Selling A Timeshare

For many people, a timeshare is a great way to enjoy the benefits of annual vacation getaways by purchasing time at a resort condo, houseboat, or other accommodation during a specific block of time for a set number of years or even a lifetime. Most timeshares are fully furnished and offer an opportunity to exchange, rent, or trade with others. For a fraction of what it would cost to purchase a getaway home, families can enjoy the same luxury and benefits with full ownership interest in the property. However, times and circumstances change and the need or desire to sell your timeshare can prove to be a difficult and daunting task. Knowing what to expect and how to begin the process of selling a timeshare is vital to getting the best results and avoiding scams or unscrupulous practices that can quickly turn the experience into an expensive nightmare.

One popular scam involves the use of a forged or counterfeit cashier's check. The scam artist says he wants to buy your timeshare at a great price so you become excited about such an easy and profitable transaction. The "buyer" sends you a cashier's check for much more than the agreed upon price and requests that you, the seller, cash or deposit the check into your bank account and send the balance of the check to them via Western Union, Money Gram, or other similar method. Banks are required to make the funds available often within one to five days of deposit and it could be days or weeks after that when it is discovered that the check is forged or counterfeit. Unfortunately, you are then responsible for any funds withdrawn from the bank and can even face criminal charges while the scam artist remains free to strike again.

There are a number of companies that claim they can sell your timeshare in no time at all but will ask for a large fee for listings, appraisals, or other services. Some of these upfront fees can range from hundreds to thousands of dollars with promises that if your timeshare doesn't sell, the fee is refundable. Once these companies have your money, however, it is next to impossible to get it back if your timeshare doesn't sell. More likely than not, these companies aren't even trying to sell your timeshare. Once they've received their hefty fee, trying to sell your timeshare is often not their primary concern.

Before putting your timeshare on the market, do some comparison shopping to help determine what yours is actually worth. Unfortunately, unlike traditional real estate, your timeshare may have depreciated in value and so may no longer be worth what you paid for it. The best way to determine the value of your timeshare is to look at what other similar ones in the area are selling for. Look for timeshares with similar features, locations, and views. Price yours in line with these other timeshares. Checking what other similar timeshares have sold for most recently can be an even better gauge in determining your selling price.

A great way to advertise your timeshare is on the internet. There are many sites on the web that offer free advertising, so it's a great way to get your ad out there in as many places as possible. Also available are sites specifically geared toward the timeshare marketplace offering inexpensive advertising. Though advertising in newspapers and magazines is an option, it can get quite expensive very fast. If you do decide to advertise in the paper or a magazine, take the extra step to advertise online, too. The more visibility your timeshare gets the more likely offers will start pouring in.

Perhaps the single most important thing about selling your timeshare is one you may not readily think about. When advertising your timeshare you should include as many pictures as you can from varying angles. Take pictures on a nice sunny day to portray your timeshare in the most appealing light. Be sure it is clean and everything is in its place. Take pictures both inside and out and post only the best pictures when placing your ad. Pictures are powerful tools that appeal to the senses much more than just written descriptions.

Selling your timeshare will take diligence, research, and persistence. It may be frustrating and discouraging, but with patience and a good understanding of what to expect and how to advertise, it shouldn't be too long before offers start coming in. Remember that once you sell your timeshare you're then free of those annual maintenance fees, so even if you can't get what you paid for your timeshare, realizing you will no longer have to pay those fees will still make the sale worth the effort.