If you have a timeshare and are beginning to think about trying to sell it, be advised that selling a timeshare is not always an easy task. It is important to do extensive research on market prices, advertising, and resale agencies before taking any definitive moves that might end up costing you money.
The most advisable route when determining how to unload a timeshare begins with making a Selling My Timeshare checklist. On this checklist you should include joining discussion forums online, in order to obtain valuable information, and be advised about any questionable real estate activities that may be going on in your area. Unfortunately, timeshares are a big business, not only for real estates agencies, but also for scam groups that want to cheat you out of your hard-earned money.
One of the biggest questions you should be asking yourself is – When I sell my timeshare, what should be my asking price? Do not automatically assume that you will be able to sell it for the same price that you paid to obtain it. Market prices are constantly in flux, and it is extremely important to know what prices similar timeshares in the area or in your building are being sold for. You may wish to have your timeshare appraised, but you could just as easily check local listings to determine the average price range of similar timeshare arrangements.
If you are in a rush, and your predominant thought is: I need to sell my timeshare now, you may need to consider soliciting the help of a resale agent, who knows the ins and the outs of the business, has access to effective advertising, and has a good client base. Hiring a broker will necessarily cost you. Most often, these brokers will require a percentage of the selling price, plus additional fees.
If you do decide to take the route of hiring a resale agent, ensure that you are dealing with a licensed real estate broker. Beware of agencies that require high upfront fees and wish to make their own appraisals, since they may be trying to make a greater profit at your expense.
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