Experience shows that most people are content with their timeshare and the idea of reselling is far from their minds; nevertheless, unforeseen circumstances or an inheritance might mean you are in the position of looking to sell your timeshare unit. Regardless of the reasons, timeshare resales are here to stay and the purpose of this blog is to help you to avoid some of the pitfalls surrounding the timeshare resale market.
Timeshare Resale Scams
The first thing you need be careful of are the clever ways scammers seek to separate you from your money. One common resale scam is when you receive a telephone call, email or letter claiming that a resale company has found a buyer for your timeshare. When you respond (perhaps you hadn’t even considered selling before they offered such a great price!), they ask you to pay an introduction fee. You never see this money again, nor do you ever meet the potential buyer.
Other companies offer to sell your timeshare for an upfront fee and once again you are left waiting for the miracle resale to happen while the company are long gone. Another variant on this scam is when a resale company offers to buy your timeshare but they say they need to run an appraisal or report, which has a cost. You hand over the money but the sale never goes through.
Timeshare Resale success?
The first question you need to ask yourself is whether you want to sell your timeshare privately or through a timeshare resale broker. When using a broker, make sure that it is fully registered and try to find one that works on commission only. This will sort the scams from the genuine companies and hopefully save you a lot of hassle.
When selling your timeshare privately, you will need to decide how much you are going to sell your unit for. You need to research the prices carefully of similar timeshares, taking into consideration the location, resort, age, size etc to decide on an attractive price. You will then need to think about how and where you are going to advertise the timeshare. Will you use a resale site or a local newspaper?