Don’t Get Ripped Off Selling Your Timeshare!

There is a lot of interest among timeshare owners regarding selling timeshares. Many people have bought something they find they are not using.  Others can’t seem to plan ahead, which is usually necessary when booking timeshare vacations.  Some, due to numerous reasons, have found the yearly maintenance fee to be too much.  For whatever reasons you find yourself wanting to get rid of your timeshare, we will  try to help you in this post so you will not get taken advantage of.

Grand Opening Day for Verb
Creative Commons License photo credit: >>>WonderMike<<<

Before we get into that subject, we want to indicate a couple of things about timeshare use.  We are lovers of timeshares; we go on about 18 timeshare vacations a year and have had tons of wonderful experiences by ourselves, as well as with family and friends. We suggest you study your timeshare or timeshare system that you own and try to make the most of it. We also recommend that you read some of our other posts on this site which were written to help you get the most out of your timeshare and your timeshare vacation. The bottom line is you will not get back what you paid for your timeshare, so one alternative is to keep it and enjoy it.

Let’s get back to the subject of this post.  We heard on news segments of the NBC Today Show, about a couple from Ohio that owned a Wyndham timeshare in the Smoky Mountains. They were contacted out of the blue by a company from Florida, who said they had a buyer for their timeshare. After some discussion they decided to sell their timeshare– they only had to pay $2000.00 to get things rolling.  They were told they would get that money back, along with the selling price, when the deal closed.  Sadly, they never got any money back nor did they sell their timeshare.  The first rule is NEVER pay upfront money to sell your timeshare.

Also, we feel it is a good idea to use a closing company. For a fee of around $300 to $500, they will do the paper work for the closing, as well as hold the money until all the paper work has been completed. This protects both the seller as well as the buyer. Usually the buyer pays this fee as part of the purchase price, but it can also be absorbed by the seller, or split evenly.

You should do some homework so you have an idea how much you can expect to get from your timeshare.  Use the internet.  You can check present and past eBay auctions to see how much similar timeshares have sold for. You can also check several sites like TUG, and Red Week. These, and other sites, have areas with timeshare listings.  Checking these will give you a general idea of what you might be able to sell yours for.

You can choose to sell your timeshare yourself.  We have written a post on selling your timeshare on eBay. Check it out if this is the way you want to go.  You could also list your timeshare on some of the sites we recommended to get an idea of price of your timeshare.  We suggest you use a closing company if using either of these methods.

There are a few other ways you can try that we have covered in other posts, such as contacting  local papers, friends or family, and checking with your resort. You might read those posts if some of these appeal to you.

Many people might decide to use a timeshare sales  company to sell their timeshare.  If you select this method, keep in mind the following:  get everything in writing,  make sure you understand the fees and who will pay those fees,  do not pay any money up front, go with a company that  people have used and have recommended to you, and check out the company with the Better Business Bureau.  (They have an internet website). List the location, and you will get a list of timeshare companies with a report and a grade from A to F.  Searching the Orlando area, they list close to 100 timeshare sales companies.  The information from the bureau should be helpful if you go with a timeshare resale company.

Do your homework, and don’t get ripped off!

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