Common Timeshare Selling Mistakes People Make
Timeshare selling can be one of the most confusing, complicated, and frustrating things that you will ever have to do. You wouldn’t think that it would difficult to do. After all, who wouldn't want a buy a vacation property for pennies on the dollar? Unfortunately, assuming that it will be a simple task and that there will be people out there chomping at the bit to purchase our property are just two of the many mistakes that people commonly make when trying to get rid of their timeshare.
Selling a timeshare is difficult enough without running into these snags, so knowing what to look out for and how to avoid them can not only save you a great amount of time and hassle, but money as well. Some of the most common timeshare selling mistakes that people make include:
Poor Planning
The biggest shock to people who are trying to sell their timeshare for the first time is how much really goes into this process, especially if you are trying to do so on your own. You have to communicate with your developer or resort, find a buyer, transfer the title, and a variety of other time consuming and stressful things.
Self-Estimated Value
Many timeshare owners wrongfully assume that their property was an investment. It is legally considered to be a piece of real estate, so why wouldn't this be the case? Unfortunately, in terms of value timeshares behave much more like cars than real estate with their value dropping significantly as soon as you sign the deed. It is worth even less on the resale market (also known as the secondary fair market value) and is only worth a fraction of what you paid for it, if it is worth anything at all. Asking too much for your timeshare can often make it nearly impossible to get rid of, no matter how much you think your timeshare is worth.
Flying Solo
People are weary of using timeshare resale companies, and rightfully so. Timeshare resale scams are some of the most common and potentially devastating consumer scams out there and were ranked in the number 4 spot on the Better Business Bureau’s list of top business frauds. However, not all companies are out there to rip you off and can help you sell your timeshare quickly and with very little hassle to you.
Not Doing Your Homework
If you do decide to enlist the help of a timeshare resale company, it is important to do your research on these companies to ensure that you don’t fall victim to a timeshare resale scam. Letting your guard down and trusting every company that offers you help can be a devastating and costly mistake. Never pay upfront fees for any service and check references of companies you are consider working with.
No Follow-Up
Whether you are currently working with a timeshare resale company, have contacted someone about selling your timeshare, or have been working with buyers who may want to purchase your timeshare, it is important that you follow up on a regular basis. Staying in contact lets people know you are serious about wanting to sell your timeshare fast and also help alert you to complications or potential fraudulent activity.
Avoiding these common missteps can make timeshare selling easier, faster, and safer. Your timeshare is already hassle enough, so why spend unnecessary time and money trying to get rid of it? Use trusted resources and recommended professionals when getting rid of your timeshare and you can be free of these burdensome properties once and for all!
Top Five Things That Can Delay Timeshare Selling
Timeshares are supposed to be affordable ways for people to take annual vacations to locations they love, but they end up being more of a burden than a blessing as they often end up costing more than anticipated and can be difficult to use. This leads people to consider timeshare selling, but many people who are trying to sell their timeshares often assume that the process will be quick and easy. After all, how difficult can it be to get rid of a vacation property, especially if it is located in a desirable location? There are a variety of things that can hold up the timeshare selling process and make getting rid of your timeshare feel like a never ending nightmare.
Some of the most common factors that can delay and complicate selling your timeshare include:
Inexperience
Since many people choose to attempt to sell their timeshares on their own inexperience can play a huge role in why it may take so long to sell a timeshare. The timeshare secondary market can be extremely complicated and frustrating. You must find out the fair market value of your property, list it, find interested buyers, talk to your developer, transfer the title, draft paperwork, and pay all necessary fees. Along the way there are many different ways that you can get caught up and make timely (and costly) mistakes that can add weeks, even months to the time it takes you to successfully sell your timeshare.
Uncooperative Developers
Successful timeshare selling weighs a lot on the cooperation of your developer. You have to let them know you are trying to sell your property, have them send you any necessary paperwork, agree to the transfer of your title, and then wait for notice that you no longer have possession of your property. Timeshare developers are notorious for holding up this process and making it as difficult as possible for people to get rid of their timeshares.
Title Transfers
One of the most important parts of selling your timeshare is the transfer of the title. This allows you to give your timeshare to someone else and they will then have full legal responsibility of the property. This is particularly important, because until the title is completely transferred you still own the timeshare and are responsible for any money owed on the property. Title transfers can take a long time since they are often handled by companies that get bogged down with other requests.
