s highly unlikely that you’ll be able to recoup anywhere near the initial purchase cost. In fact, you may find that you’ll have trouble finding a buyer interested in taking your timeshare off your hands for $1!
The best way to determine the value of your timeshare is to research similar units on the resale market. Check some of the popular resale sites such as eBay, Timeshare Users Group and Craigslist. Make sure you look at “sold” listings since this will give you an indication of what other owners were actually able to get from a buyer. This may be significantly different from the original listing price, and ultimately your timeshare is only worth what someone will pay for it.
In addition, make sure you research sale prices for timeshares that have very similar specs to yours, including:
It’s important that you’re all caught up on all payments and fees before you sell your timeshare:
While selling your timeshare online is a popular option for individuals seeking a resale solution, it’s important to understand that selling a timeshare is much more complicated than selling collectibles, electronic gear, old clothes and many other items listed on a site like eBay. You’ll need to keep the following considerations in mind when posting your timeshare on an online marketplace.
Sites like eBay essentially function as a large online garage sale site. While it provides a forum to sell timeshares, the platform isn’t set up with that specific purpose in mind. There are a variety of complex rules and regulations that can be challenging to navigate. It’s crucial that you become familiar with the specifics of these policies before listing your timeshare.
Some of the items to navigate include:
Online marketplaces have very buyer-friendly policies, and they generally have a reputation for siding with buyers when disputes arise. As a result, you may have very little protection from the online marketplace in the event that there is an issue with the sale.
While this doesn’t guarantee that you’ll experience a problem with your transaction, it should give you some cause for concern. When selling your timeshare online, you’ll be shouldering most of the financial risk and have very few protections in the event that something goes awry.
Some timeshare contracts include a Right of First Refusal (ROFR) clause giving the developer first claim at buying your timeshare in the event that you decide to sell it. As part of this process, you’ll need to notify the resort when you accept an offer from a buyer, and the resort will have the ability purchase the timeshare from you under the same terms as you agreed to with the buyer. If the developer passes on the offer, the sale moves forward with the buyer.
The ROFR process can slow down the sale, potentially dragging it out for several months. This creates additional risk on your end since there is always a chance the sale will stall during the ROFR process. If your contract contains a ROFR clause, you may want to explore other options than selling your timeshare.
You may be starting to feel like selling your timeshare online is a bit overwhelming. This is natural, as the process is fairly complex, you face significant financial risks, and there is a low probability that you’ll even find a buyer. Fortunately, you have a better option if you want to get rid of your timeshare: cancel the contract. Timeshare Termination Team can help you navigate the cancellation process.
We’ve helped many people just like you break free from the financial burdens associated with timeshare ownership. We understand that every contract is different, and you’ll require a customized solution that addresses your specific situation. Our in-house legal team has extensive experience canceling timeshare contracts, and they’ll recommend the right exit strategy to achieve the freedom you desire.
Our focus on customized, attorney-based solutions drives our exclusive You First Approach™ that places your unique needs at the center of the timeshare cancellation process. Simply put, we provide you with the easiest way to get out of an unwanted timeshare once and for all.
As part of our You First Approach™, you’ll receive:
Please contact us today to schedule a free consultation. Get started living life on your own terms once again.
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