So, you want to sell your timeshare? You’ve come to the right place! Selling your timeshare can be an intimidating prospect. But with Timeshare Broker Associates, it doesn’t have to be. This blog will tell you everything you need to know, including how to prepare for your sale, avoid exit scams, navigate the right of first refusal, and more! Keeping your timeshare isn’t always the right option, whether it’s due to lifestyle changes, your financial situation, or changing travel preferences. That’s why, at Timeshare Broker Associates, we strive to help owners like you sell with confidence and success. So, join us as we reveal how to sell a timeshare on the resale market.
Should You Sell Your Timeshare?
For most timeshare owners (about 80%, according to the American Resort Development Association), timeshares are a satisfying lifelong purchase, saving their owners thousands of dollars in lodging and opening up a world of travel possibilities. For others, they do not make sense in the long run. Whether you aren’t using your timeshare as much as you’d like, can’t afford your maintenance fees, or want to explore other timeshare ownership options, you may wonder whether you should sell your timeshare. Well, this is certainly an option; there are alternatives you should consider first.
Banking and Borrowing Points
If you can’t take a vacation in the current use year, another option is to bank your points for the following year. Vice versa, if you won’t be able to travel in the future, you may be able to borrow points from next year’s allotment and take a more extravagant vacation today. Most vacation clubs allow their members to bank and borrow points, giving owners who can’t travel yearly a great alternative to selling or renting out their timeshare.
Take Advantage of Vacation Exchange Networks
Are you looking for a change of vacation scenery? If you’ve seen everything your timeshare resort or vacation club portfolio has to offer, you may be considering selling your timeshare. However, vacation exchange networks can open a world of travel possibilities you might not have known about.
Most reputable resorts are affiliated with one of the two major vacation exchange platforms: RCI and Interval International. You can exchange your points for resort and hotel stays worldwide through these companies. Moreover, you can redeem your points for cruises, excursions, and other unique experiences.
Can You Sell a Timeshare?
If these alternatives don’t meet your needs, don’t worry. There are safe, legal ways to sell your timeshare. However, there are certain things you should understand and specific steps you should take before you list it on the timeshare resale market. We’ve outlined them below.
Read Over Your Contract
Your contract contains vital information that can help you prepare for your sale. Therefore, you must read it over before you initiate the selling process. Here are some things to look for:
- Your Ownership Details – Before you sell your timeshare, you must know what you own. Your contract will contain important details like your ownership type, the length of your contract, etc. If you have questions about your ownership, the experts at Timeshare Broker Associates can help clear things up.
- Cool-Down Period – Your contract may specify a “cool-down period,” during which you can cancel your purchase. This can be a good option if you just want a clean break.
- Terms and Conditions – Review the terms and conditions of your contract to see if there are any fees associated with resale.
- Right of First Refusal – Most timeshare contracts contain a right of first refusal clause. Below, we’ll take a closer look at what the right of first refusal is.
Understanding the Right of First Refusal
When reading over your contract, you will come across the right of first refusal clause. But what is it? Simply put, the right of first refusal is your developer’s right to step in and buy your timeshare before the buyer. After you accept an offer and sign the paperwork, your agent will send the paperwork to the developer for review. The developer will then either decide to exercise or waive the right of first refusal, depending on whether or not they find the terms favorable (the developer must abide by the terms of the sale). If the developer takes over the timeshare purchase, it can be a big disappointment for the buyer. For the seller, however, there usually isn’t much to worry about since the developer has to pay your agreed-on asking price and, assuming the buyer has agreed to pay them, the closing costs, as well.
Selling Your Timeshare Back to the Resort
While the developer may decide to exercise its right of first refusal and buy your timeshare anyway, you don’t necessarily have to wait to find a buyer before the developer takes it off your hands. In many cases, developers offer buyback programs allowing you to forego the resale process and sell your timeshare directly to the timeshare property. Always check with your developer before you list your timeshare to see if they offer in-house solutions.
Avoiding Exit Scams
Another reason why you should contact your resort is that they can refer you to a reputable resale company and help you avoid resale scams like timeshare exit companies and timeshare cancellation companies. However, you can steer clear of these scam companies if you know what to look for. Red flags include companies claiming they can cancel your contract (you cannot cancel a timeshare contract within the rescission period), companies who ask for upfront fees, and companies recommending you stop paying your annual maintenance fees.
One easy way to avoid timeshare exit scams is to make sure whoever you are working with is a member of the American Resort Development Association or ARDA. Members of ARDA abide by a strict code of ethics designed to protect the interests of timeshare owners like you.
How to Sell Timeshare on the Resale Market
Once you’ve considered your alternatives, read over your contract, and contacted your resort, if you still want to sell your timeshare on the resale market, Timeshare Broker Associates can help. While you can technically sell your timeshare yourself, executing a smooth and successful sale requires specialized knowledge. Therefore, your best course of action is to work with a licensed real estate agent specializing in timeshare resales.
How to Sell Your Timeshare With Timeshare Broker Associates
As a fully licensed real estate brokerage, Timeshare Broker Associates can assist you through every step of your sale. Here’s a rundown of what the process will look like:
- Contact Timeshare Broker Associates – One of our licensed agents will give you a free consultation to go over our services and help you determine exactly what you own.
- Create a Free Listing – Once we have your ownership details, we will create a free listing compiled with remarkable resort photos and detailed descriptions and post it in our resale marketplace. With the latest targeted marketing techniques and a large, dedicated client base, we can get your listing seen by interested buyers worldwide.
- Right of First Refusal – Once you accept an offer, your agent will send the contract to your developer. They will then either exercise or waive their right of first refusal.
- Closing – If your developer waives the right of first refusal, Timeshare Broker Associates will refer you to a trusted title company to handle all your closing needs.
Why You Should Trust Timeshare Broker Associates
Finding a timeshare resale company you can trust is essential when selling your timeshare. Timeshare Broker Associates has been helping sellers like you safely and successfully sell their timeshares for over a decade. We are a legitimate timeshare company, a licensed real estate brokerage, and experts in timeshare resale. Moreover, we are accredited members of ARDA and hold an A+ rating with the Better Business Bureau.
Sell Your Timeshare With Timeshare Broker Associates
Selling your timeshare doesn’t have to be scary. At Timeshare Broker Associates, we make the process simple, convenient, and secure. So, if you’re ready to sell your timeshare, click the link below to learn more. Or, give us a call at (407) 917-8432. Our timeshare resale specialists are on standby for all of your timeshare needs!