Legal Complications
Timeshares are legally considered to be pieces of real estate, so the timeshare selling process is very similar to any other piece of property. If you were trying to sell your house you would more than likely have a real estate broker there to help you navigate the endless rivers of negotiation, listing, purchasing, and any other things that may pop up. Real estate brokers can also help you sell your timeshare, and can significantly simplify and speed up the process since they have industry knowledge, yet many people still choose to go it on their own and get bogged down in the system.
Timeshare Resale Scams
Timeshare owners are very wary of bringing in outsider help, and they should be. Timeshare resale scams were ranked by the Better Business Bureau as the 4th most common consumer scam for last year. These business frauds can potentially scam you out of thousands and can sometimes be difficult to spot until it is too late. If you find yourself a victim of a timeshare resale scam, you not only are out any money you gave to the company, but have also most likely wasted a significant amount of time with zero progress.
Even though these scams are extremely prevalent and people are rightfully cautious when looking for professional assistance with their timeshare selling, it is the easiest and fastest way to get rid of your timeshare. Take the time to learn about timeshare resale scams and how they can potentially harm you and your family. Doing so will provide you with the greatest weapon in your timeshare resale arsenal = knowledge. Using trusted resources and taking the time to find a reputable company to help you can shave months of your timeshare resale process and have you free of your timeshare burden in no time!
Timeshare Selling: How to Get Rid of Your Timeshare Fast
The number one thing to keep in mind when embarking into timeshare selling is time. Time is money, and this is especially true of owning a timeshare. The long you have a timeshare the more it will cost you and the less it is worth, so being able to get rid of your property quickly is essential to a successful timeshare sale. But what are the fastest ways to get rid of your timeshare? In order to help you out, we will go over the most common ways that people choose to sell their timeshares and which ones will work best for you!
When first starting out, many people often choose to attempt to sell their timeshare on their own. They believe that not only will this allow them to be in control of their sale, but that it will speed up the process and allow them to get top dollar for their property by avoiding middlemen. This may be true for some pieces of property, but it is certainly not the case for timeshare selling. Timeshares are worth a fraction of what you paid for them, if they are worth anything at all. While it is true that some people were able to get a respectable amount for their property (though still far less than what they paid), many more have been forced to sell their timeshare for as little as $1 on some auction sites and still had to pay out of pocket for other sales fees. This process is also extremely complicated and can take months of arguing with your resort, finding buyers, and navigating legal issues before they come anywhere close to being rid of their timeshare properties.
Another common way that people approach getting rid of their timeshares is to simply give it away. This could mean giving it to a friend or family member, donating the property to charity, or attempting to give the timeshare back to the developer. Much like trying to sell a timeshare on your own, this approach has worked for some people but proven timely and expensive for many others. Anyone who knows anything about timeshare ownership will most likely turn down your offer for a free unit (because there is no such thing!) and chances are your family and friends are aware of the hardships you have faced with yours. Some charities do accept timeshare donations, but finding these can be harder than finding an individual to take your timeshare and many timeshares don’t even qualify to be donated. Harder still is convincing your development to take back your timeshare. Some will (for a hefty fee of course), but they don’t make it easy or affordable, and you will still be hounded by timeshare sales reps for the rest of your life.
Because of the challenges these options present, many timeshare owners eventually turn to the professionals for their timeshare selling needs. Timeshare resale companies can help you get rid of your timeshare quickly and with almost no hassle to you. While it is true that you are essentially paying someone to sell your timeshare for you, it is often comparable in price to what you would pay in listing and title fees on your own or what you would pay your developer to take your property back, not to mention you generally don’t have to do anything when working with these professionals.
However, timeshare resale scams are a real threat to people trying to get rid of their timeshares. These frauds are some of the most common out there and without the right knowledge and doing the right research can be almost impossible to spot. If you have decided to work with a timeshare resale company, it is important that you double (even triple!) check their references, only use trusted resources, and never pay upfront fees for any of their services. This will allow you to weed out the frauds and find professionals that can help you get rid of your timeshare now, with zero hassle to you, and shave months of your timeshare selling time.
Don’t spend another day paying for a timeshare you no longer want or can’t afford to keep. You can sell your timeshare now and be rid of it once and for all with the right help and knowledge!