Not many people realize this, but timeshares are not profitable investments. They rarely appreciate in value, and most owners struggle to find buyers willing to pay top dollar for a unit. That being said, if you are ready to sell your timeshare, there are a few companies out there that can help you out with no upfront fees. Just realize that most timeshare owners get stuck paying fees until they sell their unit, and sales are not standard.
While timeshare resale companies may offer to help you sell your timeshare, be wary of their offers. Many companies will require money upfront. Paying upfront fees has no benefit as no company can guarantee a sale. If a company promises unrealistically low prices, the odds are that it is a scam. Legitimate companies will not request money upfront. The fees paid by the buyer are included in the purchase price of a timeshare, just like any other real estate transaction. If you choose to sell your timeshare yourself, you may be able to save money by avoiding broker fees. Here’s how you can exit my vidanta timeshare without upfront fees:
- Real Estate Broker
Find a real estate agent or broker who has special knowledge of the timeshare resale market and has been in business for several years. If the broker you choose has an affiliated resale company, ask about its reputation. Licensed real estate brokers specialize in buying and selling timeshares and can help you find the right buyer who will pay the most money for your timeshare unit in the shortest amount of time. They are compensated via commission fees. Timeshare owners and potential buyers should beware of people who say they can help you sell your timeshare quickly, for a fee upfront. These deals rarely happen. And it’s illegal for companies to contact you about buying your timeshare if they don’t have a real estate license.
- Do It Yourself
You will save money by posting ads yourself, rather than paying the advertising department of your resort. Ads can be published in the classified section of your local newspaper or on the internet using a site such as Craigslist. Timeshare owners who advertise their timeshare themselves can sometimes sell them faster and get higher prices than those who use resales companies. You do not need to restrict your advertising to the resort’s immediate area. Take out ads in the county where the resort is situated or nearby cities to reach a broader potential customer base. If the resort is located in a popular tourist location, you will succeed in advertising nationally.
- List on eBay
If your timeshare is particularly desirable and in a desirable location, you can auction it off on eBay. If you choose this route, there is no commission charged, but an insertion fee of $35 will be billed to your account once you list. Provide a detailed description of the property and any pertinent information about its condition. Explain any maintenance fees, utility charges, and other reoccurring charges that come with ownership of that particular timeshare unit. Please be sure to outline the terms of the sale, including who will be responsible for paying closing costs and recording fees.
- Timeshare Websites and Forums
Consider advertising on timeshare exchange websites and forums. To maximize the number of potential buyers of your timeshare, consider advertising on reputable sites that allow people to resell units. The Better Business Bureau has accredited My Resort Network with an A+ rating. Membership and commission fees are kept to a minimum to help you get more potential buyers interested in your unit.
- Buyback Option
You may have heard of the option to buy back your timeshare from a resort if you’re not satisfied with the ownership. A buyback option is when the resort you purchased your timeshare from offers to buy back their property from you. This is most common with condominium complexes. However, there are rules and stipulations you need to know about before deciding whether this is a feasible option for you. Also, not all resorts offer such an option, and if they do, the amount they can offer will be a fraction of what the resort initially charged for the week. For example, you can expect to receive only ten cents on the dollar if you sell back your timeshare. To sell your timeshare without paying its annual fees, you will have to forfeit any refund of your original deposit. If there is a loan against the timeshare, you will have to pay off all obligations before selling it.
The Final Word
It isn’t easy to sell a timeshare, and it becomes less and less valuable the older it gets. The options above will show you how to sell your timeshare without being ripped off. As you can see, you don’t need to pay an upfront fee to a timeshare resale company to sell your timeshare, and you don’t need to go through a long waiting period.