Many people believe that selling is the only option to get rid of an unwanted timeshare or the only way to try and recoup some of their investment. We receive frequent calls from Clients who are interested in selling their timeshare. Unfortunately, there are a number of pitfalls that consumers need to be aware of when selling their timeshare. The first is that they need to find a reputable timeshare resale company. We receive many phone calls from individuals who have been taken advantage of by phony timeshare resale companies. A word to the wise, legitimate timeshare resale companies will not charge you a fee up front. They will receive payment as a brokerage fee when they close on the transaction. If the timeshare resale company which you contact wants a fee upfront be very careful as it potentially is a scam. If you are looking for a legitimate timeshare resale company, contact our office as we can refer you to a legitimate resale company.
The second pitfall that consumers looking to resell their timeshares run into are prohibitions or contractual obligations with the timeshare developers which either prohibit sales or greatly inhibit the ability to sell the timeshare. A number of companies outright prohibit the resale of the timeshare in the sales contract or the terms and conditions of ownership. Several other timeshare developers have a first right of refusal on all sales. This first right of refusal allows them to step in and repurchase the timeshare from you if you have offered it for sale. Finally, many of the timeshare developers charge a sales fee of up to 40% of the gross amount of the sale, which makes the resale a losing proposition.
The final and most common obstacle to reselling a timeshare is simply demand for the product. There are a number of developers who have a large amount of product available on the resale market and there is very little demand. These developers include, Wyndham, Worldmark and Diamond Resorts. It is very difficult, if not impossible, to resell timeshares from these developers and if you are able to resell them, the resale value is minimal. There are however a number of developers whose product has good resale value including Hilton, Marriot, and Disney.
These are just a few of the pitfalls of trying to resell your timeshare on the resale market and a few of the things to look out for if you want to sell your timeshare ownership.
If you are looking to get rid of your Wyndham, Worldmark or Diamond timeshare ownership contact our office today as we may be able to provide other options to get rid of your ownership. If you own a Hilton, Marriot, or Disney timeshare we can point you toward a legitimate timeshare resale company. Call our office at (702) 721-8708 to find out more.