What You Should Know Before You Sell Your Timeshare

Selling a timeshare is not much different than selling a house or condominium: You place it for sale, and after you have located your buyer, hire the services of a Timeshare Title company to assist you in the legal paperwork involved.

Do I need to hire a real estate agent to sell my timeshare?
No, you can easily sell a timeshare yourself on TimeshareGiant.com. Although hiring a legitimate licensed real estate broker can greatly benefit the marketing and sale of your timeshare, it is not a requirement. On Timeshare Giant we provide timeshare sellers with a variety of timeshare advertising packages at extremely attractive prices. With the most expensive and high-profile ad package, the cost is only pennies per day, and gives the seller complete control over the marketing and sale of the timeshare. On Timeshare Giant you pay no commissions and no upfront fees.

How do I set the selling price for my timeshare?
When you originally purchased your timeshare, you paid what we call 'full retail'. Unfortunately, when the time comes to re-sell your timeshare, you will not be able to recover your initial purchase price. The timeshare resale market is a very competitive arena. Buyers are shoppers. In today's marketplace, buyers have a lot of choices, and the name of the game is price. They want value. To be competitive with other folks who are selling timeshares at your resort, be willing to price your timeshare for 30-60% less than what you paid.

Do I need an appraisal to sell my timeshare?
No, you do not need an appraisal to sell your timeshare and, most likely, you didn’t receive one when you purchased your timeshare.

Do I need an attorney to sell my timeshare?
Although some states, such as Lousiana, do require real estate owners to enlist the services of an attorney in the sale of any real estate transaction, most states do not require you to hire an attorney to sell your timeshare. After the task of locating a buyer is accomplished, most sellers simply use the services of a licensed and bonded title/escrow service to perform necessary legal services, prepare legal documents, and collect/disburse the funds from the sale. Documents are reviewed by the title/escrow service’s attorneys so you do not need to hire your own. Timeshare Giant recommends Timeshare Title Inc. for their prompt and accurate timeshare closing services. Their prices for their escrow services are also very reasonable. Click here for more information on timeshare closing services. Remember, if you post an ad on Timeshare Giant, it is not a requirement to use our recommended timeshare escrow service, Timeshare Title Inc., after you've located your buyer. We've included an easy link to Timeshare Title's services throughout the TimeshareGiant.com website for your convenience.

Can I sell my timeshare if I’m still financing it?
Certainly you can sell your timeshare if it is still being financed. You simply pay off the timeshare loan with the sale proceeds before the deed changes hands. The Title/Escrow company you employ will assist you in disbursing your loan payoff funds.

What happens to banked weeks when I sell my timeshare?
At the time you have located a buyer for your timeshare, if you have already banked weeks with an exchange company, your deposited week(s) are no longer considered part of the timeshare property. Remember, your membership with your exchange company is separate from the ownership of your timeshare. At the time you decide to sell your timeshare, it is important not to deposit any more weeks from the timeshare you are selling, into your exchange company. Leave all future weeks available for your buyer's use. In my experience, I've found it more difficult to sell a timeshare if the current year's week, or any future weeks, are not made available to the buyer. It's difficult for a buyer to justify buying your timeshare if they are unable to use the timeshare during their first year of ownership (or future years). The cleanest, most simple way to sell your timeshare is to make all weeks, current and future, available to the buyer.

Can I transfer banked weeks from previous years to my buyer to 'Sweeten the Pie'?
Absolutely! Many sellers use their banked weeks from previous years as a bargaining tool, or to simply make the timeshare more irresistable to a buyer. Buyers in today's timeshare resale marketplace are looking for real value, and if you're offering banked weeks from previous years for no additional cost, buyers love it! To transfer your banked weeks to your buyer, contact your exchange company and learn their procedure and rules in connection with transferring your banked weeks to your buyer at the time your escrow closes.

How does the right of first refusal affect my timeshare sale?
Some resorts have a right of first refusal (ROFR) clause in their Covenants, Conditions, and Restrictions (CC&Rs). This means that once you and the buyer come to an agreement on the sale of your timeshare, the resort where your timeshare is located reserves the right to step into your buyer's position and purchase the property under the same agreed terms and conditions. If this seems overwhelming or confusing to you, don't worry! The Title & Escrow company you employ to assist you in finalizing your sale is very knowedgeable in this process, and will be able to easily help you through it, if not completely take care of the process for you!

How long does it take to close on a timeshare sale, once my buyer is located?
The average timeshare sale process can take as little as 2 weeks, and as long as 1o weeks to complete. Variances depend on the resort, and local laws and procedures. In my experience, I am a big believer in using the services of a timeshare title and escrow company, such as Timeshare Title Inc., to assist in safely and legally affecting the transfer from you to your buyer. Remember: Most timeshares are Real Estate transactions, and you want to deliver clean title to your buyer to avoid any future possible legal repercussions.

For a checklist of information buyers will want to know about your timeshare, sellers can click here for Timeshare Giant's helpful Timeshare Seller's Checklist.