Timeshares Resales - Overview
Do's and Donts - more in this category > How to Guide - Sale Pitfalls
Timeshare resales are weeks sold by non-developers such as brokers, homeowners' associations or private individuals. While resales are very much a buyer's market, with supply far exceeding the demand, many new buyers don't know about it. Most first time buyers purchase timeshares from developers and so end up paying twice as much as they would buy on resale. Getting a good deal is as simple as looking around and comparing prices. Unfortunately this does mean that reselling a timeshare can be a difficult task, sometimes taking months or even years. Here you will find a few tips on what to do when buying and selling timeshare resales.
Buyers
The key to finding the perfect timeshare with the perfect price tag is research. Take your time to shop around, even if you miss one deal today there will be another tomorrow so there is no rush. You need to take some time to find out as much as you can about the different timeshare programs available and figure out which is best suited to your lifestyle. Finding timeshare resales is not difficult once you know where to look. Newspaper classifieds are a good place to start. Check the local papers of the resort area you are interested in as well as major newspapers such as USA Today.
The Internet is another good resource. Timeshare Users Group (TUG) has a classifieds section where you can place a three month advert for $10. Online auctions, such as eBay, can also be useful in finding good deals. The other option is to hire a resale broker. There are a number of brokers who specialize in timeshare resales but if you do decide to go through a broker make sure they are licensed.
When you have found a timeshare resale you are interested in make sure you are very clear about what you are getting for your money. To complete the transaction a title transfer will need to be done. This responsibility either goes to an escrow company or the buyer and seller. If you are a first time buyer it is generally better to either have you broker arrange an escrow or to get an account with an escrow company. They will then deal with the documentation, fees and change of records. If you buy directly from the seller be aware that you may receive a grant deed when you hand over your check. This means you are responsible for the title transfer. If your chosen unit is a deeded property it is wise to get title insurance as this is your assurance that the title is clear of any judgements. Click here to find out more about buying timeshares.
Sellers
The key to selling timeshares is price. In a competitive market buyers have the advantage so you need to focus on making them an offer they believe is reasonable. Timeshare resales are not a way to make a profit as the value of the unit will be up to 50 percent less than what the developer would have sold it for. Compare prices on listings in newspapers, on the Internet, broker's listings and on your home resort's bulletin board. Remember to always check the closing price and not the sale price as this will give you a more realistic idea of how much your unit will go for. Advertising is also important but as you do not have the same resources as a developer cheaper options need to be considered. Free or cheap advertising online can be a very economical way of reaching a wide ranging audience, whereas advertising in your resort newsletter will provide a more targeted approach. Both can be very effective.
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