Sell My Timeshare

abby |

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Recently, my father said to me, "Abby, I think I'm ready to sell my timeshare."

I honestly have no idea why he decided to come to me seeing as I don't have a timeshare myself nor have I ever considered owning a timeshare. But my Dad needed my help and so off I went to do a little "how do I sell my timeshare" research.

First, I had to find out what a timeshare actually is. I had a very vague understanding. I've heard that timeshares are scams and bad investments. I have a friend who gets crap loads of free vacations pretending to be interested in timeshares. And I knew my dad had one. But I never really put a lot of thought into what a timeshare is much less how I might sell my timeshare, especially since I had no plans on ever buying a one.

What is a Timeshare?

According to Wikipedia:

"A timeshare is a form of ownership or right to the use of a property, or the term used to describe such properties. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week, and almost always the same time every year) in which they may use the property. Units may be on a part-ownership or lease/"right to use" basis, in which the sharer holds no claim to ownership of the property."

Hmm, ok. That clears things up a bit but not enough. So I went where I should have gone in the first place, my Dad. He told me that basically, he and his wife are part owners in a vacation rental property. They get one week a year to do whatever they want with it. They can go to the property for that week. They can rent out the property for that week. Or they can even let a friend or family member use the week. (I wish I had known that) And they can trade that week at that property for a week with a timeshare owner of another property. So, say my Dad wanted to go to Lake Tahoe instead of Orlando, he would trade his week at his Orlando timeshare with another timeshare owner in Lake Tahoe. He gets to go to Tahoe and the other guy gets to go to Orlando. Voila!

Armed with a better understanding of timeshares, I went online as if I had my own and wanted to know how to sell my timeshare. And of all the incredible amounts of information out there, here is what I found to be useful if I was selling my timeshare.

How Can I Sell My Timeshare

First, you have to decide if you're going to try and sell it yourself or go through a broker. There are real estate agents who specialize in timeshare sales as well as timeshare resale services. However, with both of these options, you will have to pay a number of fees and commissions. Be sure to thoroughly research anyone claiming they can sell your property before you sign anything.

You might try contacting the developer for the property. Sometimes they have resale programs that you can take advantage of. Of course, if there are still new sales to be made, they will be more focused on that than reselling your unit.

If you have the time and the patience, you could try and sell it yourself. Of course, this is the more difficult way to go but at least you don't have to worry about upfront fees or scam artists.

Where can I sell my timeshare?

Well, I'm glad you asked. First, check out sites like eBay or craigslist to see how much timeshare similar to your are selling for. You might even consider selling your timeshare on these sites. And don't forget classified ads. There are timeshare owner clubs that can reach a targeted market with their classifieds.

And you could always try and find the other owners with the property. If they are on a fixed unit and time, they may be interested in increasing their own time by buying yours.

I went back to my Dad with all of this information. And he has decided to forgo the fees and potential scam artists and do it himself.

Or more likely, get me to do it...

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Comments

Aug 14, 2009 1:53pm

bestmommy
Great pointers for selling a timeshare but timing is also a key factor. We've been thinking of selling our timeshare as well, but since the overall economy and real estate market in general hasn't recovered yet, I think we'll just hang onto it until things improve. For example, I saw autions on ebay for the resort in which our timeshare is located and they were going for .99!! I'll never buy another timeshare again!